Terms & Conditions (Effective April 01, 2025)

​Welcome to Broadbased Loans. By accessing and using our website and services, you agree to comply with and be bound by the following Terms and Conditions. Please read these terms carefully before using our platform.

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1. Introduction

Broadbased Loans is a loan product operated by Broadbased Financial Services Ltd, a licensed money lending institution under the Lagos State Money Lenders Law. Our platform facilitates structured savings and loan services to individuals and small businesses.

2. Eligibility

To use our services, you must:

• Be at least 18 years old.

• Be a Nigerian citizen or legal resident.

• Provide accurate and verifiable personal and financial information.

• Have an active bank account in Nigeria.

3. Account Registration

• Users must register by providing their full name, valid phone number, email, and bank account details.

• All users must complete an initial account activation transfer equivalent to one week's savings contribution under their chosen savings plan.

• The account will only be activated upon confirmation of the initial deposit.

• Users are responsible for maintaining the confidentiality of their login credentials.

4. Savings Plans and Loan Eligibility

Users must complete a four-week structured savings plan to qualify for a loan. The available plans include:

1. Starter Plan: Save a minimum of ₦40,000 over 4 weeks to access loans up to ₦400,000.

2. Growth Plan: Save a minimum of ₦100,000 over 4 weeks to access loans up to ₦1,000,000.

3. Business Plan: Save a minimum of ₦200,000 over 4 weeks to access loans up to ₦2,000,000.

5. Loan Application and Disbursement

• After completing the required savings, users may apply for a loan via the Members Dashboard.

• Loan amounts are determined based on savings history, financial assessment, and collateral/security provided.

• If approved, loans will be disbursed directly into the borrower’s registered bank account.

• Broadbased Loans reserves the right to reject any loan application based on risk assessment criteria.

6. Collateral and Loan Security

To secure loan repayment, Broadbased Loans may require one or more of the following:

• Two Confirmed Guarantors with verifiable financial stability.

• Stock Hypothecation for business owners.

• Business Equipment Pledge for small businesses.

• Alternative Collateral Arrangements including documented cash flow verification or digital transaction history.

7. Loan Repayment

• Repayments must be made via bank transfer to the designated repayment account.

• Borrowers may also repay in cash through authorized loan officers (traders only).

• All repayments must include the borrower’s full name and phone number as a reference.

• Late repayments may attract penalties as specified in the loan agreement.

8. Default and Recovery

• Loans not repaid within the agreed timeline will be considered in default.

• Broadbased Loans reserves the right to take legal action or engage collection agencies to recover outstanding debts.

• Guarantors may be contacted and held responsible for repayment in case of default.

9. Asset Financing Loans

• Users can apply for asset acquisition loans in partnership reputable retailers.

• A 10% minimum down payment is required before product delivery.

• Repayments are structured over 4 - 24 weeks, depending on the asset.

• Assets remain the property of Broadbased Loans until full repayment is made.

10. User Obligations

• Users agree to provide accurate and truthful information.

• Users must not use the platform for fraudulent or illegal activities.

• Users shall not share account details with unauthorized persons.

• Users are responsible for ensuring they have sufficient funds for scheduled repayments.

11. Privacy and Data Protection

• Broadbased Loans collects and processes personal information in accordance with the Nigeria Data Protection Regulation (NDPR).

• User data will not be shared with third parties without consent, except as required by law or for loan recovery purposes.

12. Service Fees and Charges

• Loan processing fees, late payment penalties, and other applicable charges will be communicated at the time of application.

• Fees may be updated periodically and will be reflected in the Members Area.

13. Termination of Services

• Broadbased Loans reserves the right to suspend or terminate a user’s account due to non-compliance with these terms.

• Users may close their accounts by submitting a request, provided there are no outstanding loans or obligations.

14. Dispute Resolution

• Any disputes arising from the use of Broadbased Loans services shall be resolved amicably through mediation.

• If unresolved, disputes may be escalated to Lagos State regulatory authorities or legal arbitration.

15. Amendments and Updates

• Broadbased Loans reserves the right to modify these terms at any time.

• Users will be notified of any significant changes via email or website announcements.

16. Governing Law

These terms and conditions shall be governed and interpreted in accordance with the laws of the Federal Republic of Nigeria.

17. Contact Information

For inquiries, contact us at:
Basement Carkpark Office- Main Tejuosho Shopping Complex
Phone: +2348035068484; +234807622667
Email: admin@broadbasedfinancialservices.com
Website: www.broadbasedloans.com

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By using our services, you acknowledge that you have read, understood, and agreed to these Terms and Conditions.