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