Terms and Conditions

INTRODUCTION

These are terms that govern the LENDER and the BORROWER and bringing them together to a solid agreement.

Boon Mobile Loan is a God sent, fast & reliable digital loan app with fast disbursement rate and lowest interest. Unlike banks and other lending institutions. Boon Mobile loan does not require the BORROWER to provide any form of collateral or guarantor as security. This is upside for most Kenyans who only have their honesty to show for. To access a loan with Boon Mobile loan you only need to download the APP on your phone from Google Play Store, register and then proceed to submit your application.

TERMS AND CONDITIONS of LOAN AGREEMENT

The Terms and Conditions hereby is the integral part of the Agreement

NOW IT IS HEREBY DECLARED AND AGREED as follows:

THE LOAN

Subject to the terms and conditions of this Agreement, the LENDER has at the request of the BORROWER agreed to provide a loan to the BORROWER, and the BORROWER has agreed to borrow from the LENDER a total sum in KSH equal to the Loan Amount (the "Loan").

PURPOSE OF THE LOAN

The Loan shall be used for the purpose of financing the Borrower’s personal consuming and emergency needs.

Notwithstanding Clause 2.1 above, the LENDER shall not be responsible for monitoring or ensuring the use or application of the Loan or any part thereof for the specified purpose only and failure by the BORROWER to comply with its obligations under Clause 2.1 shall not in any way prejudice any right available to the LENDER.

LOAN TENURE

The Loan shall be for a period of days equal to the Loan Tenor commencing on the Disbursed Date and terminating on the Loan Term.

Based on the request of the BORROWER, the Loan Term may be extended up to 30 days (or another period subject to decision of the LENDER at a time to time), since the day of expiry of the Loan Term. Notwithstanding this provision, the LENDER reserves the right to reject renewal based on the decision and/or policy of the LENDER at a time to time.

DISBURSEMENT

The Loan will be disbursed directly by the LENDER to the Borrower’s M pesa account.

INTEREST RATE

Interest will be levied on the Loan at a rate of 10% per month (the “Interest”). The Interest levied shall be payable on the any day before the end of the Loan Term via the Boon Mobile loan App or to the designated M pesa account of the LENDER.

The Interest will be accrued on the day of its disbursement based on the principal amount unpaid since the Disbursed Date to the Loan to be fully paid and based on the days in the Loan Tenor, as per mutually agreed by Parties.

At times, subject to interbank rate announced by the Central Bank of Kenya, the LENDER is entitled to change the interest rate, and such change will be noticed to the BORROWER via email / cell-phone message.

INTEREST PAYMENT

Interest is calculated on a daily basis and is payable at any day before the end of the Loan Term (the “Payment Date”).

If the BORROWER delays to pay the Interest, the BORROWER will be responsible to pay an Overdue Fee to the LENDER at the interest rate of 10% per month or any other rate stipulated on the Boon Mobile loan App.

PRINCIPAL REPAYMENT

Without prejudice to the Lender’s right to demand repayment of the Loan upon an Event of Default (as defined in Clause 12.1), the Loan shall be repaid fully once in accordance with the Loan Term.

The Loan repayment shall be deposited via the Boon Mobile loan App or through the Pay bill to the Lender.

The BORROWER is entitled to repay the Loan prior to maturity at any time from the date of disbursement of the Loan. Interest and other fees (if any) will be calculated according to the whole time of Loan Tenor.

Subject to the policy of the LENDER from time to time, the payments of the BORROWER will be used to pay for the items in priority order as follows:

1. The Loan (principal)
2. Interest
3. Late payment

RIGHTS AND OBLIGATIONS OF THE LENDER

The LENDER has full power to decide on the disbursement or not to the BORROWER. The notification of disbursement or non-disbursement will be sent to the BORROWER via one of the following forms: phone, or text message otherwise, from time to time. If the notice is made by the phone, the LENDER is entitled to record the entire or any of the discussions between the LENDER and the BORROWER, and the BORROWER hereby acknowledges and agrees that the data recorded by the LENDER will be the legal evidence for the transaction executed between the Parties.

The LENDER has the right to request the BORROWER to pay in full the due payments under this Agreement.

The LENDER has the right to request the BORROWER to indemnify for any claims or expenses related to or arising from the transactions between the Parties hereto, including but not limited to the Loan.

The borrower gives full consent that the LENDER has the right to process personal data of the BORROWER and to disclose it to third parties when required for loan maintenance and service.

The LENDER is responsible to comply with the terms and conditions of this Agreement.

The LENDER may, at its own discretion and subject to mandatory requirements of local laws, assign claims under this Agreement to a third party.

RIGHTS AND OBLIGATIONS OF THE BORROWER

The BORROWER is entitled to request the LENDER to disburse the Loan in accordance with the proposed schedule.

The BORROWER is responsible for the full and timely performance of its obligations under this Agreement.

The BORROWER is responsible for providing and presenting the original document to prove the owner if required by the LENDER and / or the competent State Authorities.

The BORROWER undertakes that during the Loan Term, the BORROWER will:

• Transfer/ pass documents related to the agreement to the LENDER, unless otherwise agreed or prescribed by law.
• The BORROWER cannot repay the Loan, its interest and/or others on time; or
• The BORROWER violates provisions/obligation as agreed or prescribed by law.

The BORROWER undertakes unconditionally and irrevocably to be liable and indemnify the LENDER for all costs of lawsuits, damages, losses, and other expenses in related or arising from transactions between the Parties under this Agreement, including but not limited to the Loan.

By this Agreement, the BORROWER commits and to be responsible before the laws and the LENDER for the following undertakings:

• To comply with all applicable laws and regulations relating to the performance of the BORROWER's obligations under the terms of this Agreement and the relevant agreements.
• Any information provided by the BORROWER to the LENDER under this Agreement is true and correct.
• The BORROWER will comply for any request, notice, or certification made by the phone and agreeing that such request, notice or confirmation will make arisen and set up the legal liability and to take effect binding to the BORROWER under this Agreement.
• If there is any change in any information of the BORROWER stated in this Agreement (including but not limited to relevant information such as a phone number, email, residential address, and any other information likely to affect their payment capacity of the BORROWER), the BORROWER hereby undertakes and is responsible to notice with the BORROWER at once of change.
• The agreement is owned legally by the BORROWER, at present, there is not any dispute, or dealt with by any competent individual, organization, or state authorities in accordance with the law.
• This Agreement is signed by the Parties voluntarily, not deceived or coerced.

EVENT OF DEFAULT

There shall be an Event of Default:

1. if the BORROWER shall default in the payment to the LENDER of the Loan by one day from the due date including (principal), Interest, Overdue, and/or any other monies herein covenanted, the amount shall have become due by the BORROWER to the LENDER whether formally demanded or not;
2. if the BORROWER dies or loses his capacity for civil acts;

LAW AND JURISDICTION

This Agreement shall be governed by, and construed in accordance with the laws of Kenya.

EFFECTIVENESS

The Parties hereby acknowledge and agree without prejudice:

This Agreement is executed via the internet, in particular: by registering (by the BORROWER) via the website at https://www.lendplus.ke or by downloading and applying for a loan on the Boon Mobile loan App on the Google Play store.

To the maximum extent permitted by the laws of Kenya, this Agreement shall take full force and effect as from the date of loan issuance and be binding upon the parties until the LENDER recovers the Loan.