1 PLEASE NOTE:

1.1 These terms and conditions are the Credit Provider/BHML Terms & Conditions, which are deemed to be incorporated in the Loan Agreement concluded between the Loan Originator and the Borrower; and

1.2 The terms and phrases defined in the Loan Agreement (concluded between the Borrower and the Loan Originator) will have equivalent meaning when used herein

2 Regulatory information:

2.1 BHML abides by all regulatory requirements in the Republic of Ghana and will subject all applications to a credit check with the Credit Reference Bureau

APPLICANT DECLARATION AND AUTHORISATION

3 The Borrower acknowledges and agrees in respect of the Loan Agreement that:

3.1 The Borrower has read the Loan Agreement, or it has been read to the Borrower in a language of the Borrower’s choice, and the Borrower understands the content thereof;

3.2 the Borrower understands or it has been explained to the Borrower in a language of the Borrower’s choice that the rights, title and interest in the loan evidenced by the Loan Agreement, as well as any and/or all security held by the Loan Originator for the Borrower’s obligations in terms of the Loan. Agreement, may be ceded, transferred or made over to BHML Ltd and, as such, the Borrower’s understands that the Borrower’s further consent is not required and that the Borrower has irrevocably approved and authorised such cession, transfer or make over;

3.3 The Borrower understands that the Payment Schedule may be a paper document or computer-generated printout and it could send to you via email, text message or over the phone and once the borrower has not had any complaint after 7days of disbursement the schedule shall be deemed binding.

3.3.1 The Borrower has seen and signed the Payment Schedule, which provides full details of all amounts payable should the loan be approved and disbursed, and those amounts are the same as the amounts provided to the Borrower on signing the Loan Agreement; and

3.3.2 The Borrower understands and accepts that any Payment Schedule/s is deemed to be incorporated in the Loan Agreement;

3.4 If the Borrower has requested a consolidation by the Loan Originator, the Borrower has seen and signed the Consolidation Instruction/s, which provides full details of all Settlement Balances payable to the Borrower’s Creditors should the loan be approved and disbursed:

3.4.1 the Borrower understands that the disbursement into the Bank Account will be net of such Settlement Balances paid; and

3.4.2 the Borrower understands that any Consolidation Instruction/s is deemed to be incorporated in the Loan Agreement;

3.5 Where the Borrower has agreed that Monthly Installment/s be deducted from the Bank Account, the Borrower’s salary will be paid into the Bank Account. The Borrower understands that the Borrower may not, and undertakes that he/she will not, close the Bank Account without informing BHML and making arrangements for deductions to continue on alternative bank account/s wherein the Borrower may receive his/her salary;

3.6 Where the Borrower’s Employer and the Borrower have agreed to have installments deducted from the Borrower’s salary by his/her Employer and paid over to BHML, the Borrower understands that the Borrower may not cancel that deduction until the Borrower’s loan has been repaid in full, as per the Loan Agreement;

3.7 In the event that the Borrower has more than one loan agreement with BHML, the Borrower authorises BHML to transfer any credit balance owing to the Borrower on any such loan account/s to reduce or settle arrears and/or outstanding balances on any other of the Borrower’s loan account/s. The Borrower further authorises, BHML , in its sole discretion, to combine any or all of the Borrower’s individual Monthly Installment to form a single deduction from the Bank Account and may transfer the credit balance to offset any running balance

3.8 The Borrower confirms that he/she is currently employed and bears no knowledge of any retrenchment or other proceedings pending that could jeopardise such employment as recorded in the Loan Agreement and the Borrower specifically states that the Borrower has not given nor intends to give notice to terminate the employment with this Employer;

3.9 Should the Borrower’s employment with the Employer, as reflected in the Loan Agreement, be terminated for any reason while the Loan Agreement is in force, the Borrower undertakes to provide such termination notice, the cause thereof and details of any new employer or status of employment to BHML in writing within 7 (seven) days of such change;

3.10 The Borrower declares that there are no reasons or financial obligations in his/her current circumstances which would cause the Borrower to apply for an administration order, sequestration or debt review or have such administration order, sequestration or debt review granted, nor does the Borrower intend to apply for either for the duration of the Loan Agreement;

3.11 The Borrower confirms that, unless he/she has indicated that he/she is under administration or debt review in the Loan Agreement, the Borrower has never applied for an administration order or debt review, nor has the Borrower ever been placed under administration or debt review. In the event that an application for an administration order or debt review is made whilst the Borrower has a debt owing under the Loan Agreement, the Borrower undertakes to advise BHML in writing of such application;

3.12 The Borrower has given due consideration to the amount payable in respect of the Loan Agreement and confirms that he/she has sufficient means to support him/herself and any dependents after meeting all of the obligations under the Loan Agreement; and

3.13 The Borrower understands that he/she has authorised the Credit Provider to appoint the Manager to administer any loan under the Loan Agreement and to pay over any initiation and service fees, and/or insurance premiums/commissions in respect of this loan to the Manager or any party the Credit Provider may in its sole discretion elect.

4 The Borrower understands that, by signing the Loan Agreement or Checking the T&C box, the Borrower irrevocably authorised BHML to:

4.1 Report the details of any unlawful activities in connection with the Loan Agreement to the Ghana Police;

4.2 Provide information related to the Loan Agreement to any party, including but not limited to the Bank of Ghana and the credit bureaus, which BHML deems necessary, in its sole discretion;

4.3 Confirm the Borrower’s employment details with the Employer indicated by the Borrower (or future employer) in the Loan Agreement, which confirmation will include but not be limited to confirmation of salary payment date and bank details;

4.4 Disclose to any party the Borrower’s credit record, payment history and other confidential information (which, in addition, the Borrower consents may be used by interalia a tracing agency, external debt collector or legal firm) in order to trace the Borrower should the Borrower become uncontactable using the details provided in the Loan Agreement;

4.5 Request correct and accurate information from the Borrower when the Borrower contacts BHML or vice versa, telephonically or otherwise;

4.6 Cede, transfer, make over or assign, without the Borrower’s consent, any/all of the rights under the Loan Agreement to a party that it may in its sole discretion elect;

4.7 Disclose confidential information about the Borrower in the event that BHML is legally compelled to disclose such information and/or BHML is required to do so in enforcing its rights under the Loan Agreement and/or the Borrower has requested and/or authorised BHML to do so;

4.8 Approach the Borrower’s current and/or future employer(s) with a request to provide a salary payment date and bank details should they change at any time whilst the Loan Agreement is in force, which details include, but are not limited to, the Borrower’s bank account number and bank name where such account is held; and

5 Processing Fees:

5.1 The Borrower acknowledges that BHML will deduct 4% of the loan amount as processing fee.

5.2 BHC may demand collateral before disburse of loan is done to the Borrower

6 Loan Originator’s Obligations to Disburse

6.1 The Borrower understands that it is in the Loan Originator’s sole discretion to approve/disburse the loan applied for by the Borrower.

6.2 The Borrower’s obligations in terms of the Loan Agreement are binding on the Borrower immediately on disbursement of the loan.

6.3 The loan will be paid into the Bank Account or a cheque will be issued to the borrower indicated in the Loan Agreement and the Borrower will not hold BHML liable for any loss or damage arising from payment of the loan into the Bank Account or issuing the cheque.

7 Early Settlement and Borrower’s Right to Terminate Loan Agreement

7.1 The Borrower may at any time make additional payments towards the total outstanding balance of the loan or settle the loan (unpaid balance plus unpaid interest, fees and charges payable at the date of the settlement) with one payment.

7.2 If the Borrower wishes to settle the loan, the Borrower must obtain a Settlement Quotation, which is available on application from any of BHML branches, and follow BHML’s settlement policy contained in the Settlement Quotation.

7.3 BHML reserves the right to reject and/or refuse any settlement payments made in contravention of its settlement policy.

7.4. Early settlement of the loan shall attract one month interest of the existing loan as agreed in the initial contract

8 Proof of amounts owing

8.1 A certificate signed by one of BHML’s staff (the appointment and authority of whom it will not be necessary to prove) will be prima facie proof of the amount outstanding under the Loan Agreement and valid, together with the Loan Agreement, for any purpose and as a liquid document (alternatively, as proof of a liquidated amount) in any Court of competent jurisdiction for the purpose of obtaining provisional sentence or any judgment against the Borrower and the Borrower acknowledges the Borrower’s indebtedness in respect of any amount so certified.

9 Interest (“Interest Clause”)

9.1 Interest charged on the loan is calculated in advance from the disbursement date at a fixed rate shown in the Payment Schedule, capitalised monthly over the repayment period and debited on the first day of each month.

9.2 Should the Borrower fail to pay any amount due and payable under the Loan Agreement by the due date and/or should BHML grant the Borrower an extension for repayment, interest calculated at the same rate specified in the Loan Agreement will be charged on such unpaid amount/s in the same manner as contemplated in this “Interest Clause” as arrears or penalty interest. Any interest charged on such unpaid amount/s will be due and payable by the Borrower.

9.3 In the event that BHML proceeds with legal action for the recovery of any amount under the Loan Agreement, BHML will be entitled to claim interest calculated at the interest rate reflected in the Loan Agreement, or as prescribed by a Court, in respect of all collection costs.

10 Credit Provider’s Right to Terminate

10.1 BHML ma y terminate the Loan Agreement if the Borrower is in default and BHML elects to approach a Court to enforce its rights and terminate the Loan Agreement in terms.

10.2 The Borrower will be liable to pay any additional legal costs incurred.

10.3 BHML May terminate the the loan agreement at its sole discretion without being mandated to disclose the reason for termination

11 Monthly Installments:

11.1 The Borrower owes BHML the total outstanding balance repayable immediately on disbursement of the loan to the Borrower, which must be paid in equal Monthly Installments, including applicable insurance premiums, as per the Loan Agreement.

11.2 While it is a specific condition of the loan that the Borrower agrees to have the Monthly Installments deducted from the Borrower’s Post dated Cheques, salary and/or Bank Account, the Borrower is solely responsible for ensuring that payments are received by the Credit Provider by the due date.

11.3 Payments will be used to:

11.3.1 offset or settle any legal and collection costs first;

11.3.2 then applied to reducing or settling any interest on arrears and/or penalty interest;

11.3.3 then charges, then interest due; and

11.3.4 lastly, to reduce or settle the balance of the outstanding amount.

11.4 Should the Borrower fail to pay any Monthly Installment due, the Borrower’s repayment term will be increased to recover any such amounts, including the Monthly Service Fee, applicable insurance premiums on the increased term and additional interest as a result of such non-payment.

11.5 All payments must be made directly into the bank account nominated in the Loan Agreement.

11.5.1 Payments made by the Borrower in cash/otherwise to any other account/person will not constitute payment under the Loan Agreement.

12 Monthly Installment Due Dates:

12.1 Where the Borrower has agreed that the Monthly Installment be deducted from the Borrower’s salary, the following is applicable:

12.1.1 if the loan is disbursed in time for the Loan Originator to submit the salary deduction to the Borrower’s Employer for such deduction in the month of disbursement, the first installment is due on the salary payment date of that month;

12.1.2 if the loan is disbursed to the Borrower after the Employer’s deadline for the Loan Originator to submit such deduction for that month, the first installment will be due on the salary payment date of the following month;

12.2 Where the Borrower has authorised the deduction of the Monthly Installment from the Bank Account, the following is applicable:

12.2.1 if the loan is disbursed more than 7 (seven) days prior to the next salary payment date, the first installment will be due on the date the salary is paid in the month of disbursement and every salary payment date thereafter until the loan is paid in full;

12.2.2 if the loan is disbursed 7 (seven) days or less from the Borrower’s next salary payment date, the first installment will be due on the salary payment date of the month following disbursement and every salary payment date thereafter until the loan is paid in full.

12.3 If the loan is disbursed within the first seven days of the month, the first repayment is due in the month of disbursement. If the loan is disbursed after the first seven days the first repayment due may be paid in the month of disbursement or the following month as the borrower so desire

13 Breach:

13.1 BHML may demand payment of the whole amount outstanding at any time if the Borrower breaches any clause of the Loan Agreement or commits an act of insolvency, or makes false representation at any time during the duration of the Loan Agreement, or does anything which may prejudice the rights of BHML under the Loan Agreement.
13.2 By exercising this right to demand the full repayment of the loan BHML will not lose or be prejudiced in respect of any other remedy or rights it may have in law.

13.3 Under no circumstances may the Borrower withhold any payment by reason of any alleged breach, counterclaim or any other reason.

13.4 In the event of a dispute, the Borrower will be obliged to continue with repayments until such time as the dispute is resolved.

14 BHML Indulgence:

14.1 No relaxation, leniency, indulgence or relaxation of time which BHML may allow the Borrower in respect of the performance of any obligation under the Loan Agreement, or any failure on the part of BHML to exercise any of its rights under the Loan Agreement, or any extension granted to the Borrower for due observance of any terms and condition hereof will in any way prejudice the Credit Provider’s rights, or be tantamount to a waiver thereof, in terms of the Loan Agreement or preclude the Credit Provider from exercising any of its rights in enforcing the obligations of the Borrower under the Loan Agreement.

15 Collection Costs, Legal Costs and Default Administration Charges:

15.1 If the Borrower defaults, BHML may debit the Borrower’s loan account with:

15.1.1 recovery fees charged to BHML in respect of failed debit orders;

15.1.2 collection costs

15.2 All of the above costs/charges will be automatically capitalised and added to the Borrower’s outstanding loan balance, and will bear interest calculated at the same rate charged under the Loan Agreement.

16 General:

16.1 The Loan Agreement, including any Payment Schedule/s, Consolidation Instruction/s and these Terms & Conditions that are deemed to be incorporated therein, constitutes the whole agreement between the Borrower and BHML and no agreements, representations or warranties between the parties hereto other than those set out herein are binding on the parties hereto.

16.2 Any amendments, additions, variations or cancellations of the Loan Agreement or waivers of any rights there under will not be of any force or effect unless reduced to writing and signed by all parties (or their duly authorised representatives) to the Loan Agreement.

16.3 Every clause of the Loan Agreement is separate and severable and enforceable accordingly. If any such term or condition is or becomes unenforceable for any reason whatsoever, that term or condition is severable from and will not affect the validity of any other term or condition contained in the Loan Agreement.

16.4 The expiration, cancellation or other termination of the Loan Agreement will not affect those provisions of the Loan Agreement which expressly provide that they will operate after such expiration, cancellation or other termination or which of necessity must continue to endure after such expiration, cancellation or other termination, notwithstanding that the applicable clause/s may not expressly provide for such continued operation.

19 Pre-agreement Disclosure:

19.1 THE BORROWER UNDERSTANDS THAT HE/SHE HAS 5 (FIVE) BUSINESS DAYS TO DECIDE IF HE/SHE WANTS TO ACCEPT THE LOAN AS REFLECTED IN THE LOAN AGREEMENT, WHICH SERVES AS A QUOTATION.

19.2 THE BORROWER ACKNOWLEDGES THAT BY SIGNING THE LOAN AGREEMENT AND THE PAYMENT SCHEDULE, THE BORROWER HAS ACCEPTED THE QUOTATION AND UNDERSTANDS THAT THIS WILL BECOME A BINDING AGREEMENT BETWEEN THE BORROWER AND BHML

19.3 SHOULD THE BORROWER’S FINANCIAL SITUATION, OR ANY OTHER INFORMATION PROVIDED, DIFFER FROM WHAT BHML USED IN PROVIDING THE QUOTE, THE BORROWER ACCEPTS THAT BHML MAY REFUSE TO GRANT THE BORROWER THE LOAN AND/OR MAY PROVIDE THE BORROWER WITH A REVISED QUOTATION.