Terms & Conditions
Please read our terms carefully. They outline the agreement between you and Surge Loan NG, a licensed money lender in FCT Abuja.
Loan Agreement Summary
Loan Term
All loans are for a strict 30-day period from the date of disbursement.
Interest Rate
A flat interest rate of 15% is applied to the principal amount for the 30-day term.
Early Repayment
You are welcome to repay your loan early without any penalty fees. The full 15% agreed interest for the term still applies.
Inspection and Valuation Process
Inspection Fee
A non-refundable inspection and verification fee of ₦5,000 is required for all collateral prior to loan approval. This covers the administrative cost of our assessment.
Loan-to-Value (LTV)
We lend up to 60% of the independently verified market value of your collateral, ensuring a fair valuation for you.
Ownership Warranty
By entering into an agreement, you guarantee you have full, unencumbered ownership of the collateral and indemnify Surge Loan NG against any third-party claims.
Repayment and Default Policy
Repayment
The full principal and 15% interest must be repaid on or before the 30-day maturity date.
Default Clause
If you fail to repay the loan by the due date, a late fee of 5% per week will be applied to the outstanding balance. We urge you to contact us if you anticipate repayment difficulties.
Forfeiture of Collateral
In the event of a prolonged default where the loan and accrued fees are not settled, we reserve the right to sell the collateral to recover the outstanding debt. This is a final step and will only be taken after reasonable attempts to arrange repayment have failed. Any surplus amount from the sale, after deducting the loan principal, interest, and reasonable costs of sale, will be refunded to you.
General Conditions
Governing Law
All agreements are governed by and construed in accordance with the laws of the Federal Republic of Nigeria.