Lending Terms & Conditions

These Terms and Conditions apply to and regulate the provision of credit facilities advanced by Vitpay Zambia Ltd (“Vitpay”) to the Borrower herein:

1. INTEREST

The monthly interest rate for the Loan is fixed for the tenor of this loan as communicated via the repayment schedule approved and agreed by customer at the point of disbursement.

2. PAYMENT

All payments by the Borrower will be made by one of the following methods: Bank deposit, Salary sacrifice (through employer-where applicable), Standing Order, Mobile Wallets, via Vitpay's Mobile and Web applications or through an acceptable electronic channel. All other methods will be accepted with Vitpay’s consent only.
The Borrower will be given a dedicated and customized repayment plan upon approval of the loan application;
The Borrower will be expected to make monthly repayments in accordance with the repayment plan; and
The Borrower hereby agrees that non-payment of the amount owed by the due date shall render the Borrower in default and entitles Vitpay to take steps to recover the outstanding loan amount in accordance with section 5 below.

3. CREDIT REFERENCE

Vitpay or its duly authorized agents will utilize a dedicated Credit Agency for a credit report on the Borrower in considering any application for credit.
The Borrower authorizes Vitpay to access any information available to Vitpay as provided by the Credit Agency.
The Borrower also agrees that the Borrower’s details and the loan application decision may be registered with the Credit Agency.

4. NOTICES

The Borrower agrees that Vitpay may communicate with them by sending notices, messages, alerts and statements in relation to this Agreement in the following manner:

To the most recent physical address Vitpay holds for the Borrower on file
By delivery to any email address provided during the application process.
By delivery of an SMS to any mobile telephone number the Borrower has provided to Vitpay.
Via Vitpay Credit App, provided loan was applied via the App.

5. EVENT OF DEFAULT (PLEASE READ CAREFULLY)

Default in terms of this Agreement will occur if:

The Borrower fails to make any scheduled repayment in full on or before the payment date in accordance with the monthly repayment plan given to the Borrower;
Any representation, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower is later discovered to be materially incorrect; or
The Borrower does or omits to do anything which may prejudice Vitpay’s rights in terms of this Agreement or causes Vitpay to suffer any loss or damage.

The following default charges will be applied monthly to any late payments according to the following table:

K500- K1000 = K100
K1001- K3000 = K250
K3001- K5000 = K450
K5001- K10000 = K1000
K10001 and above = K3000

Vitpay reserves the right to notify the general public (including, but not limited to employer) in the event of default or non-repayment.
Vitpay reserves the right to assign its right, title and interest under the Agreement to an external Collections Agency who will take all reasonable steps to collect the outstanding loan amount.
Vitpay also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence.
The Borrower shall be responsible for all legal costs and expenses incurred by Vitpay in attempting to obtain repayment of any outstanding loan balance owed by the Borrower. Interest on any amount which becomes due and payable shall be charged.

6. GENERAL

This Agreement represents the entire understanding between Vitpay and the Borrower. No amendment shall be made unless same is agreed in writing by the parties.
The Borrower agrees and undertakes that for the period of this Agreement, the Borrower will not close the Borrower’s specified bank account.
If Vitpay does not strictly enforce its rights under this Agreement (including its right to insist on the repayment of all sums due on the Repayment Due Date) or grant the Borrower an indulgence, Vitpay will not be deemed to have lost those rights and will not be prevented from insisting upon its strict rights at a later date.
Vitpay reserves the right to transfer or assign its rights and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person.
Vitpay will only inform the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change.
The Borrower authorizes and consents to all lawful access, use or disclosure of the Borrower’s particulars in the application by Vitpay which may include but shall not be limited to purposes necessary to promote or sustain the business of Vitpay; and the Borrower waives any claims the Borrower may have against Vitpay arising from any such access, use or disclosure.
Applicants/Borrowers that submit fake or fraudulent documentation shall be reported to appropriate regulatory bodies including, but not limited to the Zambian Police, for prosecution and/or any other penalties as the regulatory body deems fit.
The Lender (Vitpay) reserves the right to review, verify and screen all details, including but not limited to the loan amount applied for by the Borrower and the Lender is not bound to grant the exact loan amount applied for by the Borrower.