Welcome to D’Pines Nigeria Ltd! We are dedicated to providing our members with accessible and supportive loan options to meet their financial needs. 

Before applying for a loan, please take a moment to review our Terms and Conditions. These terms outline the responsibilities and rights associated with borrowing from our cooperative, including the requirement to register for membership to access our loan services. Your understanding and agreement to these terms are essential to ensure a transparent and fair lending experience. We look forward to supporting you on your financial journey!

DPINES LOAN TERMS AND CONDITIONS

1. Parties
   Lender: D’PINES STAFF COOPERATIVE SOCIETY LTD
   Borrower: The individual or entity approved for the loan (“Customer”).
2. Interest
   Rate: 15% per month on the outstanding principal.
   Default scenario: If a payment is not made when due, a default fee of 1% of the total balance (principal + accrued interest) applies for each 7-day period (or part thereof) that the payment remains unpaid. This default fee may be rolled into the outstanding balance if the loan is rolled over or if collateral is liquidated, as applicable.
3. Tenure and Rollovers
   Loan tenure: 30 days from disbursement.
   Rollovers: The loan may be rolled over by the borrower by paying one of the following prior to the roll-over date:
   I. The monthly interest; or
   II. The monthly interest and part of the principal; or
   III. Full repayment of the loan (principal and interest) to extend the term.
   For clarity: any rollover will adjust the outstanding balance to reflect accrued interest and any portion of principal paid.
4. Repayment Schedule
   Regular repayments: Repayment is due every 30 days from disbursement or from the start of the first repayment period.
   Installment policy: Monthly installments are allowed provided they do not fall below the required monthly interest.
5. Fees
   Upfront processing fee: 2% of the approved loan amount, non-refundable.
   Timing: This processing fee is charged at disbursement.
6. Security (Collateral)
   The loan shall be secured by one or more of the following collateral options:
   I. A motor vehicle (car)
   II. Landed property with valid documents (in specified locations, as determined by the Lender).
   III. Other property acceptable to the Lender.
   The lender reserves the right to assess collateral value and acceptability at its sole discretion. Valuation and perfecting the security may be required.
   Approved collateral locations (specified):
   • Makurdi metropolis
   • Abuja (AMAC area)
   • Plateau State (Jos township area)
   • Lagos
7.  Early Repayment and Liquidation
   Early repayment: The borrower may liquidate or repay the loan at any time without penalty, and such action does not affect the stated interest rate.
   Effect on interest: Early repayment reduces the outstanding principal, thereby reducing interest accrual going forward.
8. Default and Acceleration
   Failure to pay: If any installment or due amount remains unpaid beyond the due date, interest at the rate described in Section 2 applies, along with any applicable default fees.
   Acceleration on default: After a default period (as defined by the lender’s policy), the lender may declare the entire outstanding balance due and payable, and/or begin collateral enforcement as permitted by law and the loan agreement terms.
9. Liquidation / Roll Over Result
   If a rollover occurs, any accumulated interest and the applicable portion of principal are rolled into a new principal amount, as described in Section 3.
   If collateral is liquidated, proceeds will be applied to outstanding balance in accordance with applicable laws and the loan agreement.
10. Governing Law and Dispute Resolution
    • This agreement shall be governed by the laws of the Federal Republic of Nigeria.
    • Any disputes arising under or in connection with this loan shall be resolved through the processes set forth in the loan agreement or as otherwise agreed by the parties.
11. Acknowledgment and Agreement
    • By accepting the loan, the borrower acknowledges that they have read, understood, and agree to be bound by these terms and any ancillary documents (e.g., security agreement, disclosure statements, and repayment schedule).