Terms of Service

1. Introduction

Welcome to DUMA SPEEDTECH LIMITED. These Terms of Service ("Terms") govern your use of our online lending platform and services. By accessing or using our website and services, you agree to be bound by these Terms.

If you do not agree to these Terms, please do not use our services.

2. Eligibility

To be eligible for our services, you must:

• Be a Kenyan citizen or legal resident
• Be at least 18 years of age
• Have a valid national identity card or passport
• Have an active M-Pesa mobile money account
• Have a regular source of income

3. Loan Application

When you submit a loan application:

• You authorize us to verify your information and check your credit history
• You agree to provide accurate and complete information
• You understand that approval is subject to our credit assessment criteria
• False or misleading information may result in loan denial or legal action

4. Interest and Fees

Interest rates and fees are clearly disclosed before loan disbursement. Key points:

• Interest rates range from 12% to 18% per annum depending on loan type and creditworthiness
• A one-time processing fee may apply and is included in the total loan cost
• Late payment fees apply for overdue repayments
• All fees are clearly stated in your loan agreement

5. Repayment Terms

Repayment obligations:

• Loans must be repaid according to the schedule in your loan agreement
• Repayments are made via M-Pesa using our designated Paybill number
• Early repayment is allowed without penalties
• Default on repayment may result in debt collection procedures and negative credit reporting

6. Privacy and Data Use

We collect and use your personal information to:

• Process loan applications and disbursements
• Verify your identity and assess creditworthiness
• Communicate with you about your account
• Report to credit bureaus as required by law

For complete details, please review our Privacy Policy.

7. Default and Collections

In case of default:

• We may report the default to credit reference bureaus
• We may engage third-party collection agencies
• Legal action may be taken to recover outstanding amounts
• All collection costs become the borrower's responsibility

8. Limitation of Liability

DUMA SPEEDTECH LIMITED shall not be liable for:

• Technical issues beyond our control affecting service availability
• Indirect, incidental, or consequential damages
• Loss of data or information due to system failures
• Third-party actions or services

9. Modifications to Terms

We reserve the right to modify these Terms at any time. Changes will be effective upon posting on our website. Continued use of our services after changes constitutes acceptance of the modified Terms.