MASCOM MYZAKA INSTANT LOANS
INSTANT LOANS TERMS AND CONDITIONS.
1.1. “Applicable Law” means the laws of Botswana applicable to these Terms and
Conditions which the Borrower is subject to;
1.2. “Borrowers Account” refers to the Borrowers Account or wallet where the Loan
will be disbursed and collected from, by the Lender;
1.3. “Borrower” refers to the customer taking up the Loan through the LetsGo Digital
1.4. “Jurisdiction” means the Botswana;
1.5. “Lender” refers to Letshego Financial Services (pty) Limited;
1.6. “Loan” refers to the instant loan subject of these Terms & Conditions;
1.7. “Loan Agreement” means the agreement to lend the Borrower the Loan which
is constituted by these Terms and Conditions and the Loan Application Portal
completed by the Borrower and the term “Agreement” shall be construed equally;
1.8. “Loan Amount” means the total or aggregated loan amount , being principal
amount advanced to the Borrower and accompanying interest, fees and other
charges pursuant to these Terms and Conditions;
1.9. “Loan Application Portal” means the online or electronic application portal
(LetsGo Digital Mall) for the Loan completed by the Borrower for assessment
inconsideration for granting of the Loan where the Borrower provides all the
required information and is provided with the relevant terms of the Loan;
1.10. “Repayment Amount” refers to the once-off total or aggregated loan amount,
that constitute the principal amount due with the corresponding interest to be
repaid by the Borrower on agreed due date;
In the event of any conflict or inconsistency between these Terms & Conditions and the
Loan Application Portal, the provisions set forth in these Terms & Conditions shall
prevail, unless otherwise expressly provided
2. ELIGIBILITY AND APPLICATION
2.1. To apply for a Loan, the Borrower must be:
2.1.1. aged between 18 to 65 years of age at the time of application;
2.1.2. must be financially active with a consistent source on income; and
2.1.3. must have the legal capacity to enter into binding contracts in accordance
with the Applicable Law.
2.2. The Borrower must provide true and accurate information, requirements, and
additional information if needed, for the processing of the application and which
will be the basis of approval of the loan. The Lender has the right to approve,
cancel at any stage prior to loan disbursement, or reject/decline the loan
application based on the Lender’s Credit guidelines, and shall provide the
reason(s), thereof for cancelling, rejecting, or declining the loan application.
3. LOAN, INTEREST, REPAYMENT AND DUE DATE
Service Fees for MyZaka Instant Loan
3.1. With effect from the date of approval of the Loan application by the Borrower
(“Effective Date”), the Borrower agrees that the total or aggregated amount for
the Loan that is made up of principal amount, interest, that is collectively called
the Repayment Amount has been set out in the Loan Application Portal which
he/she has consented to.
3.2. The Borrower agrees to repay the Loan on or before due date of the agreed
period in the Loan Application Portal, failing which a penalty fee stated in the
Loan Application Portal will be applied on the total amount due. The borrower
should provide sufficient funds in his/her Account. Loan payments shall be made
in full (inclusive of the Lender fees or charges, which shall be for the account of
the Borrower). The determination by the Lender of the amount of principal, fees,
and charges due and payable on the payment date shall be final and conclusive
on the Borrower, except for manifest error in computation, which the Borrower
shall consent to.
3.3. Amounts due will be automatically debited from the Lender Account on due date
as reflected in the loan Statement, without need of any further notice or demand
from the Lender. The Borrower undertakes to maintain sufficient funds in his/her
Account to ensure the successful debiting to and repayment of the Loan. In the
event that the Lender is unable to debit the monthly instalment from the
Borrower’s Account on the due date for any reason (such as, but not limited to,
insufficiency of funds), the Lender shall have the right to collect and/or directly
debit the instalment from the Borrower’s Account the following and succeeding
days until the loan obligation has been fulfilled.
3.4. All applicable fees and charges as stated in the Loan Application agreement and
exhibited in the loan application Portal (LetsGo Digital Mall) will be debited from
the Borrower’s Account as part of the Repayment amount
3.5. The Borrower understands, agrees, and undertakes that he/she will not close
his/her Borrower’s Account until the full repayment of the Loan including all
applicable fees, charges, and penalties. In the event that the Borrower has
changed their Bank Account details or renewed their Bank card, they shall
without any undue delay, inform the Lender of the changes.
3.6. In case any payment is not sufficient to pay the total amount payable on the
applicable due date or any other given date, the Lender may at its discretion and
subject to future determination by the Lender, apply the payment in the following
order: first against applicable taxes (if any), then against interest, then against
the principal amount due, then against penalty fees or penalty interest, and then
4. LATE PAYMENT FEES AND PENALTIES
4.1. The Borrower agrees to pay the late payment fee as specified in the Loan
Agreement and also exhibited in the Portal, in the event that s/he is unable to
fully pay the loan repayment on the due date.
4.2. The Lender will collect the late payment fee, applicable penalties, and interest
on the next dates after the missed due date stipulated in the Loan Application
Portal, and on any date thereafter until all overdue amounts have been satisfied.
5. WARRANTIES AND REPRESENTATIONS
5.1. The Borrower represents and warrants that:
5.1.1. s/he does not have any criminal record and is freely and voluntarily
entering into the Loan Agreement;
5.1.2. Borrower will obtain spousal consent as is deemed necessary
5.1.3. Borrower is of sound mind and reasonable judgement to enete
5.1.4. the Borrower’s existing loans and obligations with other lenders (including
but not limited to the Lender, other Lenders, financing companies and
credit cards companies) are updated and not delinquent or past due;
5.1.5. all information, communication, and information provided during the Loan
application process and in the Loan Application Portal is complete,
accurate, and true;
5.1.6. the representations made by the Borrower as of the Effective Date are
deemed repeated until repayment of the Loan;
5.1.7. this Agreement has been drafted in a language that s/he understands or
has been explained to him/her alternatively that he is fully aware of the
meaning and consequences of this Agreement and that this Agreement
has been explained to him/her in a language that he understands;
5.1.8. he/she is in a position, financially and legally, to enter this Agreement;
5.1.9. he/she has truthfully disclosed all relevant facts regarding his/her current
and expected future financial position.
6. OBLIGATIONS AND COVENANTS
6.1. The Borrower undertakes to properly and promptly inform the Lender regarding
any updates in the Borrower’s necessary information such as place of residence
and any changes in the information provided in Loan Application Portal.
6.2. The Borrower agrees to abide by and be bound by these Terms and Conditions.
The Borrower further agrees that once the loan is approved and credited to
his/her Account, the Loan is effective and the Borrower is bound by these Terms
and Conditions, and the provisions of the Loan.
6.3. The Borrower agrees to pay the Lender any outstanding amount and fees and
finance charges, such as but not limited to the interest rate, Penalty fee or any
other unpaid amount, as stated in the Loan Application Portal.
6.4. The Borrower agrees to use the Loan solely for personal use and declared
purpose as stated in the Loan Application Portal and not for any unlawful
purposes or activities.
6.5. The Borrower agrees that these Terms and Conditions shall be binding upon and
inure to the benefit of the Lender and the Borrower, and their respective estate,
heirs, personal representatives, assigns and/or successors-in-title and any other
person for the time being deriving title under them.
6.6. In the event of the Borrower’s death, the Borrower’s estate, heirs and personal
representatives are required to pay and repay the outstanding obligations of the
Borrower under the Loan from the assets of the estate of the deceased Borrower,
and no action will be taken against the heirs and personal representatives of the
deceased Borrower in their personal capacity
7. EVENTS OF DEFAULT
7.1. At the sole discretion of the Lender, the Borrower shall be considered in default,
irrespective of the reasons for its occurrence and regardless of whether it is
voluntary or involuntary, when any of the following events occurs:
7.1.1. The Borrower fails to pay any the Loan interest and fees or any other sum
payable by the Borrower under these Terms and Conditions, as and when
due and payable in the manner set out herein and therein;
7.1.2. The Borrower provides any incorrect or misleading representation or
warranty in connection with these Terms and Conditions, Loan
Application Portal and other information required by or submitted to the
7.1.3. The Lender believes on reasonable grounds that the Borrower
fraudulently misrepresented any information in order to facilitate the
granting of the Loan; or
7.1.4. Any event or circumstance transpires that, in the Lender’s reasonable
opinion, will adversely affect the Borrower’s performance or ability to pay
the obligations as they fall due under the Loan.
8. CONSEQUENCES OF DEFAULT
8.1. Upon the occurrence of an Event of Default, the Lender has the right, but not the
obligation, to declare the entire unpaid principal amount of the Loan and all
interest accrued and unpaid thereon along with any unpaid penalties to be
forthwith due and payable, whereupon the same shall become immediately due
and payable, without need of presentment, demand, protest or further notice of
any kind, all of which are hereby expressly waived by the Borrower. Should the
Borrower fail to comply with the demand for payment of all its outstanding
obligations to the Lender, the Lender shall have full power and authority to
proceed against the Borrower and to take such other steps or actions against the
Borrower as are provided under these Terms and Conditions, or under any
applicable law, as the Lender may deem necessary and proper for the full
protection or enforcement of its rights and remedies.
8.2. Upon default and in addition to the principal amount, interest and late payment
charges, the Borrower agrees to pay the charges on the outstanding amount due
and such charges may consist of Collection fee and/or Credit Bureau listing.
8.3. The Borrower likewise agrees that in case of default hereunder, the Lender, at
its sole discretion, may also appoint or designate representatives, agents,
attorney-in-fact, or upon prior written notice, a third-party collection agency or
legal counsel to perform any and all acts which may be required or necessary to
enforce its rights under the Loan given thereon. For such purpose, the Borrower
hereby gives consent to the disclosure of all relevant information in connection
with the Loan or account to such authorized representative, agent or attorney-infact and agrees to hold the Lender free and harmless against any and all
damage, cost or liability arising from such disclosure.
9. CROSS DEFAULT
In the event an Event of Default has occurred, the Lender shall not cause to recall and
demand repayment of all sums owing by the Borrower to the Lender in respect of other
facilities granted by the Lender.
10.1. Once the Borrower fails to pay the full Loan amount due in 90 days period the
account shall be considered “delinquent”.
10.2. In the event of any delinquency, the Borrower hereby authorizes the Lender to
report and/or include the Borrower’s name, loan details and any other necessary
information, in the negative listings of any credit bureau or institution, and/or
databases of financial industry associations or financial industry bodies to the
extent that the Loan remains unpaid by the Borrower, which process shall be
preceded by a 30 days notice issued to the defaulting Borrower
All fees and charges applicable to the Loan application shall be payable by the Borrower.
The Borrower shall indemnify and agree to hold harmless the Lender and each of its
officers, directors and employees (each, an “Indemnified Party”) from and against any
and all actual losses, judgments, liabilities, fees, awards, claims, demands damages,
costs, and expenses, including legal expenses (collectively, “Losses”) that may be
incurred by or awarded against any Indemnified Party, in each case arising out of or in
connection with any claims, investigation, litigation or proceeding (or the preparation of
any defence with respect thereto) commenced in relation to these Terms and
Conditions, or the transactions contemplated hereby, or the use of the proceeds of the
Loan, whether or not such claim, investigation, litigation or proceeding is brought by the
Borrower, an Indemnified Party or any other person or entity.
12. CUMULATIVE REMEDIES
No remedy referred to in these Terms and Conditions or in any Loan agreement is
intended to be exclusive, but each shall be cumulative and in addition to any other
remedy referred to in these Terms and Conditions, the Loan agreements, or otherwise
available under law or equity.
13. AUTHORIZATION AND CONSENT
13.1. The Borrower authorizes the Lender to obtain and verify the information collected
through government agencies or third parties including Lenders, financial
institutions, financial industry associations and/or financial industry bodies and
credit bureaus at any time throughout the duration and existence of the Loan.
13.2. The Borrower gives consent to the Lender as may be required and necessary to
allow for the recording, processing, storage and disclosure of personal
information such information regarding the Borrower as may be required, as may
be required to process the loan application and/or offer services to the Borrower,
to the Credit Bureau and/or the Negative File Information System of the
regulatory recognised organizations. The Lender shall endeavour to contact the
Borrower on the contact number (mobile number) provided by the Borrower,
which contact number (mobile number) the Borrower had used to apply for the
loan and subsequent funds had been disbursed into at least 30 days before
disclosing of adverse credit information.
13.3. The Borrower also allows the Lender to conduct background checks on his/her
financial capability, personal references, or any other legitimate purpose the
Lender may deem necessary for the application process and/or approval of the
Loan, including the use of third party vendors or partners, and applications.
13.4. The Borrower represents and warrants that the third-party reference persons
whose information are provided to the Lender are personally known to him/her,
are of legal age, have sufficient legal capacity, and have existing local mobile
numbers. The Borrower further warrants that he or she has obtained their prior
consent before submitting the third parties’ names and contact details to the
Lender and such third parties have also consented to be contacted by the Lender
for any verification purposes. The Borrower agrees that such reference persons
may be contacted by the Lender in the event of a) delinquency, b) default of the
Borrower, c) in the event the Borrower may not be contacted d) any verification
that the Lender may want to perform as regards the Borrower. The Borrower
authorizes the Lender and the reference persons to share information and
communicate with each other regarding the Loan.
13.5. The Borrower waives the confidentiality of client information for the purpose
provided under such Credit Bureau regulations and circulars. In addition, the
Lender is authorized to conduct random verification with Pensions or Tax
revenue authorities in order to establish authenticity of any and all statements
submitted by the Borrower. Further, should the information submitted prove to
be spurious or incorrect in any material detail, the Lender may terminate the
Loan. Moreover, the Lender may seek redress from the court for any harm done
by the Borrower’s submission of spurious information.
13.6. The Borrower hereby waives his/her rights under existing laws relative to the
confidentiality of the Loan, and such other information or information relative
thereto in favour of the Lender, the proper courts and such other administrative
and government offices which may require the disclosure of the aforementioned
information and information.
13.7. The Borrower agrees that the Lender, directly or through its affiliates, or thirdparty partners, may collect, retrieve, process, use and store his/her personal data
including sensitive personal data in accordance with the Applicable Laws such
as name, age, photographs, fingerprints, other biometric data (e.g., facial
recognition and voice recognition), mobile number/s, mobile phone usage data,
mobile phone device data, employment details, income, financial data, financial
profile, credit standing, loan payment history, and other information required in
the Loan Application for the purpose of reviewing and processing the Borrower’s
13.8. The Borrower consents to the collection of his/her personal data from the
Borrower her/himself, or from other personal information controllers such as, but
not limited to, telecommunications companies for credit scoring purposes. The
Borrower’s personal data such as mobile number, email address, and address,
will be shared to a credit scoring(including Telco Score) service provider for credit
investigation, credit scoring, data analytics, and data profiling, which includes the
regular updating of the Borrower’s credit score.
13.9. Throughout the processing of the Borrower’s personal data, his/her rights under
the Applicable Laws, relating to data protection, such as the: (1) right to be
informed, (2) right to object to processing of his/her personal data, (3) right to
access, (4) right to rectification of his/her data, (5) right to erasure or blocking,
(6) right to complain, and (7) right to damages, shall be upheld. Entities to whom
we share your data will also respect the same rights.
13.10. Borrower agrees and gives his/her continuing consent to the authorizations
contained herein throughout the duration and existence of the Loan.
14.1. The Borrower agrees to receive updates and notification in relation to his/her
Loan. The Borrower agrees that the Lender and third-party service provider, as
well as their authorized representative may reach out to the Borrower for any
marketing initiatives and communications, special offers, or promotional activities
through e-email, SMS, telephone calls, social media, e-commerce or other
means of communication or channels.
14.2. The Lender will obtain the consent of the Borrower prior to the sending of
marketing and promotional communications, and the Borrower may opt to no
longer receive said communications at any time by informing the Lender through
the contact details provided in the Loan Application Portal.
15.1. The Borrower shall not assign any of his/her rights and obligations under these
Terms and Conditions. The Lender may at any time, and from time to time,
transfer, assign, or grant a participation or allow the grant of a sub-participation
to one or more persons or entities all or any part of its rights, benefits, and
obligations under these Terms and Conditions without need of consent or notice
to the Borrower. Upon any assignment, participation, or sub participation by the
Lender, the assignee, participant, or sub participant shall be entitled, to the extent
of the interest assigned, participated, or sub participated, to the benefit of the
indemnities, reimbursements, and rights of set-off of the Lender pursuant to the
provisions of these Terms and Conditions.
15.2. In the event of such transfer, assignment or grant by the Lender to an assignee
or any successor-in-interest, the Borrower shall not assert against the assignee
or the successor-in-interest the right to set-off any obligations owed by the
Lender to the Borrower.
15.3. In the event of such transfer, assignment, or grant, the Borrower further agrees
that he/she shall remain liable to the Lender’s assignee or successor-in-interest
for all obligations under these Terms and Conditions.
15.4. In the event of the acquisition of the Lender by another entity or the sale of the
Loan obligations of the Borrower to another entity by the Lender, the Borrower
also agrees that he/she shall be liable to the acquiring entity for all obligations
under these Terms and Conditions. The Borrower further agrees that the Lender
may act as a via-media between him/her and the acquiring entity to facilitate the
fulfilment of his/her liabilities/obligations towards the acquiring entity and shall
follow the necessary directions from the Lender or the acquiring entity on the
No failure, omission or delay on the Lender in exercising any right, power, privilege or
remedy accruing to the Lender under these Terms and Conditions shall impair any such
right, power, privilege or remedy nor shall it be construed as a waiver of any such breach
or default thereafter occurring, nor shall a waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter occurring. All
remedies, either under the Promissory Note or by law or otherwise afforded the Lender
shall be cumulative and not alternative. No notice to or demand on the Borrower in any
case shall entitle it to any other or further notice or demand in similar or other
17. DISCLOSURE OF INFORMATION AND PRIVACY
17.1. In compliance with the Applicable Laws relevant to data protection, the Borrower
hereby agrees to give his/her true, correct information and consent to gather,
process, verify and use his/her personal data or information to process, the
application for a Loan, and to implement, grant, monitor, and enforce the Loan,
these Terms and Conditions.
17.2. The Borrower gives consent to the Lender as may be required and necessary to
allow for the recording, processing, storage and disclosure of personal
information such information regarding the Borrower, as may be required to
process the loan application and/or offer services to the Borrower, to the Credit
Bureau and/or the Negative File Information System of the regulatory recognised
organizations, . The Lender shall endeavour to contact the Borrower on the
contact number (mobile number) provided by the Borrower, which contact
number (mobile number) the Borrower had used to apply for the loan and
subsequent funds had been disbursed into at least 30 days before disclosing of
adverse credit information.
If any one or more of the provisions contained in these Terms and Conditions or any
document executed in connection therewith shall be declared by any court of competent
jurisdiction as invalid, illegal or unenforceable under any applicable law, the validity,
legality and enforceability of the remaining provisions contained therein or such
document executed in connection therewith shall not in any way be affected or impaired.
19. GOVERNING LAW AND JURISDICTION
The Loan Agreement and these Terms and Conditions shall be governed by, and
construed in accordance with, the Applicable Law of Republic of Botswana. The
Borrower irrevocably agrees that any legal action, suit or proceeding arising out of or
relating to this Agreement shall be instituted before the suited or competent court in
Botswana, and the Borrower submits to and accepts with regard to any such action or
proceeding for himself/herself and in respect of his/her properties or assets, generally
and unconditionally, the jurisdiction of any such court, to the exclusion of all other courts
and venue. The Borrower hereby waives any objection which he/she may now or
hereafter have to the laying of the venue of any such action, suit or proceeding, and
further waives any claim that any such suit, action or proceeding has been brought in an
inconvenient forum. The foregoing, however, shall not limit or be construed to limit the
rights of the Lender to commence proceedings or to obtain execution of judgment
against the Borrower in any jurisdiction where assets of the latter may be found.
The Lender reserves the right to change these Terms and Conditions by way of addition,
modification, amendment, etc. (“Changes”) at any time and from time to time; provided
that notice shall be given to the Borrower at least seven (7) calendar days prior to
implementation. The Borrower shall be notified of such Changes through the methods
of communication set out in the Loan Application. The Changes shall apply on the
effective date specified by the Lender in the Lender’s notice, which changes shall
exclude changes in interest rate, fees and other charges.
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MASCOM MYZAKA INSTANT LOANS