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Consumer Credit Contract

Consumer Credit Contract Template for Nigeria

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Key Requirements PROMPT example:

Consumer Credit Contract

"I need a Consumer Credit Contract for a microfinance lending program in Lagos, Nigeria, with a maximum credit limit of 500,000 Naira per borrower and special provisions for group lending arrangements, to be launched in March 2025."

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Document background
The Consumer Credit Contract is a fundamental document used in Nigerian financial services for establishing legally binding credit relationships between financial institutions and individual consumers. It is essential for any credit facility, loan, or financing arrangement offered to individual customers in Nigeria. The document must comply with the Central Bank of Nigeria's regulations, the Consumer Protection Framework, and the Banks and Other Financial Institutions Act (BOFIA) 2020. This agreement typically includes detailed terms about credit limits, interest calculations, repayment schedules, default provisions, and borrower rights, while incorporating mandatory consumer protection provisions required by Nigerian law. It's designed to protect both the lender's interests in credit recovery and the borrower's rights to fair treatment and transparent disclosure.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names and addresses

2. Background: Context of the credit arrangement and purpose of the loan

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Amount and Purpose: Specification of the credit amount and its intended use

5. Interest Rate and Charges: Detailed breakdown of interest rates, calculation method, and all applicable charges

6. Repayment Terms: Payment schedule, method of payment, and repayment period

7. Conditions Precedent: Conditions that must be met before the credit facility becomes available

8. Representations and Warranties: Borrower's confirmations about their financial status and ability to repay

9. Borrower's Covenants: Ongoing obligations of the borrower during the loan term

10. Events of Default: Circumstances that constitute default and consequences

11. Termination: Conditions and process for early termination or prepayment

12. Data Protection and Privacy: Handling of personal information and credit data

13. Notices: How formal communications between parties should be made

14. Governing Law and Jurisdiction: Confirmation of Nigerian law application and jurisdiction

Optional Sections

1. Security: Details of any collateral or security arrangements, used when the loan is secured

2. Insurance Requirements: Mandatory insurance requirements, included when specific insurance coverage is required

3. Guarantor Provisions: Terms applicable to guarantors, included when a guarantee is required

4. Electronic Communications: Terms for digital communications and online account access, used for digital service arrangements

5. Joint Borrower Provisions: Additional terms for multiple borrowers, used when there is more than one borrower

6. Special Drawing Conditions: For credit facilities with multiple drawdown periods or special conditions

7. Card Terms: Specific terms for credit card facilities, only included for credit card agreements

Suggested Schedules

1. Schedule 1 - Repayment Schedule: Detailed breakdown of repayment dates and amounts

2. Schedule 2 - Fee Schedule: Comprehensive list of all applicable fees and charges

3. Schedule 3 - Conditions Precedent Documents: List of required documentation to be provided before credit facility activation

4. Schedule 4 - Direct Debit Authorization: Form for automatic payment setup

5. Appendix A - Key Facts Statement: Summary of key terms as required by Nigerian consumer protection regulations

6. Appendix B - Privacy Policy: Detailed privacy and data protection policies

7. Appendix C - Complaint Resolution Procedure: Process for handling disputes and complaints as required by Nigerian regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



















































Clauses







































Relevant Industries

Banking

Consumer Finance

Financial Services

Retail Banking

Microfinance

Consumer Lending

Digital Banking

Financial Technology

Relevant Teams

Legal

Compliance

Risk Management

Consumer Banking

Retail Banking

Credit Administration

Operations

Customer Service

Product Development

Documentation

Credit Risk

Relevant Roles

Credit Officer

Loan Officer

Legal Counsel

Compliance Officer

Risk Manager

Consumer Banking Manager

Retail Banking Officer

Customer Service Representative

Credit Risk Analyst

Product Manager - Consumer Loans

Branch Manager

Operations Manager

Documentation Specialist

Relationship Manager

Credit Administration Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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