Crendly is a Technology Company and all financial services are provided by our partner licensed financial institution(s). This details the rules and regulations for utilizing our website, mobile and/or web app known as the "Platform." By gaining access to the Platform, setting up an account, or requesting a service through the Platform, you agree to abide by these Terms and Conditions, the Crendly Privacy Policy and Loan Agreement. Together, they are referred to as the "Agreement." The Agreement is a contract between you, the user, and Us.
Please note that while these Terms and Conditions govern the use of the Services on this platform, any loan application made through the Platform is subject to a different agreement with the third-party loan provider or lender. This Agreement does not encompass the loan you applied for or obtained through the Platform unless expressly stated otherwise.
You bear full responsibility for your use of the Services and any potential consequences that may stem from it. You are permitted to use the Platform and utilize the Services only if you agree to comply with all applicable laws in the jurisdiction of the Service, this Agreement, and your entire contract with Us. In the event of any law violation or fraudulent activity towards Crendly or other users while utilizing the Services, please be informed that legal action will be taken against you by Crendly. We retain the authority to revoke your platform access, suspend, or terminate your account at any time without notifying you or incurring any liability towards you.
Crendly has the right to make routine adjustments to the Agreement, our Privacy Policy, and the Loan Agreement and these adjustments will become effective upon being published on the Platform. By continuing to use the Platform after any modifications are posted, you acknowledge and accept the revised Agreement, thereby becoming bound by its updated terms. Where any modifications to the terms and conditions are made to enable your involvement in additional services offered through the platform, you will receive a notification and be required to provide your consent to the supplementary terms. It is crucial to consistently review the Agreement published on our website to remain informed about any changes whenever you utilize the Services.
THIS AGREEMENT INCLUDES AN ARBITRATION CLAUSE THAT PERMITS EITHER PARTY TO CHOOSE COMPULSORY AND IRREVOCABLE AGREEMENTS FOR SPECIFIED DISPUTES WHERE AUTHORIZED BY LAW. PLEASE CAREFULLY READ THE SECTION TITLED “JURISDICTION AND DISPUTE RESOLUTION”.
The Platform functions within the West Africa Time (WAT) Zone, and by utilizing the Platform, you consent to the applicable time zone for transaction timing. Within the Platform, you have the option to assume the role of a Borrower, where you provide pertinent information, submit loan applications (referred to as "Applications"), and potentially secure various loan products (referred to as "Loans") based on the discretion of other users. Conversely, you can also act as a Lender by evaluating relevant information and Applications and providing funding for Loans. Crendly has deployed a Platform called “The Crendly marketplace” with necessary technological apparatus and other resources to power/facilitate transactions between users (peer-peer). However, it is essential to note that Crendly does not engage in brokering or originating loans made through the Platform.
Crendly's involvement in loan agreements made through the Platform is strictly limited. While Crendly may assess your eligibility to access the Platform and use the Services based on specific criteria, it does not participate in the decision-making process regarding loan funding and disbursement. Any loans transactions commenced and concluded on the platform are strictly between you and the borrower and as such Crendly is not a party, even if the transaction was commenced and concluded through the platform. Users of the platform and Service providers are solely responsible for their role and services provided. Should any disputes arise as a result of the services commenced and concluded on the platform, such disputes should be directed exclusively to the other party in the transaction.
Crendly should not be entangled in any legal matters between you and any Party or Third Party. You hereby agree and covenant to indemnify and hold Crendly, its subsidiaries and its and their respective successors, assigns, directors, officers, employees, agents and affiliates (collectively, “Indemnified Parties”) from and against all claims, demands, actions, suits damages, liabilities, losses, settlements, judgments, costs and expenses (of or by a third party OR whether or not involving a claim by a third party), including but not limited to reasonable Counsel fees and costs of enforcing any right to indemnification under this agreement and the cost of pursuing any insurance providers, incurred by Crendly in connection with any claim arising out of or resulting from any material breach of this Agreement by you or the accuracy of the representation, warranty or covenants made by you in your dealings with Crendly.
It is important to note that Crendly does not guarantee the accuracy of information provided on or through the Services. Any Agreements you enter into with other Parties using the Services are done at your own risk. Crendly assumes no responsibility for the actions of its users or your interactions with other users. It is recommended that you use the Services responsibly and exercise caution. Please be aware that content posted via the Services may be inaccurate, mislabelled, or deceptive, and Crendly will not be held liable or responsible for such content or any wrongful or fraudulent actions by users or third parties.
The Platform may also include third-party content, such as links to external websites not owned or controlled by Crendly.
The use of the Platform and Services is prohibited in jurisdictions where it is disallowed by law. By creating a profile, you confirm that all information provided in connection with your application is complete and accurate, and you are responsible for maintaining its accuracy. You affirm that the information you submit belongs to you and that your use of the Platform and Services complies with applicable laws and regulations. Crendly reserves the right to restrict or terminate your access to the Services and/or the Platform, temporarily or permanently, and may impose conditions or restrictions on your usage, at its sole discretion and without notice.
To maintain the integrity of the community and fulfil Crendly's mission, you agree not to utilize automated systems, bots, or artificial intelligence to access the Service. Crendly reserves the right to take rectifying actions, including disabling prohibited tools, account restrictions, and/or termination, without prior notice, upon identifying any user found using such automated systems, bots, or artificial intelligence.
Login Protection: Sharing your login details (username, password, and other relevant credentials) with others is strictly prohibited. You acknowledge and agree that we rely on the use of your login credentials to access your Profile on the Platform. Therefore, anyone who gains access to your login credentials will be considered authorized to access your profile on the Platform, and we will be entitled to act on instructions and information received from such individuals. It is your sole responsibility to ensure the security of your login credentials, and you are solely liable for any activity that occurs on your profile. In case of any security breaches or unauthorized use of your Profile, you must promptly notify Crendly. Crendly reserves the right to restrict, limit, review and/or deny access or continuous access to your profile where it has been ascertained that activities on your profile do not align with the terms of usage of the Crendly platform
Social Media Authorization: By using the Platform, you grant Crendly permission to utilize information from your social media accounts (such as Facebook, Instagram, Twitter, and LinkedIn) to enhance the data you provide through the Platform.
For the purpose of effective credit decisioning, Crendly may aggregate your personal electronic device data as well as other device related meta-data, hence by using this Platform, you hereby grant Crendly authorization to access and utilize such data to enhance service performance on the Crendly platform.
Eligibility: By creating an account, you further affirm and guarantee that (1) you are at least 18 years old, (2) you are a Nigerian citizen or possess a 10-year (non-conditional) Permanent Resident Card, (3) you have the full right and authority to submit the Application as per applicable laws, and (4) all information provided in your profile is accurate and complete.
“The Account”: By creating a profile on the Crendly Platform, you have automatically authorized Crendly to issue to you, accounts, referred to "The Account," which Crendly may assign to you at any of our partner licensed financial institutions . The Account will be managed and controlled by Crendly and you and may be subject to separate terms and conditions governed by the said partner licensed financial institutions, and Crendly is privy to. If a borrower fails to repay a Loan, Crendly is hereby authorized to approve the retaining of funds in the Account, in accordance with applicable laws and regulations, to enforce the payment of administrative and or management fees, default and penal interest or charges, loan repayment as well as any other applicable fees or applicable charges in accordance with the Loan terms and conditions and/or Agreement. Once the requested funds are deposited into the Account, your loan will be considered funded, and you will assume responsibility for the terms specified in the Loan Agreement with the Lender. Crendly reserves the right to attach any balance in the Account and any other Account belonging to you in any bank as well as Card balances to facilitate recovery of any Loan.
Credit Report Authorization: By completing an Application, you grant Crendly permission to conduct a credit check, which will be utilized to aid Lenders in assessing your creditworthiness. Upon request, we will furnish you with the consumer reporting agency's name and address from where we obtained your credit report. You affirm that you will solely submit an Application on your personal behalf and that you will not authorize a credit inquiry on behalf of any other individual.
Crendly Score: By providing your consent, you permit us to utilize all information willingly furnished in your Profile on our Platform, data from your mobile phone, social media accounts, credit report, and any other available sources to generate an exclusive assessment called the "Crendly Score." This proprietary score and other key decision data shall be used by Crendly to determine and define your credit worthiness, probability of default and any other data that can be used to qualify your access to Credit with a potential Lender on the Crendly platform or requesting party. You hereby Consent and permit us to access and share our proprietary assessment of your Profile with a potential Lender or all requesting Party(ies) to assist them in evaluating credit decisions.
Communication: By providing your contact details, including, address, telephone number(s) and/or email address(es), you are granting consent for the Lender, Crendly, and/or any third-party debt collector to communicate with you via calls, voice or text messages, as well as visit your physical location as permitted by relevant regulations. This authorization extends to all times of day or night. You confirm that the provided contact information belongs to you exclusively.
Notices: Except mandated otherwise by applicable law, any required notices will be delivered electronically, via telephone, in writing through electronic mail, or through secondary methods chosen by a Lender or Debt recovery agent, utilizing the contact information in your profile on our Platform.
By creating a profile on the Crendly Platform, you have automatically authorized Crendly to issue to you, an account, referred to as an "The Account," which Crendly may assign to you at any of our partner licensed financial institutions. The Account will be managed and controlled by Crendly and you and may be subject to separate terms and conditions governed by the said partner financial institution, and Crendly is privy to Crendly is hereby authorized to approve the retaining of funds in the Account, in accordance with applicable laws and regulations, to enforce the payment of administrative and or management fees, as well as any other applicable fees or applicable charges in accordance with the Loan terms and conditions Upon communication of a loan approval to Crendly, Crendly will fund the borrower’s account from the balance in the lender’s account and the loan would be considered disbursed subject to the terms specified in the Loan Agreement with the Borrower.
The Lender hereby consents to assign the power to commence proceedings or take any other steps to recover any unpaid facility which has become due for repayment to Crendly or any third-party partner appointed by Crendly in the event that Crendly elects to assist the Lender to recover such unpaid facility. In addition, Crendly reserves the right to exercise its discretion to buy any non-performing loan granted on this platform
The Assets, as well as the software, Platform, Application and all other intellectual property including, the software itself, the designs, images, logos, mascot etc.) contained therein, as well as any content are the proprietary information of Crendly and any individual acting under a license from Crendly.. You are therefore not permitted to put to use, replicate or reproduce or imitate them without Crendly’s prior written consent.
These Terms and Conditions do not grant legal rights in the Application and Platform, except for the purpose of accessing the services provided by Crendly provided that you do not:
Crendly is a technology company that leverages Artificial Intelligence and Data Analytics for effective risk profiling to power decisions across different sectors. We acknowledge that some sectors where Crendly helps access risk and power decisions may be subject to regulation and we have partnered with other entities who possess the required Financial service licenses including a Securities and Exchange Commission License and a Microfinance Banking License.
Electronic Signatures: Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or any other certificate, agreement, or document related to this terms and conditions, (including the Loan offer letter and Loan Agreement) and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based record keeping system to the fullest extent permitted by law, including the Evidence Act 2011 and the parties hereby waive any objection to the contrary.
It is not permitted to (the “Restricted Activities”):
If Crendly, in its sole discretion, believes that your continued access to the platform may cause a breach of the provision of this Clause on the restrictions on the use of the Services available on the Crendly platform, Crendly shall take action to protect itself, other Users/Members of the Crendly platform and third parties. The actions We may take include but are not limited to:
In some cases, Crendly will notify you of the relevant actions taken with regards to your presence or continued access to the Crendly platform, but in other cases, we may not be able to do so in compliance with relevant laws, including avoiding disclosing protected third party information or interfering during an investigation.
Crendly may choose to carry out a set-off on any amount You owe us or any lender for loans disbursed via the Platform with any money held in the Account and any other linked funding sources located in any other financial institution.
Should any one or more of the following events occur, Crendly is entitled to directly debit, the following amounts from any of Your Accounts or other funding sources:
If for whatever reason We are unable to exercise our right of set-off, We may initiate a payment transaction for the amount We are due to be compensated by You from one of Your stored payment cards or bank accounts or via a global standing instruction set on your account with other banks.
In order to secure all existing, future and conditional claims arising against You, Crendly has a right of pledge on Your claims as part of using our Services and the Application (e.g. payment of the balance of the Account). Crendly is entitled to enforce its right of pledge in whole or in part, immediately and without giving a notice or deadline to You.
You consent to us applying restrictions on Your account and reporting to law enforcement agencies, including the Economic and Financial Crimes Commission, the Nigerian Financial Intelligence Unit, the Nigerian Police Force, etc., if a fraudulent activity is associated with the operation of Your Account on the Platform or use of our Services.
You consent to us reporting to Nigeria Inter-Bank Settlement Systems Plc (NIBBS) for update on the Watchlist Database of the Nigerian Banking Industry and the CBN if a fraudulent activity is associated with the operation of Your Account.
At your request, your Account can be closed at any time Crendly may also decide to unilaterally close Your Account in accordance with these General Terms and Conditions, where there is a clear and express violation of the General Terms and Conditions, as well as the Privacy Policy and other further or additional terms of usage. In both cases, where there are funds standing to your credit in the account, at the time of its closure, We may require You to withdraw the said funds within a reasonable period of time, during which we shall make your account accessible only for the purpose of withdrawing the remaining balance . After the expiry of this reasonable period, the account shall be permanently closed and you will not be able to gain any form of access to Your Account.
Any request by you to close your account shall not be denied where it is clear you intend to close Your Account to evade an investigation or court case. If you take any steps to close Your Account during the course of an ongoing investigation or where there is an order from a regulatory agency, We may freeze the account and deny you access to your account to protect all parties to the Crendly Services, its affiliates, or a third party against any liability. You will however remain liable for any obligations related to Your Account even after it is closed.
Subject to applicable law, the sole and maximum remedy available to you against Crendly or its affiliates is limited to the refund of any loaned mount via the Crendly Platform. No other remedies, including incidental, indirect, special, or consequential damages, shall be pursued. These limitations apply to only claims arising from Crendly's negligence, fault, error, omission, or non-performance. Crendly and its affiliates shall not be held responsible for the acts or omissions of any and all users of the Platform.
It is hereby understood that in the event you apply to the Nigerian Data Protection Commission (NDPC) for relief or redress under the Nigerian Data Protection Act (NDPA), or to the Court, the highest remedy available to you as a data subject, is a refund. By the contents of this clause, you hereby forfeit your right to any other relief in addition to a refund.
By default Crendly would treat all Transactions which emanate from your profile as having been authorised by You unless you notify us or We have reasonable cause to noticed otherwise.
If You have cause to notice or believe that any Transaction being conducted on your profile has been incorrectly executed or was not authorised by You, You are required to notify us as quickly and immediately, upon becoming aware of such transaction giving rise to a claim via chat, by phone or by email at support@crendly.com. Your refusal and/or Failure to notify us quickly and immediately on becoming aware of the unauthorised or incorrectly executed Transaction will result in You foregoing Your opportunity to have any such potential issues reviewed and for the purpose of initiating any remedial actions, and such refusal shall be deemed as approval and ratification by you and the information provided by You will be deemed to be irrevocably correct so that You would automatically lose chance to challenge these transactions.
In situations where it has been established that a Transaction has not been authorised by you, or was erroneously initiated or executed by Crendly (provided We can prove such incorrect transaction has taken place) and You have notified us in accordance with period stipulated in this Terms & Conditions upon becoming aware, We shall thereupon refund to You the amount erroneously debited from you without authorisation and, where applicable, take other necessary steps and actions to restore Your account to the position it would have been if the erroneous transaction had not been executed by us.
However, without prejudice to the above, where we have reasonable cause to believe that an unauthorised transaction has resulted from any fraudulent conduct associated with you and where that suspicion is objective, We shall conduct, within a reasonable time, an investigation before making a refund of the transaction.
You will be liable for:
We will not be liable to You for any loss arising from any unauthorised Transaction where You acted fraudulently or where, with intent or gross negligence, You failed to use Your account in accordance with these General Terms and Conditions.
Transactions conducted on the platform are strictly between users and as such we shall bear no liability for any default in loan repayment, loss of fund, wrongful or erroneous fund disbursement to a borrower on the platform authorised by You, and/or withdrawal of fund from your account on the platform in line with the details provided by you to link your bank account or card to your profile on the Platform. However, we may elect to deploy reasonable efforts to assist you in recovery of funds in default and non-default scenarios, subject to your consent and also subject to the recovery clause above, while a charge shall be applied or passed on to you where the efforts of Recovery Agents, intermediary banks and/or the payee’s bank or any other third party service provider are utilized in the tracing process or recover funds.
Our correct and due execution of your loan disbursement and withdrawal of funds requests shall not attract any liability to us, if we are able to prove to You (and where relevant, to any payee’s payment services provider) that the payee’s payment services provider received the payment within the appropriate time period. In other instances, we will, subject to your request, make efforts to trace any non-executed or defectively executed payment transactions or any payment transactions which were correctly executed to an account which is deemed fraudulent and inform You of any outcome involving our search.
By these Terms and Conditions, financial liabilities, as well as all other liabilities incurred by Crendly, its other user as well as third parties on account of your breach of these terms and conditions as well as other annexed agreements, Privacy Policy and Loan offer and Agreement are imputed to you in relation to your use of any Crendly services, your Crendly profile or the account, and you hereby undertake to hold Crendly harmless and/or reimburse Crendly, a Crendly user or third party in the event of any liability arising from your breach of these General Terms and Conditions and Agreements.
Your liability under these General Terms and Conditions, as well as Privacy Policy, Loan Agreements and other further or additional terms of usage to pay all charges related to your use of your Crendly profile and/or The Account shall remain despite any termination, suspension or closure of your Crendly profile or the Account. .
You shall be responsible for understanding and ensuring your compliance with all extant laws, statutes and regulations which may be applicable to your status as a user of the Crendly platform and/or your Crendly profile and the account. Crendly shall not be liable for the performance of any of your tax obligations to the State and/or federal government and as such, the said obligations shall be fulfilled by you independently and in the event that any federal or state legislation or regulation requires Crendly to deduct and remit any tax assessments which ought to be paid by you in relation to the transactions conducted on the Crendly platform, you hereby authorize Crendly to deduct any such tax assessment on your behalf and remit same to the Federal or State government where applicable.
You agree to defend, indemnify, reimburse and compensate us and hold Crendly, our third-party providers, our employees or agents who are authorised to act on our behalf harmless from any claim or demand (including but not limited to legal fees) made or incurred by any third party due to or arising out of Your breach of these General Terms and Conditions, including all Schedules and further or additional terms of usage, the Loan Offer and Agreement, breach of any law and/or use of the Crendly Services.
Nothing in these General Terms and Conditions shall operate to exclude liability for fraud or gross negligence or for any liability that cannot be excluded or amended by law.
In no event shall Crendly be liable for resultant losses (or loss of expected earnings or profit) that occur as a consequence of us not performing any of our obligations in relation to a transaction in connection with the Crendly Services, howsoever arising.
To the extent permitted by applicable law, Crendly shall not be liable, and You agree not to hold Crendly responsible, for any damages or losses (including, but not limited to, loss of money, goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from:
By accepting these terms, you consent to releasing, indemnifying, defending, and holding the Crendly Entities harmless from any claims, liabilities, actions, damages, losses, and expenses that may arise from different circumstances. These circumstances include but are not limited to the breach of the Agreement, your actions and omissions, inaccuracies in your Loan Application, authorization of a credit inquiry, and actions or omissions by Crendly in compliance with the Agreement or your instructions. This provision shall remain in effect even after the agreement has been terminated.
Crendly bears no liability for any delays or failures in the Platform, Services, or the delivery of information that arise due to unforeseeable events beyond its control. Such events may include, but are not limited to, Internet disruptions, equipment malfunctions, power outages, labor strikes, civil disturbances, natural disasters, government actions, or non-performance by third parties.
The Agreement is governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any legal actions seeking injunctive or equitable relief to protect intellectual property rights may be initiated in the state and federal courts situated within the jurisdiction of the Federal Republic of Nigeria. Disputes arising from the Agreement or the use of the Service will be resolved through binding arbitration, except for cases involving the pursuit of injunctive or equitable relief for copyright, trademark, trade secret, patent, or other intellectual property violations. The arbitration proceedings shall take place in Nigeria, and the resulting award may be entered and enforced by any court with appropriate jurisdiction. Each party shall bear its own costs and expenses, including fees for expert witnesses and attorneys. This arbitration provision must be initiated within one year from the date the dispute arises and shall survive the discontinuation of the Agreement.
Crendly may involve the services of third-party entities in the provision of its Services. These third-party entities shall be granted the same rights and subject to the same limitations as Crendly in relation to the Agreement.
You are not permitted to assign or transfer the Agreement without obtaining prior written consent from Crendly. However, Crendly reserves the right to assign or transfer the Agreement at its sole discretion without requiring your consent.
By the contents of this terms and conditions, you hereby consent to a transfer of your data from Crendly to any third-party partner or service provider
Borrowers fee: ₦1,000 if the loan amount is less than ₦25,000 and 3% of loan amount when the loan about is greater than ₦25,000 (with a cap of N3,000).
Lenders fee: 25% of earned interest.
Third Party Fees: You shall be liable to pay any fees associated with funds transfers including any fees incidental to operating the Account with our partner licensed bank(s).
Third Party Beneficiary: The Agreement does not confer any rights or remedies to any person other than the parties involved, including lenders. No third party is deemed a beneficiary under this Agreement.
Crendly reserves the right to delay the enforcement of its rights under the Agreement without waiving such rights. The waiver of a specific right by Crendly does not constitute a waiver of any other right or the same right at a different time.
Crendly retains the discretion to modify the terms and conditions of the Agreement. These changes may include the addition of new terms, deletion or amendment of existing terms, introduction of new services, discontinuation of existing services, or conversion of services. Crendly will provide you with reasonable notice, as required by law, before any inauspicious changes become effective except immediate changes are required for security purposes. Your continued use of the Services following any changes signifies your acceptance and agreement to be bound by the updated terms and conditions.
This Agreement represents the entire understanding and agreement between you and Crendly, encompassing all aspects of the Services provided. It supersedes and replaces any prior agreements, discussions, or understandings, whether written or verbal, regarding the subject matter covered by this Agreement.
If any provision of this Agreement is deemed invalid or unenforceable by a court of competent jurisdiction, the remaining provisions of the Agreement shall remain valid and enforceable to the fullest extent permitted by law.
By utilizing the Platform or engaging in electronic communication with Crendly, you expressly consent to receive communications electronically. This includes emails, text messages, chat messages, and other forms of electronic notifications. You have the option to retain copies of these communications for your personal records.
Crendly is dedicated to safeguarding the confidentiality and privacy of both lenders and borrowers. Our Privacy Policy outlines how Crendly collects, utilizes, and communicates information. This may include contact details, identification information, usage patterns of our Services, financial background information, and other relevant financial details. To fulfil the purpose of our Services, we may share this information with our affiliates, financial institutions, service providers, regulatory agencies, and direct marketers. For a comprehensive understanding of our privacy practices, please refer to the Privacy Policy provided by Crendly.
Crendly Inc. is not a bank. Banking services are provided by partner licensed financial institutions. All requests are subject to verification, lender proposals, and the final acceptance by the requester. For Lenders, it is important to recognize that returns are not guaranteed, and there is a potential risk of losing the loan amount. We suggest that you always pay attention to the Crendly Score of any potential borrower (the higher the Crendly Score the lower the probability of default) and the ring around the profile picture or avatar of the profile. The colour or the ring always depicts the behaviour of the user on the platform.