Terms & Conditions

Short-Term Loans

  1. These Terms constitute a contract. The borrower is required to accept our terms and conditions every time before availing a loan.
  2. The borrower must keep his/her account The borrower is responsible for maintaining the confidentiality of his/her password and account. Furthermore, the borrower is entirely responsible for any and all activities that occur through the use of his/her account or password. The borrower agrees to immediately notify us of any unauthorized use of his/her account or any other breach of security.
  3. The borrower expressly agrees that, as part of the Service, the borrower may, from time to time, receive communications from us via text message (SMS) or email, including our promotional newsletters or other information about the Service. The borrower may stop receiving promotional messages by dialing *456*9*5*1#.
  4. The borrower must respect our rights in the We grant him/her a limited, non-transferable, personal right and license to use the Service and any associated software application through which it may be provided. The borrower must not copy, decompile, reverse engineer, disassemble, attempt to derive the source code of, modify, or create derivative works of the software (except as, and only to the extent that, any of the foregoing restrictions are prohibited by applicable law or to the limited extent permitted by the licensing terms governing use of any open-sourced components included within the software).
  5. In the event of a data breach, we undertake to report to the relevant local supervisory authority within seventy-two (72) hours of becoming aware of the breach. If the breach poses a high risk to the borrower, he/she shall be notified within reasonable time.
  6. We may in our sole discretion and at any time terminate the borrower’s access to the Service or discontinue providing the Service or any part of the Service, with a notice of 30 days via sms, email or any other means of communication. The borrower agrees that we will not be responsible or liable to him/her or any third party for modifying or discontinuing the Service, or for terminating or suspending his/her access to the Service.
  7. We are not liable for any damages the borrower may incur. IN NO EVENT WILL WE OR OUR SUPPLIERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES, OR ANY DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF USE, DATA, OR PROFITS, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THE SERVICE, WITH THE DELAY OR INABILITY TO USE THE SERVICE, THE PROVISION OF OR FAILURE TO PROVIDE SERVICE, OR FOR ANY LOAN OBTAINED THROUGH THE SERVICE, OR OTHERWISE ARISING OUT OF THE USE OF THE SERVICE, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR
  8. This contract is based on Kenyan law. These Terms are subject to, and shall be governed by, and construed in accordance with the laws of the Republic of Kenya, without reference to the principles of conflict of laws Any matters arising concerning the interpretation, validity or implementation of these Terms shall be submitted to arbitration in the English language before a sole arbitrator to take place in Nairobi, Kenya as the seat of the arbitration. The arbitration shall be conducted pursuant to the Rules of Arbitration of the Chartered Institute of Arbitration (Kenya Chapter). The arbitrator shall be appointed by agreement between the parties or in default of such agreement within sixty (60) days of the notification of a dispute, by the Chairman of the aforementioned arbitral body. To the extent permitted by applicable law, the arbitral decision shall be final and binding on the parties.
  9. We may modify these Terms. These Terms may be modified with a notice of 30 days via sms, email or any other means of communication at any time in the future.
  10. The borrower hereby agrees and authorises the company to obtain and procure his/her personal information obtained in the IPRS from the of Kenya and/or CRBs and the borrower further agrees and consents to the disclosure and provision of such personal information by the Govt. of Kenya and/or CRBs to the company.
  11. The borrower warrants that the information given in this application form is true and complete and he/she further agrees and authorises the company to obtain, procure and share his/her personal information/data to/from Credit Reference Bureau, or any other external database. Further, the borrower acknowledges and consents that his/her data shall be collected and stored by Little Pesa as required for them to conduct their operations or such other reasons deemed necessary. The borrower further authorises us for his/her personal data being stored/transferred outside
  12. The borrower shall have the right to know as to how the his/her personal data is being processed and can request for a copy of the personal data via email to info@littlepesa.com . We undertake to provide him/her a copy of the Personal Data held free of charge in a prescribed format within one month of receipt of the request and the format shall include a)  The type of data being processed; b) The recipients of the data; c) The period of time the data will be processed; and d) Meaningful information about how the information is used to profile and the logic behind the processing.
  13. The borrower shall have the right to ask for comprehensive statement of his/her account via email to info@littlepesa.com and we shall provide him/her the requisite statement on email.
  14. The borrower has the right to request the erasure of all their Personal Data via email to info@littlepesa.com . However, this is not an absolute right and applies only in the following circumstances: a) If the Personal Data is no longer necessary for the purpose it was originally collected; b) If the consent is withdrawn; c) If there is no overriding legitimate interest to continue the processing; d) If the Personal Data is being processed for marketing purposes and the borrower objects to it; or e) If the Personal Data was being processed unlawfully.
  15. Acceptance by the company of the borrower’s application for a loan shall be done via SMS sent to the Safaricom mobile registered by the borrower with the company.
  16. The company reserves the right to decline the borrower’s application for a loan or to revoke the same at any stage at the company’s sole discretion and without assigning any reason or giving any notice Loan to a minor is not allowed.
  17. The borrower hereby irrevocably authorises the company to act on all requests received by the company from the borrower (or purportedly from the borrower) through the system and to hold the borrower liable in respect
  18. Subject to approval of the borrower’s application for a loan, the company shall disburse him/her a loan of an amount to be determined by the company in its sole discretion subject to a maximum amount of Kenya Shilling two hundred thousand (Ksh 200,000) or such other maximum amount as the company may from time to time in its sole discretion
  19. The company will directly credit the loan proceeds to the borrower’s MPESA The borrower undertakes and confirms that the loan proceeds shall not be used for money laundering, terrorism, or any other illegal activity.
  20. The borrower agrees to and shall release from and indemnify the company against all claims, losses, damages, costs and expenses howsoever arising in consequence of or in any way related to the company having acted in accordance with the whole or any part of any of the borrower’s
  21. In consideration of the company granting the borrower a loan, the company shall deduct interest and transaction cost of Ksh 60 per disbursement upfront from the loan amount. The interest shall be as under: —
    1. 7 days Loan at 4% flat
    2. 15 days Loan at 6% flat
    3. 30 days Loan at 8% flat
    4. 62 days Loan at 18% flat
  1. In case, the loan is not paid off fully, the company shall automatically roll over any outstanding amount at applicable interest rate for a period of 7/15/30/62 days plus a penalty interest of 2%. In case, the loan is not paid off within the rolled over period, the loan outstandings shall be treated as an Overdue and shall attract interest rate of 10%, 12% and 15% and 22% for every 7 days, 15 days, 30 days and 62 days’ loan periods respectively and the company may list the borrower as a defaulter with the CRBs after giving him/her a notice of 30 days to this
  2. The borrower further releases the CRB and the Little Pesa Ltd and its officers, employees and agents from all claims, actions or proceedings of whatsoever nature and howsoever arising, suffered, or incurred in connection with this sharing and access for the purpose afore
  1. The borrower hereby authorises the company to recover the loan outstandings from the borrower’s salary/income derived from the borrower’s employer/business. By virtue of this clause, the borrower’s employer and/or business is authorised to avail any funds available to the borrower to the company to pay off the loan outstandings in case of loan default or under circumstances which the company feels that the loan is likely to default upon demand by the company.
  2. The company shall be at liberty to engage the services of any advocate/debt collector whose charges shall be payable by the borrower.
  3. The borrower confirms that he/she has read and understood the above-mentioned terms and conditions (as amended time to time) and agrees to be bound by them. The borrower agrees that he/she is liable for amount outstanding at any time in his/her account.

Flexipay

 

  1. These Terms constitute a contract. The borrower is required to accept our terms and conditions every time before availing a loan.
  2. The borrower must keep his/her account secure. The borrower is responsible for maintaining the confidentiality of his/her password and account. Furthermore, the borrower is entirely responsible for all activities that occur through the use of his/her account or password. The borrower agrees to immediately notify us of any unauthorized use of his/her account or any other breach of security.
  3. The borrow expressly agrees that, as part of the Service, he/she may, from time to time, receive communications from us via text message (SMS) or email, including our promotional newsletters or other information about the Service. The borrower may stop receiving promotional messages by dialing *456*9*5*1#.
  4. The borrower must respect our rights in the Service. We grant the borrower a limited, non-transferable, personal right and license to use the Service and any associated software application through which it may be provided. The borrower must not copy, decompile, reverse engineer, disassemble, attempt to derive the source code of, modify, or create derivative works of the software (except as, and only to the extent that, any of the foregoing restrictions are prohibited by applicable law or to the limited extent permitted by the licensing terms governing use of any open-sourced components included within the software).
  5. In the event of a data breach, we undertake to report to the relevant local supervisory authority within seventy-two (72) hours of becoming aware of the breach. If the breach poses a high risk to the borrower, he/she shall be notified within reasonable time.
  6. We may in our sole discretion and at any time terminate borrower’s access to the Service or discontinue providing the Service or any part of the Service, with a notice of 30 days via sms, email or any other means of communication. The borrower agrees that we will not be responsible or liable to him/her or any third party for modifying or discontinuing the Service, or for terminating or suspending his/her access to the Service.
  7. We are not liable for any damages the borrower may incur. IN NO EVENT WILL WE OR OUR SUPPLIERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES, OR ANY DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF USE, DATA, OR PROFITS, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THE SERVICE, WITH THE DELAY OR INABILITY TO USE THE SERVICE, THE PROVISION OF OR FAILURE TO PROVIDE SERVICE, OR FOR ANY LOAN OBTAINED THROUGH THE SERVICE, OR OTHERWISE ARISING OUT OF THE USE OF THE SERVICE, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE.
  8. This contract is based on Kenyan law. These Terms are subject to, and shall be governed by, and construed in accordance with the laws of the Republic of Kenya, without reference to the principles of conflict of laws thereof. Any matters arising concerning the interpretation, validity or implementation of these Terms shall be submitted to arbitration in the English language before a sole arbitrator to take place in Nairobi, Kenya as the seat of the arbitration. The arbitration shall be conducted pursuant to the Rules of Arbitration of the Chartered Institute of Arbitration (Kenya Chapter). The arbitrator shall be appointed by agreement between the parties or in default of such agreement within sixty (60) days of the notification of a dispute, by the Chairman of the aforementioned arbitral body. To the extent permitted by applicable law, the arbitral decision shall be final and binding on the parties
  9. We may modify these Terms. These Terms may be modified with a notice of 30 days via sms, email or any other means of communication at any time in the future.
  10. The borrower hereby agrees and authorises the company to obtain and procure his/her personal information obtained in the IPRS from the Govt. of Kenya and/or CRBs and the borrower further agrees and consents to the disclosure and provision of such personal information by the Govt. of Kenya and/or CRBs to the company.
  11. The borrower warrants that the information given in this application form is true and complete and the borrower further agrees and authorises the company to obtain, procure and share borrower’s personal information/data to/from Credit Reference Bureaus, or any other external database. Further, the borrower acknowledges and consents that his/her data shall be collected and Stored by Little Pesa as required for them to conduct their operations or such other reasons deemed necessary. The borrower further authorises us for his/her personal data being stored/transferred outside Kenya.
  12. The borrower shall have the right to know as to how his/her personal data is being processed and can request for a copy of the personal data via email to info@littlepesa.com We undertake to provide the borrower a copy of the Personal Data held free of charge in a prescribed format within one month of receipt of the request and the format shall include a) The type of data being processed; b) The recipients of the data; c) The period of time the data will be processed; and d) Meaningful information about how the information is used to profile and the logic behind the processing.
  13. The borrower shall have the right to ask for comprehensive statement of his/her account via email to info@littlepesa.com and we shall provide him/her the requisite statement on email within a reasonable time.
  14. The borrower has the right to request the erasure of all his/her Personal Data via email to info@littlepesa.com . However, this is not an absolute right and applies only in the following circumstances: a) If the Personal Data is no longer necessary for the purpose it was originally collected; b) If the consent is withdrawn; c) If there is no overriding legitimate interest to continue the processing; d) If the Personal Data is being processed for marketing purposes and you object to it; or e) If the Personal Data was being processed unlawfully.
  15. Acceptance by the company of borrower’s application for a loan shall be done via SMS sent to the Safaricom mobile no. registered by the borrower with the company.
  16. The company reserves the right to decline borrower’s application for a loan or to revoke the same at any stage at the company’s sole discretion and without assigning any reason or giving any notice thereto. Loan to a minor is not allowed.
  17. The borrower hereby irrevocably authorises the company to act on all requests received by the company from the borrower (or purportedly from borrower) through the system and to hold him/her liable in respect thereof.
  18. Subject to approval of borrower’s application for a loan, the company shall grant him/her a loan of an amount to be determined by the company in its sole discretion subject to a maximum amount of Kenya Shilling three hundred thousand (Ksh 300,000) or such other maximum amount as the company may from time to time in its sole discretion determine.
  19. The borrower agrees to hand over to the company post-dated cheques favouring Little Pesa Ltd for the equated instalments before disbursement of the loan.

 

 

 

    1. We shall confirm borrower’ equated monthly instalment, the repayment period, and the dates of the instalments by email, sms or any other form of communication. Our rates of interest per month are 6%, 5.5%, 5% and 4.5% for repayment periods of 3, 6 ,9 and 12 months respectively. In case, the borrower opts for a desired date of instalment, he shall be charged additional interest at the applicable rate for the additional days.
    2. The company will directly credit the loan proceeds to the borrower’s MPESA account minus transaction cost of Ksh 60 per disbursement. The borrower undertakes and confirms that the loan proceeds shall not be used for money laundering, terrorism or any other illegal activity.
    3. The borrower agrees to and shall release from and indemnify the company against all claims, losses, damages, costs and expenses howsoever arising in consequence of or in any way related to the company having acted in accordance with the whole or any part of any of borrower’ requests.
    4. In case of pre-payment of the loan within 3 months, the borrower shall be charged minimum interest of 3 months which shall be debited to the borrower’s account on the date of the loan. In case of pre-payment after 3 months, the borrower shall pay interest for the completed months and part of a month shall be counted as a full month.
    5. In case, the borrower fails to make any payment due to us on the due date, we shall be authorised to apply a penalty interest of 4% on the overdue amount. Further, the loan shall be considered as default if there is no payment received for a period of three months or the delay in repayment of any instalment has exceeded three months. In case of default, the borrower authorises the company to apply penalty interest of 4% over the applicable rate on the overdue amount every month till the loan is fully settled.
    6. After the borrower has defaulted in repayment of the loan and he/she has not complied with the 30 days’ notice served on the borrower, we may: -i) list the borrower as a defaulter with the CRBs ii) To engage the services of any advocate/debt collector whose charges shall be payable by the borrower.
    7. The borrower further releases the CRBs and the Little Pesa Ltd and its officers, employees and agents from all claims, actions or proceedings of whatsoever nature and howsoever arising, suffered, or incurred in connection with this sharing and access for the purpose afore stated.
    8. The borrower hereby authorises the company to recover the loan outstandings from the borrower’s salary/income derived from the borrower’s employer/business. By virtue of this clause, the borrower’s employer and/or business is authorised to avail any funds available to the borrower to the company to pay off the loan outstandings in case of loan default or under circumstances which the company feels that the loan is likely to default upon demand by the company.
    9. The borrower confirms that he/she has read and understood the above said terms and conditions (as amended from time to time) and agrees to be bound by them. The borrower agrees that he/she is liable for amount outstanding at any time in his/her account.

Product Financing

  1. These Terms constitute a The borrower is required to accept our terms and conditions every time before availing a loan.
  2. The borrower must keep his/her account The borrower is responsible for maintaining the confidentiality of his/her password and account. Furthermore, the borrower is entirely responsible for all activities that occur through the use of his/her account or password. The borrower agrees to immediately notify us of any unauthorized use of your account or any other breach of security.
  3. The borrower expressly agrees that, as part of the Service, he/she may, from time to time, receive communications from us via text message (SMS) or email, including our promotional newsletters or other information about the Service. The borrower may stop receiving promotional messages by dialing *456*9*5*1#.
  4. The borrower must respect our rights in the Service. We grant the borrower a limited, non-transferable, personal right and license to use the Service and any associated software application through which it may be provided. The borrower must not copy, decompile, reverse engineer, disassemble, attempt to derive the source code of, modify, or create derivative works of the software (except as, and only to the extent that, any of the foregoing restrictions are prohibited by applicable law or to the limited extent permitted by the licensing terms governing use of any open-sourced components included within the software).
  5. In the event of a data breach, we undertake to report to the relevant local supervisory authority within seventy-two (72) hours of becoming aware of the breach. If the breach poses a high risk to the borrower, he/she shall be notified within reasonable time.
  6. We may in our sole discretion and at any time terminate borrower’s access to the Service or discontinue providing the Service or any part of the Service, with a notice of 30 days via sms, email or any other means of communication. The borrower agrees that we will not be responsible or liable to him/her or any third party for modifying or discontinuing the Service, or for terminating or suspending his/her access to the Service.
  7. We are not liable for any damages the borrower may incur. IN NO EVENT WILL WE OR OUR SUPPLIERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES, OR ANY DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF USE, DATA, OR PROFITS, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THE SERVICE, WITH THE DELAY OR INABILITY TO USE THE SERVICE, THE PROVISION OF OR FAILURE TO PROVIDE SERVICE, OR FOR ANY LOAN OBTAINED THROUGH THE SERVICE, OR OTHERWISE ARISING OUT OF THE USE OF THE SERVICE, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR
  8. This contract is based on Kenyan law. These Terms are subject to, and shall be governed by, and construed in accordance with the laws of the Republic of Kenya, without reference to the principles of conflict of laws Any matters arising concerning the interpretation, validity or implementation of these Terms shall be submitted to arbitration in the English language before a sole arbitrator to take place in Nairobi, Kenya as the seat of the arbitration. The arbitration shall be conducted pursuant to the Rules of Arbitration of the Chartered Institute of Arbitration (Kenya Chapter). The arbitrator shall be appointed by agreement between the parties or in default of such agreement within sixty (60) days of the notification of a dispute, by the Chairman of the aforementioned arbitral body. To the extent permitted by applicable law, the arbitral decision shall be final and binding on the parties
  9. We may modify these Terms. These Terms may be modified with a notice of 30 days via sms, email or any other means of communication at any time in the future.
  10. The borrower hereby agrees and authorises the company to obtain and procure his/her personal information obtained in the IPRS from the Govt. of Kenya and/or CRBs and the borrower further agrees and consents to the disclosure and provision of such personal information by the Govt. of Kenya and/or CRBs to the
  11. The borrower warrants that the information given in this application form is true and complete and the borrower further agrees and authorises the company to obtain, procure and share borrower’s personal information/data to/from Credit Reference Bureau, or any other external database. Further, the borrower acknowledges and consents that his/her data shall be collected and Stored by Little Pesa as required for them to conduct their operations or such other reasons deemed necessary. The borrower further authorises us for his/her personal data being stored/transferred outside
  12. The borrower shall have the right to know as to how his/her personal data is being processed and can request for a copy of the personal data via email to info@littlepesa.com . We undertake to provide the borrower a copy of the Personal Data held free of charge in a prescribed format within one month of receipt of the request and the format shall include a) The type of data being processed; b) The recipients of the data; c) The period of time the data will be processed; and d) Meaningful information about how the information is used to profile and the logic behind the processing.
  13. The borrower shall have the right to ask for a comprehensive statement of his/her account via email to info@littlepesa.com and we shall provide him/her the requisite statement on email within reasonable time.
  14. The borrower has the right to request the erasure of all his/her Personal Data via email to info@littlepesa.com . However, this is not an absolute right and applies only in the following circumstances: a) If the Personal Data is no longer necessary for the purpose it was originally collected; b) If the consent is withdrawn; c) If there is no overriding legitimate interest to continue the processing; d) If the Personal Data is being processed for marketing purposes and you object to it; or e) If the Personal Data was being processed unlawfully.
  15. Acceptance by the company of borrower’s application for a loan shall be done via SMS sent to the Safaricom mobile registered by the borrower with the company.
  16. The company reserves the right to decline borrower’s application for a loan or to revoke the same at any stage at the company’s sole discretion and without assigning any reason or giving any notice Loan to a minor is not allowed.
  17. The borrower hereby irrevocably authorises the company to act on all requests received by the company from the borrower (or purportedly from borrower) through the system and to hold him/her liable in respect
  18. Subject to approval of borrower’s application for a loan, the company shall grant him/her a loan of an amount to be determined by the company in its sole discretion subject to a maximum amount of Kenya Shilling three hundred thousand (Ksh 300,000) or such other maximum amount as the company may from time to time in its sole discretion
  19. The borrower agrees to and shall release from and indemnify the company against all claims, losses, damages, costs and expenses howsoever arising in consequence of or in any way related to the company having acted in accordance with the whole or any part of any of borrower’
  20. The borrower shall make down payment to us of 10% of the loan amount approved for disbursement as a condition precedent for obtaining a loan.
  21. The borrower agrees and confirms that the supplier shall issue the invoice in favour of the borrower. The item financed by us shall remain our property till the loan is fully repaid. The borrower further agrees and confirms that he/she shall not sell, transfer, lease, gift or part with the possession of any part of the item financed by us without our prior written
  22. The borrower shall take delivery of the item financed by us from the supplier after due inspection of the item. In case, the item is found to have any manufacturing defect, the borrower shall contact the supplier and invoke the warranty from the supplier, if
  23. The borrower shall be responsible for the due maintenance of the item financed by us and would not hold us responsible for any damage or wear and tear of the
  24. The borrower agrees to insure the item financed by us at his/her cost and loss or damage of the item for whatsoever reason shall not absolve the borrower of his/her responsibility to repay the
  25. We shall confirm borrower’ equated monthly instalment, the repayment period and the dates of the instalments by email, sms or any other form of Our rates of interest per month are 5%, 4.5%, 4% and 3.5% for repayment periods of 3, 6 ,9 and 12 months respectively. In case, the borrower opts for a desired date of instalment, he shall be charged additional interest at the applicable rate for the additional days.
  26. In case of pre-payment of the loan within 3 months, the borrower shall be charged minimum interest of 3 months which shall be debited to the borrower’s account on the date of the loan. In case of pre-payment after 3 months, the borrower shall pay interest for the completed months and part of a month shall be counted as a full month.
  27. In case, the borrower fails to make any payment due to us on the due date, we shall be authorised to apply a penalty interest of 4% on the overdue amount. Further, the loan shall be considered as default if there is no payment received for a period of three months or the delay in repayment of any instalment has exceeded three months. In case of default, the borrower authorises the company to apply penalty interest of 4% over the applicable rate on the overdue amount every month till the loan is fully settled.
  1. After the borrower has defaulted in repayment of the loan and he/she has not complied with the 30 days’ notice served on the borrower, we may: –
    1. list the borrower as a defaulter with the CRBs
    2. repossess the item financed by us
    3. sell the repossessed item
    4. To engage the services of any advocate/debt collector whose charges shall be payable by the borrower.
  1. The borrower further releases the CRBs and the Little Pesa Ltd and its officers, employees and agents from all claims, actions or proceedings of whatsoever nature and howsoever arising, suffered, or incurred in connection with this sharing and access for the purpose afore
  2. The borrower hereby authorises the company to recover the loan outstandings from the borrower’s salary/income derived from the borrower’s employer/business. By virtue of this clause, the borrower’s employer and/or business is authorised to avail any funds available to the borrower to the company to pay off the loan outstandings in case of loan default or under circumstances which the company feels that the loan is likely to default upon demand by the company.
  3. The borrower confirms that he/she has read and understood the above said terms and conditions (as amended time to time) and agrees to be bound by them. The borrower agrees that he/she is liable for amount outstanding at any time in his/her account.