Loan Conditions

Introduction

1. These Loan Conditions will apply to each Loan Contract entered into through the Platform.
2. Capitalised terms not otherwise defined where they first appear in these Loan Conditions shall have the meaning given in Clause 15.

Loan Approval, Completion and Disbursement

1. We will check your credit reference and other information you give us to assess your creditworthiness and your ability to afford the Repayment due under the Loan Contract before your Application is made available to be matched on the Platform. If your Application is matched in accordance with The Money Platform Service Terms, you may be provided with a formal quote, which you may accept by electronically signing the Loan Contract, by following the instructions in your Money Platform Account. We will then notify the Payment Service Provider accordingly, and the Amount of Credit (net of any applicable fee(s)) will be credited to your Nominated Payment Account within 24 hours of that notification. The Amount of Credit will then be available for your use.

Repayment

1. You must pay the total amount payable under the Loan Contract by paying the Repayment to the Lender via the Client Funds Account on the Repayment Date specified. So that we can account for the amount due to the Lender, you must make such Repayment by allowing us to debit the debit card that you registered with the Payment Service Provider using the continuous payment authority you agreed at the time of registering the card (subject to the provisions of Clause 3.2) in favour of the Client Funds Account. All Repayments will be made to the Lender without deduction of income tax. Timely payment is essential. If you are late in paying a Repayment, in addition to the right to enforce the Loan Contract, you must pay interest on the Repayment from when it is due until when it is paid at the Daily Interest Rate specified above.
2. The Money Platform collects your Repayment using a continuous payment authority (“CPA”), which is a consent given by you that allows us to make one or more requests to your debit card issuer to make any payment you owe under your Loan Contract by debit card. We may only use the CPA twice to collect the whole sum due. If you wish to cancel the CPA that you have granted, you may do so by contacting both the bank who issued the debit card to you and us. We will then make arrangements for you to make your Repayment using an alternative method. In the event that we attempt to collect your Repayment using CPA and we are unable to do so on two consecutive occasions, for any reason, we will make contact with you. There will be additional interest charges applicable if your loan has not been paid off by the expected repayment date. Without agreeing with you in advance, we will not seek part-payments of your Repayment amount using the CPA that you have granted us. If you are late in making the Repayment, you will be liable for a Late Payment Fee of £15.
3. Each Repayment will be used to pay:
   1. first pay the Loan Administration Fee;
   2. then towards the principal amount;
   3. then to pay the interest,
   4. then towards any other fees, charges, costs or expenses due and payable to us or any third party under this Loan Contract.

Early Settlement

1. You may make the Repayment early free of any additional charge, except for interest payable to the date of such early repayment and the Loan Administration Fee, by following the instructions in your Money Platform Account and notifying us of your intention by email to support@themoneyplatformsupport.zendesk.com.

Missed Repayment

1. If you miss a Repayment, or you believe you cannot afford to make a Repayment, you should contact us at support@themoneyplatformsupport.zendesk.com. Within one business day, we will:
   1. explain the procedures we will apply and your options for meeting your repayment obligations under the Loan Contract; and
   2. tell you if your account is being passed to a Collections Agency.
2. Missing payments could have severe consequences, including commencement of legal proceedings and an adverse report on your credit history, which may make obtaining credit more difficult.
3. If communications between you and us or any such other organisation about missed Repayment(s) ceases, the credit reference agencies will be informed and this may have serious consequences for your ability to get credit in the future.
4. We will on the Lenders’ behalf demand Repayment of the full amount owed by you under your Loan Contract if one of the following events occurs (each a “Default”):
   1. failure to make a Repayment on the Repayment Date; 
   2. expiry of any statutory Notice of Default that may be required; or
   3. we discover that you have lied in a way which affects the decision to allow you to register or borrow on the Platform; or
   4. you enter into a terminal arrangement in relation to any of the Loan Contracts, die or become bankrupt or the subject of a Debt Relief Order,
   
   in which case we will give notice of that event to the Lender via their Money Platform Account.
5. Before making any demand, The Money Platform will take all the steps that The Money Platform and/or the Lender is required to take by law for your protection.

Charges

1. To borrow via the Platform, you must pay The Money Platform the Loan Administration Fee, which will be deducted from each Repayment in accordance with Clause 3.1.
2. If you are late in making Repayment, the Collections Agency may charge you an administration fee for the work it does in attempting to collect your Repayment. ("Late Payment Fee") The Money Platform may also charge a fee of up to £15.
3. Other fees or charges that may be charged by The Money Platform or the Collections Agency in relation to the Loan Contract and added to the balance outstanding are:
   1. Tracing charges, for finding you if you cannot be contacted by us or the Collections Agency;
   2. Charges for document retrieval and copying up (there may be a separate charge for this under any applicable statutory entitlement;
   3. Debt counselling service (if you fall into arrears and we or the Collections Agency cannot contact you);
   4. Litigation costs and expenses (including legal fees and expenses) arising from proceedings to recover arrears, in which case you will be advised of the cost if such action proves necessary.
4. These charges may change in nature or amount in response to:
   1. customer feedback and suggestions;
   2. changes imposed by third party suppliers or the decisions or orders of courts, the Financial Ombudsman Service, the Financial Conduct Authority or other authorities;
   3. the need to improve or correct problems in the operation Platform; and/or
   4. changes to Applicable Law,
   
   in which case you will be notified by us or the Collections Agency. You can always repay your Loan Contract early under Clause 4 if you do not wish to accept such changes.
5. You are responsible for any telecommunications charges, device subscriptions or other charges for the time you spend accessing the Platform via the Internet or any other network.

Statement of Account

1. You have the right to receive, on request, and free of charge, at any time throughout the duration of the Loan Contract, a statement in the form of a table showing:
   1. the details of each Repayment owing under the Loan Contract;
   2. the date on which each Repayment is due, the amount and any conditions relating to the payment of the Repayment;
   3. a breakdown of each Repayment showing how much comprises:
      • (a) capital Repayment,
      • (b) interest payment, and,
      • (c) any other applicable charges.

Assignment of Loan Contracts

1. Other than expressly permitted in The Money Platform Service Terms, no party is entitled to assign, transfer or otherwise dispose of that party’s rights or obligations under any Loan Contract.

Choice of Law

1. This Agreement is governed by English law and any disputes shall be referred to the exclusive jurisdiction of the courts of the United Kingdom.
2. The laws of the United Kingdom (and English law in particular) are the basis for the establishment of relations with you prior to the conclusion of the Loan Contract.

Language of this document

1. The Loan Contracts and all related documentation is in the English language. We and the Collections Agency undertake to communicate with you on the Lender’s behalf in English during the duration of the Loan Contract.

Cancellation

1. You will have a right to withdraw from the Loan Contract without giving any reason and by giving oral or written notice of the withdrawal to us (on behalf of the Lender) within the fourteen (14) calendar days starting on the day after you sign it. If you wish to exercise that right to withdraw:
   • you can notify us in writing by email at support@themoneyplatformsupport.zendesk.com
   • you must repay the whole loan amount (including interest charged, but not the Loan Administration Fee), to Client Funds Account within thirty (30) days of sending your written notice of cancellation, failing which you will be deemed to have accepted the Loan Contract and the terms of the Loan Contract shall apply as if it had not been cancelled.

Complaints Handling Process

1. If you want to make a complaint about the Loan Contract or The Money Platform you can email support@themoneyplatformsupport.zendesk.com with brief details of your complaint and your account reference. The Money Platform will acknowledge your complaint within one business day. The Money Platform will then investigate and send you an initial response. This should take no longer than five business days. If you are not satisfied by The Money Platform’s response, you may contact the Client Services Manager who will respond by email within a further five business days.
2. If you are not satisfied with the response from the Client Services Manager you can email joshua@themoneyplatform.com enclosing responses already given to you. Your email will then be referred to the Chief Executive Officer, who will respond within a final five business days.
3. Within four weeks after receiving a complaint, we will send you either a final response or a response which explains why we are not in a position to resolve the complaint and/or indicates when we will make further contact. Complaints that cannot be settled within eight weeks of the date of complaint may ultimately be referred to the Financial Ombudsman Service. You also have the right to make a complaint directly to the Financial Ombudsman Service.

Privacy Policy

1. We will process your personal data in connection with the performance of our rights and obligations under our Privacy Policy, as defined and agreed in the Money Platform Service Terms.

Other contract terms

1. If any part of this Agreement that is not fundamental is found to be illegal or unenforceable, such finding shall not affect the validity or enforceability of the remainder of this Agreement.
2. Any decision by a party not to exercise its rights under this Agreement at any time will not prevent that party from doing so later.
3. You agree that all notices and other documents that we are entitled or obliged to send you may be delivered in writing electronically to you in your Money Platform Account, or may be sent by post to your last known postal address. If we send notices to your Money Platform Account, you will also receive by email to your email address specified in Money Platform Account a prompt to log-in to your Money Platform Account to see the notice.

Defined Terms

In these Loan Conditions the following words have the following meanings:

• “Client Funds Account” means the segregated bank account maintained by the Payment Service Provider, separately from its own funds;
• "Collections Agency" means any duly authorised collections agency as may be appointed by us or the Lender under the Loan Contract or the Money Platform Service Terms from time to time;
• “Loan Administration Fee” means a loan administration fee equivalent to 50% of the interest payable under the Loan Contract, assuming the Loan Contract were to run for the full Term of the Loan Contract;
• “Money Platform Account” means a data account in our systems that is used to record your transactions on the Platform;
• "Money Platform Service Terms" means The Money Platform Service Terms you agreed when registering to use the Platform, as amended from time to time, a copy of which is available on the Platform;
• "Nominated Payment Account" means a payment account in your own name with a financial institution authorised to offer payment services in the UK;
• “Payment Service Provider” means MangoPay SA, a limited liability company incorporated in Luxembourg, with registered offices at 59 Boulevard Royal, L-2449 Luxembourg, listed under Number B173459 on the Luxembourg Trade and Company Register, approved as an Electronic Money institution by the Luxembourg Financial Sector Regulator (“CSSF”), trading as “MangoPay”;
• “Payment Services Agreement” has the meaning given in Clause 1.2 of The Money Platform Service Terms;
• "Platform" the peer-to-peer lending platform for short term loans operated by us at https://themoneyplatform.com;
• "Repayment" means each repayment due and payable by the Borrower under the Loan Contract.