Definitions and Interpretation
For the purposes of this Agreement, unless the context otherwise
requires:
“Agreement” means this agreement between the Customer and Flex which
contains the Terms and Conditions;
“Account” means your Flex account;
“Capital Limit” means the maximum credit available to the Borrower by
the Lender, following the creation of a Flex Account. The capital
limit is also subject to outflow and credit worthiness within our
plaform
“Disbursement Date” means the date Flex disburses the Loan to the
Customer’s Flex Account which shall be immediately customer chooses to
withdraw loan available for them to borrow
“Event of Default” shall have the meaning ascribed to it in clause 13;
“Interest” means an interest rate of 2%-4% for each 30 days circle
which would be broken into daily interest rate and also double
whenever the loan is overview
“Initial Loan Term” means a period of 30 (thirty) days beginning from
the Disbursement Date of the Loan.;
“Party” means the Customer and Flex individually;
“Parties”means the Customer and Flex collectively;
“Personal Data” means any information about the business and or
company, and their stakeholders provided to us by you or in the use of
our Site and services such as your name, email address, password.
“Repayment Date” means such date (30 days period) as maybe agreed and
selected by the Borrower in which the Loan and Interest shall become
due and payable by the Borrower to Flex;
“Site” means Flex website and/or any other platform or media through
which Flex offers its lending services; “Flex Account” means a unique
bank account with Wema Bank Plc or any bank chosen by us, created for
you and maintained by us