TERMS OF THE LOAN

The maximum loan period is Twenty-four (24) months from the date the loan is accepted. At the very minimum, interest on the loan plus a minimum stipulated principal repayment must be paid fortnightly with the full amount (principal and interest) repaid within the specified term agreed by the Lender and the applicant.

RATE OF INTEREST

The rate of interest is between 2% and 5% per fortnight. The rate of interest is subject to change based on market conditions.

FEES

All Loans are subject to a one-time processing non-refundable fee will be charged by LendingEdge Solutions as listed in the loan products.

DEPOSITS

For amounts borrowed more than 100,000vt, a deposit of 20% of the amount borrowed is required before the loan is approved. The amount is held in trust by the lender and will be returned to the borrower once loan is fully repaid or used by the lender to offset loan if borrower defaults on the loan.

DISBURSEMENT

The proceeds of the loan will be paid over to the Applicant or Assignee once the application has been assessed and the applicant satisfactorily met all requirements.

LOAN REPAYMENT

Loan repayments starting immediately will be made directly to the Lender’s bank account or other approved method.

INTEREST ADDED TO THE LOAN

There is no interest added to the loan amount during the loan period.

RENEGOTIATION OF THE EMPLOYEE LOAN

If the applicant has experienced extraordinary circumstances which compromise his or her ability to service the loan during the loan period, the applicant has the option to renegotiate the term of the loan. Within each loan, the applicant is allowed one renegotiation. The applicant must make an appointment with LendingEdge Solutions to discuss the renegotiation. The maximum term of an Employee renegotiation is a further 3 months.

EARLY REPAYMENT OF EMPLOYEE LOAN

Loans can be repaid ant any time partially or fully without penalty.

WHAT IF EMPLOYEE LEAVES EMPLOYMENT OR IS TERMINATED

Immediate repayment of the loan is expected from the applicant if the applicant leaves employer or is terminated.

NOTIFICATION OF CHANGES

Any changes of address, financial status or employment status must be made in writing to the Lender.

FAILURE TO REPAY THE LOAN

If the Loan is not adequately serviced during the period of the loan, the Lender reserves the right to proceed with Legal Action and/or refer the debt to Debt Collection. Should the loan not be repaid by the due date (and no contact has been made with the Lender), a Payment Demand letter will be sent. If payment is not received within 14 days of this letter, the Lender will begin debt collection proceedings, which will incur additional expenses to you, the Employee.

OTHER DOCUMENTATION

Apart from the documentation included in this loan application package, the Lender may require the Employee to sign additional documentation to provide additional information or perfect the collateral taking on the loan facility.

CREDIT CHECKS

We reserve the right to carry out checks on your status through credit references and fraud prevention agencies.

EMPLOYMENT STATUS

You must be in permanent employment. We regret that we cannot accept applications from people who are self-employed

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Yumiwork

Lolam House, Top Floor

Kumul Highway

PO Box 3315

Port Vila, Vanuatu

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