PENAID LTD - LOAN AGREEMENT TERMS AND CONDITIONS  FOR LEARNER / STUDENTS & SPONSORS.

Summary

  1. Information About us 
  2. Data Collection
  3. Loan Agreement
  4. FERPA Agreement

It is crucial that you carefully review and comprehend the terms and conditions outlined below. This document establishes the terms of your relationship with Penaid Limited in connection with your loan application and should be considered in conjunction with your loan application. The loan process will be conducted exclusively online. The terms and conditions presented herein possess the same legal binding effect as if you were to complete and sign a physical application. By indicating your agreement to these terms, they become legally binding, and no physical exchange of signed copies is necessary for their enforceability.

1. Information About Us 

Penaid Limited is a specialized finance company in Nigeria. The term ‘Penaid Limited’ or ‘us’ or ‘we’ refers to the owner of the website whose registered office is Penaid Limited at 10 Bode Thomas Street, Surulere, Lagos, Nigeria. The term ‘you’ refers to both users and/or viewers of our website.

2. Data Collection 

The following information outlines the types of data we may collect and process from you: a) Information provided by you (Submitted Information): This may include information:

  • Provided when filling in forms on our App, App Site, or Service Sites (collectively referred to as Our Sites).
  • Shared during correspondence with us, such as through email or chat.
  • Given when registering to use the App Site, downloading or registering the App, subscribing to our Services (such as applying for a loan), searching for an app or Service, utilizing the Apps social media functions to share data, participating in competitions, promotions, or surveys, or reporting any issues with the App, our Services, App Site, or any of Our Service Sites.

This information may encompass details such as your name, gender, occupation, Bank Verification Number, National Identification Number, address, email address, phone number, the phone number associated with the device, SIM card details, age, username, password, other registration information, financial and credit information (including mobile money account details, bank account details, and bank verification number where applicable), as well as personal description and photograph (Personal Data).

   3. Loan Agreement

This Loan Agreement (the Agreement) is entered into between [Penaid Ltd], hereinafter referred to as the Lender, and [Student / Learner / Sponsor], hereinafter referred to as the Borrower, collectively referred to as the Parties.

WHEREAS, the Borrower is seeking a loan to finance educational expenses, and WHEREAS, the Lender is willing to provide the loan subject to the terms and conditions set forth in this Agreement.

Loan Amount:

The Lender agrees to provide a loan to the Borrower as requested from our Application. The total loan amount shall be used solely for educational purposes and related expenses, as approved by the Lender.

Interest Rate:

The loan shall accrue interest at a range of [10% - 35%] per annum depending on the type of partnership with the Student / Learner Institution. The interest shall be calculated on the outstanding principal balance of the loan.

Repayment Terms:

The loan shall be repaid by the Borrower in monthly installments over a period as stipulated in the Web Application and based on partnership agreement with Student / Learner Institution. The Borrower shall make the payments on time as per the agreed schedule.

  • The Borrower shall repay both the principal and all interest accrued to the Lender on the Due Date, according to the agreed schedule. 
  • The Borrower reserves the right to prepay the Loan before the end of the Tenor with no prepayment penalty.
  • If payment is not received on or by the Due Date, the following actions shall be taken in the order provided below;

* Learner and student might be unable to continue Learning.

* Student / Learners certification will be withheld until complete payments is made.

* A learner / Student would be unable to proceed to the next learning stage or phase.

* After 7 days of payments past due, notification shall be sent to Credit Bureaus and legal proceedings shall be brought against the Borrower in order to enforce recovery of the outstanding balance of the Facility.

Prepayment:

The Borrower has the option to prepay the loan, in whole or in part, at any time without incurring any penalties or additional fees.

Use of Funds:

The loan proceeds shall be used exclusively for educational expenses, including tuition fees, books, supplies, and other related costs directly associated with the Borrowers education.

Default and Remedies:

Upon any of the following events happening, the Lender may by notice in writing to the Borrower, declare an Event of Default. In such an event, the amount of the Loan then outstanding, including interest accrued and any other monies due, must be paid immediately and the Lenders obligation to provide monies under this Loan Agreement be terminated;

  • If the Borrower does not pay any monies payable hereunder on the date due and/or;
  • If any representation or warranty made by the Borrower in this Loan Agreement or any notice, certificate or statement delivered or made hereunder proves to have been incorrect or materially inaccurate when made or delivered. 

In the event of default, such as failure to make timely payments, the Lender shall have the right to declare the entire outstanding loan balance due and payable, and pursue all available legal remedies to recover the amount owed.

Governing Law:

This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction]. Any disputes arising under or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts in [Jurisdiction].

Entire Agreement:

This Agreement constitutes the entire understanding between the Lender and the Borrower and supersedes all prior agreements, understandings, or representations, whether oral or written.

4. FERPA Agreement for  Student / Learners

This FERPA (Family Educational Rights and Privacy Act) Agreement (the Agreement) is entered into between [Penaid], hereinafter referred to as the Company, and [School/Organization Name], hereinafter referred to as the School.

WHEREAS, the Company provides student loan services and requires access to student records and educational information protected under FERPA, and WHEREAS, the School possesses the student records and educational information of its students, and WHEREAS, both parties agree to comply with the provisions of FERPA and its regulations, as applicable. NOW, THEREFORE, the Company and the School hereby agree as follows:

Purpose of Disclosure:

The School agrees to disclose student records and educational information to the Company solely for the purpose of administering student loans and providing related services.

Confidentiality and Data Protection:

The Company agrees to protect the confidentiality of the disclosed student records and educational information and to use it solely for the authorized purpose stated in this Agreement. The Company shall implement appropriate safeguards to prevent unauthorized access, use, or disclosure of the information, consistent with the requirements of FERPA.

Limitations on Use and Disclosure:

The Company agrees not to use the disclosed student records and educational information for any purpose other than administering student loans and providing related services. The Company further agrees not to disclose the information to any third party without obtaining written consent from the School or as otherwise permitted by FERPA or other applicable laws.

Data Retention and Destruction:

The Company shall retain the student records and educational information only for as long as necessary to fulfill the authorized purpose. Upon completion of the loan administration or termination of this Agreement, the Company shall destroy or return all copies of the information, including any electronic or physical records, in a secure and confidential manner, unless otherwise required by law.

Compliance with FERPA:

Both parties agree to comply with all provisions of FERPA and its regulations relevant to the disclosure and use of student records and educational information. The Company acknowledges that it is a school official with a legitimate educational interest under FERPA and shall use the information in accordance with this Agreement and applicable laws.

Security Safeguards:

The Company shall maintain appropriate administrative, technical, and physical safeguards to protect the confidentiality, integrity, and security of the disclosed student records and educational information, including encryption, access controls, firewalls, and other industry-standard security measures.

Indemnification:

The Company agrees to indemnify and hold the School harmless from any claims, losses, damages, or liabilities arising out of the Company breach of this Agreement, violation of FERPA, or unauthorized use or disclosure of the student records and educational information.

Governing Law and Jurisdiction:

This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction]. Any disputes arising under or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts in [Jurisdiction].

Entire Agreement:

This Agreement constitutes the entire understanding between the Company and the School with respect to the subject matter hereof and supersedes all prior agreements, understandings, or representations, whether oral or written.