Lender Agreement

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 Agreement outlines the terms and conditions (the “Terms”) between you (a “Lender”, or “you”) and P2Vest Technology Limited (P2Vest Technology Limited, the “Company”, “we”, or “us”) pursuant to which you agree to lend money through the Company’s App (the “App” or “Platform”) to third-party borrowers (the “Borrower”).

It is important that you read these Terms carefully. We strongly recommend that you seek independent legal and financial advice when considering whether to lend your money through this Platform.

We do not provide any advice, nor do we make any recommendations to you. No information provided to you in relation to the Platform or any Borrower may be deemed under any circumstance as financial or professional advice. The Platform solely allows you to lend funds to Borrowers on the Platform. It is solely your responsibility to assess whether the Platform is suitable or appropriate for your needs, and to seek professional advice prior to making a decision to use the Platform. Please be aware that execution of these Terms does not imply that we have confirmed that use of the Platform and our Services are suitable or appropriate for you. We advise you to consider whether lending through the Platform meets your required risk levels and lending objectives, and you should only commit such funds that you are able to financially bear the risk of losing considering your other financial commitments. By using the Platform, you confirm that you have the necessary experience and knowledge to understand the risks involved, or that you have taken advice from a relevant qualified professional advisor to assist you in understanding the risks involved.

You confirm your agreement to these Terms either by registering on our online application system or by signing a copy of these Terms. You should read these Terms carefully before making an online application or signing a copy of them and you should retain a copy for future reference.

By signing electronically below, you agree to the following terms together with the Terms of Use, consent to our Privacy Policy, agree to transact business with us and receive communications relating to the Agreement electronically.

2. Lender Identification

As part of the account opening process, you will be asked to provide personal information about yourself. The Company will use this information to verify your identity using several electronic checks.

You agree that we may pass your personal information to our Service Providers or any other recognized third-party company solely for the purposes of verifying your identity, performing anti-money laundering checks and fraud prevention.

We do not have to accept you as a Lender or accept any funds from you until we have satisfied ourselves, at our absolute discretion, that we have adequate and appropriate information to accept you as a Lender. We do not have to give you any reason for rejecting or delaying an application from you.

3. Lender’s Representations and Warranties

Representations and warranties are statements and promises made by you to the Company, which we rely on as being accurate in our dealings with you. You make the following representations and warranties to us at the time of agreeing to these Terms and every time you use the Platform or Services, including every time you are matched to a Borrower:

  • You are over the age of 18 years;
  • You are of sound mind and have the capacity to enter into these Terms and be matched to each Borrower and Loan Agreement;
  • You hold a bank account in Nigeria in your own name and will use this account to transfer money to your wallet on P2Vest when you loan money to a Borrower and to receive repayment of loans made;
  • You have carefully considered the risks involved with using the Platform, the Services and being matched to Loan Agreements and also the risks associated with debt financing, including but not limited to the possibility of losing some or all the money you lend;
  • If you are registering or accepting these Terms on behalf of a legal entity such as a company, trust or partnership, you are legally authorized to do so and we may request evidence of such legal entitlement (by way of a copy of any document which shows the valid and subsisting authorization);
  • You (as an individual or a legal entity) have only registered as a Lender once with the Company, except where you have registered as a Lender in your personal capacity and have disclosed to us that you are seeking to register as a Lender on behalf of a separate legal entity or a third party; and
  • You are not breaching any laws or regulations that are applicable to you or any company, trust or partnership upon whose instructions you are acting.

4. Risk Acknowledgment

You acknowledge and confirm that you have carefully considered the risks involved in lending your money through our Platform and that your lending to any Borrower or participation in any Loan Agreement is entirely at your own risk.

You acknowledge that by making a lending commitment and being matched to Loan Agreements you are engaging in debt financing and that at no time do you as Lender lend money to the Company or any director or employee of P2Vest.

You understand and acknowledge that while P2Vest may take reasonable steps to verify the identity of the Borrower, your decision to lend money to any borrower through the Platform carries certain risks, including that the Borrower may default and you may not recover some or all of the money advanced as a loan and interest thereon. P2Vest will have bear no liability in event that you are unable to recover some or all of the money loaned to the Borrower.

You acknowledge and confirm that you have made your own independent decision to make lending commitments and to be matched to Borrowers and Loan Agreements and that your decision is based on such information as you deem appropriate under the circumstances and is without reliance upon the Company or any member of p2Vest.

You acknowledge that subject to these Terms, you will not be entitled to receive repayment of any money until the Borrower to whom you have lent money has made a repayment in accordance with the terms of the applicable Loan Agreement.

You also expressly agree and acknowledge that P2Vest shall not be liable for any loss that you may suffer (however arising) as a result of your decision to lend money to a Borrower through the Platform.

5. Insurance

You understand and accept that certain loans may, at your request, be eligible for insurance pursuant to an insurance policy effected by the Company in respect of a loan funded by you.

Such insurance shall only take effect subject to the following conditions:

  • The insurance is requested by you prior to or at the time of funding a Borrower’s loan request;
  • Your payment of the requisite insurance fees as stipulated by the Company;
  • Your fulfilment of all KYC and documentation requirements, and any other pre-conditions stipulated by the Company;
  • Provision of true and accurate information and disclosures on all matters relating to your funding of a loan request;

You understand and agree that any insurance cover which you request and is accepted by the Company shall only cover up to a maximum of 75% of the principal only of any loan request funded by you. Under no circumstance shall you be entitled to recover any anticipated or lost interest in respect of a loan request funded by you.

You understand and accept that the provision and validity of insurance cover in respect of a Borrower’s loan request funded by you shall be subject to your acceptance of any further terms and conditions as the Company may stipulate upon your request for insurance cover.

6. Prohibited Activities

You agree that you will not do the following, in connection with any loans, Notes, or other transactions involving or potentially involving us:

  • Represent yourself to any person, as a director, officer, employee or affiliated person of P2Vest;
  • Charge, or attempt to charge, any Borrower Member any fee in exchange for your agreement to purchase or recommend a Borrower Member’s Member Loan listing, or propose or agree to accept any fee, bonus, additional interest, kickback or thing of value of any kind, in exchange for your agreement to purchase or recommend a Borrower Member’s Member Loan listing;
  • Engage in any activities in connection with a Member Loan that require a license as a loan broker, credit services organization, credit counselor, credit repair organization, lender or other regulated entity, including but not limited to soliciting loans or loan applications, quoting loan terms and rates and counseling Borrower Members on credit issues or loan options; or
  • Violate any applicable federal, state, or local laws.

7. Access and Use

Access to and use of the Platform and Website are, at all times, subject to our Terms of Use.

Secure access to the Platform is provided by way of your mobile telephone number and password or biometrics. These log-in credentials are unique to you and are the primary method of securely identifying you when delivering our Services to you. It is therefore extremely important, and it is your responsibility that you keep your username and password secure at all times

If you suspect that your secure access to the Platform has been compromised in any way, it is your responsibility to contact us at support@localhost

You confirm that you will only use our Platform for the purposes set out in these Terms.

You confirm that you will not attempt to gain unauthorized access to the secure areas of the Website or Platform and furthermore you will not attempt to use code or software to manipulate or automate functions available on the App.

You understand that we may store your IP address information and may monitor your use of the App in accordance with our cookie policy.

Your access to the Platform may be restricted at the discretion of the Company, including during periods of maintenance and updating.

We have the right not to act on your instructions including where we deem that your instruction was not sufficiently clear, or we could not verify your identity to our satisfaction, or the instruction was not made by you, or we believe that the instruction may be related to an illegal activity.

You are responsible for any telecommunication costs, broadband fees, or data charges that you incur through your access to the Platform.

8. The Lending Process

You acknowledge and confirm that when you offer to lend money through the Platform, you will be offering your money to be lent to a Borrower through debt financing and you are not lending money to either the Company or any of its directors or employees.

We acknowledge that when a Borrower applies for a loan, a credit check is run on the Borrower through credit bureau, risk scoring, and our proprietary algorithm.

You acknowledge and confirm that you lend money to a Borrower through this Platform when a loan is displayed to you based on your tier and lending preferences, and you reserve the right to choose to lend or not.

You are not permitted to vary or cancel the terms of any Loan Agreement to which you are matched as a Lender and have accepted Loan Request and disbursed a Loan to the Borrower.

You acknowledge that when we engage a debt collection agency on your behalf to recover a repayment for a defaulted loan from a borrower, fees for such a recovery process shall be at your cost and will be deducted from the recovered repayment.

9. Fees

Lenders’ Service Charge: This is the service charge on all interests charged to loans. It is charged up to 30% of the interest earned on each loan.

KYC Verification Fee: This is the fee for obtaining a KYC verification on the Platform. The KYC Verification Fee is N2,000.

The fees and charges in these Terms may be varied from time to time. Details of any varied fees and charges shall be communicated to you before they take effect.

10. Term and Termination

Except as otherwise terminated in accordance with the provisions below, these Terms shall commence on the date you register to open an account with the Company and shall remain valid and binding for as long as you have outstanding Loan Agreements.

These Terms may be superseded by any amended Terms.

These Terms may be terminated by you provided that you have no outstanding Loan Agreements. Notice of termination must be provided in writing to support@localhost

Terms may be terminated by the Company at any time without notice.

11. Tax

The Company does not provide any advice or guidance in relation to investment, tax or otherwise and therefore we strongly recommended that you consult an independent financial advisor if you are unsure as to what your tax obligations are.

It is your responsibility to ensure that any tax liabilities which you incur (through interest earned on loans placed on the Platform or otherwise) are paid to the relevant taxation authority. P2Vest will deduct Withholding Tax at the applicable rate from any interest income earned by you from loans granted to Borrowers and remit it to the relevant government authority. Unless otherwise stated herein, neither P2Vest nor any of its employees or directors shall have any liability in relation to any tax liabilities incurred by you.

12. Privacy

You confirm that you have read and understood the Company’s Privacy Policy which provides information on how we use and store the personal information that you provide to us and you further acknowledge that the Company may amend and update this policy from time to time.

13. Indemnity

You agree that neither the Company nor its employees or directors have any obligation to reimburse or indemnify you for any cost, loss or liability which you incur as a result of the failure of any Borrower to perform its obligations under a Loan Agreement.

You agree to indemnify and hold harmless the Company, its employees and directors and all our other agents or subcontractors, against all liabilities, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest penalties and legal and other reasonable professional costs and expenses) suffered or incurred as a result of:

  • your fraudulent or illegal use of the Platform, the Services or the Website;
  • your negligence or any default by you of any of these Terms or the terms of any Loan Agreement to which you are matched;
  • any inaccurate or incomplete information that you have knowingly provided to us;
  • your allowing any other person to access your account either with your permission or as a result of your failure to keep your username and password private;
  • any service that you have offered, whether with or without our permission, to another third party using our Platform, Services;
  • any moratorium, rescheduling, refinancing, suspension of payments or similar arrangement or circumstances applying to you and which restrict a Borrower’s ability to repay under a Loan Agreement;
  • any claim made against you for actual or alleged infringement of the Company’s Intellectual Property Rights or any actual or alleged infringement of a third party’s Intellectual Property Rights arising out of or in connection with the Services or your use of the Platform

14. 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.

15. Applicable 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 based upon venue.

16. Contact Us

If you have any question regarding this Agreement, or comments about the App or its contents should be directed to [email protected]




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