Terms And Conditions
Palla Credit Limited Terms and Conditions
Effective Date: 1st Jan 2024
Company Name: Palla Credit Limited
Website: https://www.pallacredit.co.ke
Contact Number: + 254 79 307 0020
1. Introduction
Welcome to Palla Credit Limited. By applying for or accepting any loan or credit facility from Palla Credit Limited (“Palla Credit,” “we,” “our,” “us”), you (“the Borrower,” “you”) agree to these Terms and Conditions (“Terms”). These Terms constitute a legally binding agreement between you and Palla Credit.
2. Eligibility
2.1. Loans are available to Small and Medium Enterprises (SMEs) registered and operating in Kenya.
2.2. The Borrower must be at least 18 years old and have the legal capacity to enter into a binding contract.
2.3. The Borrower must provide valid identification and proof of business registration as required by Palla Credit.
3. Loan Application and Approval
3.1. All loan applications must be submitted via the official Palla Credit website https://www.pallacredit.co.ke or through other channels as may be provided by Palla Credit.
3.2. The approval of any loan application is at the sole discretion of Palla Credit and is subject to the Borrower meeting the required credit criteria.
3.3. Palla Credit reserves the right to reject any loan application without providing a reason.
4. Loan Amount and Disbursement
4.1. The loan amount approved will be communicated to the Borrower and may be less than the amount applied for.
4.2. Upon approval, the loan amount will be disbursed to the Borrower’s bank account within [X] business days.
5. Interest Rates and Fees
5.1. The interest rate applicable to the loan will be clearly communicated to the Borrower at the time of loan approval.
5.2. Palla Credit reserves the right to charge processing fees, which will be deducted from the disbursed loan amount.
5.3. Additional fees, such as late payment fees, may apply and will be communicated to the Borrower in advance.
6. Repayment Terms
6.1. The Borrower agrees to repay the loan in full, including interest, according to the repayment schedule provided at the time of loan approval.
6.2. Repayments must be made through the payment channels provided by Palla Credit.
6.3. Early repayment of the loan is allowed without penalty unless otherwise stated in the loan agreement.
7. Late Payments and Default
7.1. Failure to make payments on time will result in late payment fees and additional interest charges.
7.2. Palla Credit reserves the right to take legal action or report the Borrower to credit reference bureaus in case of default.
7.3. In the event of default, Palla Credit may take possession of any collateral provided by the Borrower.
8. Confidentiality and Data Protection
8.1. Palla Credit is committed to protecting the privacy of the Borrower’s personal and business information.
8.2. The Borrower consents to the collection, use, and disclosure of their personal data in accordance with Palla Credit’s Privacy Policy.
9. Amendments to Terms
9.1. Palla Credit reserves the right to amend these Terms and Conditions at any time. Any changes will be communicated to the Borrower and will take effect immediately upon such communication.
9.2. Continued use of Palla Credit’s services after the amendment of these Terms constitutes acceptance of the revised Terms.
10. Governing Law and Jurisdiction
10.1. These Terms and Conditions shall be governed by and construed in accordance with the laws of Kenya.
10.2. Any disputes arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of Kenya.
11. Contact Information
For any questions or concerns regarding these Terms, please contact us at:
Palla Credit Limited
Website: https://www.pallacredit.co.ke
Phone: + 254 79 307 0020