Terms & Conditions

Terms & Conditions

Terms of Agreement Definitions & Interpretations

1.1.1 The Borrower: The borrowing party

1.1.2 The Capital: The sum of money lent and advancement by the Lender to the Borrower plus any other charges or fees payable by the Borrower as per the policy

1.1.3 The Lender: The lending party is Pre-eminence Financial cc

1.1.4 Loan or the Loan: The sum of money lent and advanced to the Borrower by the Lender.

1.1.5 Schedule: The schedule detailing the sum of money lent and advanced by the Lender to the Borrower, the typical number of instalments by which the loan is repayable, the interest rate applicable to the loan, and shall include any schedule subsequently executed ( or deemed executed) by the Borrower in respect of the sum of money lent and advanced or deemed advanced by the Lender after execution of this agreement.

1.1.6 Outstanding Balance: The portion of the Loan, fees, interest and other charges raised from time to time by the Lender and which is owed by the Borrower of the Lender.

1.1.7 Early settlement: The full payment of the outstanding amount in fewer instalments than reflected in the Schedule.

Section A

Debit order instruction

I do acknowledge that I am truly and lawfully indebted to the Lender in respect of a loan or loans granted to me by the Lender.

I hereby authorize the Lender, its holding company, or any of their designated agent to draw against my account with the above-mentioned bank (or any other bank or branch to which I may transfer my account) the amount necessary for payment of the monthly/quarterly/annual commitment due in respect of loan repayment or any future indebtedness I may incur with the Lender.

All such withdrawals form my bank account by the Lender shall be treated as though they had been  authorized/signed by me personally. Should my account fall in arrears or any periodical installment be returned by my bank on the basis of insufficient funds in my account, then. I hereby authorize the Lender to increase my monthly installment to recover the arrears within the contract period or to collect this amount in partial amounts which amounts may be deducted from my account at any time.

I agree that the Lender shall be entitled to change the date that deductions are made, to coincide with my salary payment date and I need not be notified of such. I understand that the withdrawals hereby authorized will be processed by computer through any electronic means and I also understand that details of each withdrawal will be printed on my bank statement or on an accompanying voucher. I agree to pay any bank charges relating to this debit order instruction.

I agree to pay any and all bank charges that relate to this debit order including, without derogating from the generally hereof, all lodgment, failure and other costs that the Lender may incur. I understand that I shall not be entitled to any refund of amounts which may have been withdrawn by the Lender while the authority was in force if such amounts were legally owing to the Lender.

I hereby authorize the Lender to use the debit order instruction as a stop order when so required. I hereby confirm that I also understand that the Lender may apply set-off in this matter and any other current and future matter where I am indebted to the Lender, including debts ceded to the Lender. This set-off shall include but is not limited to actions where certain monies in excess of the original amount of the debt have been collected by the Lender but I am not in a position to claim a refund for such monies as I am still indebted to the Lender.

Furthermore, I agree to let the Lender know when I change/move my account.

Section B

The loan agreement

2.2.1 The Borrower acknowledges that he/she has applied for a loan from the lender in the amount reflected as “Capital” in the Schedule executed or deemed to have been  executed by the Borrower.

2.2.2 The Borrower acknowledges that he loan contract number allocated to him might change in event of a new subsequent loan being applied for.

2.2.3 The Borrower undertakes to request an updated or new loan schedule and agreement from the Lender if for any reason the Borrower does not receive an updated or new loan schedule and agreement from the Lender within (two) 2 days from the date of transaction.

2.2.4 The Borrower acknowledges that he/she has mobile access to the Lenders electronic channels through which can apply for a loan top up or new loan in line with clauses of this agreement.

2.2.5 The Borrower, has full knowledge of the risks associated with instructing through electronic channels but nevertheless, requires the Lender to act on these instructions from time to time and waives any claim that he/she may have against the Lender for any loss or damage suffered as a result of the Borrower using the electronic channel; which waiver and indemnity the Lender accept.

2.2.6 The Borrower acknowledges that he/she is lawfully indebted unto and in favor of the Lender for repayment of the Capital, as reflected in the Schedule. Together with interest and fees as accrued thereon and that the Capital shall be disbursed at the discretion of the Lender either in the form of cash, electronic transfer to the Borrower’s Bank Account as reflected in section A of the agreement, the details of which the Borrower warrants are correct.

2.2.7 The Borrower confirms that he is currently actively employed and is at work attending to all his/her normal duties  on the date of signature of this agreement and that the Borrower has completed a period of at least 6 months of service (or period deemed appropriate by the Lender from time to time) without absence. v

2.2.8 The Borrower hereby specifically consents and agrees to be liable for any commission owing by the Lender to the Employer for purposes of facilitating such payroll bank deductions.

2.2.9 The Borrower undertakes to notify the Lender in writing immediately should the Borrower’s employment with the current employer be terminated for any reason whatsoever and the Lender shall be entitled to demand that the Outstanding Balance be deducted by the Employer from any payment lo be made to the Borrower. 

2.2.10 The Borrower authorizes the Lender or is duly appointed representative to obtain any information regarding his/her insurance\investments /employee benefits/bank account particulars from any financial institution through which the Borrower is a member, of an investment/employee benefit scheme /bank or deposit taking institution.

2. 2 .11 In addition to

2.2.10 above the Borrower hereby irrevocably authorizes the Lender to draw against the Borrowers bank account or from any other bank or bank account to which the Borrower. May transfer his/her account, the sum reflected as the instalment payment due by the Borrower to the Lender for repayment of the loan, and as set out in the Schedule. Together with any arrear payments due as well as any accrued interest or interest on arrear payment and fees incurred by the Lender payable by the Borrower to the lender.

2.2.12 The Borrower further confirms that this debt order authority is irrevocable during the term of any loan and shall be a continuing authority in favor of the Lender until any and are all liabilities owed by the Borrower to the Lender have been repaid in full. 

2.2.13 Furthermore, the Borrower undertakes to immediately notify the Lender in writing should the Borrower’s bank account details change for any reason whatsoever and shall offer the new, details the Lender.

2.2.14 Notwithstanding any purported allocation by the Borrower of any payments made by the Borrower the Lender may, at its discretion, allocate such payments to capital, interest, costs or any other charges as the Lender in its discretion deems fit.

2.2.15 The Borrower further understands that the required settlement notice period and settlement fee is subject to change from time to time and that the prevailing notice period and fee may be requested from the Lender any time prior to settlement. Lump sum payments received on an account will be treated as advance payments unless the Borrower has specifically requested a settlement quotation and made payment in accordance with the provisions and notice period as per the settlement quotation.

2.2.16 The Borrower acknowledges that if any amount is not paid by the Borrower to the Lender on its due date, the full amount of capital, interest and all other amounts then outstanding shall become immediately due and payable by the Borrower to the Lender. The Lender shall be entitled to charge interest on any and all arrears installment payments at the “arrears interest rate” set out in the Schedule.

2.2.17 The Borrower agrees that installments will be deducted by the Lender or any nominee of the Lender. The Borrower acknowledges that the capital lent and advanced by the Lender shall accrue interest at the rate reflected in the schedule, or such other rate as may be notified by the Lender to the Borrower in writing from time to time.

2.2.18 A Schedule in accordance with the terms of this agreement will be deemed to have been executed by the Borrower;

2.2.19 The Borrower shall repay the rescheduled capital together with interest and all other charges in accordance with the provisions of the aforesaid schedule and the terms hereof.

2.2.20 The Borrower acknowledges and agrees that in the event of the Lender, in its sole discretion, deeming it necessary or desirable to instruct its Attorneys or other persons to perform legal or collection services to collect any amount owed by the Borrower to the Lender, the Borrower shall be liable for any and all costs or charges incurred by the Lender on an attorney and own client scale, including any collection commission paid or, payable by the Lender, tracing charges or any other costs or charges of whatsoever nature.

2.2.21 lf in the view of the Lender, the Borrower has breached his obligations in terms of the loan payment arrangement, the Borrower authorizes the lender to send his payment profile to various credit reference bureaus, and this information would be available to other credit grantors. 2.2.22 The Borrower waives any claims that the Borrower may have against the Lender in respect of the following disclosures  and specifically authorizes the Lender to:

2.2.23 Perform a credit search on the Borrowers records with one or more of the registered Credit Bureaus when processing this application

2.2.24 Monitor the Borrower’s payment behavior by researching the Borrower’s records at one or more Credit Bureaus.

2.2.25 Use new information and data obtained from any Credit Bureau in respect of future credit applications.

2.2.26 Record the Existence and details of the Borrower’s account with any Credit Bureau.

2.2.27 Record and transmit details of how the account/ payment are conducted in meeting the obligations on the account.

2.2.28 The Borrower hereby chooses domicilium citandi et executandi at the address set out on the face of this agreement and shall provide written notice to the Lender of not less than 14 (fourteen) days should this address change, provided that the new address chosen shall be an address within the jurisdiction of the High Court or Namibia, and provided further that such address shall comprise both a physical address and postal address.

2.2.29 The Borrower acknowledges that notices which may be given to him/her by the Lender in terms of this agreement (except the service of legal process) shall be sent via electronic mail e-mail, SMS (Short Message System) to his/her email/cellular telephone as provided herein or by request by email.

2.2.30 The Lender shall deem any instruction received from the clients email address specified in this loan agreement as legitimate instruction from the client and the client indemnifies the lender from any fraud loss or damages arising from such instruction.

2.2.31 The Borrower agrees that this agreement may be scanned or imaged electronically and the paper version destroyed, and hereby agrees to the scanned or imaged version and waives his/her right to dispute the authenticity or the scanned or imaged version.

2.2.32 The Borrower consents to the Lender obtaining any information from his employer inter alia, without derogating from the generality hereof, details pertaining to the Borrower’s salary, employment, residential address and best contact details.

2.2.33 Any legal process may be served upon the Borrower at his/her domicilium citandi et executandi.

2.2.34 The agreement shall be governed by the laws of Namibia and the Borrower hereby consents to the jurisdiction of the courts of Namibia.

2.2.35 The Borrower hereby consents that all personal information relating to him/her, obtained through this application, may be used for the future administration of the Borrower’s loan, collection and marketing, including tracing, research, recordable (over and above for the Lenders operations), transmission, distribution, storage, organization, updating modification, disposition, making available in any form. And product design by the Lender.

2.2.36 The Borrower forthwith confirms that the contents of his Loan Agreement was read by him/her and the Loan Agreement was completed in all respects upon clicking to hereof and that this agreement constitutes the sole record of the agreement with the Borrower in regard to the subject matter hereof and the Lender shall not be bound by any express or implied term, representation, warranty of the like not recorded herein. 2.2.37 The Borrower can only terminate this agreement within one business days after approval of the loan. Thereafter the agreement is irrevocable.