Terms & Conditions

1. Acceptance of Terms

By accessing or using the LendSmart website, mobile application, client portal, business portal, or any associated services (collectively, the "Platform"), you agree to be bound by these Terms and Conditions ("Terms"). If you are using the Platform on behalf of a business entity, you represent and warrant that you have the authority to bind that entity to these Terms.

2. Definitions

• "LendSmart" refers to LendSmart Intelligent Lending Solutions, its affiliates, officers, employees, and agents.
• "Platform" refers to the LendSmart website, client portal, business portal, and all associated services.
• "Client" refers to any individual or entity using the Platform as a borrower or service recipient.
• "Business Portal" refers to the enterprise dashboard for business clients to manage finances, payroll, assets, and reporting.
• "Client Portal" refers to the individual dashboard for clients to manage loans, payments, and profile information.
• "Loan Product" refers to any lending product offered by LendSmart, including but not limited to personal loans, business loans, and asset financing.

3. Eligibility

3.1 Age Requirement

You must be at least 18 years old to register for a Client account. Business entities must be legally registered in their jurisdiction of operation.

3.2 Legal Capacity

You represent that you have the legal capacity to enter into binding contracts. For business clients, you represent that you have the authority to bind your organization.

3.3 Creditworthiness

Loan approval is subject to credit assessment, including but not limited to credit history, income verification, and existing debt obligations. LendSmart reserves the right to decline any loan application.

3.4 Account Information

You agree to provide accurate, complete, and current information during registration and loan application. Any false or misleading information may result in immediate termination and legal action.

4. Loan Application & Approval

4.1 Application Process

Clients may apply for loans through the Client Portal. The application requires submission of personal information, financial details, and supporting documentation as requested.

4.2 AI-Powered Assessment

LendSmart utilizes proprietary algorithms and AI technology to assess loan applications. While our system provides rapid decisions, final approval may require manual review at our discretion.

4.3 Approval Timeline

Standard approval decisions are provided within 24 hours of completed application submission. Complex applications may require additional processing time. Funds are typically disbursed within 24 hours of approval.

4.4 Loan Amount & Terms

Loan amounts, interest rates, and repayment terms are determined based on credit assessment, loan purpose, and other risk factors. Approved terms will be clearly communicated in your loan agreement.

4.5 Right to Refuse

LendSmart reserves the right to refuse any loan application without providing specific reasons where permitted by law.

5. Repayment Terms

5.1 Repayment Schedule

Clients agree to repay loans according to the schedule specified in their loan agreement. Payments are due on the designated dates regardless of receipt of reminders.

5.2 Payment Methods

Accepted payment methods include: bank transfer, mobile money (MTN, Airtel), credit/debit card, and direct debit where available. Transaction fees, if any, are the responsibility of the client.

5.3 Early Repayment

Clients may repay loans early without penalty unless otherwise specified in the loan agreement. Interest will be calculated only for the period the loan was outstanding.

5.4 Payment Allocation

Payments are applied first to outstanding fees and penalties, then to accrued interest, and finally to principal balance.

6. Interest Rates & Fees

6.1 Interest Rates

Interest rates are determined based on credit assessment, loan product, and market conditions. The applicable rate will be disclosed in your loan agreement before acceptance. All rates are expressed as Annual Percentage Rates (APR) where required by law.

6.2 Origination Fees

Some loan products may include an origination fee deducted from the loan disbursement amount. This fee will be clearly disclosed prior to loan acceptance.

6.3 Late Payment Fees

Late payments incur a fee of 5% of the overdue amount or 5,000 RWF, whichever is greater, per month of delinquency. Late fees accrue daily.

6.4 Account Maintenance Fees

Active accounts may be subject to nominal maintenance fees as disclosed in the fee schedule. Inactive accounts (no loan activity for 12+ months) may incur a reactivation fee.

7. Late Payments & Default

7.1 Grace Period

A grace period of 5 days applies to all loan payments. No late fees are assessed during the grace period.

7.2 Default Events

Default occurs when a payment is more than 30 days overdue. Additional default events include:

• Bankruptcy or insolvency proceedings
• Provision of false information
• Death of the borrower (estate becomes responsible)
• Violation of any material term of the loan agreement

7.3 Consequences of Default

• Immediate acceleration of the entire outstanding loan balance
• Reporting to credit reference bureaus
• Referral to collections agencies
• Legal action to recover outstanding amounts
• Seizure of collateral (where applicable)

7.4 Collection Costs

The borrower is responsible for all reasonable collection costs, including legal fees, court costs, and third-party collection agency fees.

8. Account Responsibilities

8.1 Security

You are solely responsible for maintaining the security of your account credentials. You agree to notify LendSmart immediately of any unauthorized access. LendSmart is not liable for losses resulting from compromised credentials.

8.2 Accurate Information

You must promptly update your account information when changes occur. Failure to maintain accurate contact information may result in missed notifications for which LendSmart is not responsible.

8.3 Message Opt-Out

By creating an account, you consent to receive electronic communications including SMS, email, and in-app notifications. You may opt out of marketing communications but cannot opt out of essential service notifications.

9. Business Portal Services

9.1 Business Account Features

Business Portal clients have access to premium features including:

• Business loan management
• Payroll processing
• Asset management and depreciation tracking
• Financial analytics and reporting
• Multi-user access controls
• API integration (available on request)

9.2 Business Verification

Business clients must provide valid business registration documents, tax identification numbers, and authorized representative identification. LendSmart reserves the right to verify business legitimacy.

9.3 Service Level

Business Portal services are provided with 99.9% uptime target, scheduled maintenance will be notified 48 hours in advance. Emergency maintenance may be performed without notice.

9.4 Payroll Processing

LendSmart acts as a facilitator for payroll processing. Payroll funds are held in trust accounts. LendSmart is not responsible for errors caused by incorrect employee data provided by the business.

10. Prohibited Activities

You agree NOT to engage in any of the following:

• Fraud: Submitting false loan applications, identity theft, or misrepresenting financial information
• Money Laundering: Using LendSmart services for any money laundering or terrorist financing activities
• Unauthorized Access: Hacking, scraping, reverse-engineering, or attempting to disrupt Platform services
• Circumvention: Avoiding repayment obligations through bankruptcy fraud or asset concealment
• Harassment: Abusing LendSmart staff or customer service representatives
• Illegal Activities: Using loan funds for any illegal purpose under Rwandan or applicable law

11. Termination

11.1 Client-Initiated Termination

Clients may close their accounts at any time provided all outstanding loans are fully repaid and no pending obligations exist. Account closure requests must be submitted in writing to support@lendsmart.rw.

11.2 Platform-Initiated Termination

LendSmart may suspend or terminate accounts for: material breach of Terms, default on loans, fraudulent activity, extended inactivity (24+ months), or as required by law.

11.3 Effects of Termination

Upon termination: outstanding loans become immediately due and payable; portal access is revoked; data is retained as required by law; any remaining credit balances are refunded after debt settlement.

12. Limitation of Liability

To the maximum extent permitted by law:

• LendSmart and its affiliates, officers, directors, employees, and agents shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising from your use of the Platform.
• Our total cumulative liability shall not exceed the total interest and fees paid by you to LendSmart in the preceding 12 months, or 100,000 RWF (approximately $80 USD), whichever is greater.
• We are not liable for losses due to: third-party service interruptions, force majeure events (natural disasters, war, strikes, government actions), unauthorized account access not caused by our gross negligence, or errors in information provided by you.

13. Dispute Resolution

13.1 Internal Resolution

Disputes should first be raised to LendSmart's customer support at support@lendsmart.rw. We will attempt to resolve disputes within 14 business days.

13.2 Mediation

Unresolved disputes shall be submitted to mediation at the Kigali International Arbitration Centre (KIAC). Mediation costs are shared equally unless otherwise determined.

13.3 Arbitration

Any dispute not resolved through mediation shall be finally settled by binding arbitration in accordance with KIAC arbitration rules. The arbitration shall take place in Kigali, Rwanda, unless otherwise agreed.

14. Governing Law

These Terms and any dispute arising from them shall be governed by and construed in accordance with the laws of the Republic of Rwanda, without regard to conflict of law principles. Any legal action not subject to arbitration shall be brought exclusively in the courts of Kigali, Rwanda.

15. Modifications to Terms

LendSmart may update these Terms at any time. Material changes will be notified via:

• Email to registered address (30 days' notice for significant changes)
• Platform notification upon login
• Updating the "Last Updated" date above

Continued use of the Platform after changes constitutes acceptance. If you disagree with modifications, you must close your account and repay all outstanding obligations.

16. Contact Information