By proceeding, you agree that these Terms and Conditions constitute a binding agreement between you and Racos Capitals Ltd (referred to as “we,” “our,” or “us”) and waive any notice requirements. These terms apply throughout the loan duration or as long as any part remains outstanding. You may not copy, modify, or translate this document or our trademarks and intellectual property. These terms may also apply to applications for additional loan facilities while the initial loan is active, subject to separate communication regarding changes.

You confirm that you are 21 years or older, of sound mind, and either employed by a reputable organization or possess a legal source of income. You agree to provide accurate and current information; failure to do so may result in our inability to process your loan application. These terms remain in force as long as we are your creditor or any part of your loan is outstanding.

Upon application, we will conduct a credit assessment with credit bureaus to determine your eligibility. By agreeing to these Terms and Conditions and continuing with the loan application, you consent to us verifying your personal information and credit history with third parties. For more details on how we handle your information, please refer to our Privacy Policy available on our website, which may be updated from time to time.

You confirm that you applied for and were granted a loan facility based on your application, subject to our approval. The loan amount will be paid into your personal bank account as provided. The loan's tenor and interest rate will be communicated to you, with interest charged on a flat basis. We reserve the right to review interest rates based on market conditions and will communicate any changes to you. Loan disbursement is subject to available funds and regulatory guidelines. We are not responsible for any losses resulting from delays in loan approval.

By applying and accessing the loan, you agree to repay the loan on time. Repayments will include the loan amount and interest, paid in equal monthly installments. You consent to automated deductions from your salary or designated bank account. You must ensure your designated account is funded and notify us of any changes. Payments should not be made in cash or to any staff outside of our designated accounts.

If you fail to repay the loan as agreed, we may report the delinquency to the relevant authorities and request set-off from your bank accounts. You also agree to waive confidentiality rights regarding this information. You understand that repayments will first cover interest charges and fees before principal amounts. We reserve the right to register your details with credit bureaus and utilize lawful means to recover any outstanding debts

In the event of your death or permanent disability, your liability for repayment will extend to any benefits or entitlements from your employer. You will reimburse us for all costs associated with the loan application and administration.

You will be in breach of these terms if you default on repayments. Default penalties will not exceed the allowable rates. You agree to indemnify us for any losses incurred due to your default. Any failure to exercise our rights does not waive those rights. The amount owed can be verified via our online platform or official letters from us, which will be accepted as correct in legal proceedings.

You declare that all representations made in your loan application are accurate. You agree to:

Ensure timely repayment.

Notify other lenders of your indebtedness to us.

Inform us of any changes in circumstances.

Inform us of employment changes within 2 days.

Notify us of any financial obligations affecting your salary within 24 hours.

Inform us of any terminal benefits upon disengagement from employment.

Provide any additional information upon request.

Communications will only be effective when received in writing by us. We may use multiple communication methods to correspond with you, with notices deemed received based on specified conditions. You consent to receiving notices electronically.

Only we may amend the terms of your loan facility as required by law or market conditions.

These Terms and Conditions will be governed by Nigerian law. In case of disputes, you are encouraged to resolve them amicably through formal notification. If unresolved, disputes will be subject to mediation, with outcomes treated as consent judgments, or submitted to the Nigerian Courts as a final resort.

If any provision is found invalid, it will not affect other provisions. Amendments to these Terms will be binding from the specified date, and an updated version will be sent to your email provided during the loan application. You are responsible for checking your email regularly to receive notices promptly.

General Terms and Conditions

The Obligor agrees to repay the Loan (principle plus accrued interest) in accordance with the dedicated repayment schedule as provided in the terms and conditions of this offer letter.Such repayment schedule shall be subject to change in line with changes to the Obligors salary payment date as the case may be.

The Obligor may terminate the offer letter and repay back all or any part of the borrowed amount on any day before the scheduled maturity date, by paying to the Lender, all interest, fees and other monies the accrued or due under this offer letter to the date of early repayment (whether or not yet payable)

Where the Obligor makes a part repayment of the Loan amount in advance, outstanding repayments will continue from the next Payment Due Date as provided in the obligor's repayment schedule. In addition, the schedule maturity dates of the Loan shall NOT change to the last payment Due Date of the outstanding repayments following the part repayment.

Any rollover shall be communicated with at least a week before maturity and shall accrue same % (percentage) of the initial offer with negotiation on processing fees by the lender and the obligor.

Rollover after a month wouldn't be accepted.

In case of collateral being used for obtaining the loan, obligor will only have access to a collateral when full repayment of interest and principal has been sent and confirmed by the lender.

Any communication by the obligator regarding the loan facility shall be made directly to the lender via telephone conversation on +(234) 07066565909 or via email racoscapital@gmail.com or in person at any of the Lenders' branches.

The repayments as calculated in the dedicated repayment schedule are done on the basis of payment at regular agreed intervals. If the due date for a repayment installment falls on a non-business day, then the repayment may be paid on the next succeeding business day, Additional interest may accrue in such cases.

Where the Obligor fails to pay the Lender a repayment installment by the due date, the Lender will charge default interest at a rate of 1.0% per-day of the overdue amount (outstandingprincipal + outstanding interest)

The Obligor shall be liable to any accrual before and after any court judgment, which the Lender obtains against the Obligor, liquidated damages to compensates the Lender for the additional risk and other administrative costs and expenses associated with the Obligor failure to pay outstanding sum.

Where the obligor made payment of interest of a used month, the loan can be liquidated if the obligor fails to make repayment of interest and principal in the following month without reimbursement of the used months.

The obligor shall pay all costs and expenses (including legal fees) incurred by the lender in connection with any processes, claims or proceedings instituted by or against the lender as a consequence of entering into this loan agreement.

The obligor agrees to forfeit collateral if repayment exceeds due date without extension.

In a case of liquidation of the loan due to inability to repay interest & Principal sum, there shall be no compensation to the obligor in any form.

Governing Law

This offer letter is governed by Nigerian Law and the courts of the Federal Republic of Nigeria have jurisdiction in any matter arising from it.

The Obligor authorizes the Lender to disclose any information or documentation relating the Loan to third parties including credit reference agencies, collection agencies, law enforcement agencies including but not limited to the Economic and Financial Crimes Commission and The Special Fraud Unit of the Nigerian Police Force as well as the Obligor's employers (where the Obligor salaried employment) in the event that the Loan has ceased to be serviced by the Obligor.

This offer is subject to a satisfactory credit report and further verification checks. In the event that your application is unsuccessful, your documents shall be returned to you.

The Obligor is permitted to rescind this offer within 7 days from the date of execution of this offer letter, provided the Lender has not disbursed the Facility Amount to the Obligor.