Terms and conditions for Capital
Last Updated: September 27, 2021
This Agreement sets out the complete Terms and Conditions (the ‘Terms and Conditions’) which shall be applicable and legally binding on You (“Customer”, “Borrower”, “your”, “company”) and Brass Technologies Services (“Company”, “Brass”, “Us”, “We”, “Our”, “Lender”).
Please read this Agreement carefully before accepting to be bound by the Terms and Conditions
Please read this Agreement carefully before accepting to be bound by the Terms and Conditions
1. Definitions and Interpretation
“Agreement” means this agreement between the Customer and Brass which contains the Terms and Conditions;
“Account” means your Brass account;
“Capital Limit” means the maximum credit available to the Borrower by the Lender, following the creation of a Brass Account. Subject to our review, the Capital limit shall not exceed the sum of ₦10,000,000 (Ten Million Naira);
“Disbursement Date” means the date Brass disburses the Loan to the Customer’s Brass Bank Account which shall be within 2 days from the Customer’s receipt of the Loan approval;
“Event of Default” shall have the meaning ascribed to it in clause 13;
“Interest” means an interest rate of 1.08% per week on the Loan for the duration of the Loan Term or any other interest rate as may be communicated by Brass to the which duration shall not be less than 7 days;
“Initial Loan Term” means a period of 7 - 84 (Seven to eighty-four) days beginning from the Disbursement Date of the Loan.;
“Loan Term” means collectively, an Initial Loan Term and the Additional Loan Term;
“Party” means the Customer and Brass individually;
“Parties”means the Customer and Brass collectively;
“Personal Data” means any information about the business and or company, and their stakeholders provided to us by you or in the use of our Site and services such as your name, email address, physical address, password, billing and payment information. This includes non-personal information like the domain name of your internet service provider, your geographical location, operating system and other relevant statistics;
“Privacy Policy” means our privacy policy available on the Site, which sets out the manner in which personal data we collect from you, or you provide to us, will be used and processed by us;
“Repayment Date” means such date (which maybe daily, weekly or every four weeks) as maybe agreed and selected by the Borrower in which the Loan and Interest shall become due and payable by the Borrower to Brass;
“Site” means Brass website and/or any other platform or media through which Brass offers its lending services; “Brass Bank Account” means a unique bank account with Wema Bank Plc or Sterling Bank Plc created for you and maintained by us and Banc Corp, upon setting up an Account on the Site;
2. Interpretations
- All headings in this Agreement are for convenience only and shall not be used in its interpretation. Unless this Agreement indicates a contrary intention.
- The singular shall include the plural and vice versa.
- A reference to any one gender shall be capable of being construed as a reference of any of the others.
3. Acceptance of Terms and Conditions
- By ticking the “I have read, understood and I agree to Brass’ Privacy Policy, and Terms and conditions”, on the Site, which you hereby adopt as your electronic signature, you accept to be bound by the Terms and Conditions provided in this Agreement, and you agree that:
- You hereby expressly consent and authorise Brass and/or any of our duly authorised agents or partners, to debit your or Brass Bank Account for the purpose of repaying the Loan and accrued Interest as and when due;
- You consent to us transferring your data to third parties in foreign countries to process such data, in so far as such transfer is required for the performance of our obligations to you under this Agreement;
- We can provide materials and other information about your legal rights and duties to you electronically;
- We can send all important communications, billings statements, reminders and demand notices (collectively referred to as “Notifications”) to you electronically via our Site or to an email address you have provided us with;
- We are authorised to share, receive and use data/information collected from