1. Who you are borrowing from
The loan is made by the licensed lender named on your agreement (the "Lender"). nxtPay is a technology platform that arranges the loan and collects payments for the Lender. nxtPay is not the lender.
2. Who is responsible
The loan is in the name of the verified nxtPay account holder who accepts this plan with their nxtPay PIN (the "Borrower"). Someone else may pay the first 25% or any instalment for you, but you remain fully responsible for repaying the loan.
3. What you pay
- Today: 25% of the cart total (the down payment).
- Then: the remaining 75% plus interest, in 3 equal weekly instalments, starting one week after the down payment.
- Interest: 2.8% of the amount borrowed (the 75%), shown in shillings before you agree. Your agreement lists every amount and due date.
4. How instalments are collected
Before each due date you will receive a payment prompt on your mobile money number. You can also pay early at any time in the app. Paying early does not cost extra.
5. If a payment is late
We will remind you. A late instalment may lower your nxtPay credit score and your spending limit, and the Lender may report it to a licensed credit reference bureau. [LATE FEE POLICY — TO BE CONFIRMED WITH THE LENDER]
6. Returns and refunds
If an order is refunded, the loan is reduced accordingly and any interest on the refunded amount is returned.
7. Your data
To assess and service the loan, nxtPay shares your verification details and the payment history you consented to with the Lender, in line with Uganda's Data Protection and Privacy Act, 2019.
8. Signing
By entering your nxtPay PIN you sign this agreement electronically. We record the time, your device and the full plan you accepted.
