Terms & Conditions for Fastquid Loan Product

  1. These terms and conditions govern the use of Fastquid’s payday loan product (“the Loan”) by the borrower (“the Borrower”). By applying for and accepting the Loan, the Borrower agrees to be bound by these terms and conditions.
  2. By visiting our website and/or using our services you confirm that you accept and agree to this agreement, consent to electronic communication and agree to FastQuids privacy policy.
  3. If you do not agree, please do not use our services.

2. Eligibility Criteria To qualify for the Loan, the Borrower must:

  • Be at least 18 years old.
  • Operate a Nigerian bank account.
  • Be a citizen of the Federal Republic of Nigeria or a legal resident of the Federal Republic of Nigeria.
  • Be an employee of a known/registered/incorporated organisation in Nigeria.
  • Provide accurate and truthful information during the application process.
  • Update information on the FastQuid app as may be required/applicable.
  • Agree and accept the terms and conditions of this Agreement and website.

3. Loan Application, Approval, and Repayment

  • The approval of the loan amount will be determined based on the Borrower’s income and Fastquid’s assessment upon completion of the loan application form by the Borrower.
  • Approval is subject to credit checks and other verification processes as determined by FastQuid.
  • The Borrower agrees to repay the Loan amount plus applicable fees and interest on the agreed-upon repayment date.
  • Repayment will be made via automatic deduction from the Borrower’s bank account on the repayment date unless otherwise agreed.
  • Repayment must be made according to the schedule outlined in the loan agreement.
  • Late payments may incur additional fees and interest.
  • FastQuid reserves the right to report late payments to credit bureaus, which may affect your credit score.

4. Loan Terms

  • The loan amount, interest rate, repayment schedule, and any applicable fees will be clearly stated in the loan agreement.
  • By accepting the loan, you agree to the terms outlined in the loan agreement.
  • The Borrower agrees to pay interest on the Loan at the rate specified in the loan agreement.
  • You agree to pay to FastQuid, the loan sum disbursed to you, including any penalty fee, interest rate, and other amounts due to FastQuid and charged to this Account.
  • You also promise to pay these amounts as agreed in this Agreement on or before the Payment Due Date
  • FastQuid reserves the right to presume that you have authorised any loan application made in Your name using this Account. You will be responsible for any loan application using this Account.
  • Additional fees may apply, including but not limited to origination fees, late payment fees, and collection fees.

5. Default and Collection

  • If the Borrower defaults on the Loan by failing to repay on the agreed-upon date, Fastquid reserves the right to take necessary actions to recover the outstanding amount.
  • The Borrower authorises Fastquid to recover the outstanding Loan amount, including interest and fees, directly from the Borrower’s next salary payment either directly or through the borrowers employer (deduction from next salary).
  • Fastquid may engage third-party debt collection agencies to recover the outstanding amount, and the Borrower shall be liable for any costs incurred in the collection process.

6. Termination Fastquid reserves the right to terminate the Loan agreement and demand immediate repayment if the Borrower breaches any of these terms and conditions.

7. Data Protection and Privacy Fastquid will collect, use, and disclose personal information in accordance with its Privacy Policy and the applicable data protection laws of the Federal Republic of Nigeria.

Please review our Privacy Policy to understand how we collect, use, and protect your personal information.

8. Governing Law These terms and conditions shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, and any disputes arising out of or in connection with these terms and conditions shall be subject to the exclusive jurisdiction of the courts of the Federal Republic of Nigeria.

9. Amendments Fastquid reserves the right to amend these terms and conditions at any time without prior notice. The Borrower will be notified of any changes, and continued use of the Loan will constitute acceptance of the amended terms.

10. Limitation of Liability Fastquid shall not be liable for any direct, indirect, incidental, or consequential damages arising out of the use or inability to use the App or services. FastQuid shall not be liable for any errors or omissions in the information provided on the App.

11. Contact Information For inquiries or assistance regarding the Loan or these terms and conditions, please contact Fastquid at hello@fastquid.ng

By signing below, the Borrower acknowledges that they have read, understood, and agree to be bound by these terms and conditions.