GENERAL TERMS & CONDITIONS
These terms and conditions must be read in conjunction with the Loan Schedule and shall form part of your Loan Agreement with Letshego (Ghana) Plc (“Letshego”)
DECLARATION BY YOU
When you apply for a loan from Letshego you declare that:
you have the legal capacity to enter into this Loan Agreement;
all the information that you have provided to Letshego in relation to this Loan Agreement is truthful, accurate and
complete; you agree that youmay not unilaterally cancel loan repaymentdeductions until theloan hasbeen repaidin
full.
PRIVACY & DATA PROTECTION
You hereby provide consent and authorize Letshego to:
contactanythirdpartythatitmaydeemappropriatetoverifythattheinformationwhichyouhavegiveninrespectofthisLoanAgreementiscorrect; submit
any information about this Loan Agreement to a credit bureau licensed under the Credit Reporting Act, 2007 or to any other financial institution;
obtaincreditreportsonyou/yourcreditinformationfromanycreditbureauforthepurposeofcreditmanagementandtonotifytheCreditBureauofchangestotheinformation that
Letshego becomes aware of as regards information submitted in respect of you/yourself;
forward direct marketing material and offerings of other products of Letshego to you from time to time;
engage the services of an external service provider, including Jicama 311 (Pty) Ltd, a company incorporated in the Republic of South Africa, for the purpose of processing information
about this Loan Agreement and your personal data on behalf of Letshego.
Letshego shall, subject to these terms and conditions, keep your information private and confidential and shall deal with your personal information in terms of Letshego Privacy Policy that
can be viewed at Letshego.com.gh/privacy.
APPLYING FOR A LOANFROM Letshego
By signing the Letshego Loan Application form in the space provided you agree to be bound by these general terms and conditions. Your signature will constitute your offerto Letshego
to enter into a Loan Agreement upon these Terms and Conditions and the Loan Schedule. If your application is accepted by Letshego, the Loan Schedule will be explained to you
before the loan is disbursed toyou.
Your application may be accepted or declined by Letshego at its sole discretion and Letshego is under no obligation or duty to approve your application with or without providing
reasonstoyou.
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APPROVAL AND PAYMENT
Letshego shall notify you if it approves your application for the Loan and will then disburse the Loan amount to you against your confirmation of your acceptance of the Loan Schedule.
The Loan Agreement between Letshego and you shall become binding when Letshego pays the Loan amount to you or into your designated bank account.
Letshego shall pay the Loan into the bank account that you nominated in the Letshego Loan Application form or cash if requested (if the loan amount is less than GHS
1,000). Youherebyagreethat youcannotholdLetshegoliableforanyloss thatmayoccurintransferringtheloanintothebank account that youhaveindicated.
Once your loan has been approved, you may reserve the right to refuse the loan.
INTEREST RATE, INSURANCE PREMIUM AND FEES
The total monthly instalment in the Loan Schedule shall include interest charged on the Loan at the rate shown in the Loan Schedule. The
Loan shall also be subject to a once-off initiation fee as set out in the Loan Schedule.
REPAYMENT
You agree to repay the total amount of the Loan, interest and other charges as set o ut in the Loan Schedule upon the terms of the Loan Agreement.
Repaymentswillbeusedfirstlytopaylegalcosts(ifany)andthereafteradditional/penaltyinterestorcharges(ifany),thenthetotalcostofcreditandlastlytoreducethebalanceof
the outstanding amount originally advanced to you.
YouherebyirrevocablyinstructLetshego todeduct themonthlyinstallments directlyfrom yourbank account witheffectfrom thefirst dayofthefirst calendardate afterthis Loan
Agreement became effectiveuntil the Loan has been repaidinfull.The deductions shall be in equal monthlyinstallments as shown in the LoanSchedule.
ARREARS INTEREST AND CHARGES
Letshego shall be entitled toincrease your monthly installments toinclude late payment charges (if applicable) orto extend the repayment term of the Loan to provide forthe
payment of any late payment charges.
Letshego shall have the right to charge a fee of up to fifteen percent (15%) per month of the total arrears amount.
Should you wish to settle your loan early, Letshego may charge an early settlement fee equal to 30 days’ interest on the outstanding balance of the loan amount.
DEFAULT
Letshego may demand immediate repayment of the entire remaining loan balance and any other amounts owing under this Loan Agreement if:
you commit any breach of this Agreement and if you remain in default for a period of more than 30 (thirty) days notwithstanding demand from Letshego to rectify your
default; you become insolvent;
you have made any false or misleading representation at the time of applying for the loan; or
you become deceased.
If this Loan Agreement is being cancelled for any reason, then the full remaining balance of the Loan together with any other amounts owing under this Loan Agreement shall
immediately become due and payable.
SECURITY
Your total Tier 3 vested balance in the Petra Opportunity Pension Scheme, held at the Petra Trust Company Limited (“Petra”), is hereby pledged to Letshego in security for the due
performance of all your obligations underthis Agreement, including forthe repayment of all amounts that may become due and payable in terms hereof.
You hereby authorize and instruct Petra to provide the following information to Letshego regarding your total Tier 3 balance:
The total vested balance as at the date of your application for a loan from Letshego;
All contributions that have been made by you to the Tier 3 balance during the 6 (six) months immediately preceding your loan application; and
The value of your Tier 3 balance from time to time and any contributions made by you to your Tier 3 balance during the currency of this Agreement.
Youfurther authorize and instructPetrato pay from yourTier 3balance, any claim from Letshego, directly to Letshego, foranyamount that may become dueand payable by you in
termsofthis Agreement,butthatremainsunpaid foraperiodof3(three)monthsormore.YoufurtherinstructPetra,forthedurationof yourloan,nottoredeem yourTier3balanceto
you,ifthe redemption will result in the outstanding loan from Letshego to be greater than 85% of such Tier 3 balance,
The security over your Tier 3 balance will remain in place until Letshego has confirmed that you have repaid all moneys that may become due in terms of this
Agreement. Forthedurationofthesecuritypledgeover yourTier3balance, youmaysubmitredemptionrequestsagainst yourTier3balance,butsubjectto9.3
above.
LetshegomayregisterthepledgeandsecurityoveryourTier3balanceinanyregistryrequiredorpermittedbylaw.Letshegoshallbeentitled,butnotobliged,tocollectthereasonable
costs associated with any such registration from me.
TRANSFER OF RIGHTS
You hereby consent to Letshego transferring (by way of cession, assignment or any other manner recognized in law) any of its rights or obligations under this agreement to any third party
or arrange for any other person to carry out Letshego’s rights or obligations under this agreement without Letshego being required to obtain further consent and or approval from
you.
LEGAL AND OTHER COSTS
Letshego shall have the right to engage the services of a third party to ensure collection from you in the case of your default.
You may be held responsible for any reasonably incurred legal and other costs and expenses incurred by Letshego in attempting to obtain repayment of any money owed by you to
Letshego under the LoanAgreement.
JURISDICTION AND DISPUTERESOLUTION
This Agreement shall be governed and construed in accordance with the laws of the Republic of Ghana.
Any dispute, controversy, claim or interpretation arising out of or relating to this Loan Agreement shall be finally settled by arbitration under the auspices and Rules and the Ghana
Arbitration Centre by one or more arbitrators appointed in accordance with the Rules of the Ghana Arbitration Centre.
NOTICES
Any notices, letters and other communications required to be delivered or served under this Agreement shall be in writing, and delivered or served either:
byhand, at the physical addressprovidedinthe Letshego LoanApplicationform. Insuchanevent,the noticeshall be deemedto have been dulygivenat the time ofreceipt; or
by registered post to the addresses provided in the Letshego Loan Application form. Any such notice sent by registered post shall be deemed to have been received within ten (10)
days after being sent.
Letshegoshall alsobeauthorizedtosendnotices toyoutothecontactdetails provided byyouintheLetshegoLoanApplicationform andanynotices senttoyoubySMSorby
emailshallbe deemed to be delivered to you on the first business day following the day of its transmission/day of the notice having been sent by Letshego.
You shall inform Letshego of any change in residential or mailing
address. Letshego shall inform you of any change in their address.
DIRECT DEBIT ORDER AUTHORIZATION
You agree to sign a direct debit order instruction in favour of Letshego for the repayment of any amount/s that may become due in terms of the loan.
GENERAL
This Agreement (consisting of the Letshego Loan Application form, the Loan Schedule and these Terms and Conditions) sets out the entire Agreement between you and Letshego
concerning the
Loan and supersedes any representations, warranties, course of dealing or agreements (written or oral) previously made between you and Letshego.
If there are any contradictions between the terms contained in the Letshego Loan Application form and the Loan Schedule, then the provisions of the Loan Schedule shall
prevail. Every clause shall be severable from the rest. If any clause is found to be unenforceable, it shall not affect the validity or enforceability of the rest of the Loan
Agreement.
This Agreement shall constitute the terms of the Loan Agreement between you and Letshego and any amendments may only come into force or effect if it is in writing and
signed by you and Letshego. If for any reason or purpose Letshego does not immediately enforce or implement any of its rights in terms of this Loan Agreement, it shall not
prejudice Letshego’s right thereafter to strictly enforce the same.