Introduction
These Terms and Conditions govern the use of the services provided by Cool Financial Services Limited ("Cool Financial"). By accessing or using our services, you agree to comply with and be bound by these Terms and Conditions.
Definitions
- Account: Your account with Cool Financial.
- Borrower: Any person who applies for and receives a loan from Cool Financial.
- Loan: The credit facility provided by Cool Financial to the Borrower.
- Services: The financial services provided by Cool Financial through its platforms.
Eligibility
- The Services offered by Cool Financial can only be used by persons over the age of 18 who are residents of Nigeria.
- By filling the online form, you confirm that all personal information provided is true and valid.
Acceptance of Terms and Conditions
- By filling the form and clicking the "Continue," "Accept," or "Submit" button during your loan application, you signify your acceptance of these Terms and Conditions.
- If you do not agree with these Terms and Conditions, you must not use the Services.
- Using the form or website or any of the Services constitutes your agreement to comply with and be bound by these Terms and Conditions.
Grant and Scope of Licence to the Application
Cool Financial grants you a non-transferable, non-exclusive licence to use the website on your device for the purpose of applying for a loan, subject to these Terms and Conditions.
You agree not to:
- Rent, lease, sub-licence, loan, translate, merge, adapt, vary, or modify the form or website.
- Alter, modify, or combine the form or website with other programs without Cool Financial’s consent.
- Use the website unlawfully or for any unlawful purpose.
Use of Services
- Cool Financial reserves the right to verify the authenticity and status of your bank accounts and personal information.
- Cool Financial may decline, discontinue, revoke, prohibit, or restrict your application for a loan at its sole discretion without prior notice.
Loan Application and Approval
- The terms of the loan, including the interest rate and fees, shall be communicated to you before final approval.
- Cool Financial reserves the right to issue, decline to issue, or vary the terms of any loan based on its assessment of your credit profile.
Loan Fees
- Loan fees payable by you in relation to any loan will be stated on the loan agreement.
- Failure to make repayments when due will attract a penalty fee of 2% per month on the unpaid amount, in addition to the current rate of interest on the outstanding debt. This penalty fee of 2% is subject to the nature of the loan obtained and subject to the amount contained in the loan agreement.
- The loan fee may be increased or decreased by Cool Financial with a minimum of 15 days’ written notice to you.
Borrower's Obligations
- You shall follow all instructions, procedures, and terms contained in this Agreement and any document provided by Cool Financial concerning the use of the System and the Services.
- You agree to pay the loan sum, including any convenience, default, or penalty fees, and other amounts due to Cool Financial as agreed in this Agreement on or before the Payment Due Date.
- You agree to repay the loan via direct cash transfer or through other acceptable electronic channels.
Lender's Obligations
- Make available the loan/credit facility to the Borrower.
- Confirm the Borrower’s identity and personal information.
- Demand repayment from the Borrower as and when due.
- Conduct investigations prior to providing the loan for the Borrower.
- Use reasonable and legitimate means to collect amounts due.
Security and Unauthorized Use
- You shall keep your credentials secure and inform Cool Financial immediately if you believe your credentials are compromised.
- You shall follow all security procedures notified to you by Cool Financial.
Indemnity
You agree to indemnify and hold harmless Cool Financial and its representatives from any and all suits, actions, proceedings, claims, damages, losses, liabilities, and expenses arising out of your use of the Services or any breach of these Terms and Conditions.
Default on Loan
- A Borrower shall be considered in default in any of the following situations:
- You fail to pay the loan amount by the due date.
- Any representation made by you is incorrect or misleading.
- You breach any provision of this Agreement.
- The Borrower fails to meet any other commitments, obligations, or undertakings under the loan.
- Upon default, Cool Financial may:
- Terminate this Agreement.
- Declare the loan immediately due and payable.
- Assign its right to collect the outstanding amount to an external collections agency.
- Institute legal proceedings against you.
Waiver
No delay or failure by Cool Financial to exercise any power, right, or remedy under this Agreement shall operate as a waiver of that right, power, or remedy, nor shall any single or partial exercise of any right, power, or remedy preclude any other or further exercise of that right, power, or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
Dispute Resolution
Any dispute arising out of or in connection with this Agreement shall be referred to arbitration in accordance with the Arbitration and Mediation Act 2023.
Severability
If any provision of this Agreement is found to be invalid, illegal, or unenforceable, such provision shall be severed from this Agreement and the remaining provisions shall continue in full force and effect.
Notices
Any notice or communication required or permitted to be given under this Agreement shall be in writing and shall be delivered to the other party at its registered address or such other address as it may notify in writing from time to time.