INDIVIDUAL LOAN CONTRACT AGREEMENT
Which expression shall were the context admit include its successors, assign and liquidators of the first part AND MOBLIFE Micro-Credit Enterprise, (A Micro-Credit Institution,) of P.O.BOX 2410 Accra. Represented by its Proprietor (Hereinafter referred to as <<the Lender>>) of the second part
IT IS MUTUALLY AGREED AS FOLLOWS:
The customer shall provide on guarantor acceptable to Moblife Micro-Credit Enterprise to provide security in support of the principal, interest and all charges incidental to the grant of the facility.
All payments must be made at the Office of the Lender unless otherwise stated.
The Establishment owns the right to visit the residence, place of worship and business premises of the Customer to reclaim money in case of a default.
The Lender shall resort to any legal means to reclaim all monies due it, where all reasonable means prove futile in case of persistent defaults.
Legal expense, if any, and any costs incurred in the recovery of the facility shall be charged to the account of the Customer.
The Lender owns the right to publish the Name and or Photograph of the Customer in the Print and or Electronic Medial in case of default and is on the run.
No change in the business operations and conditions (financial or otherwise) or in the prospects of the Customer shall affect the full repayment of the facility at maturity.
A penalty of GHS 10.00 per day will be charged on installments not paid on due date or any amount outstanding and the interest will continue to be charged.
shall be responsible for your indebtedness until the loan and interest is fully repaid and also to settle your indebtedness in the event of default.
The Lender shall visit the premises of the Customer day and night if the Customer defaults in payment of the loan facility.
Have accepted and given my consent to Moblife Micro Credit to publish my picture or advertised as "wanted for loan default" If I cannot be traced and the loan borrowed is not paid.
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