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Terms & Conditions

Last Updated: April 2026

1. Introduction

Welcome to Surge Loans NG (“we,” “our,” or “us”), operated by Surge Global Resources (RC: 1687675). By applying for a loan, accessing our website (surgeloansng.com), or using our services, you (“Borrower,” “User,” or “Guarantor”) agree to be bound by these Terms and Conditions. Please read them carefully before submitting any loan application.

2. Loan Products & Terms

Surge Loans NG currently offers two primary categories of loans. By applying for a specific loan, you agree to the exact terms associated with that product:

A. Collateral-Backed Loans (Cars, Gold, Laptops)

  • Term: 30 days (renewable subject to interest payment and approval).
  • Interest Rate: 15% flat monthly interest.
  • Fees: A non-refundable ₦10,000 physical inspection and valuation fee applies before disbursement.
  • Asset Custody: You warrant that you are the legal, unencumbered owner of the collateral provided. Surge Loans NG will store the collateral in our secure, insured facilities for the duration of the loan.
  • Renewal: Borrowers may request a 30-day renewal by paying the 15% interest due for the prior month before the due date.

B. SME Growth Loans (Unsecured / Guarantor-Backed)

  • Principal Amount: Up to ₦500,000.
  • Term: 6 Months.
  • Interest Rate: 6% flat monthly interest (Total interest of 36% over 6 months).
  • Repayment: Equal monthly installments (e.g., ₦113,333.33/month) to be deducted automatically via Direct Debit or repaid via bank transfer on the agreed date.
  • Security: No physical collateral is required; however, the loan must be secured by a verified Guarantor who owns a registered, verifiable physical shop in a recognized market/location.

3. Eligibility and KYC Verification

To qualify for any loan, you must:

  • Be a Nigerian citizen or legal resident at least 18 years of age.
  • Provide a valid Government-issued ID (NIN, Driver's License, or Voter's Card) and your Bank Verification Number (BVN).
  • Provide accurate personal, business, and Next of Kin details.
  • For SME Growth Loans, you must also provide 6 months of digital bank statements proving consistent business revenue.

We reserve the right to decline any application that does not meet our internal risk assessment criteria.

4. Guarantor Responsibilities (SME Growth Loans)

If you are applying for an SME Growth Loan, or acting as a Guarantor for one, the following applies:

  • Verification: Surge Loans NG or its agents will physically visit and verify the Guarantor's business premises/shop.
  • Liability: The Guarantor agrees to be held wholly and jointly liable for the outstanding principal, interest, and late fees if the Borrower defaults.
  • Consent: The Guarantor consents to providing their BVN and signing a legally binding mandate guaranteeing the loan.

5. Repayment, Late Fees, and Default

5.1. Repayment

You agree to repay the Principal and Interest on or before the due date(s) specified in your Loan Agreement.

5.2. Late Fees

  • Collateral Loans: A late fee of 5% per week on the outstanding balance will apply if the loan is not renewed or settled by the due date.
  • SME Growth Loans: Defaulting on the monthly installment will attract a daily late fee penalty of 0.5% on the outstanding installment amount.

5.3. Definition of Default

A loan is considered in default if a payment is missed by more than 48 hours without prior written agreement from Surge Loans NG.

6. Recovery Actions & Global Standing Instruction (GSI)

By executing a loan agreement with Surge Loans NG, you provide irrevocable authorization for the following recovery methods in the event of default:

  • For Collateral Loans: If you default and fail to communicate or renew the loan within 7 days past the due date, Surge Loans NG reserves the right to liquidate (sell) the collateral to recover the principal, interest, and accrued late fees. Any surplus funds will be returned to the borrower.
  • For SME Growth Loans — GSI Mandate: You and your Guarantor explicitly authorize Surge Loans NG to execute a Global Standing Instruction (GSI). This permits us to seamlessly recover the outstanding loan amount and penalties from any other bank account linked to your BVN or your Guarantor's BVN in Nigeria.
  • Legal Action: We reserve the right to report defaulters to the Credit Bureaus (CRC, Credit Registry) and pursue civil or criminal prosecution for loan fraud or issuing dud cheques.

7. Information Accuracy & Fraud

You attest that all information, documents, bank statements, and identification provided are genuine. Falsifying documents, inflating bank statements, or presenting stolen items as collateral constitutes fraud. Surge Loans NG will report such instances immediately to the Nigerian Police Force (NPF) and the Economic and Financial Crimes Commission (EFCC).

8. Privacy & Data Protection

We process your personal data (including BVN, financial statements, and contact details) in strict compliance with the Nigeria Data Protection Act (NDPA). We only use this data for risk assessment, loan disbursement, and debt recovery. We do not sell your data to third parties.

9. Governing Law

These Terms and Conditions shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes arising from these terms shall be subject to the exclusive jurisdiction of the courts located in the Federal Capital Territory (FCT), Abuja.

10. Contact Us

For legal inquiries, early repayment requests, or complaints, please visit our physical office or contact us at: