Introduction

1. You shall be eligible for a Loan Powered by EZ Wage (the “Loan Facility”), upon successful creation of a Wallet on the App, and upon submission of required information digitally, subject to these Loan Terms & Conditions (the “Terms”). The Terms shall be governed by the General Terms & Conditions, which you can read here.
2. The Terms may be modified at any point in time without any prior notification. We shall bear no responsibility or liability towards you or any third-party for any variations or modifications to the Terms. You are advised to regularly review the Terms and, in the event that you consider any modifications thereto to be unacceptable, you are advised to discontinue accessing the App and availing the Services. Your continued use of the App and Services shall constitute acceptance of any amended or modified Terms.
   
   Every effort has been made to provide information that is current and accurate. Nevertheless, inadvertent errors in information may occur. assumes no responsibility or liability for any errors or omissions in the content of this App. The information contained in this App is provided on an "as is" basis with no guarantees of completeness, accuracy, usefulness or timeliness and we take no responsibility for matters arising from changed circumstances or other information or material which may affect the currency or accuracy of information on this App. You assume all responsibility and risk for the use of this App.
3. Except as otherwise set forth herein, you acknowledge and agree that all information or materials licensed or furnished on the App are licensed or furnished without any warranties whatsoever, whether express, implied or statutory, with respect thereto, including without limitation any implied warranties of title, fitness for a particular purpose, title, enforceability or non-infringement. This disclaimer of liability applies to any damages or injuries, including but not limited to those caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction or unauthorized access to, alteration of, or use of record, whether for breach of contract, tortious behavior, negligence or any other cause of action.
4. These Terms are and shall be supplemented and complemented by the General Terms & Conditions and every clause thereof shall continue to be in full force and effect and binding on the parties thereto save as expressly amended and supplemented by these Terms.

Loan

1. By availing the Loan, you can borrow an amount determined on the basis of your eligibility, which shall be determined by RIZQ at its sole discretion. The Loan shall be disbursed into your account, for RIZQ Spending Wallet holders, the amount will be credited there. Once approved, users can withdraw as per amounts listed on the RIZQ app Approved limit will be valid for 12 months and user can draw the amount any time. Loan prepayments are not allowed. Cooling off period of 7 days between loan adjustment and fresh drawdown. At any point in time only one loan will be available.
2. The amount you are entitled to borrow shall be subject to verification of the amount of your salary and employer verification. Please read our Privacy Policy to learn about how RIZQ verifies your salary.
3. Your eligibility for Loan application shall be determined in accordance with the following criteria:
   
   
   1. ) First-time borrowers shall be eligible to apply for a Loan with the maximum limit of twenty-five (25%) percent of their salary.
   2. ) Upon successful repayment of the first Loan, you may be eligible to extend your Loan limit to fifty (50%) percent of your salary amount. For the purposes of clarity, your eligibility to unlock this limit shall be contingent to timely repayment of loan and maintaining good credit behavior.
   3. ) You may be able to extend your Loan limit to hundred (100%) percent of your salary amount upon timely repayment of your Loan and maintaining good credit behavior.
4. You must be in the paid employment of your employer company/organization prior to the date of request to avail the Loan.
5. Your eligibility for continued use of the Loan shall be dependent on your full and timely repayment of Loan herein and maintenance of a good credit history with other credit institutions.
6. You shall pay mark-up on the borrowed amount. Please note the mark-up shall be available to you in the schedule of charges on the App.
7. The tenure of the Loan shall be a period of three (3) months (the “Loan Period”) from the date of disbursement. RIZQ and its partners reserve the right to change the tenure of the Loan Period at its sole discretion with prior notice.
   
   You shall not be eligible to avail any further Loans until the Loan Period has concluded and there is no outstanding amount due under previous Loan.
8. Upon availing a Loan, a Schedule of Payment shall be available in-App via pop-up screen to you prescribing the outstanding payments and Due Dates. You agree and undertake that you shall make full and timely payment of all sums borrowed under the Loan.
9. In the event that any Loan repayments are not made within the due date; you shall be charged a late payment fee as prescribed in the Schedule of Charges. For the purposes of clarity, the Schedule of Charges may be revised from time to time with prior notice.

Recovery of Loan

1. All payments of recovery/due payments/adjustments/ against the Loan shall be made into our designated account.
2. RIZQ shall be entitled to recover all due payments through all legally permissible methods and routes including but not limited to digital reminders, phone calls, SMS and in-person methods.

Event of Default

1. You agree and acknowledge that these Terms and the General Terms & Conditions constitute a legally binding contract under the Contract Act 1872. A breach of the provisions of the Terms and General Terms & Conditions shall constitute an Event of Default.
2. Your failure to make full and timely payment of all amounts due and payable by you under the Loan shall form an Event of Default.
3. Liquidation, bankruptcy or any other legal or factual situation, including judicial or amicable settlement of debts, which may affect your ability to perform in accordance with the Terms and the General Terms & Conditions shall form an Event of Default.
4. Any other event that RIZQ determines at its sole discretion, shall have a material adverse effect upon your ability to make full and timely repayment of all amounts borrowed under the Loan, shall form an Event of Default.
5. In the event of your death or incapacitation, your liabilities in respect of the Services, including but not limited to your liability to make payment of any and all dues, charges, fees and repayments shall stand transferred to your successors and legal heirs. RIZQ may seek recovery of your outstanding dues through an insurance credit cover; the balance outstanding dues (if any) shall form the sole and exclusive liability of your successors and legal heirs.

Consequences of Event of Default

1. Upon occurrence of an Event of Default, you hereby agree and acknowledge that RIZQ may, at its sole discretion:
   
   
   1. Take strict criminal action against you under the applicable laws.
   2. Accelerate your payment obligations towards RIZQ by either readjusting your repayment schedule or demanding immediate payment of all outstanding payments associated with your RIZQ account.
   3. Initiate civil proceedings against you for recovery of outstanding amounts which shall include but not be limited to the principal amount disbursed to you plus a late payment fee amounting to 0.26% of the outstanding principal amount charged per calendrical day till such time that the entire outstanding amount is fully settled.
   4. RIZQ shall be entitled to set-off any debt or outstanding amount payable by you to RIZQ against any amounts payable by RIZQ to you at any point in time.
   5. You hereby agree and acknowledge that RIZQ shall be entitled to create a lien over any amounts in your Wallet. In such case, RIZQ shall be entitled to prevent you from transferring, withdrawing or accessing the aforesaid amounts in your Wallet until full recovery of the outstanding amount.
   6. Report your lack of creditworthiness to the relevant government authorities and/or any other third/parties; and/or
   7. Engage the services of debt collection agencies in order to seek recovery of any and all outstanding payments payable by you to RIZQ.
2. You hereby release and forever discharge RIZQ from and against any loss, harm or damage incurred by you or any related third-party due to the enforcement of RIZQ’s rights, as provided under the Terms.