Loan Policy | Risonaf Loans Ghana

Section 1

Definitions

For the purposes of this Loan Policy, the following terms shall have the meanings assigned to them below:

BorrowerAny individual or entity that has applied for and received a loan from Risonaf Loans.

LoanThe principal amount approved and disbursed by Risonaf Loans to the Borrower.

Loan AgreementThe agreement executed between Risonaf Loans and the Borrower incorporating this Loan Policy and any related documents.

Loan TermThree (3) months from the date of disbursement.

InterestTwenty percent (20%) of the approved loan amount over the Loan Term.

Processing FeeA non-refundable fee of five percent (5%) of the approved loan amount, payable upfront.

Outstanding BalanceAny unpaid principal, accrued interest, fees, penalties, and other amounts due under the Loan Agreement.

Due DateThe final repayment date specified in the Loan Agreement.

Late Repayment FeeA penalty of five percent (5%) per month on the Outstanding Balance where repayment is not made by the Due Date.

Section 2

About the Product

Risonaf Loans provides short-term loans designed to meet the immediate financial needs of eligible borrowers.

Key product features include:

Loan Term: Three (3) months.
Interest Rate: Twenty percent (20%) of the loan amount for the entire loan period.
Processing Fee: Five percent (5%) of the approved loan amount payable upfront.
Repayment: Full repayment of principal, interest, and any applicable charges by the Due Date.
Late Repayment Fee: Five percent (5%) per month on any Outstanding Balance after the Due Date.

Section 3

Eligibility

To qualify for a loan, an applicant must:

a.Be at least eighteen (18) years of age.
b.Possess a valid government-issued identification document.
c.Provide accurate and complete personal, financial, and contact information.
d.Demonstrate the ability to repay the loan.
e.Meet any additional credit assessment criteria established by Risonaf Loans from time to time.

Risonaf Loans reserves the right to reject any application that does not satisfy its eligibility requirements.

Section 4

Application and Approval

4.1Loan applications shall be submitted in the manner prescribed by Risonaf Loans.
4.2Applicants shall provide all information and supporting documents reasonably required by Risonaf Loans.
4.3Risonaf Loans may conduct credit, identity, employment, income, and reference checks as part of its assessment process.
4.4Approval of a loan application is at the sole discretion of Risonaf Loans.
4.5The approval decision, approved loan amount, repayment obligations, and applicable fees shall be communicated to the applicant before disbursement.

Section 5

Loan Amount and Disbursement

5.1The loan amount shall be determined by Risonaf Loans based on its assessment of the applicant.
5.2A processing fee equal to five percent (5%) of the approved loan amount shall be payable before loan disbursement.
5.3Upon receipt of the processing fee and completion of all required documentation, the approved loan amount shall be disbursed to the Borrower through the agreed payment method.
5.4Risonaf Loans reserves the right to set minimum and maximum loan limits at its discretion.

Section 6

Repayment

6.1The Borrower shall repay the loan in accordance with the repayment schedule provided by Risonaf Loans.
6.2Unless otherwise agreed in writing, the Borrower shall repay the full principal amount together with applicable interest and charges within three (3) months from the date of disbursement.
6.3Repayment shall be made through the payment channels approved by Risonaf Loans.
6.4The Borrower may make early repayment at any time. Unless otherwise agreed, the full interest applicable to the Loan Term shall remain payable.
6.5The Borrower shall ensure that sufficient funds are available to meet repayment obligations on or before the Due Date.

Section 7

Interest and Fees

7.1 Interest

a.Interest shall be charged at a fixed rate of twenty percent (20%) of the approved loan amount for the three-month Loan Term.
b.Interest shall accrue from the date of disbursement and become payable in accordance with the repayment schedule.

7.2 Processing Fee

a.A processing fee equal to five percent (5%) of the approved loan amount shall be charged.
b.The processing fee is payable upfront before loan disbursement.
c.The processing fee is non-refundable.

7.3 Late Repayment Fee

⚠️ Failure to repay by the Due Date will result in a late fee of 5% per month on the outstanding balance.

a.Failure to repay the Outstanding Balance by the Due Date shall constitute a default.
b.Upon default, a Late Repayment Fee of five percent (5%) per month shall be charged on the Outstanding Balance until full repayment is made.
c.The Late Repayment Fee shall be calculated monthly and added to the Borrower's Outstanding Balance.

7.4 Other Charges

Risonaf Loans reserves the right to recover any reasonable costs incurred in collecting overdue amounts, to the extent permitted by applicable law.

Section 8

Default

A Borrower shall be deemed to be in default if:

a.Any payment due under the Loan Agreement remains unpaid after the Due Date;
b.The Borrower provides false or misleading information during the application process; or
c.The Borrower breaches any material provision of the Loan Agreement.

Upon default, Risonaf Loans may pursue all lawful remedies available for recovery of the Outstanding Balance.

Section 9

Governing Law

This Loan Policy and all Loan Agreements entered into pursuant to it shall be governed by and construed in accordance with the laws of the applicable jurisdiction in which Risonaf Loans operates.

Section 10

Amendments

Risonaf Loans reserves the right to amend this Loan Policy from time to time. Any amendments shall be communicated to Borrowers and shall become effective upon notification.