These Loan Rules should be read together with the Loan Contract signed by a borrower when taking out a loan.
“Borrower” means you, the individual borrowing money from Starter Finance, and “Starter Finance” means
Starter Finance Limited, registration number 120210014301 also referred to as the “lender”.
By entering into a loan contract with Starter Finance, the borrower declares that:
- • Personal details provided are correct and may be verified by Starter Finance;
- • Repayment details in the loan schedule are the same as those explained prior to signing.
- • The Borrower, being a government employee registered under the Smart Zambia platform, hereby authorizes
Starter Finance to access his/her pay slips from the Smart Zambia Portal strictly for income verification
purposes for the duration of the loan. Starter Finance undertakes to maintain the confidentiality of such
information and to comply with all applicable data protection and privacy laws.
Loans from Starter Finance must be settled by the agreed date. Failure to settle loans shall lead to the following:
- • Interest on overdue amounts
- • Bank direct debits/payroll collections
- • Delinquency listing on credit reference bureau
- • Legal action
- • Any fees arising from the above will be for the account of the borrower
- • External agencies may be required to assist with the collection of the outstanding balance
Credit Reference Bureau
Starter Finance has the right to refer your credit information, whether positive or negative, to the Credit
Reference Bureau. Starter Finance cannot be held responsible for any consequences that may arise from
submitting borrower information to the Bureau.
Collections
The borrower gives Starter Finance the authority to withdraw from his/her bank account (or any other bank
to which the borrower may transfer his/her account), all instalments due to Starter Finance on any loan granted
to the borrower, or any amount that may be in arrears in respect of such loans).
In the event of there being insufficient funds available when a deduction is requested from the borrower’s
account, the borrower agrees that Starter Finance may collect the outstanding amounts in partial instalments.
The borrower will be responsible for any bank charges caused by insufficient funds on bank direct debits.
Should the borrower’s employment be terminated, the borrower authorises his/her employer to deduct the
balance outstanding and due to Starter Finance from his/her final salary payment, leave or bonus pay,
and/or from pension or provident benefits.
Rescheduling
If a loan is rescheduled due to over-commitment or a missed instalment payment, additional fees and
interest shall apply.
Balance transfer, top-ups & loan increases
The borrower agrees that if any of the above actions above are done through any medium that all the
loan conditions in this document will apply.
Changes in personal and employment details
It is the responsibility of the borrower to inform Starter Finance of any changes in personal details and
employment details. The loan balance will remain in place, regardless of any change to your employment status.
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