Terms and Conditions - PeerCredit

PeerCredit Terms and Conditions

General Terms and Conditions

  1. Introduction

    1. Welcome to PeerCredit, which is operated and owned by PeerCredit Ltd, a limited company incorporated in England and Wales with registration number 10124494 and registered address at 1 Canada Square, Canary Wharf, London, United Kingdom, E14 5DY (“PeerCredit”, “we” and “us”). We may make our services available through a number of channels. Currently our services are available through the website at www.peercredit.com (the “Platform”).
    2. PeerCredit provides a range of services (the “Services”) including without limitation providing the Platform on which a borrower (a “Borrower”) can borrow from one or more lenders (each a “Lender”). For each specific service offered by PeerCredit on the Platform, please see the following links:

  2. PeerCredit’s Terms of Business

    1. These Terms and Conditions (the “Terms”) set out the general terms and conditions on which you can access and use the Platform and the Services provided through the Platform.
    2. In addition to these Terms, PeerCredit publishes:
      1. a privacy policy (the “Privacy Policy”) [which can be viewed at Privacy Policy] which sets out the basis on which PeerCredit collects and uses your personal information; and
      2. a price list (the “Price List”)  [which can be viewed at Price List] which sets out the PeerCredit Fees (as defined below).

      Please review these Terms carefully and make sure that you understand them before using the Platform. If you do not agree to these Terms, you must cease use of the Platform immediately.

    3. By using the Platform, you agree to be bound by these Terms. You also agree to the Privacy Policy and agree to PeerCredit’s use of cookies set out therein.
    4. PeerCredit may update these Terms from time to time so please review the relevant pages regularly. We will post a notice on the Platform with a copy of the draft new terms at least 1 month before the new terms will take effect and we may also send you an email outlining the changes. Should you object to any term or condition, guideline, or subsequent changes made to the Platform then you must immediately cease use of the Platform.

  3. Definitions

    1. Capitalised terms used in these Terms shall have the following meanings:
      • Borrower: a private person or a business, whether an incorporated or unincorporated entity; who borrows any sum from a Lender and uses the Platform in relation to such borrowing.
      • Intellectual Property Rights: patents, rights to inventions, copyright and related rights, trademarks, trade names and domain names, rights in get-up, designs, rights in computer software, database rights, topography rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection which may now or in the future subsist in any part of the world.
      • Lender: a private person or a business, whether an incorporated or unincorporated entity, who lends a sum of money to a Borrower and uses the Services in relation to such lending.
      • PeerCredit Fees: the fees payable to PeerCredit as detailed in the Price List.
      • User: any person or company (whether incorporated or unincorporated) who has an account with PeerCredit as detailed in clause 4.
      • User Content: content published or submitted to the Platform by a User including without limitation details of a loan offer.
    2. A reference to “he”, “him” or “his” shall as applicable include or be treated as a reference to “she”, “her” or “hers”.

  4. Creating an Account

    1. You are free to browse the Platform without creating a User account (an “Account”). However, in order to make use of the Services you will need to create an Account.
    2. You can create an Account by entering your name, email address and further information as detailed in the Privacy Policy. Alternatively, you can login to the Platform and create an Account through a profile held in your name with a social networking Platform (an “External Profile”). In the event that you seek to login through an External Profile, PeerCredit will use certain information about you contained on such External Profile to populate forms on the Platform.
    3. Before creating an Account, you agree to must explicitly accept:
      1. the Terms; and
      2. the Privacy Policy, by ticking the respective acceptance boxes when setting up your Account.
    4. You will be sent a confirmation email that will contain a link for you to verify your Account.
    5. You are solely responsible for maintaining the security of your password. You should not disclose your password to any third party, however if you disclose your password to any third party, you are also responsible and liable for any access, use or misuse or disclosure of your password by such third party. If you lose or have your password stolen, you must contact PeerCredit either by phone, email or live chat.
    6. Each time you seek to access User-only services on the Platform, you will be required to login to your Account. You may also be required to complete additional self-certification. PeerCredit may reject any registration, close any Account and withdraw User access to the Platform for any reason, immediately and without notice, at its sole and absolute discretion, including if you provide false or incorrect User Account information, establish multiple accounts or do not notify PeerCredit of changes to your User profile information immediately.

  5. Your Account

    1. You represent and warrant that all information provided by you when you register an Account is true, complete, current and correct in all material respects.
    2. You undertake to notify us in the event that any information changes by updating your Account information via your user account management dashboard.
    3. You are advised to log out of your Account each time you end a session if you have logged in from a public machine.

  6. PeerCredit Fees

    1. The Fees to be charged by PeerCredit are detailed in our Price List.

  7. Taxation and Interest

    1. Please pay particular attention to this clause if you wish to be a Lender.
    2. You acknowledge that in connection to any sum of money you have lent, and the relevant interest income, you are responsible to declare and pay any and all tax due to the relevant tax authorities.
    3. You acknowledge that you understand the inherent risks that arise from various taxation rules and legislation.

  8. PeerCredit Content

    1. All content contained on the Platform or in any communication, or post on any social media platform (together “PeerCredit Content”) belongs to PeerCredit or has been licensed to PeerCredit by third parties.
    2. PeerCredit grants you a limited, terminable, non-transferable, revocable licence to use, display and save PeerCredit Content solely in accordance with the following:
      1. other than in respect of a Borrower, for personal non-commercial use;
      2. for the purposes of using the Services as contemplated by these Terms; and

      by:

      1. downloading such PeerCredit Content to one computer; and/or
      2. printing one copy of such PeerCredit Content; and/or
      3. viewing any video or image on one computer,

      in each case on condition that the format and display of any PeerCredit Content is not altered and any copyright notice and disclaimer or risk warning notice contained on the version of such PeerCredit Content found on the Platform remains clear and visible.

  9. Infringement

    1. By using the Platform you acknowledge and agree that PeerCredit may preserve or disclose User Content, as well as your information, if required to do so by law or in the good faith belief that such preservation or disclosure is necessary to:
      1. identify copyrighted work or other Intellectual Property Rights that you (or any other person) claim has been infringed;
      2. identify any User Content that you claim (or any person) claims is infringing, with enough detail so that we may locate it on the Platform;
      3. confirm a statement by you (or any other person) that User Content displayed is not authorised by the copyright or trademark owner, its agent, or the law; and
      4. confirm a statement by you (or any other person) declaring (a) the above information is accurate, and (b) that you are (or any other person is) the owner of the copyright interest involved or that is authorised to act on behalf of that owner.
    2. You may not infringe or try to infringe the privacy or rights of other Platform Users. This includes storing or trying to store personal data of other Platform Users.

  10. Intellectual Property

    1. PeerCredit and/or its licensor(s) are the sole owners of the Platform, which includes any software, domains, design, text, graphics and all software and source code connected with the Platform other than User Content. PeerCredit grants you a limited licence to use the Platform solely as set out in these Terms.
      1. The Platform is protected by UK and International copyright, trademark, patent and other intellectual property laws.
      2. Without limitation, this means that you may not sell, export, license, modify, copy, distribute or transmit the Platform (or any part of it) or any material provided through the Platform without PeerCredit’s prior express written consent.
      3. PeerCredit grants you a limited licence to use the Platform and the Services solely as set out in these Terms. Any unauthorised use of the Platform will result in the automatic termination of the limited license granted by us. PeerCredit reserves the right to terminate the limited license without notice at any time following an unauthorized use by you of the Platform.
      4. PeerCredit and its graphics, logos, icons and service names related to the Platform are registered and unregistered trademarks or trade dress of PeerCredit. They may not be used without PeerCredit’s prior express written permission.
    2. All other trademarks not owned by PeerCredit that appear in connection with the Platform are the property of their respective owners, who may or may not be affiliated with, connected to or sponsored by PeerCredit.
    3. PeerCredit keeps a backup of User Content and data to the extent required by applicable law and regulation. Any User who wishes to be provided with any of their User Content or data backed up by PeerCredit should review the Privacy Policy for more details on how to do it.

  11. Deleting your Account

    1. If you delete your profile, you will not be able to automatically download the User Content or data that you have uploaded.
    2. You may delete your Account at any time by emailing support@peercredit.com
    3. On deletion of your Account, we will handle your personal information as set out in our Privacy Policy.

  12. Disclaimer

    1. PeerCredit provides the Platform "as is" and without any warranty or condition, whether express, implied or statutory.
    2. PeerCredit specifically disclaims any implied warranties of title, merchantability, fitness for a particular purpose and non-infringement. 

  13. No Reliance

    1. Any decision to get involved in borrowing or lending money via the Platform in any way is the decision of the User and the User alone. Whether you are a Borrower or a Lender, you are advised to seek independent legal and financial advice prior to entering into any Loan, particularly if you have any questions or do not understand the nature of your obligations arising hereunder.
    2. You may not rely on any information other than that which is contained on the Platform directly relating to the activity you intend to undertake in making any decision to become lender or to borrow any sum of money.
    3. Save for where PeerCredit have signified in these Terms that it shall conduct due diligence on Users, all Users acknowledge and agree that they are responsible for their own due diligence if they are considering making a loan,
    4. All Users acknowledge and agree that they shall not disclose any information about the identity of any Borrower or Lender or any information about a Borrower Loan to any third party other than their professional advisors or as required by law without the prior written consent of the loan Counterparty or PeerCredit.

  14. Our Warranties and Disclaimers

    1. We provide our Services using a commercially reasonable level of skill and care. However other than as expressly set out in these Terms or any additional terms, PeerCredit does not make any specific promises about the Services. For example, we don’t make any commitments about the content within the Services, the specific functions of the services, or their reliability, availability, or ability to meet your needs. We provide the services “as is”.
    2. Some jurisdictions provide for certain warranties, like the implied warranty of merchantability, fitness for a particular purpose and non-infringement. To the extent permitted by law, we exclude all warranties.

  15. Exclusions and limitation of liability

    1. When permitted by law, PeerCredit will not be responsible for lost profits, revenues, or data, financial losses or indirect, special, consequential, exemplary, or punitive damages.
    2. To the extent permitted by law, the total liability PeerCredit for any claims under these Terms, including for any implied warranties, is limited to the amount you paid us to use the Services.
    3. In all cases, PeerCredit will not be liable for any loss or damage that is not reasonably foreseeable.
    4. If you are using our services on behalf of a business, that business accepts these Terms. It will hold harmless and indemnify PeerCredit and its affiliates, officers, agents, and employees from any claim, suit or action arising from or related to the use of the Services or violation of these Terms, including any liability or expense arising from claims, losses, damages, suits, judgments, litigation costs and legal fees.

  16. Indemnity

    1. You agree to indemnify and hold PeerCredit and its related companies, and each of their respective shareholders, directors, officers, employees, agents and merchant partners harmless from and against any third-party claim or cause of action, including reasonable attorneys' fees and court costs, arising, directly or indirectly, out of your use of the Platform or your violation of any law or the rights of any third party.

  17. Security

    1. Whilst PeerCredit has implemented commercially reasonable technical and organisational measures to secure your personal information and User Content from unauthorised use, PeerCredit cannot guarantee that unauthorised third parties will never be able to defeat those measures. You acknowledge that you provide your personal information and User Content at your own risk.

  18. Electronic communications

    1. By downloading and/or using the Platform and/or material provided through the Platform, you consent to the receiving electronic communications and notices from PeerCredit. You agree that any notice, agreement, disclosure or other communications that we went to you electronically will satisfy any legal communication requirements including that such communications be in writing.

  19. Privacy

    1. You provide us with information when you register on the Platform. We also collect information both relating to you (for example on your usage history and your preferences for certain kinds of Service) and to Users of the Platform in general. Any information that you submit or that we collect when you are using the Platform or Services is subject to the PeerCredit Privacy Policy, the terms of which are hereby incorporated into these Terms.

  20. Use of comments or ideas submitted

    1. You agree that PeerCredit is free to use any comments or ideas contained in any communication you may send to PeerCredit without compensation, acknowledgement or payment to you for any purpose whatsoever, including, but not limited to, developing, manufacturing and marketing products and services and creating, modifying or improving the Platform or other products or services. For the avoidance of doubt, all such information will be deemed by PeerCredit to be non-confidential and non-proprietary, and you agree that such information may be used by us without any limitation whatsoever.
    2. You agree that any information and User Content published by you on the Platform may be public information and that other users of the Platform will be able to view and comment on such information and User Content.

  21. Third Party Software

    1. You acknowledge that you may need to download and activate certain third party software in order to use certain PeerCredit Content provided on the Platform. Such third party software will be clearly notified to you.
    2. In order to use such third party software, you will have to accept the terms of the provider of such third party software. You acknowledge that we have no responsibility or control over such third party software.

  22. Links

    1. You acknowledge and agree that the Platform may contain links to third party websites. The inclusion of any links on the Platform does not constitute a recommendation of such third party website or a warranty that such third party website is free of viruses and safe to use.
    2. If you decide to visit or access any third party website or services, you do so entirely at your risk.
    3. Please note that any personal information you provide to a third party website will be processed in accordance with the privacy policy of such website. Please therefore ensure that you have read their privacy policy before disclosing any personal information.
    4. You may link to the Platform subject to the following:
      1. you do not display any page of the Platform in frames or cut or otherwise alter the appearance of the Platform; and
      2. you do not misrepresent any relationship you have with PeerCredit and in particular you do not claim a relationship with us or claim to be endorsed by PeerCredit without our prior written consent.
    5. PeerCredit reserves the right to withdraw any consent to link to the Platform at any time by notice.

  23. Complaints

    1. If you have any complaints about the provision of the Services, please contact us using the contact form provided on the Platform.
    2. If you have any complaint about any other User, please contact us via email at complaints@peercredit.com.
    3. Depending on the type of Service you are using, you may have additional rights including rights to compensation. If you require any further information relating to this clause, please contact us by phone on +447400582692 or by email at support@peercredit.com or through designated contact pages on the Platform.

  24. Disputes

    1. You agree that these Terms and any claim, dispute or controversy arising out of in connection with these Terms or their subject matter or formation (including non-contractual disputes or claims), the Platform, PeerCredit’s advertising or any related transaction between you and PeerCredit shall be governed by and construed in accordance with English law.
    2. Any dispute or claim arising out of or in connection with such matters (including non-contractual disputes or claims) will be subject to the exclusive jurisdiction of the courts of England and Wales.

  25. Termination

    1. PeerCredit may change or discontinue the Platform and/or any of the Services at any time without prior notice. PeerCredit reserves the right to terminate these Terms (or any part of them) for any reason, without notice. PeerCredit shall be permitted in its sole and absolute discretion to terminate these Terms in the event that you violate any of these Terms (with prejudice to PeerCredit’s accumulated rights against you). In the event of any termination, you will immediately cease use of the Platform.
    2. In the event of termination, PeerCredit has no obligation to transfer to you or allow you to view any User Content uploaded by you to the Platform.
    3. In the event of termination, any payments due to be paid by a User to any other User of the Platform and its Services shall be enforced in accordance with the relevant document in clause 2.2 that makes up these Terms

  26. General

    1. The Terms are agreed between you and PeerCredit. No person shall have any rights under or connection with these Terms under the Contracts (Rights of Third Parties) Act 1999.
    2. If any court or competent authority decides that any term of these Terms is held to be invalid, unlawful or unenforceable to any extent, such term shall, to that extent only, be severed from the remaining terms, which shall continue to be valid to the fullest extent permitted by law.
    3. Headings are for reference purposes only and in no way define, limit, construe or describe the extent or scope of such section.
    4. PeerCredit’s failure to enforce any provision of these Terms shall not constitute a waiver of that or any other provision and will not relieve you from the obligation to comply with such provision.
    5. You are not permitted to assign, transfer, charge, sub-contract or deal in any other manner with all or any of your rights under these Terms without PeerCredit’s prior express written consent.

    These Terms set forth the entire understanding and agreement between you and PeerCredit with respect to the subject matter hereof.

Terms and Conditions for Simple Loans

  1. About These Terms

    1. These simple loans terms (“Simple Loans Terms”) will apply to the provision of services by PeerCredit to you in respect matters covered by these Simple Loans Terms.
    2. These Simple Loans Terms should be read in conjunction with our terms of business (the “Terms”) which can be found at [LINK].
    3. Capitalised terms used in these Simple Loans Terms but not otherwise defined herein shall have the meanings given in the Terms.
    4. In these Simple Loans Terms (and any related communications in which we set out the basis on which we agree to provide our Services to you) references to “PeerCredit”, “we”, “us” and “our” are to PeerCredit Ltd, a limited company incorporated in England and Wales with registration number 10124494 and references to “you” are to you as a User of our Services having a registered Account with us.
    5. Please read these Simple Loans Terms carefully to ensure that you, as a User, are aware of your rights and obligations when using our Platform.

  2. Definitions

    • Capitalised terms used in these Simple Loans Terms shall have the following meanings:
    • Borrower: a private person with a PeerCredit Account who borrows any sum from Lenders via the Platform.
    • Lender: a private person with a PeerCredit Account who lends money to Borrowers via the Platform.
    • Borrower Loan: the loan made by Lenders to a Borrower via the Platform.
    • Loan Agreement: the loan agreement entered into between a Borrower and a Lender or multiple Lenders setting out the standard borrower loan conditions and the any specific loan conditions.
    • Loan Amount: the amount of money borrowed by Borrower in respect of Borrower Loan.
    • Requested Loan Conditions: the requested Loan Amount, term and interest rate in respect of a requested Borrower Loan.
    • FCA: means the Financial Conduct Authority.
    • Holding Account: a virtual money account for a specific user and currency, visible in the User Online Account showing the funds a he may as a Lender commit to the Simple Lending Pool or as a Borrower use to repay a loan or withdraw entirely.
    • Simple Lending Account: virtual money account for a specific user and currency, visible in the User Online Account showing the funds a Lender has committed as Pledge Amount/s and showing any repayments and interest paid to the Lender in respect of Borrower Loans. May be also referenced as a Simple Saving account.
    • User Account: the online (user) account created on the Platform.
    • PeerCredit Client Bank Account: the segregated bank account in the name of PeerCredit. The monies on this account belong to PeerCredit customers.
    • Lender’s Pledge Amount/s: the amount/s pledged by an individual Lender to be allocated by PeerCredit to Borrower Loans.
    • All Pledged Funds: all the funds pledged by the Lenders available for allocation to Borrower Loans by PeerCredit via the Platform.
    • Simple Lending Pool: is the representation of all Pledged Funds and all incoming interest repayments from Borrowers that have not yet been used to repay Lenders.
    • Risk Profile: information relating to a Borrower’s ability to repay a Borrower Loan.

  3. Simple Loans Service

    1. Our simple loans service (“Simple Loans Service”) operates by instant matching Borrowers and Lenders via the Platform.
    2. The Simple Loan Service allows you to:
      1. apply for a loan via the Platform as a Borrower; and/or
      2. invest your money via the Platform as a Lender.
    3. All Lenders are lending to each individual Borrower at the Platform. This means that the Pledged Funds are loaned to all existing Borrower Loans according to the proportion of the Pledge Amount pledged by each of the Lenders.
    4. The share a Lender has in a Borrower Loan is equal to the proportion of the relevant Lender´s Pledged Amount and all funds in the Simple Lending Pool.
    5. A Lender’s share in any Borrower Loan is dynamic, and will change with:
      1. variations in Simple Lending Pool; and/or
      2. variations to the terms of a Borrower’s Loan.
    6. The repayments due from each relevant Borrower are collected during each day. These repayments are put in the Simple Lending Pool.
    7. At the end of each day all interests on repayments from Borrowers are distributed proportionally amongst each of the Lenders. The principal amounts repaid from Borrowers remains in the Lending Pool, to be loaned to new Borrowers until the Lender requests repayment from the Lending Pool.
    8. Deposits put in the Simple Lending Pool are put into a queue and are waiting if the pool is overfilled by some percentage of money allocated to loans. For example if the pool has allocated loans of €100k, and the limit is set to 10%, we will allow maximum €10k of extra funds to be in the pool, the remaining funds will waiting in the queue.
    9. Withdrawals from the Simple Lending Pool are also put into a queue, they will wait in the queue in a case if there is not enough free funds in the Lending pool, until the funds will become available from the incoming loan repayments or deposits from other Lenders.
    10. We represent your account balance and transaction amounts internally in 15 decimal places. This allows us to fairly distribute the earned interest between many lenders. Your earned interest accumulates at these decimal places and is available for your transactions at precision of 2 decimal places (€0.01).
    11. Loan agreements on the Platform are between the individual Lenders and Borrowers. PeerCredit is not a party in these loan contracts, but has rights to act on behalf of Lender(s) in any situation and action.
    12. PeerCredit changes the individual Lenders on each Loan contract according to the proportional rules of the Simple loan service and only between PeerCredit lenders. No other changes of Lender’s loan Lenders are allowed during this phase of the loan. In case of a defaulting loan, the loan title is transferred to the Provision Fund.
    13. The individual loan lender transfers are executed:
      1. on the days when an incoming repayment is received for that particular loan and is to be redistributed between Lenders,
      2. and in the case of default, on the day the loan is put into default and transferred to the Provision Fund
      3. the Provision Fund can transfer the loan to a third party for loan recovery purposes

  4. How to lend on the Platform

    1. Please pay particular attention to this clause if you wish to be a Lender.
    2. In order to lend money via the Platform, you must first transfer your money to the PeerCredit Client Account using a bank transfer or other payment method currently accepted by the Platform. You can find detailed instructions related to the bank transfer in your PeerCredit Account together with your unique reference code.
    3. You must always use the unique reference code when executing a bank transfer to the PeerCredit Client Account because the code allows us to correctly identify your payment and record your transactions to your Holding Account.
    4. Your PeerCredit Account contains two separate virtual accounts: a Holding Account and a Simple Lending Account.
    5. The money transferred from your bank account to the PeerCredit Client Account (in accordance with clause 4.2) will be first recorded on your Holding Account. There is an investment settings, that controls the automatic investment of the funds received on your Holding Account into the Simple Lending account.
    6. In order to invest any amount into Borrower Loans, you must follow the steps detailed on the Platform to invest in Borrower Loans. This will be represented on your PeerCredit Money Account as a transfer of funds from your Holding Account to your Simple Lending Account. We aim to make the transfer instantly, but it may take some time depending on the availability of funds from other Lenders and amount of funds already allocated to the loans. We are balancing the funds in the Simple lending pool in proportion to the funds allocated for the loans, if there is too much funds in the Simple Lending Pool unallocated for the loans, your transfer will be put into a queue.
    7. The amounts transferred from your Holding Account to your Simple Lending Account will be your Pledge Amount/s. The Pledge Amount/s in your Lending Account will be made available to the Simple Lending Pool.
    8. Pledge Amount/s can be allocated by PeerCredit to a Borrower Loan. PeerCredit complies with the client money rules of the FCA and all other applicable UK requirements relating to client money.
    9. When PeerCredit allocates some or all of your Pledge Amounts to a Borrower Loan, you will be deemed to have entered into a Loan Agreement with such Borrower. A copy of the relevant Loan Agreements can be requested from PeerCredit.
    10. PeerCredit shall be permitted in its sole and absolute discretion to allocate any Pledged Amount in whole or in part to a Borrower Loan. PeerCredit shall be also permitted to change allocation of any of your Pledge Amounts to across existing or new Borrower Loans.
    11. We aim to make the transfer of funds pursuant to clause 4.6 instantly, but it may take some time depending on the Pledge Amount/s of other Lenders and the funds already allocated to Borrower Loans. Your funds assigned to be Pledge Amount/s will be held in a queue if PeerCredit is unable to allocate these to Borrower Loans.
    12. If you wish to stop lending any Pledge Amount via the PeerCredit Simple Loans service, you can request a transfer from your Simple Lending Account to your Holding Account by following the instructions available on the Platform. We aim to make the transfer instantly, but it may take some time depending on the availability of funds from other Lenders and repayments coming from the Borrowers. Your transfer request will be put into a queue and will be served on first come basis.

  5. Withdrawing funds as a Lender

    1. Please pay particular attention to this clause if you wish to be a Lender.
    2. If you wish to withdraw funds from the Platform, you must submit a request via online withdrawal form in your PeerCredit Account. You can only withdraw the money represented in your Holding Account.
    3. If you wish to withdraw funds from your Simple Lending Account, you must first transfer the desired amount to your Holding Account as described clause 4.12.
    4. Any repayment is subject to the terms of each and any relevant Loan Agreement, and the availability of your funds. This is because where you agree to loan funds to Borrowers via PeerCredit, you agree to enter into separate Loan Agreements with each Borrower and therefore are subject to the obligations and terms of such Loan Agreements.
    5. You agree that PeerCredit shall be permitted to sign in any capacity including, but not limited to, as agent, any document or do anything required to effect any matter set out in these Terms. This authority shall include without limitation signing any waivers in respect of Loan Agreements and other documentation with any Borrower.
    6. You shall be responsible for any charges on the transfer of funds to the PeerCredit Client Account from a debit or credit card or a bank account. PeerCredit shall inform you of this cost prior to making such transfer.
    7. If you believe an unauthorised transaction has occurred, you must notify PeerCredit as soon as possible or in any case, no later than 13 months from the date of the disputed transaction. If you do not notify PeerCredit within this timeframe, you shall automatically waive any rights you may have had in relation to the disputed transaction.
    8. The money withdrawal transfers are subject to a positive ID and bank account holder name verification in order to satisfy the current Anti Money Laundering regulation.

  6. Provision Fund

    1. Lenders participation in these Simple Loans services are protected by a fund that has been created by the initial accession of PeerCredit and is supplemented by fees paid by the Borrowers (the “Provision Fund”).
    2. The Provision Fund acts a security in the case of a Borrower defaulting on a Borrower Loan. In a case of a Borrower Loan repayment being late for more than 2 months, the Provision Fund will make available an amount equal to the missing payments to the Simple Lending Pool (the “Default Amount”). The Default Amount will be then distributed amongst all the relevant Lenders proportionally.
    3. Where the Borrower fails to make any Borrower Loan repayments, PeerCredit will take debt recovery action and subject to the terms of the relevant Loan Agreement/s and PeerCredit will either repay the Default Amounts to Lenders or terminate the Borrower Loan/s and repay all amounts due to Lenders under the Borrower Loan/s.
    4. Funds in the Provision Fund are held separate from PeerCredit’s business accounts and will only be used for repayments of defaulting Borrower Loans and related debt-recovery fees. They are not invested or used for any other purpose.
    5. In the unlikely event of depletion of the Provision Fund, the loan losses will be distributed across all relevant Lenders in the Simple Lending Pool and distributed proportionally.

  7. Taxation and Interest

    1. Please pay particular attention to this clause if you wish to be a Lender.
    2. Pledged Funds earn interest repayments proportionally amongst Lenders from each relevant Borrower Loan.
    3. PeerCredit Platform provides you with an interest income statement report that details the amount of interest income earned in any requested period.
    4. You acknowledge and agree that any gross taxable income received because of Borrower Loan repayments due under Loan Agreements must be declared to the relevant tax authorities.
    5. The Interest Rate shall be the gross rate of interest on which tax is payable by the Lender when each repayment is made, subject to any deductions made in accordance with any tax legislation or tax authority.
    6. You acknowledge and agree that by entering into a Loan Agreement, you understand the inherent risks that arise from various taxation rules and legislation.
    7. The Interest repayment from each repayment of the Borrower is split between the interest to be paid to the lenders and a Provision Fund Contribution paid to the Provision Fund. This Provision Fund Contribution is individual and depends on the Risk Profile of each borrower. The Provision Fund Contribution is owned and belongs to the Provision Fund.

  8. Borrowers

    1. Please pay particular attention to this clause if you wish to be a Borrower.
    2. To be eligible to borrow on the platform you must:
      1. be a resident in one of the supported countries (“Supported Countries”). Currently Supported countries are: United Kingdom and Slovakia;
      2. have a bank account in any of the Supported Countries; and
      3. be approved by PeerCredit by passing the PeerCredit internal verification and evaluation procedure.
    3. To be approved by PeerCredit as a Borrower, you may be required to provide, to the satisfaction of PeerCredit, a copy of one or more of the following:
      1. passport;
      2. any other suitable identity document; and
      3. proof of address.
    4. You will also be asked to provide us with information to complete your PeerCredit Risk Profile. This may include information relating to:
      1. your current employment; and
      2. your financials.
    5. This may require you to provide, to the satisfaction of PeerCredit, a copy of one or more of the following:
      1. bank account statements; and
      2. other income related documents.
    6. We will treat all your personal information in accordance with our Privacy Policy which can be viewed at Privacy Policy.
    7. You may be charged for use of our Simple Loans services. Such charges will be communicated to you via the Platform.

  9. Borrowing on the Platform

    1. Please pay particular attention to this clause if you wish to be a Borrower.
    2. To request a Borrower Loan you must specify your Requested Loan Conditions and submit documents as specified in articles 8 of these Terms.
    3. We will inform you within 24 working hours if your requested Borrower Loan can be provided.
    4. If your requested Borrower Loan can be provided, PeerCredit will suggest proposed terms for your requested Borrower Loan based on your Requested Loan Conditions and overall Risk Profile.
    5. You will then be required to confirm that you agree with the proposed terms for your requested Borrower Loan. You will have 3 working days to decide. If you do not agree proposed terms for your requested Borrower Loan or 3 working days pass, PeerCredit shall not accept your requested Borrower Loan and you will not be able to borrow any money in respect of your requested Borrower Loan via PeerCredit. If you accept the proposed terms for your requested Borrower Loan, your requested Borrower Loan shall become effective and you agree to enter into your Loan Agreement. A copy of your Loan Agreement will be available to you on the Platform in your User Account. Please read the terms carefully before you agree to enter into the Loan Agreement.
    6. You may be required to transfer to PeerCredit Client Account a minimal money transfer amount (0.01) to confirm your bank account ownership before we will provide you with the loan.
    7. By entering into the Loan Agreement, you agree to repay your Borrower Loan in accordance with your Loan Agreement.
    8. After you enter into the Loan Agreement, PeerCredit will transfer to you the Agreed Loan Amount.
    9. You are not entitled to transfer any of your rights and obligations under the Loan Agreement.

  10. Disclaimers

    1. If you choose to use the Platform and/or Services, you do so at your sole risk. PeerCredit does not advise on the merits of borrowing from Lenders or lending to Borrowers on the Platform. Please see clause 13 of our Terms for further information.

  11. Changes to these Simple Loans Terms

    1. Any change to these Simple Loans Terms in relation to our Services to be provided by PeerCredit as detailed herein will be communicated to you no later than one month before the date on which such change is to take effect.
    2. If a change is proposed in the circumstances described in clause 11.1, you have a right to terminate these Simple Loans Terms immediately and without charge before the proposed date of entry into force of the changes.

  12. General

    1. For the purpose of giving notice under these Simple Loans Terms, “writing” shall include email.
    2. The provisions the Terms shall apply in full as in included in these Simple Loans Terms.
    3. Subject to the provisions of clauses 5 and 9 of these Simple Loans Terms, you may terminate these Simple Loans Terms at any time by delivering a notice of termination to us in writing. Save when this contract is ended automatically by law, we will not cease to provide Services for you except with good reason (for example, because there is a breakdown in confidence between us and you) and after giving you at least one months’ written notice. We remain entitled to receive our fees as set out herein for Services provided prior to termination.

Terms and Conditions for Friend Loans

  1. About These Terms

    1. These friend loan terms (“Friend Loan Terms”) will apply to the provision of services by PeerCredit to you in respect matters covered by these Friend Loan Terms.
    2. These Friend Loan Terms should be read in conjunction with our General terms of business (the “Terms”) which are part of this page.
    3. Capitalised terms used in these Friend Loan Terms but not otherwise defined herein shall have the meanings given in the Terms.
    4. In these Friend Loan Terms (and any related communications in which we set out the basis on which we agree to provide our Services to you) references to “PeerCredit”, “we”, “us” and “our” are to PeerCredit Ltd, a limited company incorporated in England and Wales with registration number 10124494 and references to “you” are to you as a User of our Services having a registered Account with us.
    5. Please read these Friend Loan Terms carefully to ensure that you, as a User, are aware of your rights and obligations when using our Platform.

  2. Description Of Friend Loans

    1. Our friend loans service allows you to create a record of your private loan held with an individual (a “Friend Loan”) by using one or more of these functionalities available on our Platform:
      1. calculation of loan parameters using the Calculator,
      2. generation of a Repayment Schedule,
      3. sending a Loan Proposal;
      4. creating and saving Private Notes and Shared Messages;
      5. record information related to Payment Dates;
      6. sending Payment Reminders.
    2. Please note that we may charge for use of certain Functionalities. Please refer to our Price List for our charges before using any of our Services.

  3. Definitions

    • Calculator: the software within the Platform that allows User to calculate one of four variables (interest rate or loan amount or duration or monthly repayment amount) for a Loan.
    • Functionalities: the functions available on the Platform.
    • Loan: the amount lent by a Lender to a Borrower.
    • Loan Proposal - the terms of a Loan.
    • Payment Reminders: the possibility for a Lender to send text message to the Borrower of a Friend Loan via Platform to remind such Borrower of repayment.
    • Private Notes: text information and/or documents related to specific Friend Loan or Friend Loan Request or Friend Loan Offer, recorded within the Platform and accessible only for Friend Borrower or only for Friend Lender.
    • Repayment Schedule: list of all payments due related to Friend Loan.
    • Shared Messages: text information and/or documents related to a specific Friend Loan.

  4. Making A Loan Proposal

    1. Whether you are a Borrower or Lender, you can use the Platform to create a Loan Proposal. Your Loan Proposal will set out:
      1. the Loan amount;
      2. the frequency of Loan repayments and repayment dates;
      3. any interest that will accrue on the Loan; and
      4. the final repayment date.
    2. You can save the Loan Proposal in your Account or may choose to send the Loan Proposal to the counterparty of the relevant Loan (the “Recipient”). If the Recipient has a PeerCredit Account, the Recipient may either accept or decline the Loan Proposal. You will receive an email notification on the Recipient’s decision to your Loan Proposal.
    3. Please ensure that you view our Price List to view which Functionalities we charge for.

  5. Friend Loans

    1. Where a Loan Proposal is saved in your Account or sent and accepted by the Recipient, the recording and management of such Loan Proposal via the Platform will be a “Friend Loan”. A Friend Loan may be managed by the relevant parties to such Friend Loan via the Platform.
    2. You can create unlimited number of Friend Loans.
    3. Basic Functionalities in relation to Friend Loans are provided free of charge. You may use the Platform, free of charge, to:
      1. access all information about the Friend Loan;
      2. view and print the repayment schedule;
      3. record dates of sending loan repayments (if you are the Borrower) or record dates of receiving loan repayments (if you are the Lender);
      4. create and save Private Notes and create, save and share Shared Messages;
      5. upload and save documents related to the Friend Loan and share such documents with the other party; and
      6. if you are the Lender, send reminders on late payments to the Borrower.
    4. Additional Functionalities are charged according to our Price List. Please ensure that you view our Price List for all details of our charges.
    5. You may be asked to finalize payments for additional Functionalities before such Functionalities can be used.
    6. Please note that you may only close a Friend Loan prior to the agreed end date of such Friend Loan, if you are the Lender.

  6. Notifications

    1. The Platform will generate email notifications to the relevant party about certain actions made by either the Borrower or the Lender of a Friend Loan, in relation to such Friend Loan for the duration of the Friend Loan.

  7. Disclaimers

    1. PeerCredit will not report your Friend Loans to any external register.
    2. PeerCredit will not evaluate a Borrower’s credit score, nor his ability to repay any Loan. The decision make a Loan rests solely on discretion of the relevant Lender.
    3. PeerCredit is not responsible for any delay of any Borrower’s Loan repayments.
    4. PeerCredit will not take any action on behalf of a Lender related to debt collection of any Loan made by the Lender.

  8. Changes to these Friend Loan Terms

    1. Any change to these Friend Loan Terms in relation to our Services to be provided by PeerCredit as detailed herein will be communicated to you no later than one month before the date on which such change is to take effect.
    2. If a change is proposed in the circumstances described in clause 8.1, you have a right to terminate these Friend Loan Terms immediately and without charge before the proposed date of entry into force of the changes.

  9. General

    1. For the purpose of giving notice under these Friend Loan Terms, “writing” shall include email.
    2. The provisions the Terms shall apply in full as in included in these Friend Loan Terms.
    3. Subject to the provisions of clauses 5.6 and 8 of these Friend Loan Terms, you may terminate these Friend Loan Terms at any time by delivering a notice of termination to us in writing. Save when this contract is ended automatically by law, we will not cease to provide Services for you except with good reason (for example, because there is a breakdown in confidence between us and you) and after giving you at least one months’ written notice. We remain entitled to receive our fees as set out herein for Services provided prior to termination.