Finjara Loan Terms and Conditions
Welcome to Finjara. These Terms and Conditions govern your use of the Finjara loan services. Please read them carefully before applying or using any loan product.
Finjara is a digital loan application developed and operated by IFEROX FILEX NIGERIA LTD, a company duly registered in Nigeria and authorized by the Federal Competition and Consumer Protection Commission (FCCPC) to operate digital lending services.
✦ “Borrower”: The registered user who applies for and receives a loan through Finjara.
✦ “Lender/Finjara”: The company providing loan products and services.
✦ “Loan”: The funds provided by Finjara under these Terms and Conditions.
✦ Borrower must be at least 18 years old and have full legal capacity.
✦ Borrower must provide accurate, complete, and truthful information.
✦ Finjara reserves the right to review applications and approve or reject loans at its sole discretion.
✦ Loan amount, tenure, interest rate, and fees will be clearly displayed during the application.
✦ Once confirmed and electronically signed, the loan amount will be disbursed to the borrower’s designated account.
✦ Finjara may adjust the approved loan amount based on credit and risk assessment.
✦ Interest rates, service charges, and penalty fees will be transparently disclosed during application.
✦ Borrower must repay the principal and all applicable charges according to the agreed repayment schedule.
✦ Late repayment may result in additional charges, negative credit reporting, and legal recovery actions.
✦ Repay loans in full and on time, including principal, interest, and fees.
✦ Not use the loan for illegal or prohibited purposes.
✦ Ensure the accuracy of all information provided and update Finjara if changes occur.
✦ Determine loan approval and amount based on the borrower’s creditworthiness and risk profile.
✦ Take recovery measures in the event of default, including reminders, third-party agencies, or legal action.
✦ Disclose necessary information to regulatory authorities for compliance purposes.
✦ Finjara complies with the Nigeria Data Protection Act (NDPA) and FCCPC regulations.
✦ Borrower agrees to the collection and processing of personal data for risk assessment, loan management, and regulatory compliance.
✦ Data may be shared with third parties (such as credit bureaus or collection agencies) only when necessary.
✦ Failure to repay on time constitutes default.
✦ Consequences of default may include:
✦ Additional penalty interest and charges
✦ Negative reporting to credit bureaus
✦ Legal proceedings and asset recovery
✦ Finjara reserves the right to take all lawful and reasonable recovery actions.
✦ Finjara may terminate the agreement and demand immediate repayment if the borrower violates these terms.
✦ Borrower may terminate by fully repaying all outstanding obligations.
✦ These Terms and Conditions are governed by Nigerian law.
✦ Any dispute shall first be resolved through amicable negotiation. If unresolved, it will be submitted to a competent Nigerian court.
✦ Company Name: IFEROX FILEX NIGERIA LTD
✦ Registered Address: 18, Adelape Street Off Old Road Behind Ap Filing Station Lagos, Lagos Nigeria
✦ Email: services@iferoxfilex.com
✦ Regulatory Authority: Federal Competition & Consumer Protection Commission (FCCPC)
✦ Loan Amount Range: ₦5,000 to ₦300,000 Nigerian Naira.
✦ Annual Percentage Rate (APR): 10% – 36% (depending on credit evaluation).
✦ Loan Tenure: 91 days to 365 days (subject to approval and agreement).
✦ Fees: Service or management fees may apply. All applicable fees will be transparently displayed before confirmation.
Illustrative Example:
Loan amount: ₦50,000
Tenure: 120 days
APR: 36%
Total Interest: ₦6,000
Total Repayment: ₦56,000
Monthly Repayment: ₦14,000 (principal + interest)