SECTION B: GENERAL TERMS AND CONDITIONS

DECLARATION AND AUTHORISATION BY APPLICANT

I, the applicant, declare and agree that:

• the information that I have provided for the application is correct;
• I have seen the schedule of information in section A setting out the full details of everything I have to pay if the loan is granted and they are the same as those that I was shown before I signed the agreement;
• I understand the terms of this agreement as explained to me in English;
• I have read the agreement or it has been read to me;
• where the instalments are deducted from my salary I acknowledge that I may not unilaterally cancel that deduction until the loan has been repaid in full.

I agree that by signing this I give LNDR Zimbabwe permission to:

• contact anyone to check that the information which I have given in Section A is correct;
• obtain details from any party about my financial status and banking details, including a credit record and payment history;
• give information about this loan to any party, including the credit bureau;
• assign its right, title and interest herein to any party or entity nominated by LNDR Zimbabwe;
• where fraud is committed with this application, report the details thereof to the Zimbabwe Police or similar organisation;
• forward marketing material and offerings of other products of LNDR Zimbabwe to me.

APPLICATION AND APPROVAL

You apply for a loan by completing and signing this document. Only when LNDR Zimbabwe approves the loan and pays it out to you will this document become a binding agreement between LNDR Zimbabwe and you. In the event that I don’t qualify for the loan amount applied for, I agree to accept any lesser amount that I may qualify for.

PAYMENT AND APPROVAL

After LNDR Zimbabwe has approved the application for a loan, the loan will be paid into the account indicated by Section A. You hereby agree that you cannot hold LNDR Zimbabwe responsible for any damage or loss caused by LNDR Zimbabwe transferring the loan into the account as indicated. If payment is not received within 72 hours, please refer to the nearest LNDR Zimbabwe office and, upon providing proof of such, you may elect to cancel this agreement.

INTEREST RATE

Interest charged on the loan will be at the fixed rate, calculated and capitalised over the repayment period.

Should you fail to make a payment on the due date, or where LNDR Zimbabwe grants you an extension for payment, the interest that accrues on the full outstanding amount will be capitalised monthly at the discretion of LNDR Zimbabwe, and interest will be charged on the total amount.

REPAYMENT

After the loan has been paid into your account, you will, according to this agreement, owe LNDR Zimbabwe the full contractual amount as set out in Section A. This must be repaid in equal instalments as shown, with repayments outstanding at the fixed percentage referred to in Section A. Should it become necessary for the Lender to institute legal action for the recovery of any amount, LNDR Zimbabwe shall be entitled to claim interest at the fixed percentage agreed to in Section A.

COOLING OFF PERIOD

Once the loan amount has been paid to you, this contract is in effect and you are obliged to repay the full contractual amount to LNDR Zimbabwe. However, LNDR Zimbabwe will allow you a 3-working-day “cool-off” period.

CHANGES

This agreement will be the only agreement between you and LNDR Zimbabwe, and changes must be effected in writing.

EARLY REPAYMENT

Further note that the admin/origination fee is a non-refundable fee, and that it will not be discounted on a pro-rata basis at early settlement.

DEFAULT AND ACCELERATION

LNDR Zimbabwe may immediately demand payment of the whole amount outstanding at any time if you:

• commit any breach of this agreement or commit an act of insolvency;
• die;
• made a false representation at the time of applying for the loan; or
• do anything that may prejudice LNDR Zimbabwe’s rights in terms of the agreement;
• lose your employment where you have been granted a loan where instalments are deducted from your salary.

LNDR Zimbabwe may deduct all amounts outstanding from the applicant’s benefits at termination, up to 30% of such benefits and/or any final monies outstanding to the applicant as agreed by the employer, but will not accelerate the loan repayments where the total amounts outstanding are secured by the aforesaid monies due to the applicant from the employer. By exercising its right to accelerate the repayment of the loan, LNDR Zimbabwe will not lose or be limited in any way from exercising any other rights that the law may give it.

ALLOWANCES

Should the lender not take action against you when you fail to make a payment on a due date, or when you fail to do anything else required by this agreement, that does not mean that LNDR Zimbabwe has given up its right to take legal action or to exercise any other right it may have.

JURISDICTION

You and LNDR Zimbabwe agree that this agreement is subject to the jurisdiction of the laws of Zimbabwe.

ADDRESSES

All notices or letters that LNDR Zimbabwe may want or have to send to you will be sent to your address as reflected in Section A of this agreement. These will be deemed received by you within 10 days after being sent by registered post. If you change your address, as stipulated in Section A, you have to inform LNDR Zimbabwe in writing.

DISPUTE RESOLUTION POLICY

LNDR Zimbabwe has a Dispute Resolution Policy that is available on request from complaints.zim@lndr.co.zw.

LNDR Zimbabwe shall attempt to resolve any dispute within a reasonable time. Where a dispute is not resolved, LNDR Zimbabwe shall confirm this in writing with you and notify the Reserve Bank of Zimbabwe in writing.