1. LOAN TERM
Loan Duration: 30 Days (One Month)
The loan term begins counting from the day after the Borrower receives the funds.
That next day shall be considered Day 1 of the loan term.
2. INTEREST / PROFIT RATE
The agreed profit rate is 12.5% per 30 days.
The 12.5% rate applies to the principal loan amount.
Interest/profit begins accruing from Day 1 of the loan term.
3. FUND DISBURSEMENT METHOD
Loan funds shall be transferred only through the Lender’s Workbench system via:
Direct Deposit
→ Credited directly to the Borrower’s Workbench account
OR
Indirect Deposit
→ Credited to the Recommender’s Workbench account on behalf of the Borrower
❌ No bank transfers, cash payments, or external wallets are permitted.
4. GUARANTOR & SURETY REQUIREMENTS
The Guarantor or Surety must be an existing Workbench user
Minimum required account level: VIP3
The Guarantor/Surety agrees to be financially responsible as outlined in this Agreement
5. REPAYMENT TERMS
The Borrower agrees to repay the principal amount plus 12.5% profit on or before the end of the mentioned-day term.
Repayment shall be made through the Borrower’s Workbench account balance.
6. MONTHLY CONTINUATION CLAUSE
Upon completion of each 30-day period:
To continue the loan, the Borrower must pay the 12.5% monthly profit rate
If the Borrower fails to pay the monthly profit:
The applicable 12.5% profit amount will be automatically deducted from the Borrower’s Workbench account balance or the account balance become negative
7. DEFAULT & LIABILITY
If the Borrower fails to repay the loan as agreed:
7.1 Guarantor Liability
If a Guarantor is provided:
The Guarantor shall be responsible for 100% of the outstanding loan amount, including principal and interest.
7.2 Surety Liability
If a Surety Person is provided:
The Surety shall be responsible for 70% of the outstanding amount.
The remaining 30% shall be deducted directly from the Borrower’s Workbench account balance.
8. AUTHORIZATION
The Borrower, Guarantor or Surety hereby authorize the Lender to:
Deduct funds from their respective Workbench accounts, where applicable
Enforce repayment under the terms of this Agreement
Apply deductions without further notice in case of default
9. DECLARATION
All parties confirm that:
They have read and understood this Agreement
All provided information is accurate
They voluntarily agree to all terms and conditions stated herein
10. GOVERNING LAW
This Agreement shall be governed by and interpreted in accordance with the laws of [Applicable Jurisdiction].
10.1. BINDING EFFECT
This Agreement becomes legally binding upon acceptance or signature by all parties.