Smartloan Terms And Conditions

1. APPLICATION AND RECEIVING

The SmartLoan service is provided by Republic Bank (Ghana) PLC, MTN Ghana and StacAi Limited.

1.1To be eligible for SMARTLOAN

a. the Customer must be active on GSM

b. the Customer must be active on Mobile Money for at least 6 months.

c. the Customer must be older than 18 years but younger than 65 years

1.2   When application is made for SmartLoan, the Customer instructs, consents and authorises MTN Ghana to provide certain information. This information may include all data held by MTN Ghana about you or your MTN wallet account. Specifically, this will include your mobile phone number, your name, date of birth, valid identification and all information relating to your MTN wallet account and your usage trends.

1.3   If an application is approved, the Customer will receive an SMS to confirm:

a. the loan Amount

b. the service fee

c. the Repayment Amount

d. the Due Date

1.4   All loans will be disbursed into the MTN Mobile Money Wallet of the Customer.

1.5   Customers are offered basic loan products for periods (duration) between 7days, 14 days, 21 days, 28 days and a Month. Selected best performers shall have access to 2- and 3-month loan products, with criteria for eligibility determined on early repayment pattern with proprietary credit underwriting rules.

1.6 These terms and conditions may change from time to time. Customers are therefore required to read these terms and conditions always before applying for a loan in the product menu.

2. REPAYMENT OF LOAN

2.1  Repayment of any SmartLoan product shall be made through direct deduction of the repayment amount from the customer’s MTN Mobile Money wallet account on the due date.

2.2   In case a portion of the repayment amount is outstanding after the due date, any deposits credited to the customer’s MTN Mobile Money wallet account shall be automatically deducted until such date as the repayment of the outstanding amount has been made in full.

2.3   In view of 1 and 2.2 above, the customer hereby consents and instructs MTN to enable SmartLoan to automatically debit MTN Mobile Money wallet on the due date with repayment amount or any other amount that is payable to SmartLoan operators.

2.4   Customers can self-initiate repayment before the due date of their loans. This is done by using the repayment option on the menu.

2.5   All loans must be paid along with interest rates. The interest rates vary according to the SmartLoan product chosen (7day, 2 weeks, 21 days, 28 days and 1 Month).

2.6   Late payment of loans attracts a penalty. A flat 10% default fee is charged 24hrs after repayment is due. This is the default fee.

3. EXCLUSION AND LIABILITY   

3.1The operators of SMARTLOAN shall not be held liable for any indirect loss or consequential loss or damage of any kind, howsoever caused, resulting from or in connection with a customer’s application for or use of any SmartLoan product.

4. DISCLOSURE OF INFORMATION

4.1   The customer hereby gives express consent and authorize SmartLoan operators to disclose, record and or use personal information relating to SmartLoan account. Actions taken on personal information, include sharing such with:

4.1.1    Any local or international enforcement or regulatory agency in Ghana as to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud;

4.1.2   Service providers, agents or any associated entity of SmartLoan operators for reasonable commercial purposes

5. MISCELLANEOUS

5.1   The customer consents to SmartLoan ceding and assigning all and any rights or obligations accruing to it under this Agreement to any third party without first obtaining any further consent.

5.2   If any provision of these terms and conditions shall be found by any duly appointed arbitrator, court or administrative body of competent jurisdiction to be invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect the other provisions herein.

5.3   You consent to, and authorize SmartLoan operators to communicate the following to you;

a. Your transactional activity

b. educational messages

c. offers for products via SMS.

FREQUENTLY ASKED QUESTIONS (FAQ’s)