Loan Terms and Conditions – Interest Rate 2.2

LendPlus Personal Loan Terms and Conditions

1. Introduction

These Terms and Conditions (“Agreement”) govern the LendPlus Personal Loan product offered by Aventus Technology Limited, trading as LendPlus (“LendPlus,” “we,” “us,” or “the Lender”), a company incorporated under the Companies Act, 2015, with Company Registration Number PVT-GYUKVZZ, and licensed by the Central Bank of Kenya (CBK) as a Digital Credit Provider. These Terms supplement and are to be read together with the General Terms and Conditions and the Privacy Policy, which you (“Borrower,” “You,” or “End-user”) agree to by applying for or using the LendPlus Personal Loan through the LendPlus mobile application, website, or other digital channels (collectively, the “Platform”). These Terms focus specifically on the loan terms for the LendPlus Personal Loan.

LendPlus reserves the right to amend or vary these Terms from time to time. Any amendments will be updated on our website, https://lendplus.ke/, or communicated through other appropriate means. Your continued use of our products or services constitutes agreement to be bound by any such revisions.

2. Loan Terms

• Loan Amount: The LendPlus Personal Loan is granted in Kenya Shillings, subject to LendPlus’ credit assessment, and disbursed as expressly approved and communicated via the Platform.
• Interest Rate: The Loan attracts a flat interest rate of 2.2% per day, calculated on the principal amount and disclosed on the Platform prior to disbursement.
• Tenor: The Loan tenor is as specified on the Platform at the time of loan acceptance, ranging from ten (10) to sixty-one (61) days. An extension of 5 to 30 days according with General Terms and Conditions may be granted at LendPlus’ discretion, with applicable interest displayed on the Mobile App.
• Total Cost of Credit: Includes the principal and interest. Full disclosure will be provided on the Platform before loan acceptance.
• Total Cost of Credit in Case of Overdue: Includes the principal, interest, late payment interest (2.2% per day on overdue amounts), and a collection fee (Ksh 20) per instance of overdue payment.
• Annual Percentage Rate (APR): The APR is 803% (inclusive of interest, excluding overdue fees), as disclosed on the Platform in compliance with Central Bank of Kenya regulations.
• Repayment: Repayment dates and any additional payments required for extensions are displayed on the Platform. Early repayment is allowed without penalty. Partial payments may be accepted but do not waive the obligation to pay the full amount.
• Collection Fee: A Ksh 20 fee is applied for each instance of an overdue loan, covering costs for SMS and call notifications, as displayed on the Platform.
• Instalment Payments: The total loan amount, inclusive of interest and applicable charges, shall be repaid in one (1) to six (6) installments as selected in the app at loan application.

3. Fees and Charges

• Late Payment Interest: If repayment is not made by the Due Date, a late payment interest of 2.2% per day on the outstanding amount will be charged, subject to regulatory limits.
• Collection Fees: Reasonable costs incurred in recovering overdue amounts, including third-party collection fees, will be charged as disclosed on the Platform.
• Transparency: All fees and charges are disclosed in the Mobile Application loan confirmation before acceptance. No hidden charges will be imposed.

4. Default and Consequences

If you fail to repay by the Due Date, you will be in Default. In case of Default:

• Additional late fees and interest shall accrue as specified.
• Legal action may be taken to recover the debt, and you will be liable for all costs incurred.
• Persistent Default may result in suspension of your access to our services.

5. Termination

These Terms terminate upon full repayment of the loan. We may terminate the agreement immediately in case of material breach, fraud, or regulatory requirements.

6. Force Majeure

LendPlus shall not be liable for any delay or failure to perform its obligations due to events beyond its reasonable control, including natural disasters, regulatory changes, network failures, power outages, acts of war, pandemics, or strikes. In such cases:

• You will be notified as soon as practicable via SMS, email, or app notification.
• LendPlus will take reasonable steps to mitigate the impact.
• Performance will resume once the event ceases or its impact is minimized.
• Loan repayment obligations may be suspended only if directly affected, subject to mutual agreement or regulatory guidance.