- ELIGIBILITY

The underlisted shall be eligible to access loans from NOLT:

Businesses that have been in operations for a minimum of 12 months; individual customers over the age of 18 years, gainfully employed and of a sound mind.

By accessing any of NOLT's Loans, you warrant that you have full capacity and legal right to obtain financial services from NOLT, to enter and engage in transactions.

- APPLICATION & ACCOUNTS

You may access our secure online services to download and submit your loan applications. Our Customer Services Team will be available over the phone and on hand to guide you through the application and answer any question(s) or query you may have. Alternatively, paper applications can be completed and submitted at NOLT's office.

NOLT will open a loan account for you only when you have duly completed, signed and submitted our application form and supporting documentation and everything contained therein has been verified and accepted by NOLT.

When assessing a loan application, we shall require proof of income and copies of recent bank statements for a minimum of six (6) months.

You undertake to furnish NOLT with all information and/or documentation required in accordance with applicable law. The loan account and all transactions shall be subject to the conditions contained in the application form, the loan agreement and applicable laws, as amended from time to time.

- CUSTOMER DATA

Customer acknowledges and expressly consents that NOLT may:
process or share your KYC or credit information to and/or with credit bureaus and government representatives and Blacklist NG, in accordance with statutory or regulatory provision, under a court order or as required by law from time to time for purposes of the prevention, detection and reporting of fraud and criminal activities as demanded by legal authorities. process and report on your personal information to comply with “know your customer” (KYC) legislation in Nigeria;

Keep your KYC information as long as your relationship with NOLT continues and thereafter for such periods as statutorily required.
Waive any right of confidentiality to comply with any statutory obligations placed on NOLT LOAN ACCOUNT / COMMENCEMENT DATE

You warrant that you have the necessary authority to open and operate a loan account and undertake to furnish NOLT with all documents and information required to prove such authority.

Our Loan facility shall commence on the date of disbursement notwithstanding the date on the offer/loan agreement or date of execution.

- INTEREST, FEES AND CHARGES

Interest rates applicable to Loan accounts are generally quoted by NOLT and are specified in the Loan Agreement. You acknowledge that applicable interest rates may be subject to review from time-to-time.
Subject to applicable laws, NOLT is entitled to charge and recover the following from you:
a management fee,
an insurance fee,
a penalty fee;


If you default in paying any amount when it is due in terms of the above conditions, NOLT will charge penalty thereon which would accrue daily at the maximum rate permissible by applicable law. All legal expenses incurred on the recovery of the debt will be covered by the Borrower.

- Notices and correspondence

Notices or other correspondence may be given to you by hand or e-communication to the address, telephone number or electronic mail address specified in the application form or as notified by you in writing from time to time.

Correspondence sent to you by NOLT by e-communication will be deemed to be received by you on the next business day after sending.

Correspondence given by you to NOLT by e-communication will be deemed to be received by NOLT only when NOLT acknowledges receipt thereof.

- COMPLIANCE WITH LAWS

NOLT may take any action in accordance with or in order to comply with any Applicable Laws (including the laws, regulations, notices and directions of public and regulatory authorities which relate to the prevention of money laundering, terrorist financing and the provision of financial and other services to any persons or entities) as it deems appropriate.

The Customer undertakes to comply with applicable laws at all times. NOLT has no obligation to monitor or ensure the Customer's compliance with Applicable Laws including any restrictions in relation to loans, the authority and capacity of the Customer to open, maintain or operate the Account.

- LOAN DISCLOSURE

Before you accept any loan offer, NOLT will disclose the following in your loan agreement: the principal amount, tenor, interest rate (and Annual Percentage Rate equivalent), all applicable fees, and any applicable penalty fee, together with the total repayable amount and repayment schedule. All credit facilities feature a mandatory minimum repayment period of 90 days and a maximum repayment period of 365 days. The maximum Annual Percentage Rate (APR) for any credit product on this platform is capped at 65% per annum, an all-inclusive figure covering the base interest rate plus all applicable processing, management, and administrative charges.

Representative example: Principal borrowed: ₦100,000.00; Loan tenor: 180 days (6 months); Interest rate: 2.5% flat per month (total interest: ₦15,000.00); Administrative processing fee: 1.0% (₦1,000.00); Credit bureau report fee: ₦500.00; Total accrued finance charges: ₦16,500.00; Total repayment obligation: ₦116,500.00, split into six equal monthly installments of ₦19,416.67. Your actual rate depends on your risk assessment and will always be shown before you accept an offer.

Eligibility for a loan requires that you be at least 18 years old, have a valid BVN, and meet NOLT's affordability and credit assessment criteria. All operational charges applicable to your credit facility are explicitly itemized. These include processing fees, management fees, late payment penalties, and prepayment penalties (where applicable). No hidden or unlisted fees will be levied against your account.

- REGULATORY AND LICENSING STATUS

NOLT Finance Company Limited operates as a Finance Company formally licensed and regulated by the Central Bank of Nigeria (CBN) under the license number FPR/LAD/CON/FNC/001/065. The company operates in accordance with the CBN Guidelines for Finance Companies.

- GOVERNING LAW AND DISPUTE RESOLUTION

These Terms & Conditions shall be governed by, interpreted, and enforced in accordance with the laws of the Federal Republic of Nigeria. Any unresolved dispute arising out of or in connection with these terms shall be submitted to mediation or binding arbitration under the rules set out in the Arbitration and Mediation Act 2023.

NOLT shall make every effort to settle all disputes amicably before resorting to arbitration. The arbitrator shall be appointed by mutual agreement of both parties. Where the parties are unable to agree on the choice of an arbitrator, the appointment shall be made in accordance with the Arbitration and Mediation Act 2023. The findings of the arbitrator and any subsequent award shall be binding on both parties. Each party shall bear its respective costs in connection with the arbitration. The venue for the arbitration shall be Lagos, Nigeria.