Terms and Conditions Econome
1. Grant of Credit Facilities: Econome Limited, (Hereinafter referred to as “The LENDER”) may approve or decline an application for a product loan at its absolute discretion;
2. Charges, Fees, and Penalties: The Lender reserves the right to recover such penalties as published, subject to review. Upon failure to pay the credit facility within the specified period, legal action will be taken to recover the debt.
3. Liability and Limit of Liability: The sponsoring chama is liable up to the full outstanding amount of the product loan should the customer fail to repay the product loan.
4. Notices: The Applicant agrees to accept service of all Notices and Communication by Short Messaging Service (SMS) via the last issued telephone number or at the last postal or physical address given by the customer. The date on the Lender’s copy of any communication is taken to be the date of such dispatch in the absence of proof to the contrary. The Applicant may deliver any Notices by registered Post at the Lender’s registered address, at the Applicants branch and the Notice is deemed to have been received on the day of delivery at the Lender’s offices;
5. Disclosure of Information: The Lender may use any information relating to the Applicant for evaluating the product loan application. The Lender may also share such information with the Credit Reference Bureau or Rating Agencies. The Applicant authorizes the Lender to use the Information that the Lender may obtain about him/her for such purposes as the Lender may deem fit;
6. Indemnity: The applicant agrees to fully indemnify the Lender against all costs and expenses (including legal fees) arising in any way in connection to these terms and conditions, enforcing these terms and conditions or in recovering any amount due to the Lender or incurred by the Lender in any legal proceedings off whatever nature;
7. Waiver: No forbearance, neglect or waiver by the Lender in the enforcement of any of these terms and conditions shall prejudice the Lender’s right thereafter to strictly enforce the same.
No waiver by the Lender shall be effective unless it is in writing;
8. Acceptance: I confirm that we have read the Terms and Conditions (as printed above) governing the granting of product loans and agree to be bound by them should our product loan application be approved.