Loan Agreement

This Loan Agreement (the “Agreement”) is entered into on 01/01/2021, by and between FLICKWHEEL LIMITED, with an address of Plot 2, Engr Lanre Crescent, Amuwo Odofin, Lagos (the “Lender”) and John Doe, with an address of No 1, John Doe Street, Lagos, (the “Borrower”), collectively “the Parties.”

WHEREAS, Borrower desires to borrow a fixed amount of money; and WHEREAS, Lender agrees to lend Borrower the requested amount;

IN CONSIDERATION of, the mutual promises, covenants, and conditions contained herein, the Parties agree as follows:

1. Loan Amount: The Parties agree Lender will loan the Borrower One Hundred Thousand Naira Only, (the “Loan”)
2. Loan Terms: This Loan shall be for a period of 12 months.
3. Loan Purpose: The loan is granted to finance the auto fix of [Name and Details of Vehicle]
4. Credit Life Insurance: The Borrower will pay 0.7% of the cost of the loan amount per annum as credit life insurance which covers death and permanent disability on the loan balance.
5. Default Charge: You will incur a daily penalty charge of 0.5% on your overdue repayment until you have completed the repayment.
6. Tracker and Immobilizer: Borrower irrevocably covenant to the installation of a tracker and immobilizer for compliance monitoring purposes during the pendency of the loan.
7. Default: Pursuant to paragraph 6 (six) above, Lender shall activate Clause 6 (six) as annexed here with, wherein continuous default exceeding 2 (two) weeks upon effluxion of the legal due date of repayment shall necessitate immobilization of your vehicle, hence incapacitation of vehicular movement until Borrower purges himself/herself off liabilities. The asset shall be repossessed and auctioned to recover the loan balance.
8. Continuous Default: Lender shall upon 4 (four) weeks of continuous default on effluxion of the legal due date of repayment commence criminal proceedings of loan recovery under false pretense as part of its recovery process, failure upon culmination of the proceedings shall demand execution of Paragraph 7 (seven) herein which becomes operational in finality.
9. Representations and Warranties: Both Parties represent that they are fully authorised to enter into this Agreement. The performance and obligations of either Party will not violate or infringe upon the rights of any third party or violate any other agreement between the Parties, individually, and any other person, organization, or business or any law or governmental regulation.
10. Severability: In the event any provision of this Agreement is deemed invalid or unenforceable, in whole or in part, that part shall be severed from the remainder of the Agreement and all other provisions should continue in full force and effect as valid and enforceable.
11. Waiver: The failure by either party to exercise any right, power or privilege under the terms of this Agreement will not be construed as a waiver of any subsequent or further exercise of that right, power or privilege or the exercise of any other right, power or privilege.
12. Legal Fees: In the event of a dispute resulting in legal action, the successful party will be entitled to its legal fees, including, but not limited to its attorneys’ fees, collection fees and the like.
13. Legal and Binding Agreement: This Agreement is legal and binding between the Parties as stated above. This Agreement may be entered into and is legal and binding both in the United States and throughout Europe. The Parties each represent that they have the authority to enter into this Agreement.
14. Governing Law and Jurisdiction: The Parties agree that this Agreement shall be governed by the State and Country in which both Parties reside/do business. If the Parties reside/do business in different States and/or Countries, this Agreement shall be governed by The Federal Republic of Nigeria law.
15. Entire Agreement: The Parties acknowledge and agree that this Agreement represents the entire agreement between the Parties. If the Parties desire to change, add, or otherwise modify any terms, they shall do so in writing to be signed by both parties.

Note: Flickwheel would under no circumstances broadcast loan defaulters in a negative light through any medium to friends, family members or the public. We recommend prompt repayment to avoid any form of penalty and maintain a good credit score in Nigeria.