Please read these terms carefully before using our services
These Terms & Conditions ("Agreement") constitute a legally binding agreement between you ("Borrower", "User", "Customer") and SPEP MULTIPURPOSE ENTERPRISE ("Company", "we", "us", "our") regarding your use of our loan application, website, and related services.
By registering for an account, applying for a loan, or using any of our services, you acknowledge that you have read, understood, and agree to be bound by these terms.
To use our services, you must meet the following requirements:
You agree to provide accurate, complete, and truthful information during the loan application process. Providing false information constitutes fraud and may result in legal action.
We use proprietary credit scoring algorithms, BVN verification, and third-party credit bureau reports to assess your creditworthiness. We reserve the right to approve or decline any loan application at our sole discretion.
Loan amounts range from ₦5,000 to ₦500,000 for first-time borrowers, subject to increase based on repayment history. Loan tenure ranges from 15 to 90 days. Interest rates start from 1.5% per month and vary based on credit score.
While we aim for 5-minute approvals, actual time may vary based on verification requirements. Approval is not guaranteed and depends on meeting all eligibility criteria.
Interest is calculated using simple interest method: Principal × Interest Rate × (Tenure in days / 30 days). Rates range from 1.5% to 5% per month based on credit score.
A one-time processing fee of 2.5% of the loan amount is charged. This fee covers BVN verification, credit checks, and administrative costs.
The total repayment amount includes principal + interest + processing fee. A full breakdown is provided before loan acceptance. Example: ₦100,000 for 30 days at 1.5% = ₦100,000 + ₦5,000 interest + ₦2,500 fee = ₦107,500 total repayment.
Approved loans are disbursed to your registered bank account via Paystack. Disbursement typically occurs within 5-30 minutes after approval. We are not responsible for bank delays.
By accepting a loan, you authorize SPEP MULTIPURPOSE ENTERPRISE to automatically deduct repayment amounts from your registered ATM card or bank account on the due date. This authorization remains valid until full loan repayment.
We send SMS and email reminders 7 days, 3 days, and 1 day before the due date. However, you are solely responsible for remembering your repayment date.
Early repayment is encouraged and results in reduced interest. Interest is calculated on actual days used. No prepayment penalties apply.
If auto-debit fails, you must make manual repayment immediately. Each failed auto-debit attempt incurs a ₦500 failed transaction fee.
A loan is considered in default if not fully repaid within 7 days after the due date.
Defaulted loans are reported to credit bureaus (CRC Credit Bureau, CR Services, etc.), negatively affecting your credit score for up to 7 years.
We may employ collection agencies, legal action, or other lawful means to recover defaulted loans. You agree to pay all collection costs, including legal fees (minimum 20% of outstanding amount).
Defaulters are blacklisted from all future loans with us and may be reported to industry-wide blacklists shared with other lenders.
You authorize us to verify your BVN and NIN through licensed verification channels (Paystack, NIMC, NIBSS). This includes accessing your identity information, bank accounts, and transaction history.
We may share your information with credit bureaus, verification services, and regulatory authorities as required by law. We do not sell your personal data.
We are fully NDPR compliant. Our Privacy Policy details how we protect your data.
You agree to:
You are prohibited from:
We reserve the right to suspend or terminate your account for:
Upon termination, all outstanding loans become immediately due and payable.
To the maximum extent permitted by law, SPEP MULTIPURPOSE ENTERPRISE shall not be liable for:
Our total liability shall not exceed the loan amount you received.
Our services are provided "as is" without warranties of any kind. We do not guarantee:
You agree to indemnify and hold SPEP MULTIPURPOSE ENTERPRISE harmless from any claims, damages, losses, or expenses arising from:
We reserve the right to modify these terms at any time. Changes are effective immediately upon posting. Continued use of our services constitutes acceptance of modified terms. Material changes will be notified via email or SMS.
These terms are governed by the laws of the Federal Republic of Nigeria. Any disputes shall be resolved through:
If any provision of these terms is found unenforceable, the remaining provisions remain in full force and effect.
These terms, along with our Privacy Policy, constitute the entire agreement between you and SPEP MULTIPURPOSE ENTERPRISE, superseding all prior agreements.
For questions about these Terms & Conditions: