Incash - QIHU Loan Terms Summary

This Loan Terms Summary (“Summary”) outlines the principal loan conditions, borrower and lender obligations, and data protection measures governing the use of the Incash - QIHU mobile application.

By submitting a loan application, you confirm that you have read, understood, and agreed to these terms.

1. Parties

1.1 Lender Information

Company Name: QIHU FINTECH LIMITED

Registered Address: 33, Oba Akran Road, Ikeja Lagos, Lagos Nigeria

Email: service@qihufintech.com

Phone: +234 09134941477

Regulatory Authority: Federal Competition & Consumer Protection Commission (FCCPC)

1.2 Borrower Definition

The Borrower refers to a natural person who applies for a loan through the Incash - QIHU mobile application and is approved by the Lender.

1.3 Borrower Eligibility

To qualify for a loan, the Borrower must:

• Be a lawful resident or citizen of Nigeria;
• Be at least 18 years old;
• Possess a valid BVN and active bank account;
• Provide true, accurate, and complete personal and financial information.

2. Loan Terms

2.1 Loan Amount

The loan amount available to Borrowers ranges from ₦5,000 to ₦300,000, subject to credit evaluation.

2.2 Loan Tenure

The repayment period ranges from 91 to 365 days, depending on product type and borrower eligibility.

(Example below is based on a 120-day tenure for illustration.)

2.3 Interest Rate

• Annual Percentage Rate (APR): up to 36% per annum
• Daily Interest Rate: 0.0986% (36% ÷ 365)
• Processing Fee: 0% (no hidden or upfront charges)

2.4 Example

If you borrow ₦100,000 for 120 days at an annual interest rate of 36% (APR):

Interest = ₦100,000 × 36% × (120 ÷ 365) = ₦11,835

Total Repayment = ₦111,835

Monthly Repayment = ₦27,959

3. Borrower’s Obligations

3.1 The Borrower shall provide true, accurate, and verifiable information during the loan application process.

3.2 The Borrower shall repay the principal and accrued interest in full and on time.

3.3 The Borrower shall update contact and bank details if any change occurs.

3.4 The Borrower authorizes the Lender to verify submitted data and assess creditworthiness through lawful means.

3.5 In the event of delay, the Lender may contact the Borrower via SMS, phone call, or email, in compliance with FCCPC fair collection guidelines.

4. Lender’s Obligations

4.1 The Lender shall disburse the approved loan amount according to the agreed terms.

4.2 The Lender shall ensure transparency by providing clear repayment schedules and cost details.

4.3 The Lender shall protect Borrower data in full compliance with the Nigerian Data Protection Act (NDPA).

4.4 The Lender shall operate in accordance with FCCPC and other applicable Nigerian lending regulations.

5. Repayment, Late Payment and Default

5.1 The Borrower shall make repayment on or before the due date.

5.2 Late repayment shall attract a fee of 0.1% of the outstanding principal per day after the due date.

5.3 If the Borrower defaults for more than 30 days, the Lender may report the default to authorized Nigerian credit bureaus.

5.4 The Borrower shall bear reasonable costs related to recovery or legal enforcement resulting from default.

5.5 The Borrower may repay the loan early at any time without penalty.

6. Loan Extension

6.1 If the Borrower cannot repay on the due date, an extension request may be submitted at least 3 business days in advance.

6.2 Approval is at the Lender’s discretion and may incur additional interest or service charges, which will be communicated in advance.

7. Termination

7.1 The Lender may terminate the loan relationship if:

• The Borrower provides false or misleading information;
• Fraudulent or unlawful activity is detected;
• The Borrower’s credit condition deteriorates significantly.

7.2 Termination shall not release the Borrower from the obligation to repay outstanding principal, interest, or fees.

8. Data Privacy and Protection

8.1 The Lender complies fully with the Nigerian Data Protection Act (NDPA) and FCCPC Digital Lending Guidelines (2022).

8.2 Borrower data shall be used only for purposes of credit evaluation, contract execution, repayment management, and legal compliance.

8.3 Borrower data shall not be shared with unrelated third parties without consent, except as required by law.

8.4 Borrowers have the right to access, correct, or delete their personal information by contacting the Lender.

8.5 Privacy Policy: https://www.qihufintech.com/privacy-policy

9. Dispute Resolution

9.1 This relationship shall be governed by the laws of the Federal Republic of Nigeria.

9.2 Any dispute not resolved amicably shall be referred to a court of competent jurisdiction in Lagos State, Nigeria.

10. Contact Information

10.1 Company Name: QIHU FINTECH LIMITED

10.2 Email: service@qihufintech.com

10.3 Phone: +234 09134941477

10.4 Website: https://www.qihufintech.com

10.5 Address: 33, Oba Akran Road, Ikeja Lagos, Lagos Nigeria

10.6 Regulatory Authority: Federal Competition & Consumer Protection Commission (FCCPC)

11. Disclaimer

11.1 All loans are subject to verification and approval based on eligibility criteria.

11.2 Actual disbursement time may vary depending on bank network availability.

11.3 There are no hidden or unauthorized charges.

11.4 Borrow responsibly — late repayment may affect your credit record and future loan access.