Legal
Loan agreement template
Last updated: September 2026
This is the standard agreement that governs every Jara loan. Read it before you start your application — the version you accept with your final offer is the one that applies to you. Nothing here is fine print: if anything is unclear, ask us before you sign.
1. The parties
This Loan Agreement is made between Jara Technologies Inc. ("Jara", "we", "us") — the lender — and the borrower named in the approved application ("you", "the borrower"). By accepting a loan offer from Jara, you agree to be bound by the terms in this template.
2. Loan amount and disbursement
The principal amount approved for your loan is stated in your final offer, which may differ from the amount initially requested. The principal is disbursed to your registered bank account, typically within 24 hours of final approval, less any processing fee due under clause 4.
3. Interest
Interest accrues monthly at the flat rate assigned to your credit grade at the time of approval. The applicable rate, your credit grade and the total interest payable over the term are shown in your offer before you accept. Interest is charged on the original principal for the full term and does not compound.
4. Fees
A one-off processing fee, disclosed in your offer, is deducted from the principal at disbursement. We do not charge hidden fees: no early-settlement penalty, no application fee, and no fee for making payments early or in advance.
5. Repayment schedule
You agree to repay the loan in equal installments on the dates set out in your repayment schedule. The first installment falls due one month after disbursement. Payments may be made through any method listed on our Payment Methods page.
6. Late payment
If an installment remains unpaid 3 days after its due date, a late fee stated in your offer becomes payable and the missed payment may be reported to licensed credit bureaus, which can affect your ability to borrow in future. If you foresee difficulty paying, contact us before the due date — we may be able to restructure.
7. Early and additional payments
You may repay your loan in part or in full at any time before the final due date. Early payments reduce your outstanding principal immediately; interest already accrued on repaid amounts remains payable, but no penalty is charged for settling early.
8. Default
The loan is in default if payment remains outstanding more than 30 days past its due date, or if any information you provided in your application is found to be materially false. On default, the full outstanding balance becomes immediately payable, and we may engage licensed recovery agents or exercise any right available under applicable Nigerian law.
9. Your information
We process the personal and financial information you provide (including identity verification data) to assess this agreement, service the loan, and meet legal and regulatory obligations, as described in our Privacy Policy. We do not sell your personal data.
10. Changes to this agreement
Your accepted loan offer, this template and our Terms of Use together form the full agreement between you and Jara for the loan. We may update this template for future loans; the version accepted at the time of your offer governs your loan.
11. Governing law
This agreement is governed by the laws of the Federal Republic of Nigeria. Disputes shall first be raised with us through the complaints channel on our Contact page; unresolved disputes are subject to the jurisdiction of Nigerian courts.
Comfortable with the terms?
Start your application — you'll see your exact rate and schedule before anything is final.
Start an application