Terms & Conditions
Please read our terms carefully. They outline the agreement between you and Surge Loans NG, a licensed money lender in FCT Abuja.
Loan Agreement Summary
Loan Term
All loans are issued for a fixed 30-day period from the date of disbursement.
Interest Rate
A flat interest rate of 15% is charged on the principal amount for each 30-day term.
Early Repayment
You may repay your loan before the due date without penalty. The agreed 15% interest for the term still applies.
Renewal / Roll-Over Policy
Optional Renewal
If you are unable to repay the full loan at the end of the 30-day term, you may extend the loan for another 30-day cycle by paying only the 15% interest for the previous term.
How Renewal Works
Once the interest for the previous cycle is paid, the principal automatically rolls over into a new 30-day term, a fresh 15% interest charge applies for the new term, a new agreement will be issued to reflect the updated dates, and your collateral continues to secure the renewed loan until the principal and all charges are fully settled.
Renewal Limit
Surge Loans NG reserves the right to approve or decline a renewal request based on internal risk assessment, repayment history, and condition of collateral.
Unpaid Interest
Renewal is only possible if the interest for the previous term has been fully settled. Unpaid interest automatically places the loan in default.
Inspection and Valuation Process
Inspection Fee
A non-refundable inspection and verification fee of ₦5,000 is required for all collateral prior to loan approval. This covers the cost of authentication, valuation, and documentation.
Loan-to-Value (LTV)
We lend up to 60% of the verified market value of your collateral. All valuations are done independently to ensure fairness and accuracy.
Ownership Warranty
By applying for a loan, you confirm that you are the legal and beneficial owner of the collateral, free of any liens or third-party claims. You agree to indemnify Surge Loans NG against any disputes arising from the ownership of the asset.
Repayment and Default Policy
Repayment
The full principal and the 15% interest must be repaid on or before the 30-day maturity date unless the loan has been formally renewed.
Late Payment Fee
If repayment is not made by the due date, a late fee of 5% per week will be added to the outstanding balance until full settlement is made.
Default and Collateral Sale
If the loan remains unpaid after repeated attempts to reach you, Surge Loans NG reserves the right to sell the collateral to recover the outstanding debt. After the sale, we deduct the principal, interest, late fees, and reasonable costs of sale. Any surplus amount is refunded to you. This step is taken only after reasonable communication and settlement attempts have been made.
General Conditions
Governing Law
All agreements are governed by the laws of the Federal Republic of Nigeria.