1. Definitions & Interpretations
For the purposes of the Terms:
"Terms" means these terms, consisting of:
- any other relevant specific terms, policies, disclaimers, rules and notices agreed between the parties, (including any that may be Website/Applicable to a specific section or module of this web site);
- Distrehub means Distrehub Ltd. Distrehub is a licensed Direct lending platform.
- Visitor or You means any person who visits this web site.
- User means a person that has signed up on the Distrehub platform, and holds a client account, for the purpose of ordering inventory and/or borrowing.
- A word defined or assigned a meaning in the Terms will start with a capital letter. All headings are inserted for reference purposes only and must not affect the interpretation of the Terms. Whenever including or include, or excluding or exclude, together with specific examples or items follow a term, they will not limit its ambit.
- Terms other than those defined within the Terms will be given their plain English meaning. References to any enacent will be deemed to include references to the enacent as re-enacted, amended, or extended from time to time. A reference to a person includes a natural and juristic person and a reference to either party includes the party’s successors or permitted assigns.
- Unless otherwise stated in the Terms, when any number of days is prescribed in the Terms the first day will be excluded and the last day included. The rule of construction that an agreement must be interpreted against the party responsible for its drafting or preparation does not Website/Apply.
West African Time or GMT +1 will be used to calculate any times.
- About Distrehub:
This web site is owned, managed, and administered by Distrehub Ltd. Distrehub is a business that provides access to Distributors and provides credit facilities to retailers through virtual means such as the Internet.
Distrehub is fully compliant with the money lending legislative requirements of Nigeria and promotes responsible lending and borrowing. Distrehub also strives to provide superior administration and management of client accounts.
1.3 Use of The Website
- License to use this website
Distrehub grants each Visitor a limited, revocable license to use this web site subject to the Terms. Any person wishing to use this web site contrary to the Terms must obtain prior written consent from Distrehub Ltd. The information offered on this web site is for the Visitor’s guidance only.
The information offered is for quotation purposes only, and is subject to change on final submission of an Application. Distrehub has taken every care to ensure that the information provided on this web site is reliable by using sources we believe to be accurate. However, the accuracy of the information (including pricing, rates, fees, and charges), cannot be guaranteed.
- Sufficient particulars
In order for Distrehub to provide a Visitor with appropriate advice and/or quotations on products, it is important that a Visitor provides Distrehub with sufficient particulars of their financial affairs. Failure to make a full disclosure could result in the advice of Distrehub being compromised and may result in a Visitor thus making a financial commitment to a product in appropriate to their needs and objectives.
No person, business, or web site may frame this web site or any of the pages on this web site.
Visitor(s) may link to the web site only by linking to the home page of this web site. Distrehub prohibits Visitor from “deep linking” to any other pages in a manner that would incorrectly suggest endorsement or support of Visitor by Distrehub or suggests a Visitor is the owner of any intellectual property belonging to Distrehub.
- Spiders and Crawlers
No person, business, or web site may use any technology (including spiders or crawlers) to search and gain any information from this web site.
Distrehub may modify, suspend, or discontinue the provisioning of this web site to the public (WITH or WITHOUT notice) and will not be liable for any claims.
Furthermore, Distrehub also reserves the right to modify the terms and conditions that govern the relationship with users (with or without notice) and will not be liable for any claims that result in terms of such a change.
1.4 Capacity of Customer.
Each Visitor represents and warrants that Visitor:
- is old enough under Website/Applicable law to enter into the Terms;
- possesses the legal right, full power, and authority to enter into the Terms;
- will submit true, accurate and correct information to Distrehub and this web site.
If Visitor is younger than 18 years of age, the visitor warrants that the Visitor has the consent of its legal guardian to enter into the Terms or that the Visitor has obtained legal status in another manner.
2. Before you Website/Apply
- Be aware and advised that we take the credibility of our site users very seriously, hence we use industry's most advanced data integrity authentication validation systems. Users of this site must ensure that personal data are AUTHENTIC and GENUINE to prevent avoidable blacklisting, denial of service and possible criminal prosecution WHEN and WHERE necessary.
- Be advised that our primary means of identification for all our website users (borrowers and attesters) is the BVN (Bank Verification Number).
- Our loans are designed short term business purposes only to finance the purchase of inventory. Our loan rates could be as high as 120% APR (Annual Percentage Rate).
- Distrehub is neither a deposit money bank, finance clearing house, micro-finance bank nor fund manager. We are a licensed direct lending platform. Distrehub nor any of our affiliate services will never solicit nor ask you for fund deposits with us. Please, kindly contact us to report if anyone contacts you soliciting for funds.
- We will never ask you to share your debit card details either via email, SMS or phone call.
- Distrehub reserves the right (in its sole and absolute discretion) to issue or decline to issue a Loan and/or vary the terms of any Loan depending on its assessment of the credit profile of each individual borrower from time to time.
3. Use of Our Services
- 3.1 Distrehub reserves the right to verify the authenticity and status of your Bank Accounts and Bank Verification Numbers with the relevant Payment System Provider.
- 3.2 Distrehub’s acceptance of your Website/Application for an Account will be displayed on the website/Website/App. You hereby acknowledge and accept that the acceptance by Distrehub of your Website/Application for an Account does not create any contractual relationship between you and the Payment System.
- 3.3 Distrehub reserves the right to decline your Website/Application for a Loan or to revoke the same at any stage at Distrehub’s sole and absolute discretion and without assigning any reason or giving any notice thereto.
- 3.4 Distrehub reserves the right (in its sole and absolute discretion) to issue, decline to issue a Loan and/or vary the terms of any Loan depending on its assessment of the credit profile of each individual borrower from time to time. The terms of the Loan and the interest rate payable in relation to each loan Website/Application will be displayed on the Website/Website/App.
4. Requests Made by the Borrower
- 4.2 Subject to its discretion, Distrehub reserves the right to reject any Request in relation to a Loan Website/Application from you even if you have previously been issued with a Loan by Distrehub.
- 4.3 Distrehub shall be entitled to accept and to act upon any Request, even if that Request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, Distrehub believes that it can correct the incomplete or ambiguous information in the Request without any reference to you being necessary.
- 4.4 Distrehub shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the Request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any Requests on which Distrehub may act if Distrehub has in good faith acted in the belief that such instructions have been sent by you.
- 4.5 Distrehub may, in its absolute discretion, decline to act on or in accordance with the whole or any part of your Request pending further enquiry or further confirmation (whether written or otherwise) from you.
- 4.6 Distrehub may, in its absolute discretion, decline to acYou agree to and shall release from and indemnify Distrehub against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to Distrehub having acted in accordance with the whole or any part of any of your Requests (or failed to exercise) the discretion conferred upon it.
- 4.7 You acknowledge that to the full extent permitted by law, Distrehub shall not be liable for any unauthorised drawing, transfer, remittance, disclosure, any activity or any incident on your account by the fact of the knowledge and/or use or manipulation of your Account Personal Identification Number, password, ID or any means whether or not occasioned by your negligence.
- 4.8 Distrehub is authorised to effect such orders in respect of your Account as may be required by any court order or competent authority or agency under the Website/Applicable laws in your country.
- 4.9 In the event of any conflict between any terms of any Request received by Distrehub from you and this Agreement, this Agreement shall prevail.
5. Index of Terms
- AFFORDABILITY ASSESSMENT: It is a calculation performed by the lender to determine the exact loan repayment amount that a customer qualifies for.
- ADMINISTRATION FEES: Money that the lender requires to administer or maintain the agreement.
- ACCOUNT STATEMENT: A summary of your financial transactions (monies paid and owed) over a certain period of time.
- ATTESTATION: A process of authentication and verification of the digital information on the financial credibility and reputation of a loan Website/Application data submitted by a borrower.
- ATTESTER: A credible person who can authenticate and vouch for the financial credibility and reputation of a borrower.
- BANK ACCOUNT VERIFICATION: Checking with the bank that you are indeed the owner of the bank account you used in your Website/Application.
- BANK VERIFICATION NUMBER (BVN): This is the unique ten-digit biometric information number for identifying and verifying all individuals that have account(s) in any Nigerian commercial bank and consequently, and also a means of authenticating the identity of customers at point of transactions.
- BUSINESS DAY: A day other than a Saturday, Sunday or National/Public holiday as pronounced by the government
- CREDIT BUREAU: Institutions that are licensed to hold, investigate, collect and facilitate reports on consumers' credit information.
- CREDIT CHECK: The process of looking into the credit record of a loan Website/Applicant to determine if they are financially healthy enough to qualify for a loan.
- CREDIT AGREEMENT: The physical document representing a legal agreement between a borrower and a lender where a lender gives the borrower money and the borrower has to pay it (and any additional fees and interest) back to the lender.
- DIRECT DEBIT MANDATE: An instruction given to your bank to pay funds across to a third party (in this case Remita), at a fixed amount, on an agreed date.
- DEFAULTING ON A PAYMENT: Not providing the money you owe to the lender on the agreed upon date.
- DEBT ENFORCEMENT (Debt recovery): The legal procedures a lender can take to collect monies that are overdue.
- DEBT COLLECTIONS COMPANY (Recovery Company): A company that is hired by the lender to assist in collecting overdue payments.
- EARLY REPAYMENT: Paying the full outstanding debt amount before the agreed upon date.
- FINANCIAL ARREARS: When you fall behind on your repayments, you go into financial arrears.
- INTEREST: The amount that the lender charges a borrower on the outstanding balance of their credit agreement. The percentage rate at which this is calculated every period (daily, monthly, yearly), is called the Interest Rate.
- LOAN INSTALMENT: The repayment amount due over the time period the borrower agreed to. It is a one-off payment.
- OVER-INDEBTEDNESS: A borrower is over-indebted when he/she can not afford to repay their debt payments at the end of the month.
- LOAN: A loan that you can Website/Apply for online (via an internet enabled computer or phone). The process is usually paperless and you do not have to visit the branch or office of the lender.
- PENALTY INTEREST: If the borrower defaults on his/her loan repayment, the lender is allowed to penalize the borrower by adding more interest to the outstanding amount.
- TRUST POINTS: This is a unique incentive system which Distrehub uses to reward and encourage borrowers to be responsible and remain creditworthy. A Trust Point is gained by a borrower when he or she has made a timely repayment, and is structured such that timely loan repayment (on or before due date) earns the borrower 5 Trust points.
- UNSECURED LOAN: A loan that is not supported by the assets (like property or a vehicle) of the borrower and is only backed by the promise of the borrower that he/ she will repay the money owed.