Contents
1. Acceptance of Terms
By accessing or using the FTI Loan platform at ftiloan.com or software.ftiloan.com (collectively, the "Platform"), you agree to be bound by these Terms of Service. If you do not agree to these terms, please do not use the Platform.
2. Eligibility
To be eligible for FTI Loan services, you must:
- Be at least 18 years of age
- Be a resident of Abuja Federal Capital Territory, Nigeria
- Own or actively operate a legitimate small or medium-sized business
- Have a valid Bank Verification Number (BVN) and National Identification Number (NIN)
- Have an active Nigerian bank account
- Provide at least one valid guarantor
3. Loan Products
FTI Loan offers two products: Cash Loans (funds transferred directly to your bank account) and Asset Financing (FTI Loan purchases an asset on your behalf). All loan terms including interest rates, fees, and repayment schedules are disclosed to you before you accept any loan offer.
4. Interest Rates and Fees
- Cash Loans: Interest charged as a percentage per month on the principal amount
- Asset Financing: Flat interest on the cost of goods — a one-time charge, not monthly
- Admin Processing Fee: A percentage of the loan amount deducted at disbursement
- Restructuring Fee: Applied to the outstanding balance if a loan is restructured
Current rates and fee percentages are displayed on our website and within the application platform. Rates may change and will be clearly communicated before any loan offer.
5. Repayment Obligations
You agree to repay your loan according to the agreed schedule — either daily or weekly as selected at application. A grace period applies to daily loans. Failure to repay on time may result in overdue classification, credit bureau reporting, collection activity, and potential blacklisting from future FTI Loan services.
6. Identity Verification
You consent to FTI Loan verifying your BVN and NIN with authorised third-party identity verification services. The name on your BVN or NIN must match your registered account name. Providing false identity information is grounds for immediate account suspension and loan recall at full outstanding balance.
7. Guarantor Obligations
By naming a guarantor, you confirm that the guarantor has given informed consent to stand as guarantor for your loan. FTI Loan may contact your guarantor in the event of loan default or inability to reach you.
8. Asset Financing Terms
For Asset Financing loans, the purchased asset remains the legal property of FTI Loan until the loan is fully repaid. You are solely responsible for the safekeeping, maintenance, and security of the asset from the date it is handed to you. Loss, theft, or damage of the asset does not reduce your repayment obligation in any way. The asset title will only be transferred to your name upon complete repayment of all outstanding amounts, interest, and fees.
9. Account Suspension
FTI Loan reserves the right to suspend or permanently terminate your account for any of the following: providing false or misleading information, fraudulent activity, persistent failure to repay, abuse of platform staff or systems, or any material breach of these Terms. Suspension does not extinguish your repayment obligations.
10. Limitation of Liability
FTI Loan shall not be liable for any indirect, incidental, special, or consequential damages arising from your use of the platform or the loan products. Our total liability in any matter arising from a specific transaction is limited to the principal amount of that transaction.
11. Governing Law
These Terms are governed by the laws of the Federal Republic of Nigeria. Any disputes arising under these Terms shall be subject to the exclusive jurisdiction of the courts of the Federal Capital Territory, Abuja.
12. Contact Us
If you have questions about these Terms, please contact us at info@ftiloan.com or visit our office in Abuja, FCT, Nigeria. We aim to respond to all enquiries within 2 business days.