Loan Terms

These terms and conditions apply to and govern the financial services provided by MAYWOOD LENDING LIMITED LTD. MAYWOOD LENDING LIMITED LTD is a digital finance company authorized by the Central Bank of Nigeria (CBN) to offer financial services to customers through its flagship mobile application, TopChance. These terms and conditions constitute the products of MAYWOOD LENDING LIMITED and stipulate the terms governing the management of this agreement.

By registering for a MAYWOOD LENDING LIMITED account or using any services provided on the MAYWOOD LENDING LIMITED application, you agree to comply with all the terms and conditions in this user agreement. You also agree to adhere to the additional policies applicable to you, including:

Privacy Policy
Acceptable Use Policy
Consent to Electronic Disclosures (Electronic Signature Disclosures and Agreements)

We may revise this user agreement and any listed policies from time to time. The revised versions will become effective upon our publication, unless otherwise stated. If our changes reduce your rights or increase your responsibilities, we will provide you with at least 21 days' notice. Different conditions apply to changes in loan terms and are specified in section 11.0 of this document. By continuing to use our services after any changes to this user agreement take effect, you agree to comply with and be bound by these changes. If you do not agree to these terms and conditions, please do not continue and exit the application immediately. Please note that if we believe you have violated any of these terms, we may terminate our relationship with you after notifying you. If necessary, we will provide you with 21 days' notice in advance.

1. Definitions

The following definitions pertain to these terms of use:

1.1. "Account" or "Wallet" refers to the electronic stored value account created for customer use on MAYWOOD LENDING LIMITED. The account applies to credit, debit, and charges, primarily accessed through the MAYWOOD LENDING LIMITED mobile application on your phone.

1.2. "Agent" refers to any party or device representing the customer facilitating transactions with MAYWOOD LENDING LIMITED, including authorized MAYWOOD LENDING LIMITED agents.

1.3. "BVN" stands for the Bank Verification Number used by the Nigerian banking industry, issued by financial institutions approved by the CBN.

1.4. "CBN" refers to the Central Bank of Nigeria.

1.5. "Content" refers to all information presented on the service or provided through the service, whether text, visual, audio, or other information.

1.6. "Credit" refers to transferring funds into the account or wallet.

1.7. "Debit" refers to funds flowing out of the account or wallet.

1.8. "Primary Customer" refers to a new customer meeting the minimum requirements listed in section 6.9 of this document and defined in CBN three-tier Know Your Customer (KYC) requirements.

1.9. "Level 2 Customer" refers to a MAYWOOD LENDING LIMITED user meeting the minimum requirements listed in section 6.9 and defined in CBN three-tier KYC requirements.

1.10. "Level 3 Customer" refers to a Maywood Leasing Limited user meeting the minimum requirements listed in section 6.9 and defined in CBN three-tier KYC requirements.

1.11. "Linked Bank Account/Card" refers to the bank account, debit card, or credit card associated with your MAYWOOD LENDING LIMITED account. This allows you to transact with funds in your MAYWOOD LENDING LIMITED account.

1.12. "Merchant" refers to any individual or entity using MAYWOOD LENDING LIMITED to provide and/or accept payment for goods or services.

1.13. "Mobile Payment" describes services or processes that allow customers to use channels like mobile phones for various payments.

1.14. "Mobile Phone" refers to GSM or CDMA devices capable of making and receiving calls, sending and receiving SMS, and other communication options.

1.15. "OTP" stands for One-Time Password, used for authorizing transactions or processes.

1.16. "PIN" stands for Personal Identification Number.

1.17. "Product" refers to MAYWOOD LENDING LIMITED products, including person-to-person transfers, bill payments, airtime recharge, MAYWOOD LENDING LIMITED retail payment services, or other merchant products and services provided through MAYWOOD LENDING LIMITED.

1.18. "Registered Phone Number" refers to any phone number registered on MAYWOOD LENDING LIMITED.

1.19. "Service" refers to any product and service provided to customers.

1.20. "MAYWOOD LENDING LIMITED Wallet" refers to the electronic stored value account used for transactions on MAYWOOD LENDING LIMITED.

1.21. "SMS" or "SMS Service" is the standard communication service on GSM phones used to exchange short messages between mobile devices.

1.22. "Investment" refers to funds invested with MAYWOOD LENDING LIMITED for a specified period, offering returns at the prevailing interest rate.

1.23. "Investment Account" refers to your virtual account with MAYWOOD LENDING LIMITED used for investments provided on the application.

1.24. "Loan" refers to the principal amount of the loan and the loan interest and fees to be paid or to be paid through the application under this agreement, or (as context requires) the outstanding repayment amount during the loan period.

1.25. "Prevailing Interest Rate" refers to the interest rate notified to you through the application, which may change from time to time.

1.26. "Credit Bureau" includes any credit bureau formally licensed under the laws and regulations of the Federal Republic of Nigeria to collect and facilitate the sharing of customer credit information.

2. Interpretation

2.1 In addition to the definitions in Section 1, unless the context requires otherwise: singular includes plural, and vice versa.

2.2 References to any gender, whether male or female, include the other gender.

2.3 All headings and subheadings in this agreement are for convenience only and shall not be used for the interpretation of this agreement.

2.4 Schedules and timetables shall be deemed to form part of this agreement.

2.5 In this agreement, "you," "your," "customer," and "borrower" refer to the person applying for this account and agreeing to this agreement, while "we," "us," "our," "lender," and "company" refer to MAYWOOD LENDING LIMITED, and, after transfer, to any person, company, or bank to whom the rights and/or obligations of MAYWOOD LENDING LIMITED are transferred. "Account" refers to the customer's account with MAYWOOD LENDING LIMITED. "Payment Date" refers to the date on which MAYWOOD LENDING LIMITED disburses the loan to the customer's account. "Payment Due Date" refers to the maximum 7-30 days after the loan is disbursed. "Credit Limit" refers to the maximum credit limit available to the borrower when opening an account with MAYWOOD LENDING LIMITED. "Loan" refers to the amount disbursed by MAYWOOD LENDING LIMITED to the borrower.

Section A: General Provisions

3. Authorization and License Scope

3.1 In consideration of your agreement to comply with the terms of this agreement, we grant you a non-transferable, non-exclusive license to use the application on your device, subject to these terms and conditions. We reserve all other rights unless expressly provided in this agreement or allowed by any local laws. You agree to:

3.2 Not rent, lease, sublicense, lend, translate, merge, adapt, alter, or modify the app.

3.3 Not make changes or modifications to the entire application or any part thereof, or allow the application or any part of it to be combined or merged with any other program.

3.4 Not engage in disassembly, decompilation, reverse engineering, or creating derivative works based on the entire or any part of the application, unless such actions are not prohibited because they are essential for achieving interoperability of the application with other software programs, and provided that:

3.5 Information obtained by you in such activities will not be disclosed or conveyed to any third party without our prior written consent, and will not be used to create any software substantially similar to the application.

3.6 Include our copyright notice on all complete and partial copies of the application made by you on any media, and you undertake not to provide or otherwise make available the whole or any part of the application (including object and source code) to any person without our prior written consent.

3.7 Comply with all technical controls or export laws and regulations applicable to the use or support of the application or any services (technology) in your country/region.

4. Account Opening and Usage Conditions

4.1 To use MAYWOOD LENDING LIMITED, you must first register your details through our mobile application to open a MAYWOOD LENDING LIMITED account. As part of the registration process, you need to accept these terms of use and our privacy policy, and you must have the legal capacity to accept these terms and policies. If you subscribe to additional services, you may be required to accept additional terms and conditions.

4.2 If you are an individual, you must be a Nigerian citizen and at least 18 years old to use our services, and by opening a MAYWOOD LENDING LIMITED account, you declare that you are at least 18 years old. This does not apply to products for which we may set different age restrictions. We may request proof of age from you at any time.

4.3 You must provide all information we may request, such as your name, BVN, email address, mobile device number, and any other information we may request from time to time (collectively referred to as "customer information").

4.4 You agree to notify us promptly of any changes to your customer information by updating your profile on the MAYWOOD LENDING LIMITED application, and at least five working days before any changes to your bank account information, including but not limited to the closure of your bank account for any reason. If we approve your registration, you will be authorized to use the account, subject to these terms.

4.5 By opening a MAYWOOD LENDING LIMITED account, you declare and warrant to us that opening the MAYWOOD LENDING LIMITED account does not violate any laws or regulations applicable to you. You shall indemnify us for any losses suffered by us due to your violation of this section.

4.6 By operating the MAYWOOD LENDING LIMITED account, you hereby consent to MAYWOOD LENDING LIMITED collecting, obtaining, storing, and processing the personal data you provide to us during the onboarding process for the purpose of receiving updates, news, promotions, and marketing emails or materials from MAYWOOD LENDING LIMITED.

4.7 If you are the designated holder of the payment instrument, you can only add the payment instrument (such as a bank account, credit card, or debit card) to your MAYWOOD LENDING LIMITED account. We take any actions attempting to add a payment instrument for which you are not the designated holder as fraudulent behavior.

4.8 During registration, you will be asked whether you intend to use your MAYWOOD LENDING LIMITED account for personal or business purposes. If you have any intention to use your MAYWOOD LENDING LIMITED account for business purposes, you must inform us, even if you also intend to use it for personal purposes. If you have declared that you will only use your MAYWOOD LENDING LIMITED account for personal purposes, you must immediately inform us at any time in the future by email (support@maywoodlendinglimited.com) or phone (02018885169) if you intend to use it for business purposes.

5. Personal Information

5.1 To fulfill our Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations, we may request you to provide any or all of the following:

5.1.1 Full name

5.1.2 Date of birth

5.1.3 Bank Verification Number (BVN)

5.1.4 Current address

5.1.5 Your photo

5.1.6 Copy of government-issued valid ID (ID, international passport, permanent voter's card, or driver's license)

5.1.7 Copy of recent utility bills, bank statements, affidavit, or other bills, dated within the last three months, containing your name and address

5.1.8 Any other information or documents required for internal risk assessment.

5.2 You guarantee that all information and records provided to us are true, correct, and accurate. You also commit to notify us of any changes to the information or records you have provided.

5.3 Hereby, you agree and authorize MAYWOOD LENDING LIMITED to verify the information you provide with any third party (including official databases) holding information, such as NIBBS, payment system providers, or any other information database available to MAYWOOD LENDING LIMITED.

5.4 Information for verification that MAYWOOD LENDING LIMITED may use based on the information you provide includes (but is not limited to): your name, phone number, date of birth, address, age, ID or passport number, and any other information that enables MAYWOOD LENDING LIMITED to identify you and comply with regulatory "Know Your Customer" requirements (collectively referred to as "personal information").

5.5 Hereby, you agree and authorize MAYWOOD LENDING LIMITED to collect and verify information, including but not limited to data related to your phone (including but not limited to your phone history), from your device, any SMS from or to you, any third-party applications, and any other information requested by MAYWOOD LENDING LIMITED for providing services ("relevant information"). If you specify someone as your guarantor, you also confirm that you have sought approval from the designated persons and that they are willing to act as guarantors for this loan facility.

5.6 Hereby, you agree that MAYWOOD LENDING LIMITED may verify personal information and relevant information and use such personal information and relevant information to provide services to the extent necessary in the opinion of MAYWOOD LENDING LIMITED.

5.7 Hereby, you agree and authorize MAYWOOD LENDING LIMITED to obtain and retrieve your personal information and relevant information from relevant sources (private and official databases), and you further agree and consent that we or our third-party partners may disclose and provide such personal information.

5.8 You agree to indemnify and hold MAYWOOD LENDING LIMITED and third-party partners harmless from any claims, losses, liabilities, and expenses (including legal fees and costs) arising from the disclosure and reliance on such personal information and/or relevant information.

5.9 MAYWOOD LENDING LIMITED reserves the right to request further information from you regarding your use of the service at any time. Failure to provide such information within the time requested by MAYWOOD LENDING LIMITED may result in the rejection of your account application or application for access to the service.

5.10 You acknowledge and agree that when MAYWOOD LENDING LIMITED or our third-party service providers access and retrieve information from these third-party websites, MAYWOOD LENDING LIMITED and our third-party service providers are acting as your agents and not as agents or representatives of the third party.

5.11 Maywood Lending Limited advises its customers not to provide their financial details, such as Bank Verification Number (BVN), OTP (One-Time Password), and other sensitive financial information, to anyone or third party. Maywood Lending Limited will not be liable if these details are disclosed.

6. Transactions

6.1 You can access the available funds in your account at any time. While we make every reasonable effort to provide services as described in our marketing and educational materials, we provide the service "as-is" without any guarantees.

6.2 All payments will be processed in the local currency of Nigeria (i.e., Naira).

6.3 MAYWOOD LENDING LIMITED will send you receipts for all transactions made from your MAYWOOD LENDING LIMITED account; these messages may be sent via SMS, email, or other available channels.

6.4 Certain transactions may require you to enter a pre-configured PIN, and you are solely responsible for maintaining the confidentiality of your PIN and account login details. You must protect the confidentiality of your PIN and login details and prevent fraudulent use.

6.6 As per CBN requirements, your account or wallet has daily limits. You can increase or decrease these limits by providing the required information to MAYWOOD LENDING LIMITED, but you must comply with the restrictions listed in Section 6.9 and adhere to CBN regulations.

6.7 Your account will be credited for any deposits and will be immediately available for transactions after clearing.

6.8 We will verify and confirm any records of deposits into your account. Unless proven otherwise, our records will be deemed correct.

6.9 The table below outlines the customer classifications adopted by MAYWOOD LENDING LIMITED at KYC levels and the applicable transaction limits. You may not withdraw, transfer, or make any payments exceeding the limits defined for your category per transaction or daily. If you attempt to exceed any applicable limit, your transaction will be rejected.

MAYWOOD LENDING LIMITED may reasonably change limits in accordance with regulations set by the Central Bank of Nigeria (CBN) and will notify customers of any changes. If your account receives deposits exceeding the transaction limits for your category, we will notify you to upgrade your account to the category applicable to such deposits within seven (7) days. If you fail to upgrade your account to the required category, we reserve the right to impose restrictions on your account until the required category is attained.

6.10 For clarity, please note that some transaction limits may be further reduced from approved CBN limits. This may be based on channels or specific types of transactions as part of our risk management processes.

6.11 You commit to complying with the applicable anti-fraud and anti-money laundering regulations during your use of MAYWOOD LENDING LIMITED. In particular, you undertake to promptly respond to any requests from MAYWOOD LENDING LIMITED or regulatory or judicial authorities concerning any suspected fraudulent or money laundering activities on your account.

6.12 Your violation of anti-fraud and anti-money laundering regulations constitutes a severe breach of these User Terms, and we reserve the right to immediately suspend or close your account.

6.13 The proceeds of transactions suspected of fraud or money laundering shall be held by MAYWOOD LENDING LIMITED pending internal determination or judicial or administrative decisions.

6.14 In processing your transactions, MAYWOOD LENDING LIMITED shall comply with the 2011 "Money Laundering (Prohibition) Act" (as amended).

7. Funds and Withdrawals from Your Account

7.1 After opening an account, you will be assigned a bank account. This account will be required when you or a third party intends to fund your account. Apart from any restrictions applicable to this account, funds may be deposited into your account through transfers from other account holders on the MAYWOOD LENDING LIMITED application, bank transfers to your account, and cards. If an approved loan is disbursed into this account, it may also be funded by MAYWOOD LENDING LIMITED.

7.2 You can transfer funds from your account to other accounts on the MAYWOOD LENDING LIMITED application and to any bank account in Nigeria.

7.3 We may not process your transfer or payment under the following circumstances:

7.3.1 If your instructions are unclear.

7.3.2 If your funds are insufficient.

7.3.3 If your MAYWOOD LENDING LIMITED account is suspected of involvement in criminal, fraudulent, or illegal activities.

7.3.4 If your MAYWOOD LENDING LIMITED account is suspected of unauthorized access.

7.3.5 If legal restrictions prevent us (and/or our partners) from completing the transfer.

7.3.6 If it exceeds your payment limits (if applicable).

7.3.7 If your account has been dormant for more than 12 months.

7.3.8 If, under Nigerian payment system regulations or any applicable laws, we are prohibited or restricted from doing so.

7.4 You are responsible for providing correct details for your transfer or payment recipient. If a payment is made based on your instructions and those instructions are incorrect but authorized, we will cooperate with our partners to assist you in recovering the amount if you notify us promptly. If we are unable to retrieve the payment, we will assist by providing relevant information we possess to aid in your fund recovery.

7.5 You may need to set a password/personal identification code (PIN) to transact with this account. When you enter the password to confirm a transaction, you acknowledge that we may consider the transaction as authorized.

7.6 Amounts overdrawn from your account may be considered immediately due and payable to us as a loan.

8. Prohibited Transactions

8.1 Sending or receiving payments in exchange for the sale or supply of the following items is strictly prohibited:

Narcotics and drug paraphernalia
Weapons (including but not limited to knives, firearms, or ammunition)
Satellite and cable TV descramblers
Adult materials, materials inciting violence, hatred, racism, or deemed offensive
Government identification and licenses, including replicas, novelty items, and any counterfeit
Unlicensed or illegal lotteries or gambling services (including but not limited to the use or participation in illegal casinos)
Unregistered charity services, projects encouraging or promoting illegal activities
Prepaid debit cards or other stored value cards unrelated to specific merchants, not limited to the purchase of specific products or services
Multi-level marketing, pyramid schemes, Ponzi schemes, matrix programs, or other "get rich quick" or high-yield investment programs
Goods or services that infringe on third-party intellectual property rights
Activities defined by the Central Bank of Nigeria and the law as illegal in the Federal Republic of Nigeria.

8.2 Payment to or receiving payments from individuals or entities providing illegal gambling services, including (but not limited to) illegal sports betting, casino games, and poker games, is strictly prohibited. If we believe that you are directly or indirectly using or have used your MAYWOOD LENDING LIMITED account for illegal gambling transactions, we may suspend or terminate your MAYWOOD LENDING LIMITED account at any time or refuse to execute or revoke transactions.

8.3 Using your MAYWOOD LENDING LIMITED account for any illegal purpose, including but not limited to fraud and money laundering, is strictly prohibited. We will report any suspicious activity to relevant law enforcement agencies.

We reserve the right to, at our discretion, add categories of prohibited transactions by adding such categories to these terms and conditions. If you violate the prohibition by engaging or attempting to engage in any transaction, we reserve the right to:

Void the transaction
Close or suspend your MAYWOOD LENDING LIMITED account
Report the transaction to relevant law enforcement agencies
Claim damages from you. If we adopt any of the above measures, a management fee may be charged to you.

9. Liability

If unauthorized payments or payments erroneously executed due to our error occur, we will promptly refund the payment amount upon your request, including all charges deducted from it. This does not apply to:

9.1 If unauthorized payments are due to your failure to protect the personalized security features of your MAYWOOD LENDING LIMITED account, in which case, you will continue to be responsible.

9.2 If you fail to promptly notify us of the loss of your password or any other event reasonably expected to jeopardize the security of your MAYWOOD LENDING LIMITED account, you shall be responsible for any losses occurring before you notify us of such an event.

9.3 If a transaction is unauthorized but you intentionally or with gross negligence compromise the security of your MAYWOOD LENDING LIMITED account, or if you fail to dispute and bring to our attention any unauthorized or erroneously executed transactions within 2 weeks of the transaction date, you shall be fully responsible for all losses.

9.4 Clause 9.3 does not apply to transactions conducted by you after notifying us under clause 9.0, in which case, we will continue to be liable and promptly refund any unauthorized transactions.

9.5 Without prejudice to the above provisions, we ask you to regularly and frequently check the transaction history of your MAYWOOD LENDING LIMITED account and immediately contact customer service if you have any questions or concerns. Contact can be made through email (support@maywoodlendinglimited.com) or phone (02018885169).

9.6 In the event of any incorrect or erroneous payments, we will take reasonable measures to assist you in tracking and recovering such payments.

9.7 Except as provided above, we are not liable for any interruption or damage to our services or to intermediary services relied upon to fulfill obligations under this agreement, provided such interruption or damage is due to circumstances beyond our reasonable control and unforeseeable, or within the control of the affected intermediary.

9.8 None of the provisions in these user terms shall exclude liability for death or personal injury resulting from negligence or fraudulent misrepresentation, or any liability that cannot be excluded or modified by mutual agreement.

10. Statements

10.1 Statements and activity reports concerning your account will be provided upon request. Requests should be made through the contact link on the application.

10.2 Statements on the application shall provide detailed information on transactions in your account initiated from your device most recently.

10.3 Your statements will display all transactions made from your account. You must carefully review your statements and promptly notify MAYWOOD LENDING LIMITED if there are any transactions you believe to be errors or not in accordance with your instructions, or other items, no later than 48 hours after receiving your statement.

10.4 MAYWOOD LENDING LIMITED may correct discrepancies, add, or change entries in your statement to reflect the accurate position of your transactions without notifying you unless there are obvious errors.

10.5 Statements issued to you regarding your account should be conclusive evidence of transactions made on your MAYWOOD LENDING LIMITED application during the period covered by the statement, except in cases of obvious errors.

Section B: Our Loans

These terms apply to and govern the microcredit measures provided by MAYWOOD LENDING LIMITED's TopChance service to borrowers. Here is a summary of the service:

Loan Offer: These terms constitute an invitation from the lender and specify the terms governing this agreement.
TopChance Application: TopChance is part of the services provided by MAYWOOD LENDING LIMITED's finance company, and you set up a loan account through this application.
Open Credit Plan: MAYWOOD LENDING LIMITED offers an open credit plan, and by accepting, you use the TopChance application to access direct loans or credit facilities. You agree that the account is subject to transaction fees and default charges, governed by the laws of the Federal Republic of Nigeria.

When applying for a loan, you'll be required to provide information such as your date of birth and bank verification number for verification purposes.

How to Use the TopChance Loan Account

This is an open credit account, and through TopChance, you can access direct loans or credit facilities. Repayments can be made in the future via cash transfer or electronic payments (either manual or automatic) from your debit/credit card, with a fixed interest rate of up to 1% per day on the due date.

11. Definitions

In this agreement:

"You," "Your," "Customer," and "Borrower" refer to the person applying for this account and agreeing to this agreement.
"We," "Our," and "Lender" refer to MAYWOOD LENDING LIMITED finance company, and in the event of a transfer, any individual, company, or bank to whom the rights and/or obligations of the lender have been transferred.

11.1. "Account" refers to the borrower's account with the lender.

11.2. "Payment Date" is the date on which the lender disburses the loan amount to the borrower.

11.3. "Due Date" is the date by which installment payments are to be repaid.

11.4. "Credit Limit" is the maximum credit amount available to the borrower when opening an account with the lender.

11.5. "Loan" refers to the amount pre-advanced by the lender to the borrower, not less than 1000 Naira (only 1000 Naira).

12. Loan Fees

12.1. Any loan fees you incur for the loan should be displayed on the application.

12.2. Failure to repay will incur late fees, capped at 5% for each month of delay. Interest on the unpaid amount will continue to accumulate after the due date at the rate quoted at the time of loan disbursement, not exceeding 15%.

12.3. Loan fees may be subject to periodic increases or decreases. Changes in loan fees will take effect on the borrower's account after at least 7-30 days of written notice.

12.4. If the borrower wishes to settle the loan before the loan end date (final due date), they can contact Maywood Lending Limited at support@maywoodlendinglimited.com to understand the reduction in the total amount due due to the early termination of the loan.

13. Borrower's Obligations

13.1. Payment Obligation: Pay the loan amount, including any convenience, default, or penalty fees, fixed interest rates, and other amounts payable to the lender. The borrower undertakes to pay these amounts as per the terms of this agreement on or before the due date.

13.2. Authorization for Loan Application: The lender reserves the right to assume that the borrower has authorized any loan application made using this account on behalf of the borrower. The borrower will be deemed responsible for any unauthorized applications made using this account unless the borrower notifies the lender in writing within 24 hours of fraud occurrence.

13.3. Repayment Methods: Repay the loan through direct cash transfers to the bank account listed by the lender, electronic debits from the card/account provided by you on the due date, or via acceptable electronic channels.

13.4. Early Repayment: The lender reserves the right to accept early repayment before the due date, provided the borrower gives sufficient notice and repays the loan amount along with the fixed interest. Repaying the loan through an electronic debit card might be subject to the following specified conditions:

13.4.1. A one-time processing fee will be charged when the customer sets up a new debit card on the account for the first time. If the card expires or is about to expire, you will need to obtain a renewed card from your bank or provide another personal debit card.

13.4.2. The lender shall deduct from the card setup on the repayment due date. No transactions other than scheduled repayments will be made on the card. In case of a double payment initiation, we will make reasonable efforts to process the refund promptly.

13.4.3. If you use a third party's card without their consent in your account, you hereby indemnify us against any and all losses, legal liability, or damages.

13.4.4. If your bank account defaults or has insufficient funds, you hereby authorize us to continue charging any other card listed in your account or personal details until the debt is settled.

13.4.5. You understand and agree that we do not store card details on our platform, and card details shall be processed through a secure payment gateway that complies with PCI DSS.

13.5. Provide Accurate Information: Provide true and up-to-date personal, social media, phone, and financial records that we may reasonably request and analyze from time to time.

13.6. Indemnification: Compensate and hold the lender and its representatives (each, "Indemnified Person") harmless from and against any and all lawsuits, actions, legal proceedings, claims, damages, losses, liabilities, and expenses (including but not limited to attorney's fees and expenses and other investigative or defense costs, including those incurred in any appeal) that may be brought against or incurred by any Indemnified Person due to or arising out of:

13.6.1. The exculpation of credit provided, suspended, or terminated under this agreement; or

13.6.2. Any action or inaction related to the management of any loan document and such credit or any transaction anticipated under this agreement or any dispute between any party under this agreement or any loan document (collectively, "Indemnified Liability");

13.6.3. Provided, however, that Borrower shall have no obligation to indemnify Indemnified Persons for any Indemnified Liability that arises solely from the gross negligence or willful misconduct of the Indemnified Person.

13.7. Other Agreements:

13.7.1. Do not provide false information or signatures to us at any time, whether electronic or otherwise.

13.7.2. Pay any late fees or penalties as specified in these terms and conditions.

13.7.3. Make all payments through direct debit card or electronic fund transfers as described in the application form.

13.7.4. Notify us promptly if you change your name, mailing address, email address, or phone number.

13.7.5. Fulfill any other commitments you make in this agreement.

13.7.6. Acceptance of this account is only allowed if you have reached the legal age and are capable of entering into a valid contract.

13.7.7. Do not use TopChance for any illegal or criminal activities, as Maywood Lending Limited will not bear any criminal responsibility for any illegal activities committed by you.

13.7.8. Authorize the lender to deduct the full repayment before the due date if the loan is determined to have been obtained by fraudulent means.

13.7.9. Complete the application form (if provided) as requested and provide accurate information and details.

14. Lender's Obligations

14.1. Loan/Credit Facility Provision: Provide the borrower with a loan/credit facility not less than 1,000.00 Naira (only 1,000 Naira).

14.2. Execution After Identity Confirmation: Execute the above operations after confirming the borrower's identity and personal information.

14.3. Timely Repayment Request: Request timely repayment from the borrower.

14.4. Investigation Before Account Opening: Conduct an investigation on the borrower before opening an account for the borrower.

14.5. Collection of Amounts: Collect, in all reasonable and legal ways, the amounts, default fees, transaction fees, and any other penalty charges imposed on the borrower due to the loan.

14.6. Card Details Storage Prohibition: Do not store or save the debit card or credit card details provided by the borrower in the application form.

15. Credit Reference

15.1. When considering any credit application, the lender or its officially authorized representative/agent will utilize specialized credit agencies to assess the borrower's credit report.

15.1.1. The borrower authorizes the lender to access any information provided by credit agencies to the lender.

15.1.2. The borrower also agrees that the lender's details (including card details) and the decision on the loan application may be registered with credit agencies.

16. Notifications

16.1. The borrower agrees that the lender may communicate notices, messages, alerts, and statements related to this agreement through the following means:

16.1.1. To the most recent physical address archived by the lender for the borrower.

16.1.2. By delivering to any email address provided during the application process.

16.1.3. Through SMS to any mobile phone number provided by the borrower.

16.1.4. Posting such notices on the lender's website.

17. Events of Default

Default under this agreement shall occur in the following circumstances:

17.1. The borrower fails to repay the full amount according to the repayment schedule provided to the borrower on or before the due date.

17.2. The borrower makes or has made any statement/material representation, warranty, or guarantee in connection with this loan application that is later found to be significantly erroneous, or any material provided by the borrower is found to be significantly erroneous.

17.3. The borrower takes any action that may prejudice the rights of the lender under this agreement or result in any loss or damage to the lender.

17.4. If any default by the borrower occurs under the above Section 17.0:

17.4.1. The lender reserves the right to assign its rights, title, and interest under this agreement to an external collections agency, which will take all reasonable steps to collect the outstanding loan amount.

17.4.2. The lender also reserves the right to initiate legal proceedings against the defaulting borrower, with no obligation to notify the borrower before commencing such litigation.

17.4.3. The borrower shall indemnify and hold harmless the lender and its representatives ("Indemnified Parties") from any and all suits, actions, legal proceedings, claims, damages, losses, liabilities, and expenses (including but not limited to attorneys' fees and expenses and other investigative or defense costs, including those incurred in any appeal) that may be brought against or asserted or incurred by any Indemnified Party for or in respect of:

17.4.3.1. The extension, suspension, or termination of credit under this agreement,
17.4.3.2. The management of any loan document and such credit, and any action or inaction relating thereto, and any dispute between any parties under this agreement or any loan document, and arising out of or in connection with any such action or inaction (collectively, "Indemnification Liability");
17.4.3.3. provided, however, that the borrower shall have no indemnification liability for any such suit, action, legal proceeding, claim, damage, loss, liability, or expense to the extent solely and directly caused by the gross negligence or willful misconduct of the Indemnified Parties.

18. Data Protection and Customer Consent

18.1. The processing of your data is governed by our Privacy Policy on our website. By accepting these Terms of Use, you also agree to the terms of our Privacy Policy, Anti-Money Laundering Policy, and all other policies displayed on our website. You should print and retain copies of the Privacy Policy and these Terms of Use.

18.2. By default, you will receive email communications notifying you of new product features, events, promotions, special offers, etc. By accepting these Terms of Use, you agree to regularly receive such email communications. If you do not wish to receive any communication from us, you can opt-out at any time by logging into your MAYWOOD LENDING LIMITED account and changing the appropriate settings in your MAYWOOD LENDING LIMITED account notification preferences. You can also opt-out of receiving communications by contacting customer service. Any email communication you receive will also provide you with the option to unsubscribe from any future communications. However, you cannot opt-out of system, transaction, or account critical email notifications from MAYWOOD LENDING LIMITED.

18.3. When you register on the MAYWOOD LENDING LIMITED application, you need to provide us with information such as your name, email, gender, and date of birth. In certain cases, we may request additional information for security reasons or to provide you with specific services.

18.4. You can change your personal information on MAYWOOD LENDING LIMITED by contacting customer service or accessing your account details in the application. Some information will be updated immediately, while other information may require further verification before being updated.

18.5. When you use MAYWOOD LENDING LIMITED from your device, we may collect information about your browser type, location, IP address, and the pages you visit for security purposes.

18.6. When using our mobile application, we request access to your phone contacts, which will only be uploaded to our servers with your explicit permission. We will not share your contacts with any third party.

18.7. When using our mobile application, we request permissions for the following features:

Camera: Allows you to take profile photos, scan and capture payment card details for easier and faster payments.
Photo Library: Allows you to access photos as an optional source for a profile picture.
Fingerprint or Face Recognition: Allows you to securely log into the application. We will only request permission the first time a user attempts to use these features. Subsequently, users can manage access permissions through the device's settings.

18.8. We must retain details of transactions or payments made through MAYWOOD LENDING LIMITED after the transaction is completed. This information will only be provided to third parties in cases required by law or provided to our representatives, professional advisors, or external third-party service providers under the same confidentiality obligations, to enhance our services to you. We will take all reasonable measures to ensure that your data is handled securely and complies with our Privacy Policy.

18.9. You agree that your information (including your personal information), telephone conversations with our customer service, and your transactions can be recorded and stored for record-keeping purposes for up to five (5) years from the date of closure of your account.

By clicking "I agree to the terms and conditions" as your electronic signature on the application form, you understand, agree, and consent:

We may provide materials and other information regarding your legal rights and obligations electronically. Your electronic signature on agreements and documents has the same effect as if you signed them with ink or any other physical means. All important communications, bills, demand explanations, and reminders ("Disclosures") will be sent to you electronically via SMS or the email address provided to us during the loan application. When a Disclosure is available, we will remind you through electronic communication. Our emails will inform you how to view the Disclosure. We will provide the Disclosure either on the date initially made available to you or the date we send the email notifying you it is available. You will be able to print copies of the Disclosure or download information for your records. This consent applies to this transaction, all future Disclosures on this account, all future transactions you conduct with us using MAYWOOD LENDING LIMITED payment options at any time, and any other Disclosures provided to you by email by us, unless you withdraw your consent as provided below.
By agreeing, you consent that electronic Disclosures have the same meaning and effect as Disclosures provided to you in paper. When we send you an email notifying you a Disclosure is available electronically and online through our website, whether or not you choose to view the Disclosure, it will have the same meaning and effect as if we provided you with a paper Disclosure, unless you previously withdrew your consent to receive Disclosures electronically.

18.10. We use server firewalls and encryption to secure your account information during transmission and storage. We also use automation and social measures to enhance security, such as analyzing account behavior for signs of fraud or other abnormal activities. This may restrict the use of MAYWOOD LENDING LIMITED features in response to potential misuse, and accounts may be suspended or disabled for violation of our customer terms and conditions.

18.11. Unless otherwise stated, our current Privacy Policy applies to all information we have about you and your account. We recommend checking our application regularly for changes to our Privacy Policy.

18.12. For more detailed information, please refer to the Privacy Policy on this application, as it explains how we use and collect your information.

19. Anti-Money Laundering and Counter-Terrorism Financing

19.1. To comply with relevant Anti-Money Laundering (AML) obligations, we may request information about transactions conducted on your account, including (a) recipient details, (b) the source of funds for transfers, and (c) the purpose of transfers or payments. You acknowledge that you will provide all requested information related to this transaction.

19.2. You also agree that if you refuse to provide the requested information or if any information provided is untrue or inaccurate, we may cancel any transaction, suspend your account, or refuse to open an account in your name.

19.3. Please note that for certain transactions, we or our third-party partners may need to submit AML or related reports to relevant regulatory authorities (without further notice to you). These reports may include detailed information about your personal details, transactions, investment activities, or the operation of any services we provide or propose to operate.

20. Termination and Suspension

20.1. If you violate any terms specified in this document, we may, with 21 days' prior notice, terminate your MAYWOOD LENDING LIMITED account or any payment services associated with it.

20.2. You can terminate your MAYWOOD LENDING LIMITED account with us at any time.

20.3. Along with termination notice or at any time thereafter, we may provide you with reasonable instructions on how to withdraw any remaining funds.

20.4. If you breach any conditions of these Terms of Use or any other conditions applicable to specific services covered by separate terms and conditions, we may suspend or terminate your MAYWOOD LENDING LIMITED account at any time. In such cases, a 21-day notice will be provided unless:

You violate or we have reason to believe that you have violated any laws or regulations applicable to your use of our services.
We have reason to believe you are engaged in any fraudulent activity, money laundering, terrorism financing, or other criminal activities.

20.5. We may suspend your MAYWOOD LENDING LIMITED account at any time if:

We have reason to believe your MAYWOOD LENDING LIMITED account has been compromised or for other security reasons.
We suspect your MAYWOOD LENDING LIMITED account is being used or has been used without your authorization or fraudulently.

We will notify you before or immediately after suspension, except in cases where we are unable to notify you in advance. In addition to termination for default, we may terminate this agreement at any time for any reason as required by applicable law. Termination notices will be sent in writing to the address you provided. If this account has had no debits or credits for twelve (12) consecutive months, we may terminate this account without notifying you. Upon termination due to default, you will be ineligible to apply for credit in the future.

21. Tax

21.1. All payments you make under these terms and conditions or any services provided by MAYWOOD LENDING LIMITED are calculated without consideration for any taxes due from you or related to the services. If any taxes are due in connection with any payment, you must ensure the payment of such taxes and pay MAYWOOD LENDING LIMITED an additional amount to enable MAYWOOD LENDING LIMITED to receive the full amount it would have received had such taxes not been applicable.

21.2. You hereby agree and consent that MAYWOOD LENDING LIMITED may withhold amounts in your account if required by any tax authority, or by law or regulations, or if MAYWOOD LENDING LIMITED needs to comply with any applicable directives or sanctions from tax authorities. However, you will be notified if such deductions are made.

21.3. All payments made under this agreement shall be paid in full, without any offset or counterclaim, unless otherwise provided by law, and without any deduction or withholding. If you are required to make any deduction or withholding from any payment to MAYWOOD LENDING LIMITED at any time, you shall immediately pay MAYWOOD LENDING LIMITED an additional amount to enable MAYWOOD LENDING LIMITED to receive the full amount it would have received had no such deduction or withholding been required.

22. Communication between Us

22.1. If you wish to contact us or if any condition in these terms and conditions requires you to notify MAYWOOD LENDING LIMITED, you may send such communication to us via email at support@maywoodlendinglimited.com or to any email address we may provide to you from time to time. We will confirm the receipt of such notice by written communication through email.

22.2. If we need to contact you or provide written notice, we may do so by posting such notices on our website, the application, via email, or SMS to the mobile number or email address you provided to us.

23. Ensuring the Security of Your Account

23.1. You are responsible for safeguarding the security information associated with your account and the MAYWOOD LENDING LIMITED application. If you suspect the security of your account may have been compromised, you need to notify us promptly. Change your password and any other security credentials immediately. MAYWOOD LENDING LIMITED is not responsible for transactions where your account access is threatened, malware is present, or due to interference beyond our control.

23.2. You agree to keep your password confidential and will be responsible for all use of your account and password. If we decide that the username you have chosen is inappropriate or otherwise offensive, we reserve the right to delete, reclaim, or change the username you have chosen.

24.Deposit Insurance Scheme

24.1. The funds in your account are protected by the Nigerian Deposit Insurance Scheme, subject to the prevailing limits set by the Nigeria Deposit Insurance Corporation.

25. General

25.1. The partial exercise of any right, power, or remedy shall not preclude further or other exercise of such right, power, or remedy.

25.2. The failure or delay by MAYWOOD LENDING LIMITED to exercise any right or remedy relating to any term of this agreement (including the right to demand repayment of any outstanding amount on the due date) shall not be deemed a waiver of such right or remedy.

25.3. If any term or part of a term of this agreement is deemed invalid or unenforceable by any court having jurisdiction, such invalidity or unenforceability shall not affect the validity of the other terms or parts of terms, and all terms shall remain in full force.

25.4. MAYWOOD LENDING LIMITED reserves the right to assign or transfer its rights and obligations under this agreement, including its rights to the lent funds or obligations for amounts owed under this agreement, to another person. If such a transfer results in changes that may affect your services, we may notify you. You may not assign or transfer any rights or obligations under this agreement to any other person.

26. Entire Agreement

26.1. These terms and conditions, along with our privacy policy, constitute the entire agreement between you and us, superseding and eliminating all prior written or oral agreements, commitments, warranties, guarantees, representations, and understandings between us on their subject matter.

26.2. You acknowledge that, in entering into this agreement, you have not relied on any statements, representations, warranties, or guarantees (whether negligent or innocent) that are not expressly stated in these terms and conditions or our privacy policy.

27. User Representations

By using this website, you represent and warrant that:

27.1. All registration information you submit will be true, accurate, current, and complete; (2) you will maintain the accuracy of such information and promptly update such registration information as necessary;

27.2. You have legal capacity and agree to abide by these terms and conditions.

27.3. You are not under the age of 18;

27.4. You will not use the product for money laundering, according to the Nigerian Anti-Money Laundering Act of 2011.

27.5. You will not access the website by automatic or non-human means, whether through robots, scripts, or otherwise.

27.6. You will not use this website for any illegal or unauthorized purpose.

27.7. Your use of the website will not violate any applicable laws or regulations.

If you provide any information that is untrue, inaccurate, not current, or incomplete, we have the right to suspend or terminate your account and refuse any current or future use of the website (or any portion thereof).

28.Applicable Law and Dispute Resolution

28.1. This agreement shall be governed by and construed under the laws of the Federal Republic of Nigeria. In the case of any disputes or complaints, you can write to us at support@maywoodlendinglimited.com, and we will make every effort to resolve it internally at the earliest. If that is not possible, the dispute will be resolved through private arbitration.

28.2. The parties shall use their best efforts to resolve any dispute, controversy, or claim of any nature arising out of or relating to this agreement or in connection with this agreement.

29. Intellectual Property

29.1. Unless otherwise specified, this website is our proprietary property. All source codes, databases, functionality, software, website design, audio, video, text, photographs, and graphics (collectively referred to as "Content") on this website, as well as the trademarks, service marks, products, and logos ("Marks") contained therein, are owned or controlled by us or licensed to us, and are protected by copyright and trademark laws under Nigerian, foreign judicial jurisdictions, and international conventions, as well as various other intellectual property and unfair competition laws.

29.2. The Content and Marks on the website are provided for your information and personal use only. Unless expressly specified in these terms and conditions, you may not copy, reproduce, aggregate, republish, upload, post, publicly display, encode, translate, transmit, distribute, sell, license, or otherwise exploit any part of the website, Content, or Marks for any commercial purpose without our express prior written permission.

If you are eligible to use this website, you will be granted a limited license to access and use this website and download or print copies of any Content you have properly obtained access to, solely for personal, non-commercial purposes. We reserve all rights not expressly granted to you, including ownership of the website, content, and trademarks.