Legal

About Lendsqr

Lendsqr provides a software platform for small and individual lenders to originate loans, score credits using credit bureau services or machine learning algorithms, collect and recover loans, and provide reports and analytics.

We are an independent contractor for all purposes, providing this website and our services on an independent service provider basis. We do not have control over or assume liability or legality for the products or services that are paid for with our service. We do not guarantee any user's identity and cannot ensure that a borrower will repay their loans and obligations.

This Terms of Use is an agreement between you and Lendsqr. It details Lendsqr's obligations to you. It also highlights certain risks in using the services, and you must consider such risks carefully as you will be bound by the provisions of this Agreement through your use of this website or any of our services.

Privacy policy

Lendsqr pays close attention to your privacy rights. We ensure our use of your personal data is in tune with regulatory prescription and global standards, including the Nigeria Data Protection Act 2023. Your continued use of our platform is express consent to our privacy policy.

Acceptable use policy

You are independently responsible for complying with all applicable laws related to your use of our website and services. By accessing or using Lendsqr, you agree not to use our Services in a manner that:

• violates any law or government regulation, or promotes or facilitates such by third parties;
• violates any rule or regulation of Visa, MasterCard, Verve or any other electronic funds transfer network (each, a "Card Network");
• is fraudulent, deceptive, unfair or predatory;
• causes or threatens reputational damage to us or any Card Network;
• involves any of the business categories listed below; or
• results in or creates a significant risk of chargebacks, penalties, damages or other harm or liability.

This includes any product, service, transaction or activity that falls within the Prohibition List of the Nigerian Customs Administration of the Federal Republic of Nigeria, or the sale and/or purchase of:

• banned narcotics, steroids, certain controlled substances or other products that present a risk to consumer safety;
• blood, bodily fluids or body parts;
• burglary tools;
• counterfeit items;
• illegal drugs and drug paraphernalia;
• fireworks, destructive devices and explosives;
• identity documents, government documents, personal financial records or personal information (in any form, including mailing lists);
• lottery tickets, sweepstakes entries or slot machines without the required license;
• offensive material, hate speech, or items that promote hate, violence, racial intolerance, or the financial exploitation of a crime;
• police badges or uniforms;
• chemicals;
• recalled items;
• prohibited services;
• unlicensed financial services, stocks or other securities;
• stolen property;
• items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction;
• currency exchange without a Bureau De Change (BDC) license issued by the Central Bank of Nigeria, or certain cryptocurrency operators;
• obscene material or pornography;
• certain sexually oriented materials or services;
• certain firearms, firearm parts or accessories, ammunition, weapons or knives; or
• any product or service that is illegal or marketed or sold in such a way as to create liability to Lendsqr.

You also agree not to use our Services for transactions that:

• disclose the personal information of third parties in violation of applicable law;
• support pyramid or ponzi schemes, matrix programs, or other "get rich quick" schemes or certain multi-level marketing programs;
• are associated with purchases of annuities or lottery contracts, lay-away systems, offshore banking, or transactions to finance or refinance debts funded by a credit card;
• pertain to ammunition and arms; or
• involve gambling, gaming and/or any other activity with an entry fee and a prize, including but not limited to casino games, sports betting, horse or greyhound racing, lottery tickets, and other ventures that facilitate gambling or games of skill, unless the operator has obtained prior approval from Lendsqr and the operator and customers are located exclusively in jurisdictions where such activities are permitted by law.

If you violate this policy, we may take action including:

• blocking the settlement or completion of one or more payments;
• suspending, restricting or terminating your access to and use of Lendsqr's Services;
• terminating our business relationship with you, including termination without liability to Lendsqr of any payment service agreement between you and Lendsqr;
• taking legal action against you;
• contacting and disclosing information related to such violations to (i) persons who have sold/purchased goods or services from you, (ii) any banks or Card Networks involved with your business or transactions, (iii) law enforcement or regulatory agencies (including the CBN and FCCPC), and (iv) other third parties that may have been impacted by such violations; or
• reassessing against you any fees, penalties, assessments or expenses (including reasonable attorneys' fees) that we may incur as a result of such violations, which you agree to pay promptly upon notice.

Age restriction

Our website and services are not directed to persons under the age of 18. We do not knowingly transact or provide any services to persons under the age of 18. If, as a parent or guardian, you become aware that your child or ward under the age of 18 has provided us with any information without your consent, please contact us through the details on this Terms of Use.

Disputes & reversals

If you believe that an unauthorized or otherwise problematic transaction has taken place, you agree to notify us immediately, to enable us to act to help prevent financial loss.

All claims against us related to payments should be made within 45 (forty-five) days after the date of such payment. It will be taken that you waive all claims against us, to the fullest extent of the law, after that period.

If you enter into a transaction with a third party and have a dispute over the goods or services you purchased, we have no liability for such goods or services. Our only involvement with regard to such transactions is as a payment gateway.

We may intervene in disputes between users and lenders concerning payments but have no obligation to do so. Your transaction ID and/or transaction details will be required to resolve all disputes.

Disclaimers

We try to keep Lendsqr available at all times, bug-free and safe; however, you use it at your own risk.

Our website and services are provided "as is" without any express, implied and/or statutory warranties (including, but not limited to, any implied or statutory warranties of merchantability, fitness for a particular use or purpose, title, and non-infringement of intellectual property rights). Without limiting the generality of the foregoing, Lendsqr makes no warranty that our website and services will meet your requirements or that our website will be uninterrupted, timely, secure, or error free. No advice or information, whether oral or written, obtained by you through our website or from Lendsqr, its parents, subsidiaries, or other affiliated companies, or its or their suppliers (or the respective officers, directors, employees, or agents of any such entities) (collectively, "Lendsqr Parties") shall create any warranty.

Limitation of liability

In no event will any of the Lendsqr Parties be liable for (a) any indirect, special, consequential, punitive, or exemplary damages, or (b) any damages whatsoever in excess of the amount of the transaction or twenty thousand United States Dollars (US$20,000.00), whichever is lesser (including, without limitation, those resulting from loss of revenues, lost profits, loss of goodwill, loss of use, business interruption, or other intangible losses), arising out of or in connection with Lendsqr's website or services, whether such damages are based on warranty, contract, tort, statute, or any other legal theory.

Exclusions

Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for certain damages. Accordingly, some of the above disclaimers and limitations of liability may not apply to you. To the extent that any Lendsqr Party may not, as a matter of applicable law, disclaim any implied warranty or limit its liabilities, the scope and duration of such warranty and the extent of the Lendsqr Party's liability shall be the minimum permitted under such applicable law.

Updates, modifications & amendments

We may need to update, modify or amend our Terms of Use as our technology evolves. We reserve the right to make changes to this Terms of Use at any time by giving notice to users on this page. We advise that you check this page often, referring to the date of the last modification on the page. If a user objects to any of the changes to the Terms of Use, the user must cease using our website and/or services immediately.

Governing law

These Terms of Use shall be interpreted and governed by the laws currently in force in the Federal Republic of Nigeria, including applicable guidelines of the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC).

Legal disputes

We shall make an effort to settle all disputes amicably. Any dispute arising out of this Terms of Use which cannot be settled by mutual agreement/negotiation within 1 (one) month shall be referred to arbitration by a single arbitrator at the Lagos Multi-Door Courthouse ("LMDC"), governed by the Arbitration and Conciliation Act, Cap A10, Laws of the Federal Republic of Nigeria. The arbitrator shall be appointed by both parties; where the parties are unable to agree on the choice of an arbitrator, the choice shall be referred to the LMDC. The findings of the arbitrator and subsequent award shall be binding on both parties. Each party shall bear its own costs in connection with the arbitration. The venue and seat of the arbitration shall be Lagos, Nigeria, and the language of arbitration shall be English.

Severability

If any portion of these Terms of Use is held by any court or tribunal to be invalid or unenforceable, either in whole or in part, then that part shall be severed from these Terms of Use and shall not affect the validity or enforceability of any other part of this Terms of Use.