Offer Letter A1|Credit

Advance and Repayment

1. A1Credit agrees to advance the Loan and the Obligor agrees to take the loan subject to the terms and conditions as set out in the loan application flow and also herein in this offer letter terms and conditions.

2. The Obligor agrees to repay the Loan (principal plus accrued interest) in accordance with the terms and conditions document.


  1. 1. The repayment installments as calculated in the dedicated repayment schedule are done on the basis of payment at regular agreed intervals. If the due date for a repayment installment falls on a non-business day, then the repayment installment may be paid on the next succeeding business day. Additional interest may accrue in such cases.
  2. 2. A1Credit will calculate interest on the daily balance outstanding.
  3. 3. Where the Obligor fails to pay A1Credit a repayment installment by the due date, A1Credit will charge default interest rate at 0.5% per day on the unpaid sum.
  4. 4. A1Credit will apply default interest rate from the date on which the Obligor was due to pay the sum.
  5. 5. The default interest rate
  6. is charged by A1Credit in addition to the normal interest rate which it charges the Obligor at the same time and in the same manner as that normal interest.
  7. accrues before and after any court judgment, A1Credit obtains against the Obligor.
  8. is liquidated damages to compensate A1Credit for the additional risk and other administrative costs and expenses associated with the Obligor’s failure to pay the outstanding sum.

Representations and Warranties

1. He/she has the right to accept this facility and has taken all necessary actions to authorize same upon the terms and conditions herein.

2. He/she is not in default under any obligation in respect of any borrowed money that the acceptance of this facility will be or result in breach of or default under any provision of any other agreement to which the Obligor is a party.

3. The information given to A1Credit electronically via the A1Credit app or email correspondence in the formal loan application process is true and accurate

4.He/she will use the loan for the purpose(s) they told A1Credit of in their application for the loan

Events of Default

The occurrence of any of the following events shall cause all outstanding amounts under this facility to become immediately due and payable:

1. The Obligor fails to make a repayment or payment of principal, interest or other amount in respect of the loan on the date it was due to be paid; or

2. The Obligor breaches any of the terms and conditions of the Loan including any representation or confirmation given by the Obligor in this loan agreement

3. Where a bankruptcy petition is filed against the Obligor.

4. Where the Obligor is unable to pay any other party within the meaning of Section 1 of the Bankruptcy Act (Cap 30) Laws of the Federation of Nigeria.

5. Where a situation arises which in the opinion of A1Credit makes it inappropriate for A1 Credit to continue to extend the facility to the Obligor.

6. Where the Obligor defaults in the performance or observance of any other term, condition or covenant herein and such breach or default shall continue unremedied after seven days’ notice shall have been given to the Obligor.

Costs and Expenses

1. The Obligor hereby agrees to pay all administrative costs, charges and expenses (including legal fees) reasonably incurred by A1 Credit in connection with the processing of this loan request.

2. The Obligor hereby agrees to pay all costs and expenses (including legal fees) incurred by A1Credit in connection with any proceedings instituted by or against A1Credit as a consequence of entering into this loan agreement.

Assignment and Disclosure of Information

1. The Obligor consents irrevocably to any future transfer and assignment, however arising of the loan, whether as part of a loan transfer scheme or otherwise.

2. The Obligor authorizes A1Credit to disclose any information or documentation relating to the loan to third parties including credit reference agencies, collection agencies, as well as the Obligor’s employers (where the Obligor is in salaried employment) in the event that the loan has ceased to be serviced by the Obligor.

Variation of Conditions

1. A1Credit reserves the right at all times to vary the terms and conditions of the loan agreement. Any such variation will become effective upon notice to the Obligor by any means A1Credit considers reasonable in the circumstance.


1. A1Credit may at any time with or without notice (a) combine or consolidate some or all of the Obligor’s accounts with it without any liability to A1Credit and (b) set off and transfer any sum standing to the credit of any such account in full or partial payment of any amount the Obligor owes to the Company.

2. This clause is in addition to and does not amend or qualify any other present or future right of A1Credit to combine or set off any of the Obligor’s accounts with it.

Governing Law

1. This loan agreement is governed by Nigerian law and the courts of the Federal Republic of Nigeria have jurisdiction in any matter arising from it.

*This offer is subject to a satisfactory credit report and further verification checks.**


As required by law, A1Credit is mandated to disclose the status of defaulting loans to relevant local or international Credit Bureaus, Credit Monitoring Agencies and Regulatory Bodies.