QWIKLOAN Product Terms
These are the terms that apply to you if you decide to take out a mobile loan through the JUMO Mobile Money Platform (“Product Terms”) along with the Platform Terms. These Product Terms may change so please read them each time you apply for a mobile loan.
1 Applying for a loan
1.1 You may apply for a mobile loan from the finance institution named in your loan application (“Provider”) if you are 18 or older and have a dedicated MTN Mobile Money account.
1.2 When you apply for a loan we will give you the following information:
- the amount you decide to borrow (“Loan Amount”);
- the time you need to pay it back by (“Loan Term”)
- the rate of interest for the Loan Term and the actual interest amount (“Interest Amount”), if applicable;
- the amount you need to pay back, including the Interest Amount and other fees (“Repayment Amount”)
- the date by which you need to pay us back the Loan Amount, being the last day of the Loan Term (“Due Date”); and
- other fees, including the fee for not repaying the Repayment Amount by the Due Date (“Late Payment Fee”).
1.3 Despite the Interest Amount that may be charged during the Loan Term, the Provider confirms that you will not be charged an interest rate of more than 7% for any period of 6 months, or any part thereof, during which the Loan Amount remains outstanding.
1.4 You may accept or decline to take a loan from the Provider by following the instructions provided in the application menu on your mobile phone.
1.5 If the Provider approves your application, the Loan Amount will be paid into your MTN Mobile Money account.
1.6 The Provider does not have to give you reasons why they approve or decline your loan application.
2 Questions and complaints
If you have any complaints, queries or any suggestions with respect to your mobile loan please dial 100 on your mobile phone to contact the Customer Call Centre.
3 Paying back the Loan Amount
3.1 We or the Provider may take the Repayment Amount directly out of your MTN Mobile Money account after the Due Date or you can pay it back yourself (as set out in clause 3.4. below).
3.2 By accepting these Product Terms, you agree that MTN may enable JUMO to automatically debit your account on the Due Date with the Repayment Amount (or any other amount you owe the Provider).
3.3 A Late Payment Fee will be charged if you fail to repay the Total Repayment Amount in full within 2 days after the start of the Due Date.
3.4 You may choose to pay the Repayment Amount directly into the Provider’s account on or before the expiry of the Loan Term by using the repayment option on the loan menu. Even if you choose to pay back the Loan before the end of the Loan Term, we will still charge you the full Repayment Amount.
4 Your Personal Information
As far as the law allows, by applying for a loan, you expressly consent to the collection and use of your Personal Information as set out below.
4.1 What information we collect and why. When you apply for a loan, you agree that we may collect certain information about you from MTN to assess if we can lend you the amount you applied for (“Loan Amount”). This includes your mobile phone number, your name and surname, date of birth, identity or passport number and all information about your MTN Mobile Money Account and how you use it (“Personal Information”).
4.2 Mandatory collection. The collection of your Personal Information is mandatory (compulsory). This means that for you to receive a loan offer from us, you need to agree to sharing your Personal Information with us, the Provider and certain third parties.
4.3 What happens if we don’t get your Personal Information. If we do not receive your Personal Information, we cannot offer you a loan. This is why you must agree to allow us access to your Personal Information.
4.4 Sharing your Personal Information with the Provider. When you apply for a loan, you agree that we may also share certain Personal Information about you to the Provider for regulatory purposes and to assess if we can lend you the Loan Amount. This includes your mobile phone number, your name and surname, date of birth, identity or passport number and all information about your MTN Mobile Money Account and how you use it (“Personal Information”).
4.5 Sharing your Personal Information with third parties. As far as the law allows, by accepting these Product Terms you expressly consent and authorize the Provider to share your Personal Information with any:
- local or international law enforcement or competent regulatory or government agency to help prevent, detect, investigate or prosecute criminal activities or fraud;
- other third party authorized under applicable laws; and
- Credit Reference Bureau to (amongst others) conducting credit checks or reporting to the Credit Reference Bureau as may be market custom or required by law.
4.6 How long we keep your Personal Information. We will keep your Personal Information for as long as needed to keep giving you access to our services and to give you access to further loans.
4.7 Right to correct Personal Information. You may access to the information the Provider has about you and ask to correct incorrect information. There may be a reasonable cost involved in exercising this right which may change.
4.8 Right to be forgotten. You have the right to ask us to delete all of your Personal Information, but then we will not be able to give you access to any further loans.
4.9 Security safeguards. We promise that we will observe adequate and comprehensive security safeguards to protect any unauthorised use or access to your Personal Information.
5 No liability
JUMO and the Provider will not be responsible for (liable) for any indirect or consequential loss or damage, caused by or related to your application for or your use of a mobile loan.
6.1 These Product Terms only apply as far as the law allows.
6.2 By accepting the Product Terms, you agree that the Provider may transfer (cede or assign) all its rights or obligations in these Product Terms to any third party without your further consent.
6.3 If duly appointed arbitrator, court or administrative body (with jurisdiction) finds any provision of these Platform Terms invalid or unenforceable, this will not affect the rest of the provisions.