Standard Terms and Conditions of the Loan Agreement


Terms and Definitions


Company – The loan agency who facilitates the loan

Security Holder – Individual who joins loan agreement with the Company and agrees to repay the loan on a monthly basis.

Beneficiary – Individual who receives the loan from the Company for J1 or Educational Purposes.

Guarantor – Individual who becomes the new Security Holder in the event that the Security Holder fails to repay the loan.

Credit Amount – Amount granted to the Security Holder at the time of the loan agreement.

Interest – a fee payable by the Security Holder to the Company for the use of the loan.

Interest Rate – the amount of Interest per year established in the Agreement and calculated as a percentage of the outstanding Credit Amount which comprises the Base Rate and the Margin specified in the Agreement.

Interest Rate Amendment Dates – the days when the Base Rate is fixed according to the Agreement for the subsequent period between the Interest Rate Amendment Dates.

Term for Taking Credit Amount into Use – the date until which the Security Holder has the right to take the Credit Amount into its use.

Loan Agreement – Contract entered into between the Company and the Security Holder which consists of principal, interest and additional terms and conditions agreed between the Company and the Security Holder and these Standard Terms and Conditions of Loan Agreement (hereinafter Service Conditions) and documents referred to therein, including the General Terms and Conditions of the Company, Principles of Processing Customer Data and Price

List of the Company. Annexes to the Agreement include possible agreements on amendment or modification of the Agreement, and other documents.

Agreement Fee – a non-refundable fee payable by the Security Holder to the Company for the analysis of the application submitted by the Security Holder and for the preparation of the Agreement or amendment of the Agreement.

Payment Schedule (repayment schedule) – an integral part of the Agreement which is prepared according to the terms and conditions of the Agreement and in which the number, amount and due dates of the Credit Amount and Interest payments due by the Security Holder to the Company are indicated.

Security – immovable property or surety by a third person, which secures the proper performance of the obligations of the Security Holder to the Company arising from the Agreement.

Salary Deduction (SD) – amounts withheld from the Security Holder’s payroll check, which is then transferred from the Security Holder account to the Company.

Registration and Processing fee – a non-refundable fee paid to the company by the Beneficiary or anyone paying it on their behalf.


Loan Granting


  1. The Credit Amount shall be granted after submission on the part of the SECURITY HOLDER of all documents required by the COMPANY, provision of the agreed security, established under the procedure envisaged by law, payment of the relevant fees and execution of all conditions envisaged in the loan agreement and the present General Terms and Conditions.

  2. Any expenses for establishment/registration under the loan regulations shall be borne by the SECURITY HOLDER.

  3. The SECURITY HOLDER shall be entitled to use the loan only for the designated purpose.

  4. The SECURITY HOLDER shall have no right to use the funds of the loan granted for funding casinos, activities considered as currency speculations, investments in any type of securities, purchase and sale of immovable properties of speculative nature, as well as performing any other business activities that the COMPANY does not finance. The SECURITY HOLDER hereby declares that he/she is familiar with the above-mentioned list, representing an integral part of the present General Terms and Conditions.



  1. The interest on the utilized part of the loan shall be calculated from the day of the granting of the loan – monthly, on the basis of a real number of days, including the first and the last day of the period.

  2. A credit check shall be done on the SECURITY HOLDER.

  3. For credit lines or overdrafts, the annual interest shall be calculated on the basis of a real number of days on the actual utilized part of the loan.

  4. Interest calculation shall be done on a flexible/fixed basis based on the amount that was granted at the initial agreement of the loan; the interest shall be paid monthly, and is due one month after it was granted.

  5. The COMPANY shall keep the interest rate fixed for periods specified in the loan agreement and also flexible for periods specified in the loan agreement. The flexibility of each loan granted shall be determined upon the sum of money granted and the agreement by the Company and the Security Holder.

  6. The COMPANY shall provide the SECURITY HOLDER with a repayment schedule upon signing the loan agreement, where the interest rate is fixed/flexible. For every subsequent period after determining the amount of the interest, the COMPANY shall provide the SECURITY HOLDER with a repayment schedule upon his/her explicit request.



  1. The SECURITY HOLDER shall be obliged to utilize and repay the funds granted according to the provisions of the loan agreement through means of Salary Deduction from the payroll department of their place of employment. This shall be done on a monthly basis.

  2. The SECURITY HOLDER shall ensure that sufficient funds are in his/her current account with their bank on the day of interest payment in order to pay the interest due under the loan via (SD) Salary Deduction.

  3. By signing the loan agreement, the SECURITY HOLDER shall give his/her irrevocable and unconditional consent for the COMPANY to collect ex officio all due fees, commissions, penalties, interests and principal from the assets in his/her bank – pursuant to his/her irrevocable and unconditional written consent for immediate collection, provided to it upon conclusion of the loan agreement.

  4. On the maturity date, the COMPANY shall collect ex officio the due interest and principal under the loan from the current accounts of the SECURITY HOLDER and in case the assets in them are insufficient, the COMPANY shall be authorized to charge the liabilities to the deposit, banking and/or savings accounts of the SECURITY HOLDER at its own discretion.

  5. The SECURITY HOLDER shall be obliged to pay principal and interest, fees in the currency in which the funds under the loan have been provided and shall provide the COMPANY with the same currency that was provided to them initially when the loan was approved.

  6. Where the day for repayment of the obligations on the principal and/ or the interest is an official non-business day, the following business day shall be considered to be the repayment date.

  7. Upon early repayment of the loan or a part thereof, including the cases of premature claim, the SECURITY HOLDER shall pay the interest that was agreed upon at the initial stage of the loan agreement.



  1. The loan agreement may be terminated by any of the parties by the expiry of 30-day prior written notice from the date of its receiving by the other party. Should the termination be initiated by the SECURITY HOLDER, it shall be considered that the same has exercised his/ her right of early repayment of the amounts due under the loan agreement /principal and interest, and item 17 above shall be applied, as the SECURITY HOLDER shall pay the principal and interest in full at time of termination agreement for early repayment.


General Provisions


  1. For the duration of the loan agreement, the SECURITY HOLDER shall be obliged to perform its obligations thereto with due care, as well as:

  1. Provide all documents related to any changes and amendments of documents provided to the COMPANY upon loan granting, within 5 business days of the date of their issuing or renewal or change thereof;

  2. Not make any changes in the structure of his/her property/capital structure;

  3. Notify the COMPANY in writing of any connections recently occurred, within the meaning of the Law on Credit Institutions within 30 days of its occurrence, as well as provide the COMPANY upon request, but at least once in every three months, declaration of connection with third parties and the loan indebtedness of the parties related to him/her;

  4. Notify the COMPANY in writing of any changes in his/her management bodies and representations, by providing in due time the document(s) executing the change;

  5. Notify the COMPANY in writing of any changes of the mailing address stated in the Loan agreement and provide his/her new address. Otherwise, any notifications sent by the COMPANY to the old address of the SECURITY HOLDER shall be deemed duly delivered;

  6. Notify the COMPANY in writing of any circumstances which may threaten the regular repayment of his/her loan liabilities. Upon the written request of the COMPANY he/she should provide immediately actual information about his/her property and financial status, as well as the property and financial status of the GUARANTOR under the loan agreement;

  7. Provide opportunity for exercising control on behalf of the COMPANY by providing upon request within 2 (two) days documents, proving his/her accounting, other documents and information related to the loan;

  8. Not perform actions of arrangement with his/her property, as a result of which the opportunity of the COMPANY to collect its receivables under the loan agreement is threatened.

  1. The COMPANY shall be entitled to unilaterally suspend the utilization of amounts under the loan and/or to announce prematurely claim on its receivables under the Loan agreement for principal, interest and other occurred and outstanding monetary obligations under the loan, without notifying the SECURITY HOLDER /BENEFICIARY/GUARANTOR, if:


  1. The SECURITY HOLDER fails to repay on the maturity date any of the amounts /instalments/ due;

  2. The SECURITY HOLDER fails to perform any other obligation and/or violates any of the provisions of the loan agreement, the present General Terms and Conditions and the other agreements connected with the loan agreement, as well as any other regulatory provision applicable to the loan agreement;

  3. Events occur that exclude or seriously impede the fulfilment of payment obligations of the SECURITY HOLDER;

  4. The SECURITY HOLDER fails to provide information and documents required by the COMPANY or fails to provide them in due time, partially or they, entirely or partially, appear to be of false content, not authentic or corrected;

  5. The SECURITY HOLDER becomes insolvent and/or against him/her or his/ her property actions of enforced collection are initiated on behalf of third parties;

  1. For the duration of the loan agreement, the GUARANTOR shall be held liable together with the SECURITY HOLDER as well as:

  1. The COMPANY may require payment of the entire amount of the liability by any of the debtors (SECURITY HOLDER, BENEFICIARY/ GUARANTOR);

  2. The GUARANTOR shall be obliged to notify the COMPANY in writing of any changes of the address, specified in the loan agreement by specifying his/her new address in writing. Otherwise, all notices, invitations and communication sent from the COMPANY to the old address of the GUARANTOR shall be deemed duly delivered. In case the GUARANTOR cannot be found at the address specified, which shall be verified by a returned letter with return receipt or two witnesses, the documents shall be deemed delivered with their including in the credit file of the SECURITY HOLDER.

  1. The COMPANY shall be entitled to collect the entire amount of the receivable, as well as any part thereof, by initiating collection directly from the BORROWER, the CO-DEBTOR and/or the GUARANTOR at its sole discretion without any limitations.

  2. The contents of the loan agreement may be amended only by mutual agreement between the parties, expressed in writing, except for the cases of unilateral changes, specified in the Loan Agreement and the present General Terms and Conditions. In case of any changes in the provisions of the Loan agreement, the SECURITY HOLDER shall owe a fee in the amount specified by the valid Tariff of the COMPANY as at the moment of the relevant change.

  3. The COMPANY shall be entitled to assign its rights and/or obligations under the loan agreement to third parties in conformity with the provisions of Jamaica legislation.

  4. The SECURITY HOLDER shall be entitled to assign its rights and/or obligations under the loan agreement to third parties only on the basis of a prior written consent of the COMPANY.

  5. In case of a dispute, occurred upon or regarding the fulfilment of the agreement, the parties agree to settle it through negotiations, and if reaching agreement appears to be impossible, to bring the issue to the competent court.

  6. By signing the Loan Agreement the BENEFICIARY and SECURITY HOLDER is deemed informed and agrees that upon receiving a request for providing information by the Ministry of Finance, the Investigating authorities, etc., as well as by the shareholders and creditors of the “COMPANY”, the COMPANY shall be obliged to provide the required information and documents, and such provision will not be considered violation of the clauses and obligation for non-disclosure.

  7. The SECURITY HOLDER hereby declares his/her consent that the loan agreement and the documents for granting and guaranteeing the loan shall be provided to shareholders and/or creditors of the COMPANY, as well as he/she shall be obliged to assist and provide access to his/her premises during the performance of an audit/monitoring on their behalf.

  8. The SECURITY HOLDER /BENEFICIARY/GUARANTOR are informed that the COMPANY shall be entitled to transfer/disclose their personal data to third parties – personal data administrators and by signing the Loan Agreement the SECURITY HOLDER/BENEFICIARY/GUARANTOR agree and do not object to such disclosure/transferring of their personal data.

  9. By signing the Loan Agreement the SECURITY HOLDER agrees that the COMPANY shall send all notifications, invitations, letters to him/ her by a letter with return receipt or by putting such correspondence in his/her mail. Upon sending a letter, in case the SECURITY HOLDER cannot be found at the address he/she has specified, which is verified by a returned letter with a return receipt or by two witnesses, all documents shall be deemed delivered by their delivery to his/her mail.

  10. In case of any discrepancies between the contents of the loan agreement and the present General Terms and Conditions, the clauses of the Loan Agreement shall apply.

  11. The nullity of any clause or a part of a clause under the present agreement shall not result in nullity of the entire agreement, but of the relevant clause only.

  12. For any matters not settled by the present agreement, the applicable Jamaican legislation shall apply.

  13. The present General Terms and Conditions for Loans shall apply to all Loan Agreements of the “COMPANY” except for Loan agreements concluded with individuals, covered by the scope of the Law on Consumer Loans.

The present General Terms and Conditions for Loans have been approved by the Management Board of the “COMPANY (Jamaica)” on 04.08.2018 and are in effect as of 04.09.2018.