1. Introduction

p2Vest is a peer-to-peer lending application by p2Vest Technology Limited (“p2Vest”) that connects verified borrowers to verified lenders with the goals of receiving a loan and funding a loan respectively. p2Vest will enable borrowers to obtain loans directly from lenders, cutting out middlemen and reducing the risk of default.

This Borrower Agreement (“Agreement”) is between you (“you” and “your” mean each and every borrower, including any joint applicant/co-borrower) and p2Vest Technology Limited (referred to as “p2Vest ”, “Company,” “us,” “our,” or “we”). This Agreement governs the process by which you may make a request for a loan from us through our website, https://www.p2Vest.com (the “App”).

When you make a loan request and that request results in a loan that is approved and disbursed by us, your loan will be governed by the terms of the Loan Agreement and Promissory Note which is attached to this Agreement as Appendix A, and as it may be revised from time to time. This Agreement will remain in effect for the duration of the applicable loan and will terminate if your loan request is canceled, withdrawn, or declined.

2. Loans

When you make a request for a loan, you agree to receive and to repay in a timely manner the loan that may be disbursed in response to that request, subject to your right to cancel the request before confirming your application. Your agreement means you agree to repay the money loaned by Lenders to you and to abide by the terms of this Agreement and all other agreements or disclosures provided to you during the loan process and which may be linked to your p2Vest account.

3. Loan Requests

  • You may post one or more loan requests at a time on the App. You may have one or more loans outstanding at any given time. When you post a loan request on the App, p2Vest Lenders (“Lenders”) will be able to review your loan request. Lenders may commit to lend to you per your loan request(s).
  • You acknowledge that a Lender’s commitment to provide loans to part or all of your loan requests does not confer any rights on you or obligate us to approve your loan. You understand that Lenders have the discretion whether to lend to you or not. You also expressly agree and undertake that p2Vest will not be held liable for any loss that you may suffer as a result of our decision not to approve your loan request. If at any point prior to disbursement, you no longer want a loan under your pending loan request, you can cancel the loan request from your account.

4. Account Verification

You understand that if we are unable to verify any of your information for any reason, we will cancel your application, your loan request will not be posted on the App, and this Agreement will be terminated.

5. Loan Decisions

We reserve the right to verify any information you submit by requiring you to produce appropriate documentation or other proof and reserve the right to conduct such verification through a third party. You hereby authorize us to request and obtain data from a third party, including but not limited to your financial institution, credit bureaux, government agencies, or any other service provider, to verify any information you provide to us in connection with your loan request. We may terminate the consideration of your application at any time at our sole discretion.

6. Making Your Loan Repayments

You hereby authorize us and our third-party partners to debit your bank account(s) for the amount of each repayment due on each due date. This authorization does not affect your obligation to pay when due, all amounts payable on your loan, whether or not there are sufficient funds therefore in such bank accounts.

7. Making Your Loan Repayments

You hereby authorize us and our third-party partners to debit your bank account(s) for the amount of each repayment due on each due date. This authorization does not affect your obligation to pay when due, all amounts payable on your loan, whether or not there are sufficient funds therefore in such bank accounts.

7. Other Borrowing Obligations

  • You undertake that you shall not, in connection with your loan request: (i) make any false, misleading or deceptive statements or omissions of fact in your loan request; (ii) misrepresent your identity, or describe, present or portray yourself as a person other than yourself; (iii) give to or receive from, or offer or agree to give to or receive from any p2Vest member, Lender or other person any fee, bonus, additional interest, kickback or thing of value of any kind except in accordance with the terms of your loan; or (iv) represent yourself to any person, as a representative, employee, or agent of ours, or purport to speak to any person on our behalf.
  • You acknowledge and agree that we may rely without independent verification on the accuracy, authenticity, and completeness of all information you provide to us. You certify that you are resident in Nigeria and the proceeds of the loan will not be used for funding any illegal activity.

8. Power Of Attorney

  • As a condition to receiving a loan from us, you hereby grant us a limited power of attorney and appoint us and/or our designees as your true and lawful attorney and agent, with the full power of substitution and re-substitution, for you and in your name, place, and stead, in any and all capacities, to complete and execute the Loan Agreement and Promissory Note(s) in the form attached as Appendix A that reflect the accepted terms set forth in each of your final truth in lending disclosure(s) as such may be posted from time to time in response to your loan request(s) in the on-line account you have established with p2Vest where documents are stored and with full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such power as fully to all intents and purposes as you might or could do in person (“Power of Attorney” ). This Power of Attorney is limited solely to the purpose described above and will expire automatically upon the termination of this Borrower Agreement.
  • You may revoke this Power of Attorney by contacting us at support@p2vest.com and closing your account with us. However, if a loan request has been approved, you must provide such notice before the loan is disbursed to your designated account and before the Loan Agreement and Promissory Note is executed on your behalf. Once the Loan Agreement and Promissory Note is signed by p2Vest or its designee acting as your attorney-in-fact, it is deemed executed on your behalf and shall be your valid and binding obligation thereafter.

Loan Consummation

YOU AGREE AND ACKNOWLEDGE THAT YOU ARE NOT OBLIGATED TO TAKE ANY LOAN UNDER THE TERMS OF THE LOAN AGREEMENT AND PROMISSORY NOTE AND THE LOAN TRANSACTION WITH US IS NOT COMPLETED (I.E. CONSUMMATED) UNTIL YOUR ABILITY TO CANCEL YOUR LOAN APPLICATION ON THE APP HAS PASSED. YOU ACKNOWLEDGE AND UNDERSTAND THAT YOU CAN CANCEL YOUR LOAN REQUEST ANY TIME PRIOR TO DISBURSEMENT. YOU ACKNOWLEDGE THAT WE ARE MATERIALLY RELYING UPON THIS UNDERSTANDING IN UNDERTAKING THE POTENTIAL DISBURSMENT OF YOUR LOAN.

10. Intellectual Property

You acknowledge that the App permits access to content that is protected by copyrights, trademarks, and other proprietary rights and that these intellectual property rights are valid and protected in all media existing and your use of the platform shall be governed by the applicable intellectual property laws.

11. Notices

All notices and other communications to you hereunder may be given by email to your registered email address and shall be deemed to have been duly given and effective upon transmission. You acknowledge that you have control of such email account and your area on the App and that communications from us may contain sensitive and confidential information. If your email address changes, you must notify us of the change by sending an email to support@p2vest.com. You also agree to notify us of the change by sending an email to support@p2vest.com if there are any changes in your registered residence address, telephone number, name on the App.

12. Limitation On Liability

To the extent permitted by applicable law, our liability to you for any cause whatsoever, regardless of the form of the action will not exceed N2,500 the dispute is pertaining to a lending transaction, our liability to you shall not exceed the amount of the lending transaction or N2,500, whichever is lower.

13. No Warranties

EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, WE MAKE NO REPRESENTATIONS OR WARRANTIES TO YOU, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. WE DO NOT WARRANT OR GUARANTEE THAT YOUR LOAN REQUEST WILL BE FUNDED OR THAT YOU WILL RECEIVE A LOAN AS A RESULT OF POSTING A REQUEST.

14. Electronic Transactions

This Agreement is fully subject to your consent to electronic transactions and disclosures, which consent is set forth in the terms of use for the App.

15. Dispute Resolution

This Agreement shall be governed by the Laws of the Federal Republic of Nigeria. Any dispute arising out of this Agreement, which cannot be settled, by mutual agreement/negotiation within 30 days shall be referred to arbitration by a single arbitrator at the Lagos Court of Arbitration (“LCA”) and governed by the Arbitration and Conciliation Act, Cap A10, Laws of the Federal Republic of Nigeria. The arbitrator shall be appointed by the Parties, where Parties are unable to agree on the choice of an arbitrator, the choice of arbitration shall be referred to the LCA. The findings of the arbitrator and subsequent award shall be binding on the Parties and may be enforced through a Nigerian court of law. Each Party shall bear its cost in connection with the Arbitration.

16. Application Law

This Agreement shall be interpreted and governed by the laws in force in the Federal Republic of Nigeria. The Parties submit to Arbitration and waive any objections on venue and conflict of laws.

17. Default And Termination

You will be deemed in default on your loan (each, an “Event of Default”) if you:

  • fail to pay in a timely manner, any amount due on your loan as at when due;
  • file or have instituted against you any bankruptcy or insolvency proceedings or make any assignment for the benefit of creditors;
  • die or are declared dead;
  • commit fraud or make any material misrepresentation in this Agreement, or any other documents, applications or related materials delivered to us in connection with your loan; or
  • fails to abide by the terms of this Agreement.

18. Event of Default

  • Upon the occurrence of an Event of Default, we may exercise any and/or all remedies available to us under applicable law, this Agreement, the Loan Agreement and Promissory Note, including without limitation, a demand that you immediately pay all amounts owed on your loan or terminate this Agreement. In the Event of Default on your loan repayments, you hereby consent to whatever means we deem fit to facilitate the recovery of your loan payments. A debt recovery fee of 10% of the outstanding loan amount will become payable by you in the event of default. An additional 1% accruing interest per day will also become payable for every late payment of the repayment sum.
  • Any loan you obtain prior to the effective date of termination resulting from listings you placed on the App shall remain in full force and effect in accordance with their terms.

APPENDIX A

Loan Agreement And Promissory Note

This Loan Agreement and Promissory Note between the Borrower (“you”) and the Lender or any holder of this Promissory Note (collectively referred to as the “Parties”) is agreed as at the date of the Lender accepting to grant the Borrower a loan which is on the ______ of ________________, 20____. This Agreement applies only to the parties who have signed below on behalf of the parties.

For value received, I (“Borrower”) promise to pay to the order of the Lender or any subsequent holder of this Promissory Note (the “Note”) the principal sum of ________________ Naira with interest as set forth below. I agree to be legally bound by this Note. I have read, understood, and agreed to all of the terms of this Note.

  1. Interest:This Note bears interest during each calendar month from the date hereof until paid, at a fixed rate of ______ (%). Interest is calculated on a monthly basis upon the unpaid balance with each payment representing 1/12th of a year.
  2. Payments:

    Principal and interest are to be paid during and throughout the period of _______________ months in the following manner:

    1. Payments of principal and interest in the amount of ________________ Naira are to be made by the Borrower to the Lender commencing _____________, 20__, and on the same day of each successive month thereafter until __________, 20__, when the full amount of unpaid principal, together with unpaid accrued interest is due and payable.
    2. If the monthly anniversary is on the 29th, 30th, or 31st of the month, and the following month does not have a 29th, 30th, or 31st day, the monthly payment will be due on the last day of the month in which the payment was due. The last payment might be of a slightly different amount to adjust for rounding. All payments on this Note are to be made in Naira. Borrower authorizes p2Vest to debit Borrower’s designated account for the amount of each payment due on each due date.
  3. Prepayments and Partial Payments

    Borrower may make any payment early, in whole or in part, without penalty or premium at any time. Any partial prepayment is applied against the principal amount outstanding and does not postpone the due date of any subsequent monthly payment unless expressly agreed to in writing.

    If Borrower prepays this Note in part, Borrower agrees to continue to make regularly scheduled payments until all amounts due under this Note are paid. Lender may accept late payments or partial payments, even though marked “paid in full”, without losing any rights under this Note. Any regularly scheduled monthly installment of principal and interest that is received by Lender before the date it is due shall be deemed to have been received on the due date solely for the purpose of calculating interest due.

  4. Use of FundsBorrower certifies that the proceeds of the loan will not be used for the purposes of funding any illegal activity.
  5. Default and Termination

    You will be deemed in default on your loan (each, an “Event of Default”) if you:

    • fail to pay timely any amount due on your loan;
    • file or have instituted against you any bankruptcy or insolvency proceedings or make any assignment for the benefit of creditors;
    • die or are declared dead;
    • commit fraud or make any material misrepresentation in this Agreement, or any other documents, applications or related materials delivered to us in connection with your loan; or
    • fail to abide by the terms of this Agreement.
  6. Event of DefaultUpon the occurrence of an Event of Default, we may exercise all remedies available to us under applicable law, this Agreement, the Loan Agreement and the Promissory Note, including without limitation, a demand that you immediately pay all amounts owed on your loan or terminate this Agreement. Any loan you obtain prior to the effective date of termination resulting from listings you placed on the App shall remain in full force and effect in accordance with their terms.
  7. Electronic TransactionsTHIS AGREEMENT IS FULLY SUBJECT TO BORROWER’S CONSENT TO ELECTRONIC TRANSACTIONS AND DISCLOSURES, WHICH CONSENT IS SET FORTH IN THE TERMS OF USE FOR THE APP.
  8. Applicable LawThe provisions of this Note will be governed by the laws of the Federal Republic of Nigeria. The unenforceability of any provision of this Note shall not affect the enforceability or validity of any other provision of this Note.

APPENDIX B

Borrower Credit Profile Authorization

By clicking the checkbox following this notice and continuing with the application process, you understand and agree that you authorize p2Vest (referred to as “we”, “us” and “our”) to obtain risk reports and related information about you from Credit Bureau or any other risk reporting agencies.

You also authorize us to verify information in your application, and you agree that we may contact third parties to verify any such information. As and when appropriate, we may use your consumer reports to authenticate your identity, to make credit decisions.

You direct us to provide on your behalf certain elements of your application, as well as risk report information (but not including your name) to users of the https://www.p2Vest.com/ website who are registered as investor members (“Investor Members”) for purposes of making decisions associated with your loan. You authorize us to obtain new risk reports and related information each time you request a loan, during the processing or closing of a loan to you, or at various times during the term of your loan in connection with the servicing, monitoring, collection or enforcement of the loan.

Payment for the risk assessment does not guarantee that you automatically qualify for a loan as it is only used as a method of assessing your risk for purposes of your loan approval.

Fees

  • Borrower Commitment Fee: A commitment fee shall be charged on all loans approved and disbursed on by p2Vest. You acknowledge that you will be informed of the amount payable as a commitment fee at the time of your loan request and you agree to pay the fee as a condition for the approval and disbursement of your loan request.
  • KYC Verification Fee: p2Vest will charge a KYC verification fee. You acknowledge that you will be notified of the fee and agree to pay the fee as a condition for the approval and disbursement of your loan request