Last Updated: March 1, 2024
These Terms and Conditions (“Agreement”) govern the use of lending services provided by Nelma Finance (“Company”). By applying for and receiving a loan, you (“Customer”) agree to be bound by these terms and conditions.
1. Loan Process and Security Items
1.1 The Customer shall provide a valuable item, such as a smartphone or laptop, as security for the loan. The loan amount will be determined based on the assessed value of the security item.
1.2 In addition to the security item, Customer must provide the following documents:
- A copy of their National ID or Passport.
- Original Receipt of the item purchase or proof of payment.
- All accessories belonging to the item, such as charger and peripherals.
2. Loan Terms and Repayment
2.1 The interest rate for the loan is 15% per month, payable for a maximum of 90 days.
2.2 Repayment must be made within the 90-day period. Failure to repay the loan within this period may result in additional fees and consequences as outlined in this Agreement.
2.3 In the event of non-repayment and lack of sufficient communication from the Customer, the Company reserves the right to dispose of the security item to recover the defaulted loan amount.
3. Disbursement of Loan
3.1 The Company reserves the right to disburse a loan to a Customer at its discretion. Approval of a loan is not guaranteed and is subject to Company’s assessment and policies.
4. Disposal of Security Item
4.1 If the loan is not repaid within the 90-day period and there is no sufficient communication from the Customer, the Company reserves the right to dispose of the security item without further consultation with the Customer.
5. Acknowledgement and Agreement
5.1 By applying for and receiving a loan, Customer acknowledges that they have read, understood, and agreed to these terms and conditions.
5.2 These digital terms and conditions serve as a binding contract between the Company and the Customer. No additional paperwork will be required beyond acceptance of these terms.
6. Governing Law
6.1 This Agreement shall be governed by and construed in accordance with the laws of Kenya, without regard to its conflict of law principles.
7. Contact Information
7.1 For inquiries or concerns regarding this Agreement or Company’s lending services, the Customer may contact Nelma Finance at hello@nelmafinance.com or (+254) 745 801 801.
By accepting these terms and conditions, Customer agrees to abide by the terms outlined herein. Failure to comply with these terms may result in legal action and/or additional penalties as permitted by law.