1. Acceptance of Terms
By accessing and using the Elite Creed Capital platform ("Platform"), you agree to be bound by these Terms of Use. If you do not agree, do not use the Platform. These terms are governed by the laws of the Federal Republic of Nigeria.
2. Services
Elite Creed Capital provides a vehicle-backed lending platform that connects borrowers seeking loans with investors seeking returns. Our services include:
- Vehicle collateral assessment and loan calculation
- Loan application processing through a 7-stage pipeline
- Investment marketplace for investor-borrower matching
- Agent referral program
- Payment processing and loan servicing
3. Loan Terms
All loans are subject to the following conditions:
- Loan-to-Value (LTV): Maximum 70% of appraised vehicle value
- Interest Rate: 15% per month (flat rate)
- Duration: 3 months standard term
- Collateral: Vehicle, original documents, and keys must be surrendered
- Inspection Fee: Non-refundable S&V (Search & Valuation) fee is required
4. Total Cost of Credit
In compliance with the Federal Competition and Consumer Protection Commission (FCCPC) guidelines, the Total Cost of Credit (TCC) is clearly disclosed before loan disbursement, including:
- Principal amount
- Total interest payable
- Applicable VAT on interest
- Withholding Tax (WHT) obligations
- All fees and charges
5. 48-Hour Liquidation
In the event of loan default:
- A formal default notice will be issued to the borrower
- Elite Creed Capital reserves the right to liquidate the vehicle collateral within 48 hours of issuing such notice
- This right is exercised under the Irrevocable Power of Attorney signed by the borrower
- Sale proceeds will be applied to: outstanding principal, accrued interest, applicable fees
- Any surplus amount will be returned to the borrower
6. Right to Sell
By accepting a loan, the borrower grants Elite Creed Capital the irrevocable right to sell the vehicle collateral in the event of default, as documented in the Collateral Sales Agreement and Irrevocable Power of Attorney.
7. Data Protection
Your personal data is processed in accordance with our Privacy Policy and the Nigeria Data Protection Act (NDPA). By using the Platform, you consent to the collection and processing of your data as described therein.
8. Anti-Money Laundering
Elite Creed Capital complies with all applicable AML/CFT regulations. We reserve the right to:
- Refuse service to any individual failing KYC verification
- Report suspicious transactions to the NFIU
- Report threshold transactions to SCUML (above ₦5M for individuals, ₦10M for corporates)
- Freeze accounts pending investigation
9. Regulatory Compliance
Elite Creed Capital operates in compliance with:
- Central Bank of Nigeria (CBN) guidelines
- Nigeria Data Protection Act (NDPA) 2023
- Federal Competition and Consumer Protection Act (FCCPA)
- Money Laundering (Prevention and Prohibition) Act
- Federal Inland Revenue Service (FIRS) tax regulations
10. Dispute Resolution
Any dispute arising from these terms shall be resolved through mediation, and if unresolved, through the courts of competent jurisdiction in Delta State, Nigeria.
11. Contact
Elite Creed Capital
Ryanan Shopping Centre, Opposite Labour Congress, NTA Road, Asaba, Delta State
Email: info@elitecreed.com