Terms of Service

1. Acceptance of Terms

By accessing or using the MG-LOAN mobile application and services, you agree to be bound by these Terms of Service and all applicable laws and regulations. If you do not agree with any of these terms, you are prohibited from using or accessing this platform.

2. About MG-LOAN

MG-LOAN is a subsidiary platform owned and operated by EASTDIGITAL FINANCE TECHNOLOGIES LTD, a company registered in Nigeria (RC: 8618923). We provide digital lending services to individuals and businesses across Nigeria.

Contact Information:

• Company: EASTDIGITAL FINANCE TECHNOLOGIES LTD
• RC Number: 8618923
• Address: NO 58B, Yakoyo Road, Ojodu, Lagos State, Nigeria
• Email: [email protected]
• Phone: +234 810 344 9758

3. Eligibility

To use MG-LOAN services, you must:

• Be at least 18 years of age
• Be a resident of Nigeria
• Have a valid Nigerian Bank Verification Number (BVN)
• Possess a valid means of identification
• Have a functional mobile phone number
• Have an active bank account in your name

4. Loan Services

4.1 Loan Application

By applying for a loan through MG-LOAN, you:

• Certify that all information provided is accurate and complete
• Authorize us to verify your information with third-party sources
• Consent to credit checks and background verification
• Agree to receive communications regarding your application

4.2 Loan Approval

MG-LOAN reserves the right to approve or decline any loan application at our sole discretion. Loan approval is based on our internal credit assessment policies and your creditworthiness.

4.3 Loan Disbursement

Upon approval, loan funds will be disbursed directly to your registered bank account within 24-48 hours. Actual disbursement time may vary depending on your bank's processing time.

4.4 Loan Repayment

You agree to repay the loan amount plus applicable interest and fees according to the repayment schedule provided. Late payments may incur additional fees and affect your credit score.

5. Interest Rates and Fees

All applicable interest rates, processing fees, late payment fees, and other charges will be clearly disclosed to you before you accept a loan offer. Rates and fees may vary based on:

• Loan amount
• Loan duration
• Your credit profile
• Loan type (personal, business, emergency)

6. User Account

6.1 Account Registration

You must create an account to use MG-LOAN services. You agree to provide accurate, current, and complete information during registration and to keep your account information updated.

6.2 Account Security

You are responsible for maintaining the confidentiality of your account credentials. You agree to:

• Use a strong password
• Not share your account with others
• Notify us immediately of any unauthorized access
• Log out after each session

7. Prohibited Uses

You agree NOT to use MG-LOAN services to:

• Provide false or misleading information
• Impersonate another person or entity
• Engage in fraudulent activities
• Apply for loans with no intention of repayment
• Use automated systems to access our services
• Attempt to hack, disrupt, or compromise our platform
• Violate any applicable laws or regulations

8. Data Collection and Privacy

We collect and process your personal information as described in our Privacy Policy. By using MG-LOAN, you consent to our data practices. We collect:

• Personal identification information
• Financial information
• Contact information
• Device and usage information
• Location data (with your consent)

9. Default and Collections

In the event of loan default or missed payments:

• Late fees will be applied as disclosed in your loan agreement
• We may contact you via phone, SMS, email, or other means
• Your default may be reported to credit bureaus
• We may engage third-party collection agencies
• Legal action may be taken to recover outstanding amounts
• Your access to future loans may be restricted or denied

10. Intellectual Property

All content on the MG-LOAN platform, including text, graphics, logos, images, software, and design, is the property of EASTDIGITAL FINANCE TECHNOLOGIES LTD and is protected by Nigerian and international copyright laws.

11. Disclaimers and Limitations of Liability

11.1 Service Availability

While we strive to maintain continuous service availability, MG-LOAN does not guarantee uninterrupted access to our platform. We may suspend services for maintenance, updates, or unforeseen circumstances.

11.2 Limitation of Liability

To the maximum extent permitted by law, EASTDIGITAL FINANCE TECHNOLOGIES LTD shall not be liable for any indirect, incidental, special, or consequential damages arising from your use of MG-LOAN services.

12. Modifications to Terms

We reserve the right to modify these Terms of Service at any time. Changes will be effective immediately upon posting to the platform. Your continued use of MG-LOAN after changes are posted constitutes your acceptance of the modified terms.

13. Termination

We may terminate or suspend your account and access to MG-LOAN services immediately, without prior notice, for any reason, including:

• Violation of these Terms of Service
• Fraudulent activity
• Failure to repay loans
• Providing false information
• Requests from law enforcement

14. Governing Law

These Terms of Service 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 Nigerian courts.

15. Dispute Resolution

In the event of any dispute, controversy, or claim arising out of or relating to these Terms or your use of MG-LOAN:

• First attempt to resolve the matter through direct communication with our customer service
• If unresolved, disputes may be submitted to mediation
• As a last resort, disputes will be resolved through Nigerian courts

16. Contact Information

If you have any questions about these Terms of Service, please contact us: