Loan Terms and Conditions

PERSONAL LOAN AGREEMENT

 I. THE PARTIES. This Personal Loan Agreement (“Agreement”) became binding from 1st January, 2025 is by and between:

The Borrower, whose name has been recorded in the application form, with Address already recorded in the application form, (“Borrower”) and agrees to pay:

Lender: ABEDNEGO O. OMASHONE, operating under the business name, CHO DIGITAL GLOBAL CONCEPTS registered with the Corporate Affairs Commission with the registration number, BN3956509, with Address 41 BESIDE FISH POND, DOGOGADA VILLAGE, KABUSA-ABUJA,  (“Lender”).

HEREINAFTER, the Borrower and Lender (“Parties”) agree to the following:

II. LOAN AMOUNT. ₦ as recorded in the form and as payed to the borrower  (“Loan Amount”).

III. INTEREST. The Loan Amount shall bear interest at a rate of  twenty percent (20%) monthly.

IV. PAYMENT.  The Loan Amount shall be due and payable, including the principal and any accrued interest, under the following re-payment plan: (check one)

☐ Monthly payment of  the loaned sum with the calculated interest split equally into the number of indicated tenure in the form beginning earlier but not later than twenty-eight (28) days of the borrower receiving the loaned amount, and to be paid on or before 28 days interval until the balance is paid up.

All payments made by the Borrower are to be applied first to any accrued interest and then to the principal balance.

V. PAYMENT INSTRUCTIONS. The Borrower shall make payment to the Lender in under the following instructions: 

Account Number: 6110334414

Bank: OPay

Account Name: CHO DIGITAL GLOBAL CONCEPTS

VI. LATE FEE. If any payment is _3_ day(s) late, the Lender shall charge a late fee of _1.5%_ per day on the due total capital and interest.

VII. SECURITY: The Loan Amount under this Agreement shall secured with moveable property described: as documented in the application  form. (“Security”) that shall transfer to the possession of the Lender before the loan is disbursed and transfer to the  and ownership of the Lender pursuant to Section X(a and  or b) of this Agreement.

The Security may not be sold or transferred without the Lender’s consent until the  Due Date and all pending obligation by the Borrower to the Lender has been met.. If Borrower breaches this provision, Lender may declare all sums due under this Agreement immediately due and payable. The Lender shall have the sole option to accept the Security as full-payment for the Borrowed Money without further liabilities or obligations. If the market value of the Security does not exceed the Borrowed Money, the Borrower shall remain liable for the balance due while accruing interest at the maximum rate allowed by law and if the Security is sold beyond the total sum owed by the Borrower, the Lender shall return the balance thereof to the Borrower.

VIII. PREPAYMENT.  The Borrower has the right to pay back the loan in-full or make additional payments, at any time, without penalty.

IX. REMEDIES.  No delay or omission on part of the holder of this Agreement in exercising any right hereunder shall operate as a waiver of any such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The rights and remedies of the Lender shall be cumulative and may be pursued singly, successively, or together, in the sole discretion of the Lender.

X. EVENTS OF ACCELERATION.  The occurrence of any of the following shall constitute an "Event of Acceleration" by the Lender under this Agreement:

a.)      Borrower’s failure to pay any part of the principal and interest, or interest BEYOND ONE MONTH  of due date under this Agreement; or

b.)      Borrower’s becoming insolvent or not paying its debts  BEYOND ONE MONTH as they become due.

XI. ACCELERATION. Upon the occurrence of an Event of Acceleration under this Agreement, and in addition to any other rights and remedies that Lender’s may have, Lender shall have the right, at its sole and exclusive option, to declare all monies under this Agreement immediately due and payable.

a.)  This includes any rights of possession in relation to the Security described in Section VII.

XII. WAIVER BY BORROWER. All parties to this Agreement, including the Borrower and any sureties, endorsers, and guarantors hereby waive protest, presentment, notice of dishonour, and notice of acceleration of maturity and agree to continue to remain bound for the payment of principal, interest and all other sums due under this Agreement notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution of any security for this Agreement or by way of any extension or extensions of time for the payment of principal and interest; and all such parties waive all and every kind of notice of such change or changes and agree that the same may be made without notice or consent of any of them.

XIII. SUCCESSORS. This Agreement is a promise of the Borrower and shall bind themselves including the Borrower’s successors, heirs and assigns.

VIV. GOVERNING LAW. This Agreement shall be governed by, and construed in accordance with, the laws of the Federal Republic of Nigeria (“Governing Law”).

XV. EXPENSES. In the event any payment under this Agreement is not paid when due, the Borrower agrees to pay the Lender, in addition to the principal and interest hereunder, reasonable attorneys' fees if the Lender must hire legal counsel to assist in retrieving the Borrower’s outstanding balance. Said attorneys’ fees shall accumulate interest starting from the date paid. Said interest rate shall not equal the maximum usury rate in the State of Governing Law. The Borrower may be reasonable for any other reasonable expenses incurred by Lender in exercising any of their rights and remedies upon default.

XVI. ENTIRE AGREEMENT. This Agreement contains all the terms agreed to by the Borrower and Lender relating to its subject matter including any attachments or addendums. This Agreement replaces all previous discussions, understandings, and oral agreements.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the undersigned dates written below.

Borrower’s Signature: as recorded in the form         Date: as recorded in the form  

Authorising Signature
Abednego O. Omashone