Terms and Conditions

BY COMPLETING OUR LOAN APPLICATION YOU ARE AGREEING TO THE BELOW KINDLY GO THROUGH THE BELOW AND MAKE SURE YOU UNDERSTAND AND AGREE TO EVERYTHING BEFORE YOU CONTINUE FILLING THIS DOCUMENT

1. Eligibility Criteria

Applicants must meet the following eligibility criteria to apply for a loan:

• Be a Nigerian citizen or resident with valid identification.
• Be at least 18 years old.
• Provide proof of income and residence.

2. Loan Application Process

Applicants must complete the online application form and provide necessary documentation, including:

• Full name, date of birth, contact information.
• Identification document (e.g., BVN Number, Driver's License, Internationa Passport, National ID, Voters Card).
• Proof of income (e.g., bank statements, payslips).

2. Loan Processing fee

ITM Prides its self for no hiden fees

Loan application fee of 500 Niara per every approved application

First time applicants would be subject to a fee of 0.03 NGN, per every 1 NGN borrowed

Returning applicants would be subject to a fee of 0.01 NGN, per every 1 NGN borrowed

For example, if you are borrowing 500,000 for the first time from ITM Loans you would pay 500 + (3000 * 5(for every 100,000) a total of 15,500 Naira fee would be charged

if you are borrowing 500,000 for the second or more times from ITM Loans you would pay 500 + (1000 * 5(for every 100,000) a total of 5,500 Naira fee would be charged

Note that fee due would be debited from your loan before credited to your account if your application is approved

3. Loan Approval and Disbursement

Loan approval is subject to verification of provided information and assessment of creditworthiness. Approved loans will be disbursed within 1 - 5 business days after application.

4. Interest Rates and Fees

ITM Loans charges a percentage rate of 5% for a 1 month long loan.

ITM Loans charges a percentage rate of 7.5% for 2 months long loan.

ITM Loans charges a percentage rate of 9% for a 3 months long loan.

ITM Loans charges a percentage rate of 12% for a 4 months long loan.

ITM Loans charges a percentage rate of 15% for a 5 months long loan.

ITM Loans charges a percentage rate of 18% for 6 months long loan.

Additional fees may apply for late payments or loan modifications, We are always willing to negotiate a better rate for a shorter time frame.

5. Repayment Terms

Loans must be repaid in equal monthly installments over a specified period. Payments can be made via bank transfer or check payment.

Failure to repay may result in penalties, increased interest rates, or legal action.

6. Privacy Policy

ITM Loans is committed to protecting your privacy. Personal information collected during the loan application process will be used solely for assessing eligibility and administering loans.

We adhere to the Nigerian Data Protection Regulation (NDPR) and do not share your information with third parties without your consent.

7. Complaints and Dispute Resolution

For complaints or disputes, please contact our Customer Service team at info@itmloans.com. We will endeavor to resolve issues promptly and fairly.

8. Amendments to Terms and Conditions

ITM Loans reserves the right to amend these terms and conditions at any time. Changes will be notified to customers via email or by posting on our website.

9. Governing Law

These terms and conditions are governed by the laws of Nigeria. Any disputes arising from or related to these terms will be settled in Nigerian courts.

By applying for a loan with ITM Loans, you agree to abide by these terms and conditions. If you have any questions or require further clarification, please contact us.