Terms of Service

1. Acceptance of Terms

By accessing or using the Creda platform (the "Service"), including our mobile application, website, and any related services, you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, you may not access or use the Service. These Terms constitute a legally binding agreement between you ("User", "Borrower", or "you") and Creda Technologies Limited ("Creda", "we", "us", or "our"), a company incorporated under the laws of the Federal Republic of Nigeria and licensed by the Central Bank of Nigeria (CBN).

2. Eligibility

To use the Service, you must:

• Be at least 18 years of age;
• Be a Nigerian citizen or legal resident with a valid Bank Verification Number (BVN);
• Have a valid and active Nigerian bank account;
• Possess a valid government-issued identification (National ID, Driver's License, Voter's Card, or International Passport);
• Provide accurate and complete information during registration;
• Have the legal capacity to enter into binding contracts under Nigerian law.

3. Account Registration & KYC

You are required to create an account and complete our Know Your Customer (KYC) verification process before accessing loan services. This includes:

• Providing your full legal name, phone number, email address, and residential address;
• Submitting your BVN for identity verification through the Nigeria Inter-Bank Settlement System (NIBSS);
• Completing facial recognition verification;
• Authorizing a one-time ₦100 card verification charge to validate your debit card.

You are solely responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account. You must notify us immediately of any unauthorized use.

4. Loan Services

4.1 Loan Application: Upon successful KYC verification, you may apply for a loan through the Service. Loan eligibility, amount, tenure, and interest rates are determined by our proprietary credit-scoring algorithm and may vary based on your profile, credit history, and repayment behavior.

4.2 Loan Approval: Creda reserves the right to approve or decline any loan application at its sole discretion. Approval is not guaranteed. The approved loan amount may differ from the requested amount.

4.3 Disbursement: Approved loans are disbursed directly to your registered bank account. Disbursement typically occurs within 25 minutes but may take up to 24 hours depending on bank network availability.

4.4 Interest Rates & Fees: Interest rates range from 3% to 15% per month depending on the loan product and your risk profile. All applicable fees, including interest, processing fees, and any other charges, will be clearly disclosed to you before you accept a loan offer. There are no hidden fees.

4.5 Loan Agreement: By accepting a loan offer, you enter into a binding Loan Agreement. The specific terms of each loan, including the principal amount, interest rate, fees, repayment schedule, and due date, will be set out in the Loan Agreement provided at the time of disbursement.

5. Repayment

5.1 Repayment Obligation: You agree to repay the full loan amount, including all accrued interest and applicable fees, by the due date specified in your Loan Agreement.

5.2 Repayment Methods: Repayments can be made through the Creda app, direct bank transfer to the designated Creda account, or automatic debit from your registered debit card or bank account.

5.3 Early Repayment: You may repay your loan in full before the due date without incurring any early repayment penalties.

5.4 Late Repayment: If you fail to repay by the due date, late repayment fees may apply as specified in your Loan Agreement. Persistent default may result in:

• Reporting to credit bureaus (CRC, FirstCentral, CreditRegistry);
• Reduction of your credit limit on the platform;
• Engagement of licensed debt recovery agents;
• Legal action to recover the outstanding amount;
• Suspension or termination of your account.

5.5 Automatic Debit Authorization: By linking your bank card, you authorize Creda to initiate automatic debits from your account for loan repayments on the due date. You may revoke this authorization by contacting our support team, but this does not absolve you of your repayment obligations.

6. Guarantor Obligations

Certain loan products (including student loans) require a guarantor. By agreeing to be a guarantor, you confirm that:

• You are at least 18 years of age with a valid BVN;
• You agree to assume full repayment responsibility if the borrower defaults;
• You authorize Creda to debit your account in the event of borrower default;
• Your consent is given voluntarily and with full understanding of the financial obligation.

7. Credit Scoring

Creda uses a proprietary credit-scoring system that evaluates multiple data points to determine your creditworthiness, including but not limited to your BVN verification status, bank statement analysis, repayment history, employment information, and device data. Your credit score on the platform is dynamic and may increase or decrease based on your financial behavior.

8. Prohibited Activities

You agree not to:

• Provide false, misleading, or fraudulent information;
• Create multiple accounts or use another person's identity;
• Use the Service for money laundering, terrorism financing, or other illegal purposes;
• Attempt to circumvent our security systems or credit-scoring mechanisms;
• Reverse engineer, decompile, or disassemble any part of the Service;
• Use automated scripts, bots, or other tools to access the Service;
• Interfere with or disrupt the Service or servers connected to it.

9. Intellectual Property

All content, trademarks, logos, software, and intellectual property on the Service are owned by Creda Technologies Limited and are protected by Nigerian and international copyright and trademark laws. You may not reproduce, distribute, modify, or create derivative works from any part of our Service without prior written consent.

10. Disclaimer of Warranties

The Service is provided on an "as is" and "as available" basis. Creda makes no warranties, express or implied, regarding the reliability, availability, accuracy, or fitness for a particular purpose of the Service. We do not guarantee uninterrupted access or error-free operation.

11. Limitation of Liability

To the maximum extent permitted by Nigerian law, Creda shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including loss of profits, data, or business opportunities, arising from your use of the Service. Our total liability shall not exceed the total amount of fees paid by you to Creda in the twelve (12) months preceding the claim.

12. Indemnification

You agree to indemnify, defend, and hold harmless Creda, its directors, officers, employees, and agents from and against any claims, liabilities, damages, losses, or expenses arising from your violation of these Terms, your use of the Service, or any fraudulent or unlawful activity on your part.

13. Termination

Creda may suspend or terminate your account at any time, with or without cause, including for violation of these Terms. You may close your account by contacting our support team, provided all outstanding loan obligations have been fully settled. Termination does not release you from any accrued obligations, including the repayment of outstanding loans.

14. Dispute Resolution

Any disputes arising from these Terms or your use of the Service shall first be resolved through negotiation. If negotiation fails, the dispute shall be referred to mediation under the Lagos Multi-Door Courthouse (LMDC). If mediation is unsuccessful, the dispute shall be resolved by arbitration in Lagos, Nigeria, in accordance with the Arbitration and Mediation Act 2023. The language of arbitration shall be English, and the decision of the arbitrator shall be final and binding.

15. Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, without regard to conflict of law principles. You agree to submit to the exclusive jurisdiction of the courts in Lagos, Nigeria.

16. Amendments

Creda reserves the right to modify these Terms at any time. Material changes will be communicated to you via email, in-app notification, or a prominent notice on our website at least 14 days before they take effect. Your continued use of the Service after such changes constitutes acceptance of the revised Terms.

17. Contact Information

For questions or concerns about these Terms, please contact us:

• Email: legal@creda.ng
• Phone: +234 (0) 1 888 0000
• Address: Plot 12, Admiralty Way, Lekki Phase 1, Lagos, Nigeria