Finablr Loan Terms

1. Introduction 

The following terms, together with your loan request on the Finablr platform and loan contract, as defined herein, constitute a binding agreement (the "Agreement") between you and ENABLING FINANCE LTD, a registered money lending company in Uganda operating under the Uganda Microfinance Regulatory Authority (UMRA). The terms "EFL", ‘’Finablr’’, "we", "us" and “our” refer to ENABLING FINANCE LTD and its successors or assignees as appropriate. BY PROCEEDING TO USE THE FINABLR SERVICE SOFTWARE PLATFORM, YOU HAVE SIGNIFIED YOUR AGREEMENT TO BE BOUND BY ALL OF THE TERMS AND CONDITIONS CONTAINED IN THIS AGREEMENT. Under this Agreement, you agree to receive and repay one or more installment loan, through the Finablr mobile credit platform, including any subdomains thereof (the "Site") operated by EFL. These terms affect your rights and you should read them carefully and print a copy for your records. Your agreement to these terms means you agree to borrow and repay the money if your loan is funded under the terms of this Agreement, agree to transact with us electronically and physically, and agree to have any dispute with us resolved by binding arbitration.
 

2. Definitions and Interpretation

2.1 The following definitions should be read carefully as they provide important explanation and guidance on interpretation of the language used in these Terms.

​“Business Day” means a day (other than a Saturday, Sunday or Public Holiday) when banks in Uganda are open for business. “Collection Account” means the designated EFL account where your funds are held in trust upon execution of the loan agreement prior to disbursement to the borrower or upon repayment by the borrower prior to disbursement to the lender less transaction fees.
“Credit Approval Team” means the Company’s credit committee which evaluates and approves all applicants (lenders and borrowers) against the requirements for subscription to the Platform.
“Event of default/default event” means an event where a Borrower defaults under a Loan Agreement and fails to remedy that default in accordance with that Loan Agreement.
“Information” means any of the information that can be viewed or downloaded from the Website (including the Platform) and includes, but is not limited to, data, pricing information, terms, images, reports, policies and software and also includes any copyright, Intellectual Property Rights, Information Technology or other commercially valuable property of the Company. “Information Technology” means all computer hardware (including network and telecommunications equipment), databases, and all computer software (including the Platform or any software required for the Platform) owned, used or leased by the Company.
“Intellectual Property Rights” means all patents, rights to inventions, copyrights and related rights, trade marks, business names and domain names, rights in get up, goodwill and rights to sue for passing off, database rights, rights to use, and protect the confidentiality of, confidential information, and all other intellectual property rights, whether registered or unregistered, including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim property from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world.
“Borrower” means an individual or legal entity that has applied and has been approved by the Company’s Credit Approval Team to participate as a borrower on the Platform. “Lender” means you and/or another lender (including, without limitation, EFL) registered onto the Platform, as the case may be.
“Lending Commitment” means a commitment by a Lender to lend money through the Platform on the terms agreed upon with a borrower matched on the platform. This is expressed upon accepting a loan request or countering a loan request that is in turn accepted by a borrower.
“Loan Agreement” means a loan agreement governing a particular transaction between a matched Lender and Borrower on the platform.
“Match“, “Matches”, “Matched” or “Matching” refers to the process of matching a Borrower with a Lender by initiation on the platform by you and execution by way of a duly signed Loan Agreement by a Lender. It could also refer to a borrower and lender that have reached an agreement on terms deliberated upon on the platform and are awaiting transaction scheduling by EFL.
“Borrow “refers to the section of the platform where any interested borrower navigates to begin the process of submission of his/her loan request. It could also refer to the initiation of a loan request by a borrower.
“Lend“ refers to the section of the platform where an interested lender navigates to match submitted loan requests with his/her loan offers by way of accepting or countering. It also means the initiation of a lending commitment.
“Tips“ refers to the section of the platform where a you can find information that may present as helpful in guiding your usage of the platform.
“My account“ means your personalised area of the Platform which shows your registered names, collaterals and their respective values, email address and phone contact, ‘’active’’, ‘’closed’’ and ‘’delinquent’’ borrowing commitments and the option of adding collateral to one’s account to increase one’s borrowing limit.
“Platform” means the mobile application-based Business-to-Customer lending service provided by EFL named ‘Finablr’ and includes all secure areas of the platform in addition to any technology made available to Lenders.
“Provision Fund” means the discretionary compensation fund available in the default event where a Lender has received only part or no payment at all from the matched borrower, against interest or late fees overdue, over a period of atleast 2 (two) months into the agreed loan term.
“Provision Fund Committee” means the EFL-designated committee that manages claim applications to the Finablr Lenders’ Provision Fund.
“Security/collateral” means any mortgage, asset, charge (whether fixed or floating, legal or equitable), pledge, lien, assignment by way of security or other security interests declared to be used as a contingency to recovery of borrowed moneys in the event of default.
“Security Trustee” means any trustee company or service provider assigned by EFL to hold in trust all Securities declared by Borrowers pursuant to Loan Agreements.
“Attachment Period” is the notice period issued to the borrower by the designated EFL bailiff before sale/disposal can be effected.
“Service Providers” means all third party suppliers who provide either a service or product to the Company which we use to provide the Services.
“Services” means the utility provisions on the Platform and other related and additional services including, without limitation, the provision of credit reference information, online identification verification software, credit finance applications and the technology that supports our Website and Platform. “Enabling Finance Ltd (EFL)” means the Company and any subsidiary of EFL. “Website” means www.enablingfinancelimited.com and any other social media platforms owned and run by EFL.

3. Loan Terms.

Your loan will have a principal balance between Uganda Shillings One Hundred Thousand (Ugx. 100,000) and Uganda Shillings Three Hundred Million Shillings (Ugx. 300,000,000) in the specific amount and on the terms set forth and determined by you and your lender in the disclosures provided to you through your online Finablr account. All loans are; secured by your collateral, fully-amortizing, closed-end loans with a maximum two (2) year-term. Your obligations, including your obligation to repay principal and interest, are set forth in this Agreement.

​

4. Credit Decisions.

Your loan application must include your annual income and such other information as we may require to ascertain your identity and credibility. We will consider public assistance, alimony, child support, or separate maintenance income as income if you choose to include such sources of income in your application and where such income is likely to continue. We reserve the right to verify any information you submit by requiring you to produce appropriate documentation or other proof, and also reserve the right to conduct such verification through a third party. You hereby authorize us to request and obtain data from a third party to verify any information you provide to us in connection with your loan request. We may terminate consideration of your application at any time in our sole discretion.
 

5. Loan Funding and Closing.

You may post a loan request on the Finablr platform, and various lenders ("Lenders") will be able to review your loan request. Lenders may commit funds to toward your request, in various amounts. You acknowledge that a Lender's commitment to fund your loan does not confer any rights to you. You understand that individual Lenders make their own decisions whether to commit funds toward your loan. EFL may also choose to invest in all or part of your loan but is not obligated to do so.

If a lender extends a loan to you, you agree to execute multiple Notes if we request you to do so, provided that the aggregate principal amounts of such Notes shall equal the total amount of your loan. You authorize us to disburse the loan proceeds to you through our collection account and from you through your designated account. BY COMPLETING YOUR APPLICATION AND SUBMITTING YOUR LOAN REQUEST, YOU ARE COMMITTING TO OBTAIN A LOAN FROM A LENDER IN THE AMOUNT AND ON THE TERMS SET FORTH IN YOUR AGREEMENTS WITH THE LENDER AND US AND THE DISCLOSURES PROVIDED TO YOU IN CONNECTION WITH YOUR REQUEST, SHOULD YOUR REQUEST BE FUNDED. YOU HAVE NO RIGHT TO RESCIND THE LOAN ONCE MADE BUT YOU MAY PREPAY THE LOAN AT ANY TIME AT THE PRESCRIBED EARLY REPAYMENT FEE.
 

6. NO GUARANTEE.

WE DO NOT WARRANT OR GUARANTEE
(1) THAT YOUR LOAN REQUEST WILL BE FUNDED OR
(2) THAT YOU WILL RECEIVE A LOAN AS A RESULT OF POSTING A REQUEST.

7. Making Your Loan Payments.

You agree to make all scheduled loan payments by either direct deposit to the designated EFL collection bank account described below.

​

​

​

​

Any fees authorized to be charged on your loan shall be collected by us upon deposit to our collection account. If such fees are assessed on your account by us, those fees will be debited separately from your installment payment amount. You may choose to make fees payments separately by contacting us through our official communication channels. All third party payment processing fees and charges for payments credited to us by you or credited by us to you on behalf of lenders are to be borne by you. All payments are to be applied first to the payment of all fees, expenses and other amounts due (excluding principal and interest), then to accrued interest, and then finally to the balance on account of outstanding principal; provided, however, that after an Event of Default (as defined below), payments will be applied to your obligations as we determine in our sole discretion.
 

You shall be entitled to receive a receipt of payment from EFL against any and all payments you make against your loan account.
In the event of your intention to make an early repayment, you shall be required to make this intention known to us officially in writing through the official communication email address.

8. Other Borrower Obligations.

You agree that you will not, in connection with your loan request:
(i) make any false, misleading or deceptive statements or omissions of fact in your listing
(ii) misrepresent your identity, or describe, present or portray yourself as a person other than yourself
(iii) give to or receive from, or offer or agree to give to or receive from any EFL member or other person any fee, bonus, additional interest, kickback or thing of value of any kind except in accordance with the terms of your loan
(iv) represent yourself to any person, as a representative, employee, or agent of ours, or purport to speak to any person on our behalf
(v) provide, in your loan request or in communications on the platform related to your loan request, information upon which a discriminatory lending decision may be made, such as your race, color, religion, national origin, sex, or age.

You acknowledge and agree that we may rely without independent verification on the accuracy, authenticity, and completeness of all information you provide to us. You certify that you are a resident of the Republic of Uganda and the proceeds of the loan will not be used for the purpose of funding any illegal activity or used to purchase or carry on any (i) gambling or gaming including, without limitation, "OTB" or similar walk-in betting parlor; (ii) charitable organization; (iii) disco or nightclub or other adult entertainment; (iv) the sale or display of any pornographic or obscene material or the conduct of any obscene, nude or semi-nude live performance or modeling; (v) pawn shop; (vi) drug rehabilitation clinic, halfway house or abortion or family planning clinic; (vii) church, synagogue, mosque or any other area of worship; (viii) business in which a principal has been convicted of a felony; (ix) Internet merchant; (x) arms/weapons dealer; (x) lotteries or raffles; (xi) auctions; (xii) massage parlor; (xiii) bar/tavern; (xiv) collection agency; (xv) companion or escort service; xvi) resume preparer; (xvii) sexual encounter agency; (xviii) sports forecasting; (xix) tattoo parlor; (xx) third party hotel reservation service; (xxi) embassy applications (xxii) consulate or ministry; (xxiii) third party processor; (xxiv) employment agency; (xxv) gambling establishment; (xxvi) health spa (xxvii) vitamin and supplement sales; (xxviii) insurance agency; (xix) website host among other Not-Direct-Profit ventures.

(vi) to deliver to EFL all the original documents of collateral, and the same shall be in custody of EFL or its security trustees until the loan plus all incidental costs have been repaid.
(vii) to provide in a truthful manner his or her financial and business performance information required by EFL and further comply with all the applicable laws of Uganda as well the set EFL product policies as may be amended from time to time. The Borrower hereby further acknowledges that it is unlawful to avail wrong or misleading information and in case of breach of the same, EFL shall recall the loan immediately and may pursue the Borrower in a court of competent jurisdiction for redress.
(viii) The Borrower hereby agrees and authorizes EFL to make inquiries from any bank, financial institution or association or any approved credit reference database to confirm any information provided by the Borrower and provide and share all statutory information in respect of the loan facility and all subsequent facilities as shall be advanced to the Borrower from time to time and in line with applicable Uganda Microfinance regulatory Authority Regulations.
(ix) The Borrower hereby agrees and authorizes EFL to make inquiries from any bank, financial institution or association or any approved credit reference database to confirm any information provided by the Borrower and provide and share all statutory information in respect of the loan facility and all subsequent facilities as shall be advanced to the Borrower from time to time and in line with applicable Uganda Microfinance regulatory Authority Regulations
 

9. Service Fees.

A ONE-OFF, non-refundable processing fee payable by you to EFL referred to as a service fee, shall be deducted from your loan proceeds, so the loan proceeds delivered to your designated recipient account will be less than the face amount of your loan request by the equivalent of this service fee. You acknowledge that the processing fee will be considered part of the principal on your loan and is subject to the accrual of interest. In addition to the other fees set forth in this Agreement, you agree to incur any fees that may be necessary as charged by third party service providers for the transfer of the loan proceeds to your designated account. The bank that holds your designated account may assess its own fee in addition to the fee we assess.

Our present Finablr service fees are as follows:

​
​​

​

​

​

​​

If any payment is seven (7) or more days late (grace period), we shall charge a one-off late fee of equivalent to the applied service fee and applied on the unpaid principal against that month’s scheduled deposit unless otherwise specified and agreed with the matched lender in the respective loan contract. Any such late fee assessed is immediately due and payable. Any payment received after 5:00 P.M. E.A.T on a working day is deemed received on the next succeeding working day
 

10. Default and Termination.

You will be deemed in default on your loan (each, an "Event of Default") if you:
(1) fail to pay timely any amount due on your loan;
(2) file or have instituted against you any bankruptcy or insolvency proceedings or make any assignment for the benefit of creditors;
(3) die or are declared dead;
(4) commit fraud or make any material misrepresentation in the Loan Agreement, the borrower Application form or any other documents, applications or related materials delivered to us in connection with your loan; or
(5) fail to abide by the terms of the Loan Agreement. Upon the occurrence of an Event of Default, we may exercise all remedies available to us under applicable law, this service terms and conditions as elaborated upon under clause 10 below.

11. Loan Terms & Conditions​

Important – Read Carefully: By tapping “Submit” you acknowledge that you have read and understood every item below and you grant Enabling Finance Ltd. (“EFL”, “we”, “our”) permission to process your data and disburse funds subject to these terms.

11.1.Comprehensive Disclosure
Before you submit your loan request, the Finablr app will display on-screen, in one page, the (a) principal, (b) monthly interest rate, (c) repayment schedule (d) fees must tap “Submit” in-app to proceed.

11.2.Permitted Loan Amounts
Loans may range from UGX 100,000 to UGX 300,000,000 inclusive. Applications outside this band require prior written approval from EFL and will be declined in-app until that approval is on file.

11.3.Annual Percentage Rate (APR)
Under no circumstances will the total APR, including every fee charged to the Borrower, exceed 36% p.a.

11.4.Loan Tenor/Payment due date
The minimum contractual tenor is 4 months and the maximum is 24 months. Repayment in full in fewer than 61 days is expressly disallowed.

11.5.Acceptable Collateral
Loans must be over-collateralised by one or more of the following, verified in-app and in person:
1. Titled real estate (land or buildings) registered in Uganda;
2. Motor vehicles registered and road-worthy;

3. Select consumer electronics (smartphones, laptops, smart TVs) that meet EFL grading standards.
Collateral is inspected, geo-tagged, photographed, and valued before disbursement.

11.6.Digital Consent & Data Use
You consent to EFL collecting ID, contact, device, and location data strictly for (i) fraud prevention, (ii) credit scoring, and (iii) collateral tracking. We do not share or sell personal data to third parties for marketing. Users may request deletion of personal data via in-app “Privacy Centre,”

11.7.Fair-Lending Covenant EFL and all approved lenders undertake to lend in a fair, non-discriminatory, and fully transparent manner. No misleading, coercive, or abusive practices are tolerated.

12. Collection & Reporting of Delinquent Loans.

​

12.1.Collection & Reporting of Delinquent Loans.

12.1.1. A 7-day penalty-free grace period shall apply following a default.

12.1.2. If unresolved, a Notice of Default will be issued, allowing 45 working days to settle the debt, after which late fees apply.

12.1.3. If unpaid, a Notice of Intention to Sell will follow, granting an additional 21 working days before collateral attachment.

12.1.4. If still unpaid, EFL will proceed with collateral attachment and lawful disposal via designated bailiffs.

12.1.5. Disposal may occur via public/private auction, including the Finablr Marketplace, with prior notice to parties and the public.

12.1.6. Sale proceeds shall cover all outstanding loan balances.

12.1.7. Additionally:
1. EFL earns a 5% finder’s fee if it sources the buyer.

2.The lender earns a 5% finder’s fee if they source the buyer.
3.Any surplus post-settlement will be returned to the borrower.
4. The borrower may redeem their collateral at any point before sale by settling the full outstanding amount. In this case, finder’s fees do not apply.

12.1.8. EFL shall set the forced sale price with consideration to both lender and borrower, but no less than 60% of appraised value for the first two auctions. After that, EFL may revise the price as necessary. New appraisals (where required) shall be borrower-funded. Late fees continue to accrue until full settlement.

12.1.9. Distribution of Proceeds:
Proceeds from the collateral sale shall be applied in the following order:
(a) Recovery of administrative or legal fees incurred during the process;
(b) Reimbursement of the Participant’s outstanding principal and, where applicable, interest and late fees;
(c) Any balance shall be returned to the borrower or treated in accordance with the applicable laws

12.2. Beyond the grace period but before maturity of the attachment period, the outstanding loan principal shall attract a late fee of 0.25% per month.
Upon maturity of the attachment period, the late fee shall be 0.125% per month as a sale is sought after. The ‘Attachment Period’ shall be defined as the notice period issued to the borrower by the designated EFL bailiff before sale/disposal can be effected.
We may report information about our experience with you to consumer reporting agencies. Late payments, missed payments, or other defaults in connection with this loan may be reflected on your credit report. You agree to pay all costs of collecting any delinquent payments, including reasonable attorneys' and bailiff fees, as permitted by applicable law.

13. Assignment of Your Loan.

Following the closing of your loan, you hereby agree that we may, with notice to you, assign all of a lenders’ right, title and interest in your Loan Agreement to another willing lender with no change in the terms

​

14. Consent to Electronic Transactions and Disclosures.

THE USE OF THE FINABLR APPLICATION IS FULLY SUBJECT TO YOUR CONSENT TO ELECTRONIC TRANSACTIONS AND DISCLOSURES. Furthermore, you provide EFL indemnity for the use of your registered email address as sufficiently authentic for your receipt and approval of official documents.
 

15. NO WARRANTIES.

EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, WE MAKE NO REPRESENTATIONS OR WARRANTIES TO YOU, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
 

16. LIMITATION ON LIABILITY.

TO THE EXTENT PERMITTED BY APPLICABLE LAW, WITH THE EXCEPTION OF SAFE KEEPING OF YOUR COLLATERAL SECURITY OFFICIALLY SUBMITTED TO US MINUS REALISTIC NATURAL DEPRECIATION, IN NO EVENT SHALL WE BE LIABLE TO YOU FOR ANY LOST PROFITS OR SPECIAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. FURTHERMORE, WE MAKE NO REPRESENTATION OR WARRANTY TO YOU REGARDING THE EFFECT THAT THE TRANSACTION MAY HAVE UPON YOUR LOCAL TAX LIABILITY.

EFL shall not be liable for collateral documents that may be held and delayed in third party government offices where EFL submitted them for lien registration such as in the event of mortgage registration or release or caveat registration or lifting.

17. Collateral Security

You agree that any Security provided by a Borrower you provide shall be held by EFL or its Security Trustees and EFL shall be entitled to enforce the Security on behalf of the lender where necessary in accordance with the terms stipulated under clause 9 above and reemphasized in the General T&C’s under ‘Penalties and Fines and Recovery Enforcement’.

EFL shall be responsible for the safeguarding of your declared collaterals with the exception of the occurrence of natural depreciation relative to the loan period.

Once submitted to the custody of EFL, you shall only be able to interact with your collateral upon full repayment of the loan.

A lender may choose to physically view your collateral prior to disbursing the committed loan cash for his satisfaction as to its authenticity, physical state and therefore value.

18. Complaints and dispute resolution

18.1. In the event that you have a complaint, the Company will make every effort to rectify the problem as soon as practicably possible.
18.2. Please write to us making clear the details surrounding your complaint. You can send your complaint by e-mail to operations@enablingfinancelimited.com with the subject beginning ‘COMPLAINT’ or by post to P.O BOX 134920, KAMPALA. 18.3. We will endeavor to respond to you to acknowledge your complaint within two Business Days of receiving it. We will endeavor to provide a response to your complaint within 10 Business Days of receiving it.
18.4. If, having received our response, you are still dissatisfied, you can escalate your complaint to our Chief Executive Officer who will investigate the complaint personally and provide a final response to you within 10 Business Days.

19. Dispute resolution

19.1. These Terms and any dispute arising out of or in connection with their subject matter shall be governed by and construed in accordance with the laws of the Republic of Uganda and the parties agree that the courts of Uganda shall have exclusive jurisdiction to settle any dispute or claim arising in connection with these Terms in the event all prior dispute resolution through our designated arbitrators; Jabo & Co. Advocates and one arbitrator appointed by you, fail. In the event of a need for a third arbitrator, the first two arbitrators shall appoint the third. Further deliberation on the subject has been made in the General Terms and Conditions document under ‘Dispute Resolution’