OUR LOAN POLICY

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1. Introduction

• This Loan Application Policy outlines the eligibility criteria, application process, approval procedures, and what happens if an applicant’s loan request is declined. By applying for a loan through Broadbased Loans, a financial product of Broadbased Financial Services Ltd, you agree to abide by this policy.

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2. Eligibility Requirements

• To qualify for a loan, applicants must:

• Be at least 18 years old, and a resident of Lagos State, Nigeria.

• Be a registered user with an active and verified account on Broadbased Loans.

• Have completed a minimum of four weeks’ structured savings under a chosen contribution plan.

• Provide valid identification (government-issued ID) and proof of address.

• Have a verifiable and stable income source.

• Meet collateral or guarantor requirements where applicable.

• Have no outstanding defaults with Broadbased Loans or any credit bureau.

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3. Loan Application Process

• Users must log in to their Members Area and complete the Loan Application Form.

• Provide all required documents, including:

-Proof of savings contribution completion.

-Collateral or guarantor details (if required).

-Business documentation (for business-related loans).

-Applications will be reviewed within 48 - 72 hours.

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4. Loan Approval Criteria

Loan applications are evaluated based on:

• Savings history & commitment: Completion of required savings deposits.

• Repayment capacity: Income assessment and ability to repay the requested amount.

• Collateral or security provided: Must meet the loan security requirements.

• Credit-worthiness: A review of financial behavior, including past loans or credit reports.

• Loan purpose assessment: Ensuring the requested loan aligns with the applicant’s stated financial need.

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5. Loan Disbursement

• Upon approval, the loan amount will be disbursed directly into the applicant’s verified bank account.

• The loan agreement, including repayment terms, must be signed digitally before disbursement.

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6. Loan Denial & Next Steps

If a loan application is not approved, the applicant will receive a formal rejection notification with reasons such as:

• Incomplete savings contributions.

• Insufficient repayment capacity.

• Failure to meet collateral or guarantor requirements.

• Negative credit history or outstanding defaults.

• Incorrect or unverifiable information.

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7. Options for Rejected Applicants

Rejected applicants have the following options:

-Improve Eligibility & Reapply:

• Continue saving to build financial discipline.

• Update application details, such as providing stronger collateral or guarantors.

• Resolve any credit issues flagged in the application.

-Savings Withdrawal:

• Users may request a withdrawal of savings, subject to a review period and applicable processing fees.

-Financial Advisory & Training:

• Rejected applicants can access Broadbased Loans’ financial training to help improve financial management and future loan approval chances.

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8. Loan Agreement & Legal Obligations

• All approved borrowers must digitally sign a legally binding Loan Agreement before funds are disbursed.

• Borrowers must repay on schedule to avoid penalties, legal recovery actions, or credit bureau reporting.

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9. Policy Amendments

• Broadbased Loans reserves the right to modify this Loan Application Policy at any time. Updates will be communicated via email and on the website.

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10. Contact Information

📍 Office Address: Basement Carpark Office, Main Tejuosho Shopping Complex, Yaba

📞 Phone/WhatsApp: +234 807 622 6967; +234 803 506 8484

📧 Email: admin@broadbasedfinancialservices.com

🌍 Website: www.broadbasedloans.com