Crendly is a peer-to-peer lending application by Humid Limited (“Crendly”) that connects verified borrowers to verified lenders with the goals of receiving a loan and funding a loan respectively. Crendly will enable borrowers to obtain loans directly from lenders, cutting out middlemen and reducing the risk of default.
This Agreement outlines the terms and conditions (the “Terms”) between you (a “Lender”, or “you”) and Crendly (Humexid Limited, the “Company”, “we”, or “us”) pursuant to which you agree to lend money through the Company’s App (the “App” or “Platform”) to third-party borrowers (the “Borrower”).
It is important that you read these Terms carefully. We strongly recommend that you seek independent legal and financial advice when considering whether to lend your money through this Platform.
We do not provide any advice, nor do we make any recommendations to you. No information provided to you in relation to the Platform or any Borrower may be deemed under any circumstance as financial or professional advice. The Platform solely allows you to lend funds to Borrowers on the Platform. It is solely your responsibility to assess whether the Platform is suitable or appropriate for your needs, and to seek professional advice prior to making a decision to use the Platform. Please be aware that execution of these Terms does not imply that we have confirmed that use of the Platform and our Services are suitable or appropriate for you. We advise you to consider whether lending through the Platform meets your required risk levels and lending objectives, and you should only commit such funds that you are able to financially bear the risk of losing considering your other financial commitments. By using the Platform, you confirm that you have the necessary experience and knowledge to understand the risks involved, or that you have taken advice from a relevant qualified professional advisor to assist you in understanding the risks involved.
You confirm your agreement to these Terms either by registering on our online application system or by signing a copy of these Terms. You should read these Terms carefully before making an online application or signing a copy of them and you should retain a copy for future reference.
By signing electronically below, you agree to the following terms together with the Terms of Use, consent to our Privacy Policy, agree to transact business with us and receive communications relating to the Agreement electronically.
As part of the account opening process, you will be asked to provide personal information about yourself. The Company will use this information to verify your identity using several electronic checks.
You agree that we may pass your personal information to our Service Providers or any other recognized third-party company solely for the purposes of verifying your identity, performing anti-money laundering checks and fraud prevention.
We do not have to accept you as a Lender or accept any funds from you until we have satisfied ourselves, at our absolute discretion, that we have adequate and appropriate information to accept you as a Lender. We do not have to give you any reason for rejecting or delaying an application from you.
Crendly Accounts are available only to people aged 18 or over. You must be over the age of 18 to operate an account with the Company and use the Application.
Individuals under the age of 18 may utilize the service only with the involvement of a parent or legal guardian, under such a person’s account and otherwise subject to these Terms.
The user must have the contractual capacity to enter a binding contract with us and is not barred from doing so under any applicable laws. You also warrant that any registration information that you submit to the Company is true, accurate, and complete, and you always agree to keep it that way and the Company will not be held liable for any loss or damage that may arise in this respect.
You acknowledge and confirm that you have carefully considered the risks involved in lending your money through our Platform and that your lending to any Borrower or participation in any Loan Agreement is entirely at your own risk.
You acknowledge that by making a lending commitment and being matched to Loan Agreements you are engaging in debt financing and that at no time do you as Lender lend money to the Company or any director or employee of Crendly.
You understand and acknowledge that while Crendly may take reasonable steps to verify the identity of the Borrower, your decision to lend money to any borrower through the Platform carries certain risks, including that the Borrower may default and you may not recover some or all of the money advanced as a loan and interest thereon. Crendly will have bear no liability in event that you are unable to recover some or all of the money loaned to the Borrower.
You acknowledge and confirm that you have made your own independent decision to make lending commitments and to be matched to Borrowers and Loan Agreements and that your decision is based on such information as you deem appropriate under the circumstances and is without reliance upon the Company or any member of Crendly.
You acknowledge that subject to these Terms, you will not be entitled to receive repayment of any money until the Borrower to whom you have lent money has made a repayment in accordance with the terms of the applicable Loan Agreement.
You also expressly agree and acknowledge that Crendly shall not be liable for any loss that you may suffer (however arising) as a result of your decision to lend money to a Borrower through the Platform.
You understand and accept that certain loans may, at your request, be eligible for insurance pursuant to an insurance policy effected by the Company in respect of a loan funded by you.
Such insurance shall only take effect subject to the following conditions:
You understand and agree that any insurance cover which you request and is accepted by the Company shall only cover up to a maximum of 75% of the principal only of any loan request funded by you. Under no circumstance shall you be entitled to recover any anticipated or lost interest in respect of a loan request funded by you.
You understand and accept that the provision and validity of insurance cover in respect of a Borrower’s loan request funded by you shall be subject to your acceptance of any further terms and conditions as the Company may stipulate upon your request for insurance cover.
You agree that you will not do the following, in connection with any loans, Notes, or other transactions involving or potentially involving us:
Access to and use of the Platform and Website are, at all times, subject to our Terms of Use.
Secure access to the Platform is provided by way of your mobile telephone number and password or biometrics. These log-in credentials are unique to you and are the primary method of securely identifying you when delivering our Services to you. It is therefore extremely important, and it is your responsibility that you keep your username and password secure at all times
If you suspect that your secure access to the Platform has been compromised in any way, it is your responsibility to contact us at support@Crendly.com
You confirm that you will only use our Platform for the purposes set out in these Terms.
You confirm that you will not attempt to gain unauthorized access to the secure areas of the Website or Platform and furthermore you will not attempt to use code or software to manipulate or automate functions available on the App.
You understand that we may store your IP address information and may monitor your use of the App in accordance with our cookie policy.
Your access to the Platform may be restricted at the discretion of the Company, including during periods of maintenance and updating.
We have the right not to act on your instructions including where we deem that your instruction was not sufficiently clear, or we could not verify your identity to our satisfaction, or the instruction was not made by you, or we believe that the instruction may be related to an illegal activity.
You are responsible for any telecommunication costs, broadband fees, or data charges that you incur through your access to the Platform.
You acknowledge and confirm that when you offer to lend money through the Platform, you will be offering your money to be lent to a Borrower through debt financing and you are not lending money to either the Company or any of its directors or employees.
We acknowledge that when a Borrower applies for a loan, a credit check is run on the Borrower through credit bureau, risk scoring, and our proprietary algorithm.
You acknowledge and confirm that you lend money to a Borrower through this Platform when a loan is displayed to you based on your tier and lending preferences, and you reserve the right to choose to lend or not.
You are not permitted to vary or cancel the terms of any Loan Agreement to which you are matched as a Lender and have accepted Loan Request and disbursed a Loan to the Borrower.
You acknowledge that when we engage a debt collection agency on your behalf to recover a repayment for a defaulted loan from a borrower, fees for such a recovery process shall be at your cost and will be deducted from the recovered repayment.
Lenders’ Service Charge: This is the service charge on all interests charged to loans. It is charged up to 30% of the interest earned on each loan.
KYC Verification Fee: This is the fee for obtaining a KYC verification on the Platform. The KYC Verification Fee is N2,000.
The fees and charges in these Terms may be varied from time to time. Details of any varied fees and charges shall be communicated to you before they take effect.
Except as otherwise terminated in accordance with the provisions below, these Terms shall commence on the date you register to open an account with the Company and shall remain valid and binding for as long as you have outstanding Loan Agreements.
These Terms may be superseded by any amended Terms.
These Terms may be terminated by you provided that you have no outstanding Loan Agreements. Notice of termination must be provided in writing to support@Crendly.com
Terms may be terminated by the Company at any time without notice.
The Company does not provide any advice or guidance in relation to investment, tax or otherwise and therefore we strongly recommended that you consult an independent financial advisor if you are unsure as to what your tax obligations are.
It is your responsibility to ensure that any tax liabilities which you incur (through interest earned on loans placed on the Platform or otherwise) are paid to the relevant taxation authority. Crendly will deduct Withholding Tax at the applicable rate from any interest income earned by you from loans granted to Borrowers and remit it to the relevant government authority. Unless otherwise stated herein, neither Crendly nor any of its employees or directors shall have any liability in relation to any tax liabilities incurred by you.
You confirm that you have read and understood the Company’s Privacy Policy which provides information on how we use and store the personal information that you provide to us and you further acknowledge that the Company may amend and update this policy from time to time.
You agree that neither the Company nor its employees or directors have any obligation to reimburse or indemnify you for any cost, loss or liability which you incur as a result of the failure of any Borrower to perform its obligations under a Loan Agreement.
You agree to indemnify and hold harmless the Company, its employees and directors and all our other agents or subcontractors, against all liabilities, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest penalties and legal and other reasonable professional costs and expenses) suffered or incurred as a result of:
This Agreement shall be governed by the Laws of the Federal Republic of Nigeria. Any dispute arising out of this Agreement, which cannot be settled, by mutual agreement/negotiation within 30 days shall be referred to arbitration by a single arbitrator at the Lagos Court of Arbitration (“LCA”) and governed by the Arbitration and Conciliation Act, Cap A10, Laws of the Federal Republic of Nigeria. The arbitrator shall be appointed by the Parties, where Parties are unable to agree on the choice of an arbitrator, the choice of arbitration shall be referred to the LCA. The findings of the arbitrator and subsequent award shall be binding on the Parties and may be enforced through a Nigerian court of law. Each Party shall bear its cost in connection with the Arbitration.
This Agreement shall be interpreted and governed by the laws in force in the Federal Republic of Nigeria. The Parties submit to Arbitration and waive any objections based upon venue.
If you have any question regarding this Agreement, or comments about the App or its contents should be directed to support@Crendly.com