FUTURE CREDIT LIMITED: TERMS AND CONDITIONS

By accepting the General Terms and Conditions the BORROWER declares that you shall abide by the conditions and terms as they shall be and any future reviews as shall be determined by the company, therein referred as ‘Future Credit Limited’

1.0 ACCEPTANCE OF THE TERMS AND CONDITIONS

1.1 Before applying to take a FUTURE CREDIT LIMITED Mobile Loan via the FCL System you should carefully read and understand these Terms and Conditions which will govern the use and operation of the FUTURE CREDIT LTD Mobile Loan web link.

1.2 If you do not agree with these Terms and Conditions, Please do not click “ACCEPT” on the FUTURE CREDIT LIMITED Mobile Loan web link.

1.3 Upon registration of FCL Mobile Loan Account and/or by using or continuing to use and operate the FCL Mobile Loan Product(s), you will be deemed to have read, understood and accepted these Terms and Conditions.

1.4 You will be deemed to have read, understood and accepted these Terms and Conditions upon clicking “ACCEPT” option on the FCL Mobile Loan Menu requesting you to confirm that you have read and accepted the Terms and Conditions.

1.5 By applying to access the FCL Mobile Loan with the company, you agree to comply with and be bound by these Terms and Conditions for the time being and from time to time in force governing the operation of the FCL Mobile Loan Account and you affirm that these Terms and Conditions herein are without prejudice to any right that the Company may have with respect to the FCL Mobile Loan Account in law or otherwise.

1.6 These Terms and Conditions may be amended or varied by the Company from time to time and the continued use of your FCL Mobile Loan Account constitutes your agreement to be bound by the terms of any such amendment or variation.

1.7 That you hereby agree and authorize the Company to request Safaricom for your personal information held by Safaricom pursuant to the agreement between you and Safaricom for the provision of Safaricom products and services and M-PESA Service including your phone number, name, date of birth, ID or Passport Number and such other information that will enable the company to identify you and comply with the regulatory “Know Your Customer” requirements (together the “Personal Information”). You also hereby agree and authorize the Company to request Safaricom for information relating to your use of the M-PESA Service and M-PESA System as the company shall require for purposes of providing you the Services (“MPESA Information”). You hereby consent to the disclosure of the Personal Information.

1.8 That you hereby agree and authorize FCL to verify information including, but not limited to, data relating to your phone (including, without limitation, your phone’s history) from your Equipment, from any SMS sent to you by the Mobile Money Providers and any financial services providers relating to your use of the Mobile Money Service and such other information as FCL shall require for purposes of providing you the Services (the “Relevant Information”).

2.0 LOAN APPLICATION AND DISBURSEMENT

2.1 Where you apply for a loan from the Company, your application shall be appraised according to the applicable loan appraisal processes of the Lender herein referred as the company. The company reserves the right at its sole discretion and without assigning any reason to approve or decline your application for a loan.

2.3 Subject to approval of your application for a loan the company shall disburse to you a loan of an amount to be determined by the company in its sole discretion subject to a minimum amount of Kenya Shillings Five Hundred (Kshs.500/=) and a maximum amount determined by the company from time to time in its sole discretion determine (the “Loan”). account of applicable Transaction Fees and Interest charge

3.0 LOAN REPAYMENT

3.1 You shall repay the Loan within thirty (30) calendar days from the date of disbursement of the Loan.

3.2 You shall deposit loan repayments to FUTURE CREDIT LTD collection accounts held in other financial institutions or to MPESA PAYBILL NO. 736278

4.0 LOAN INTEREST CHARGES

4.1 The company shall charge loan interest on all loan applications at a monthly rate of 12 %.

4.2 The company reserves the right to vary the terms of the Loan including the fees payable thereon from time to time having regard to the prevailing economic circumstances.

5.0 FEES

5.1 You hereby agree to pay all Transaction Fees payable in connection with your use of the Services

5.2 You shall pay to the Company and the company is entitled to deduct from your FCL Mobile Loan Account and/or such other account you may have with the lender (without further reference to you): any Transaction Fees payable in respect of the Services;

5.3You shall pay any legal charges including advocate and client costs incurred by the company in obtaining legal advice in connection with your FCL Mobile Loan Account and your dealings with the company or incurred by the company in any legal, arbitration or other proceedings arising out of any dealings in respect of your FCL Mobile Loan Account.

5.4You shall pay all other fees, expenses and taxes, duties, impositions and expenses incurred in complying with your Requests.

5.5You hereby agree to pay costs charges and expenses incurred by the company in obtaining or attempting to obtain payment of any loan owed under your FCL Mobile Loan Account

6.0 PENALTY INTEREST

6.1 In the event that you do not repay the Loan in full within thirty (30) calendar days of the date of disbursement of the Loan, the company will automatically start charging a late repayment penalty fee which shall be calculated on any outstanding amount in respect of the loan and shall continue to accrue till payment is received by the company in full.

6.2 The management and board of directors shall have the sole right of determining; varying the rate of penalty charged and shall not exceed fifty percent of the principal amount disbursed.

7.0 BORROWER’S RESPONSIBILITIES

7.1 You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your Equipment and for keeping your FCL login password secret and secure. You shall ensure that your FCL password does not become known or come into possession of any unauthorized person. The company shall not be liable for any disclosure of your FCL password to any third party and you hereby agree to indemnify and hold the company harmless from any losses resulting from any FCL password disclosure.

7.2 You shall take all reasonable precautions to detect any unauthorized use of the System and the Services. To that end, you shall ensure that all communications from the company are examined and checked by you or on your behalf as soon as practicable after receipt by you in such a way that any unauthorized use of and access to the System will be detected.

8.0 INDEMNITY

8.1 In consideration of FCL complying with your instructions in relation to your FCL mobile loan Account, you undertake to indemnify FCL and hold it harmless against any loss, charge, damage, expense, fee or claim which FCL suffers or incurs or sustains thereby and you absolve FCL from all liability for loss or damage which you may sustain from FCL acting on your instructions or requests or in accordance of such other matters here in below:

8.2 Any loss or damage that may arise from your use, misuse, abuse or possession of any third party software, including without limitation, any operating system, browser software or any other software packages or programs.

8.3 Any un authorized access to your account or any breach of security or any destruction or accessing of your data or any destruction or theft of or damage to any of your Equipment.

8.4 Any loss or damage occasioned by the failure by you to adhere to these Terms and Conditions and/or by supplying of incorrect information or loss or damage occasioned by the failure or unavailability of third party facilities or systems or the inability of a third party to process a transaction or any loss which may be incurred by FCL as a consequence of any breach by these Terms and Conditions.

8.5 Any damages and costs payable to FCL in respect of any claims against FCL for recompense for loss where the particular circumstance is within your control.

9.0 GENERAL

9.1 FCL may at any time, upon notice to you, terminate or vary its business relationship with you and close your Account and in particular but without prejudice to the generality of the foregoing FCL may cancel credits which it has granted and require the repayment of outstanding debts resulting from such credits within such time as FCL may determine on its sole discretion suspend or close your account:

9.2Under no circumstances shall FCL be liable to you for any loss of profit or anticipated savings or for any indirect or consequential loss or damage of whatever kind, howsoever caused, arising out of or in connection with the Services even where the possibility of such loss or damage is notified to FCL

9.3 FCL reserves the right to rectify discrepancies, add and/or alter the entries in your statements or the web passbook, without prior notice to you. FCL will however inform you of any rectification, additions and or alterations effected on your statements or web passbook within a reasonable time after the changes are effected.

9.4You hereby expressly consent and authorize the company to disclose, respond, advise exchange and communicate the details or information pertaining to your FCL Mobile Loan Account to Credit Reference Bureaus, fraud investigative agencies authorized by a court of law or such other lawful requirements.

9.5 This Agreement shall be governed by and construed in accordance with the laws of Kenya.

10. FCL’s PRIVACY POLICY

10.1 We only use your personal information in accordance with our Privacy Policy and shall not be revealed, shared with other third party in way.

10.2 Upon linking and clicking the “Accept” option with respect to these Terms and Conditions, you will be deemed to have accepted FCL’s Privacy Policy.