Terms and Conditions – Step 1 of 4

LOAN PAYMENT TERMS

Borrower to pay Wildfin Smart Loans an interest of 12% per month calculated on a reducing balance of the remaining loan amount.All payments will be automatically deducted by PMEC Payroll Management and Establishment Control or by means of direct debit of borrowers account. Terms and conditions apply.

a) The number of installments is calculated on the assumption that all payments will be made strictly in accordance with the agreed repayment schedule. The Borrower acknowledges that any delay or failure to pay an installment when due may result in additional installments being applied in order to recover accrued interest, penalties, and other charges arising from such arrears. The Borrower hereby expressly consents to the recovery of any outstanding amounts through additional installments beyond those reflected in the Loan Schedule issued by the Lender.

b) Any additional amounts advanced or re-advanced by the Lender shall be recorded in a supplementary schedule to be executed by the Borrower. Such supplementary schedule shall form an integral part of this Agreement and shall be governed by, and subject to, all the terms and conditions set out herein.

c) Notwithstanding any instructions or designation made by the Borrower regarding the allocation of payments, the Lender shall have the sole discretion to apply any payments received toward capital, interest, fees, costs, insurance premiums, or any other charges, in such order and manner as the Lender deems appropriate.

d) If the client defaults, the client gives permission to the Lender to
initiate a PMEC deduction. & percentage Goes to 35% to account
for ZRA & PMEC charges.

ESTABLISHMENT/PLATFORM ADMIN FEES.

Borrower to pay Wildfin Smart Loans an upfront establishment & platform fee of 8% plus insurance & PMEC fee of 5% of the disbursed loan amount as once off payment or the total amount will be spread equaly across the tenor of the loan contract.

CREDIT RECORD AND REPORTING

We may if we so choose, respond to any and all enquiries received from any other Bankers or Credit Reference Bureau CRB concerning your account without reference to you.

ACCELERATION

The Lender shall have the right, without notice to declare all outstanding Borrowed Money to be immediately due and payable, together with any accrued interest and other amounts owing under this Agreement, upon the occurrence of any of the following events:

a. Default. The Borrower skips repayment or breaches any term, condition, or obligation under this Agreement; or

b. Death or Retirement. Wildfin has the right to claim any balance of payment through the respective government division PSMD or PMEC

WAIVERS BY LENDER

Wildfin can extend or modify the loan tenor period if necessary for the loan to be accommodated on the available space left on PMEC payslip net salary. All parties agree that such changes can be made without notice or consent from any of them.

All loans are to run for a minimum tenor of 3 months to make economic sense.

We may extend PMEC tenor as a provision for quick top-up approval in case one needs top up funds at the expiry of the first loan contract.

However if no top up facility is requested for during the duration of the first loan contract, then the loan contract will end as per signed contract agreement tenor and PMEC deductions will be stopped.

PRIVACY POLICY

Please visit this link to our Privacy Policy document to learn more on our Data protection: https://wildfinmicrofinance.co.zw/privacy-policy/

1) I declare that the information furnished is true and correct and all documents provided in this loan application are true and not forged.
2) I agree that if my employment is terminated, the full outstanding balance of the loan will be recoverable from me  and my employer will deduct such amounts and remit them to the creditor.
3) Understand consent and acknowledge that not withstanding a change in currency or legal tender in use in Zambia, the loan shall be repayable in the currency in which it was loaned specifically Kwacha(ZMW)
4) I hereby authorise Wildfin to draw against my bank account in accordance with the bank details I have stated in this agreement either by means of direct debit of my account or via PMEC deductions.
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