These Terms of Service ("Terms") govern the use of Next Payday's lending platform and related financial services. By applying for, accepting, or using any of our services, you acknowledge that you have read, understood, and agreed to be bound by these Terms.
Please read these Terms carefully before using our services. Your continued use of https://nextpayday.co constitutes your acceptance of these Terms and any future amendments made in accordance with applicable laws.
For the purpose of these Terms:
Next Payday agrees to provide the Borrower with a Personal Installment Loan based on its internal credit assessment, verification process, and risk scoring criteria.
The approved loan amount shall be disbursed after successful approval and shall have a repayment period not exceeding 90 days from the date of disbursement unless otherwise agreed in writing.
Loans attract a risk-based interest rate ranging from 5% to 10% per disbursement. The applicable interest may be deducted upfront or capitalized into the loan, resulting in an Annual Percentage Rate (APR) ranging from 60% to 120%.
Interest charged upfront is non-refundable, including where the loan is repaid early, terminated before thirty (30) days, or settled before its scheduled maturity date.
Where repayment is not made on the due date, interest shall continue to accrue on the outstanding balance until the loan has been repaid in full.
A non-refundable loan processing fee of 2.5% of the approved loan amount shall apply. This fee may also be deducted upfront or capitalized into the facility.
The processing fee covers credit life insurance, loan management costs, API integration charges, and other operational expenses associated with the processing of the loan.
The Borrower irrevocably authorizes Next Payday to recover all outstanding repayments directly from any of the Borrower's bank accounts, including salary, savings, current, deposit, or corporate accounts held with any financial institution in Nigeria or outside Nigeria, including all accounts linked to the Borrower's Bank Verification Number (BVN).
The Borrower further authorizes Next Payday to deduct any amount owed from salary payments, credit inflows, or any other funds received into any bank account or payment platform linked to the Borrower.
The Borrower shall bear all expenses reasonably incurred in connection with the processing, administration, enforcement, recovery, or security of the loan facility. Such expenses may include registration fees, legal fees, stamp duties, recovery costs, and any other applicable charges.
The Borrower shall be deemed to be in default under this Agreement if any of the following events occur:
Upon the occurrence of any default, the entire outstanding loan balance, together with accrued interest, applicable charges, recovery costs, and any penalties, shall immediately become due and payable without further notice.
Next Payday reserves the right to terminate this Agreement, commence recovery proceedings, and recover any losses or damages arising from the Borrower's default.
The Borrower irrevocably authorizes Next Payday to act upon any instruction received through its approved service channels. Every instruction received shall be deemed to have originated from the Borrower and shall remain valid unless proven otherwise.
7.1 Right of Set-Off
Next Payday reserves the right, at any time and without prior notice, to combine any of the Borrower's accounts or liabilities and apply any funds standing to the Borrower's credit toward repayment of any outstanding obligations owed to Next Payday, whether such liabilities are actual, contingent, primary, collateral, individual, or joint.
By accepting these Terms and drawing on the loan facility, the Borrower irrevocably agrees to repay the loan when due. Where repayment is not made as agreed and the loan becomes delinquent, Next Payday may report the delinquent loan to the Central Bank of Nigeria (CBN) through the Credit Risk Management System (CRMS) or any other approved credit reporting platform.
The Borrower authorizes the CBN and regulated financial institutions to recover any outstanding indebtedness from funds standing to the Borrower's credit or from any financial assets held for the Borrower's benefit.
The Borrower irrevocably waives any right of confidentiality regarding this recovery process and agrees not to challenge such recovery before any court, tribunal, or administrative authority.
7.2 Universal BVN Recovery
The Borrower authorizes Next Payday to utilize the Borrower's Bank Verification Number (BVN) and approved third-party recovery solutions to recover outstanding obligations from any account linked to the BVN across Nigerian financial institutions.
The Borrower authorizes Next Payday to process and execute all instructions received through approved Next Payday service channels. Such instructions shall be deemed authentic and binding on the Borrower.
9.1 Communication
The Borrower agrees to receive notices, loan updates, legal processes, and other communications through the email address and mobile number registered with Next Payday and is responsible for ensuring that these contact details remain accurate and up to date.
9.2 Delivery
Notices sent by registered mail shall be deemed received seven (7) days after posting, while notices delivered by hand shall be deemed received on the date stated on the notice.
Payments received by Next Payday shall first be applied toward overdue interest, penalties, fees, and other charges before any remaining balance is applied toward repayment of the principal loan amount.
Next Payday reserves the right to reject post-dated cheques or any similar payment instrument presented for settlement of outstanding loan obligations.
The Borrower agrees to fully indemnify and hold harmless Next Payday against all expenses, legal fees, collection costs, commissions, losses, and liabilities incurred in connection with the Borrower's account, enforcement of these Terms, or recovery of any outstanding indebtedness.
No delay, omission, or failure by Next Payday to enforce any provision of these Terms shall constitute a waiver of its rights. Any waiver shall only be valid if made expressly in writing.
The Borrower further waives any statutory or contractual rights that may prevent or restrict the enforcement of obligations under these Terms.
Next Payday may disclose the Borrower's credit status and repayment history to regulators, credit bureaus, and other authorized entities where required by law.
Next Payday reserves the right to assign, transfer, or novate this agreement or any rights arising from it to any third party without obtaining prior consent from the Borrower.
The availability of Next Payday services may occasionally be affected by circumstances beyond our control, including but not limited to:
The Borrower acknowledges that internet and telecommunication services cannot be guaranteed to be completely secure or uninterrupted.
All services are provided on an "as is" basis without any express or implied warranties. Next Payday may modify, suspend, or discontinue any service at any time without prior notice.
By applying for, accepting, or using any loan or financial service offered by Next Payday, the Borrower confirms that they have carefully read, understood, and accepted these Terms and Conditions.
These Terms remain binding until all financial obligations owed to Next Payday have been fully discharged and the Borrower's relationship with Next Payday has been formally concluded.
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