Terms & Conditions

Payday Loan Terms and Conditions


As may be approved by Spark Bad Credit Loans.


To bridge the immediate cashflow gap.


31 days or next salary date (whichever comes first).


The interest rate for the facility is 2% – 36% APR flat, which shall be subject to review from time-to-time in line with the prevailing money market condition. Any change in pricing of the facility notified by the Lender to the Borrower shall be binding on the Borrower.


2% – 36% APR flat


2% – 36% APR flat


Period Default Penalty

11th days post maturity date 2% – 36% APR

45 Days Past Due 2% – 36% APR

60 Days Past Due 2% – 36% APR (every month thereafter)


This facility shall commence upon drawdown or on the date of disbursement notwithstanding the date on the offer or date of execution. This loan is repayable on the next payday or 31days after (whichever comes first).


The borrower agrees to waive 3-days cooling off period to enable disbursement.


The facility shall be secured with the following:

  1. Irrevocable domiciliation of salary
  2. Credit life insurance covering the risk of death/disability, and retrenchment of the Borrower.
  3. Authorization to sweep any related internal and/or external BVN related

    account(s) for repayment. 


Loans are usually disbursed instantly, however in some cases, delays are caused by third parties outside the control of Spark Bad Credit Loans. Such delays are generally resolved within 24 hours and we will keep you informed as to when your loan will disburse.


Notwithstanding anything herein before contained, the facility or balance thereof and other monies herein covenanted to be paid whether by way of interest or otherwise shall become immediately due and payable on the demand being made in respect of such on the occurrence of any of the following events:

  1. If the Borrower shall fail to pay any sum outstanding as and when due.
  2. If the Borrower commits any breach or fail to observe or perform the other obligations.
  1. If any representation or warranty given or made by the Borrower in this Agreement or in any notice or certificate or statement, delivered or made pursuant herein is inaccurate in any respect when made or delivered.
  1. If the Borrower stops or suspends or is deemed to be unable to pay its debt or admits in writing its inability to discharge its obligations.
  1. If the Borrower proposes or declares any moratorium on the Borrower’s debt in respect of the facility.
  1. If any extra-ordinary situation arises such that the continuance of the transaction in the opinion of the Lender makes it impossible for the Borrower to discharge its obligations.
  1. If there should in the opinion of Spark Bad Credit Loans be a material adverse change in the financial condition of the Borrower.
  1. If any government consent required by law for the validity, enforceability or legality of this offer or the performance of the terms thereof ceases to be or is not for any reason in full force and effect. In any such event and at any time thereafter if any such event shall be continuing, Spark Bad Credit Loans shall by written notice to the Borrower, declare that, that portion of the facility outstanding has become immediately payable whereupon the same shall become so payable together with interest accrued thereon.
  2. If any execution or distress is levied upon or against the properties of the Borrower and not discharged within seven days.


The Borrower covenants that in addition to any general lien or similar right to which the Lender as a banker may be entitled by law, the Lender may at any time and without notice to the Borrower combine or consolidate all or any of the Borrower’s accounts with any liabilities to the Lender and set off or transfer any sum or sums standing to the credit of anyone or more of such accounts in or towards satisfaction of the Borrower’s liabilities to the Lender, or any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.


The Borrower shall reimburse Spark Bad Credit Loans for all reasonable out of pocket expenses, costs, and charges incurred by Spark Bad Credit Loans in connection with the preparation, execution, administration and enforcement of the terms of this offer, including but not limited to Solicitors fees, Stamp Duties and Registration fees. Such charges and costs shall in the event of non-payment by the Borrower on demand be added to the facility and other amounts of money owing under the terms of this offer and shall bear interest accordingly.


The Borrower shall maintain a credit life insurance policy against loss of life and such other risks as Spark Bad Credit Loans may from time to time consider necessary in an Insurance The company was approved by Spark Bad Credit Loans. The Borrower shall duly pay all premiums for keeping such insurance. The Company’s interest as first loss payee must be duly endorsed on the insurance policy


All payments whether of principal, interest, or otherwise shall be made free and clear of and without deduction of any taxes, duties, charges, fees, deductions, withholdings, setoffs, counterclaims, restrictions, or conditions of any nature. If at any time, provision of the law or any taxing authority shall require the Borrower to make any such deduction or withholding from any such payment, then the sum due from the Borrower in respect of such payment shall be increased to the extent necessary to ensure that after making of such deductions or withholding, Spark Bad Credit Loans receives a net equal to the sum which it would have received had no such deduction or withholding been required to be made.


The Borrower hereby irrevocably and unconditionally represents and warrants that:

  1. The Borrower has the right to accept this facility and has taken all necessary actions to authorize same upon the terms and conditions herein.
  1. The Borrower is not in default or under any obligation in respect of any borrowed money, and that the acceptance of this facility will not be or result in a breach of or default under any provisions of any other agreement to which the Borrower is a party.
  1. It is agreed that the facility herein granted shall be canceled and the outstanding sums shall become payable forthwith upon demand thereof if any event or series of events (including without limitation, any material adverse change on the The financial condition of the Borrower) occurs, which in the opinion of the Lender may affect the ability or willingness of the Borrower to repay the facility.
  1. It is agreed that the facility herein granted shall be canceled and the outstanding sums shall become payable forthwith upon demand thereof if any event or series of events (including without limitation, any material adverse change on the The financial condition of the Borrower) occurs, which in the opinion of the Lender may affect the ability or willingness of the Borrower to repay the facility.
  1. All information given to Spark Bad Credit Loans is true, correct, complete, and not misleading.
  2. There are no pending or threatened actions or proceedings affecting the Borrower before any court or other body which may adversely affect the Borrower’s ability to perform and observe its obligations on this facility.
  1. The Borrower is not in default under any other agreement relating to indebtedness.
  1. No part of this facility will be used to pay amounts owing to Spark Bad Credit Loans or any entity or person related to the Company under another credit arrangement, without the consent of the Company in writing.
  1. No legal action shall be instituted howsoever, instigated, and/or sustained by the Borrower against the Lender jointly or severally without first giving the Lender a ninety-day prior written pre-action notice of the Borrower’s intention to so proceed against the Lender, such notice to be served at the Lender’s registered office address.


If the Lender has determined that the introduction of or change in any applicable law or government or other regulatory authority charged with the administration thereof or court of competent jurisdiction makes it apparent that it is unlawful or illegal for the Borrower or the Lender to fund or maintain or perform their obligations as contemplated by the terms of this Offer Letter, the Lender shall forthwith give notice of such occurrence to the Borrower and the commitment shall forthwith be canceled or discharged and the Borrower shall on the next succeeding payment date or such earlier date as may be Required to repay to the Lender the principal amount so disbursed together with accrued interest, if any, and other amounts due to the Lender hereunder.


Failure or delay by the Lender in exercising any remedy, power, or right as a Lender shall not be considered as a waiver or impairment thereof nor shall it affect or impair any such remedies, powers, or rights in respect of any default.


The Borrower undertakes to:

  1. Immediately notify Spark Bad Credit Loans should there be any change in circumstances, or any information supplied to the Company.
  1. Provide Access with any other information relating to the Borrower as of the Company as it may reasonably require from time to time.
  1. Domicile the salaries and any other allowances, emoluments, entitlements and terminal benefits to Spark Bad Credit Loans via the Company’s payroll administration scheme.
  1. Inform Spark Bad Credit Loans within two (2) days of resignation, or transfer or dismissal or termination.
  1. Advise Spark Bad Credit Loans of all cash advances, internal loans, financial accommodations or any other obligations granted to the employees which are deductible from monthly salaries, within 24 hours.
  1. Notify Spark Bad Credit Loans of all terminal benefits/entitlements including but not limited to death-in-service benefits, shares/staff investment trust benefit, cooperative society contributions, benefits, or entitlement due to being credited to the Borrower’s An account with the Company, before the disengagement of the Borrower from employment.


The Borrower hereby consents to notices, documents, and any other communications relating to the facility and these terms and conditions being sent by Spark Bad Credit Loans to the Borrower or made available to the Borrower via email or other electronic means (including without limitation, an SMS message). The Borrower also consents to receive commercial electronic messages the Company may send from time to time (including SMS messages and email).


The Borrower authorizes Spark Bad Credit Loans to share any personal information of the Borrower with any third party, including without limitation to lenders, credit bureaus, credit reference agencies, payment processing agencies, customer service providers and collection agencies for any purpose in relation to this facility or the Company’s business functions and activities, which include, without limitation, assessing the Borrower’s credit risk and ability to repay debts. Spark Bad Credit Loans reserves the right to request from the Borrower any information or document which it may require in relation to this facility, including for assessing the Borrower’s loan application, identifying the Borrower or for performing all required verifications. The Borrower hereby authorizes Spark Bad Credit Loans to obtain any information about the Borrower that it may require in relation to this facility, from any third party and further authorize the relevant third party to disclose such information to us.


No communication will be effective until received by the Company. A communication from Spark Bad Credit Loans to the Borrower is, however, deemed to be received:

  1. In the case of a letter, on the second business day after posting;
  2. In the case of electronic communications, on completion of transmission to the

relevant electronic address provided that if such communication is made at a time which is outside ordinary business hours, such communications shall be deemed received on the next business day. The term “business day” means a day (other than a Saturday or Sunday) upon which Banks are open for business.


The Borrower shall not assign all or any part of his/her rights, title, interest or obligations in the facility to a third party without Spark Bad Credit Loans’s written permission. The Company may assign in whole or in part, any of its rights, title, interest and obligations in the facility without the consent of the Borrower,


Only Spark Bad Credit Loans may vary these terms and conditions at any time if it is required or it is advisable for us to do so by law or change in market conditions or to maintain our rate of return on this facility. Any variation to these terms and conditions is binding on the Borrower from the date specified in such notice.


These terms and conditions shall remain in force, as long as Spark Bad Credit Loans remains a creditor of the Borrower, or as long as any part of the facility remains outstanding.



Spark Bad Credit Loans may pursue its remedies and exercise all powers under this facility separately or concurrently.


Time is of the essence in all respects regarding each of the Borrower’s obligations with respect to this facility.


All communication to be made pursuant to this Agreement must be made in English.


The illegality, invalidity or unenforceability of a provision of these terms and conditions under any law will not affect the legality, validity or enforceability of other provisions of this facility


These terms and conditions shall be governed and construed in accordance with U.S. Federal and State laws.



I acknowledge that I have read and understood all of the terms and conditions as contained herein and agree to be bound by them.