Terms & Conditions

1. Introduction and Acceptance

Welcome to Faida Loans Limited ("Faida Loans", "we", "us", or "our"). These Terms and Conditions ("Terms") govern your access to and use of our digital lending platform, website, mobile applications, and related services (collectively, the "Services").

By accessing or using our Services, creating an account, or applying for a loan, you agree to be bound by these Terms. If you do not agree with any part of these Terms, you must not use our Services.

2. Eligibility Requirements

To be eligible to use our Services and apply for a loan, you must meet the following criteria:

• Be at least 18 years of age or the age of majority in your jurisdiction
• Be a legal resident or citizen of Kenya
• Possess a valid national identification card or passport
• Have a verifiable source of income
• Provide accurate and complete information during registration and application
• Have the legal capacity to enter into binding contracts
• Not be subject to any bankruptcy proceedings or insolvency arrangements
• Not have been previously banned or suspended from using our Services

We reserve the right to verify your eligibility at any time and may request additional documentation to confirm your identity and financial status.

3. Application Process and Information Accuracy

3.1 Application Submission

When applying for a loan through our platform, you must:

• Provide truthful and accurate personal information
• Submit complete and current documentation
• Ensure all contact details are valid and accessible
• Disclose any existing loans or financial obligations
• Accept responsibility for all information provided

3.2 Information Verification

We reserve the right to verify all information provided in your application. You authorize us to contact employers, references, and third-party verification services to confirm the accuracy of your application details.

3.3 False Information

Providing false, misleading, or fraudulent information is strictly prohibited and may result in:

• Immediate application rejection
• Permanent ban from using our Services
• Legal action and prosecution for fraud
• Reporting to relevant authorities and credit bureaus

4. Loan Application and Approval Process

4.1 Application Submission

When you submit a loan application through our platform, you authorize us to:

• Verify the information you provide
• Conduct credit checks and assessments
• Contact your references and employers
• Access your credit history from credit reference bureaus
• Use automated decision-making systems to evaluate your application

4.2 Loan Approval

Submission of a loan application does not guarantee approval. We reserve the right to approve or decline any application at our sole discretion based on our internal credit assessment criteria. We are not obligated to provide reasons for declining an application.

4.3 Loan Terms

If your application is approved, we will provide you with specific loan terms including:

• Principal loan amount
• Interest rate and calculation method
• Repayment schedule and due dates
• Any applicable fees or charges
• Consequences of late payment or default

You must carefully review and accept these terms before the loan is disbursed.

5. Interest Rates and Fees

5.1 Interest Charges

All loans are subject to interest charges as specified in your loan agreement. Interest rates may vary based on factors including but not limited to:

• Loan type and amount
• Repayment period
• Your credit profile and history
• Market conditions and regulatory requirements

5.2 Fees and Charges

In addition to interest, the following fees may apply:

• Processing fees
• Late payment penalties
• Early repayment fees (if applicable)
• Loan restructuring fees
• Collection and recovery costs

All applicable fees will be clearly disclosed before you accept the loan offer.

5.3 Changes to Rates and Fees

We reserve the right to modify our interest rates and fees at any time. Changes will not affect existing loan agreements but will apply to new applications submitted after the effective date of the change.

6. Loan Disbursement and Repayment

6.1 Disbursement

Upon acceptance of the loan terms, funds will be disbursed to your designated bank account or mobile money wallet within the timeframe specified in your loan agreement. Disbursement times may vary depending on banking hours and system availability.

6.2 Repayment Obligations

You agree to repay the loan according to the schedule provided in your loan agreement. Repayments must be made in full and on time. You are responsible for ensuring sufficient funds are available in your account on the due date.

6.3 Payment Methods

We accept repayments through various methods including bank transfers, mobile money, and direct debit. You authorize us to automatically deduct payments from your designated account on the due dates.

6.4 Early Repayment

You may repay your loan early, subject to any early repayment fees specified in your loan agreement. Early repayment may reduce the total interest payable.

6.5 Late Payments and Default

Failure to make payments on time may result in:

• Late payment fees and penalties
• Negative impact on your credit score
• Reporting to credit reference bureaus
• Suspension of access to future loans
• Legal action and debt collection proceedings
• Additional collection costs added to your outstanding balance

7. Data Protection and Privacy

7.1 Information Collection

We collect, process, and store personal information necessary to provide our Services, including but not limited to:

• Personal identification information
• Contact details
• Financial information
• Employment details
• Credit history and scores
• Transaction data
• Device and usage information

7.2 Data Usage

Your information may be used for:

• Processing loan applications and managing accounts
• Credit assessment and risk management
• Fraud prevention and security
• Compliance with legal and regulatory requirements
• Marketing and promotional communications (with your consent)
• Service improvement and analytics

7.3 Data Sharing

We may share your information with:

• Credit reference bureaus
• Regulatory authorities
• Service providers and business partners
• Debt collection agencies (in case of default)
• Legal and professional advisors

We are committed to protecting your privacy and will only share information as necessary and in accordance with applicable data protection laws.

8. Prohibited Activities

You agree not to:

• Provide false, misleading, or fraudulent information
• Use our Services for illegal purposes
• Attempt to manipulate or circumvent our credit assessment systems
• Create multiple accounts to obtain additional loans
• Use automated systems or bots to access our Services
• Reverse engineer, decompile, or attempt to extract source code
• Interfere with the proper functioning of our platform
• Violate any applicable laws or regulations
• Infringe on intellectual property rights
• Harass, abuse, or harm other users or our staff

Violation of these prohibitions may result in immediate account termination and legal action.

9. Intellectual Property Rights

All content, features, and functionality of our Services, including but not limited to text, graphics, logos, images, software, and design, are owned by Faida Loans Limited or our licensors and are protected by copyright, trademark, and other intellectual property laws.

You are granted a limited, non-exclusive, non-transferable license to access and use our Services for personal, non-commercial purposes. You may not reproduce, distribute, modify, or create derivative works without our express written permission.

10. Disclaimers and Limitations of Liability

10.1 Service Availability

While we strive to maintain continuous service availability, we do not guarantee uninterrupted access. Our Services may be temporarily unavailable due to maintenance, technical issues, or circumstances beyond our control.

10.2 No Warranty

Our Services are provided "as is" and "as available" without warranties of any kind, either express or implied. We do not warrant that our Services will be error-free, secure, or meet your specific requirements.

10.3 Limitation of Liability

To the maximum extent permitted by law, Faida Loans Limited shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising from your use of our Services, including but not limited to loss of profits, data, or business opportunities.

11. Dispute Resolution

11.1 Complaints

If you have any complaints or concerns about our Services, please contact our customer support team. We will make reasonable efforts to resolve issues promptly and fairly.

11.2 Governing Law

These Terms shall be governed by and construed in accordance with the laws of Kenya. Any disputes arising from these Terms or your use of our Services shall be subject to the exclusive jurisdiction of the courts of Kenya.

11.3 Arbitration

Before initiating legal proceedings, parties agree to attempt resolution through good faith negotiations and, if necessary, binding arbitration in accordance with Kenyan arbitration laws.

12. Changes to Terms

We reserve the right to modify these Terms at any time. Changes will be effective immediately upon posting to our website or platform. Your continued use of our Services after changes are posted constitutes acceptance of the modified Terms.

We will make reasonable efforts to notify you of material changes through email or platform notifications. It is your responsibility to review these Terms periodically.

13. Severability

If any provision of these Terms is found to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect. The invalid provision shall be modified to the minimum extent necessary to make it valid and enforceable.

14. Contact Information

For questions, concerns, or complaints regarding these Terms or our Services, please contact us:

15. Acknowledgment

By using our Services, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions. You also acknowledge that these Terms constitute the entire agreement between you and Faida Loans Limited regarding your use of our Services.