Terms of Service

 

The Cashpal service (“Service”) enables you, either as an individual to qualify to borrow small amounts of money over short periods of time (each a “Loan”). The Service is operated by Cashpal. (“we”, “us” or “Cashpal Tech”), subject to these Terms of Service (“Terms”).

 

When you use the Cashpal app and register for an account with Cashpal, you agree to abide by all the terms and conditions of this User Agreement. You also need to agree to abide by our Privacy Policy

 

1. Definitions

 

The following definitions relate to these Terms of Service:

Withdraw Account: refers to a mobile wallet account that you have linked to your Cashpal Account. This allows you to carry out transactions using funds from your Cashpal account. 

 

Content: means all information whether textual, visual, audio or otherwise, appearing on or available through the services.

 

Credit: means the movement of funds into an Account.

 

Debit: means the movement of funds out of an Account .

 

Mobile Payments: describes the service or process that allows customers to make and receive a variety of payments using their mobile phone, among other channels.

 

Mobile phone: means a GSM or CDMA device, which can make and receive telephone calls and send and receive SMS, among other communication options.

 

OTP: means One Time Password, used to authorize transactions or processes.

 

Registered phone number: refers to any phone number that has been registered on Cashpal.

 

Service: refer to any products and services provided to the customer.

 

SMS: is a standard communication service on GSM phones, which is used to exchange short text messages between mobile devices.

 

In this agreement, the terms: “You”, “your”, “Customer”, “Borrower” shall mean the person who applied for this Account and agrees to this Agreement while “We”, “us” and “our” “Lender” and “Bank” shall mean Cashpal, and following an assignment, any person, company or bank to whom the rights and/or obligations of Cashpal have been assigned. “Account” means the Customer's account with Cashpal “Disbursement Date” means the date Cashpal advanced the loan to the Customer's account “Payment Due Date” means the final date by which a payment must be made to avoid penalties, interest charges, or service disruption. “Credit Limit” means the maximum credit available to the Borrower on opening an account with Cashpal “Loan” means the amount advanced to the Borrower by Cashpal.

 

2. Grant and Scope of License

 

2.1 In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive licence to use the App on your Equipment, subject to these Terms and Conditions. We reserve all other rights. except as expressly set out in this Agreement or as permitted by any local law. You agree:

 

2.1.1. Not to rent, lease, sub-license, loan, translate, merge, adapt, vary or modify the App.

 

2.1.2. Not to make alterations to, or modifications of, the whole or any part of the App, or permit the App or any part of it to be combined with, or become incorporated in, any other programs.

 

2.1.3. Not to disassemble, decompile, reverse-engineer, or create derivative works based on the whole or any part of the App or attempt to do any such thing except to the extent that such actions cannot be prohibited because they are essential for the purpose of achieving inter-operability of the App with another software program.

 

2.2. The information obtained by you during such activities is not disclosed or communicated to any third party without our prior written consent; and is not used to create any software that is substantially similar to the App.

 

2.3. You include our copyright notice on all entire and partial copies you make of the App on any medium; and you undertake not to provide or otherwise make available the App in whole or in part (including object and source code), in any form to any person without prior written consent from us;

 

2.4. You agree to comply with all technology control or export laws and regulations in your country that apply to the technology used or supported by the App or any Service (the Technology).

 

3. Personal Information

 

3.1. To meet our Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) obligations, we may require you to provide any or all the following: your full name, date of birth, ID number, address, Email, mobile number, device information etc.

 

3.2. You hereby agree and authorize Cashpal to collect and verify information including, but not limited to, data relating to your phone (including, without limitation, your phone's history) from your Equipment, from any SMS sent to you or by you, from any 3rd party applications, and such other information as Cashpal shall require for purposes of providing you the Services (the “Relevant Information”). In case you are nominating a person as your guarantor, you are also confirming that you have sought approval from the named person for the same, and that they are willing to act as a guarantor for this loan facility.

 

3.3. You hereby consent to Cashpal verifying the Personal Information and the Relevant Information and using the Personal Information and the Relevant Information to the extent necessary in Cashpal opinion for the provision of the Services.

 

3.4. You hereby agree and authorize Cashpal to obtain and procure your Personal Information and Relevant Information from relevant sources (private and official databases) and you further agree and consent to the disclosure and provision of such Personal Information by us or our Third Party Partners.

 

3.5. You agree to indemnify and hold Cashpal and the Third-Party Partners harmless with respect to any claims, losses, liabilities and expenses (including legal fees and expenses) that may arise as a result of the disclosure and reliance on such Personal Information and/or Relevant Information.

 

3.6. Cashpal reserves the right to request for further information from you pertaining to your use of the Services at any time. Failure to provide such information within the time required by Cashpal may result in Cashpal declining to accept your application for an Account or access to the Services.

 

3.7. You acknowledge and agree that when Cashpal or our third-party service providers access and retrieve information from such third-party websites, Cashpal and our third-party service providers are acting as your agent, and not the agent of, or on behalf of the third party.

 

4. Borrower's Obligations

 

4.1. To pay to us, the loan sum, including any convenience, default or penalty fees, flat interest rate, and other amounts due to the Lender charged to this Account. Borrower promises to pay these amounts as agreed in this Agreement on or before the Payment Due Date.

 

4.2. The Lender reserves the right to presume that the Borrower has authorized any loan application made in the name of the Borrower using this Account. The Borrower will be deemed responsible for any unauthorized application using this Account unless the Borrower notifies the Lender, in writing, of imminent fraud by another person on the Borrower's account within 24 hours of such fraud.

 

4.3. To repay the loan given to you and/or to someone you authorized to use this Account via direct cash transfer to a bank account listed by the Lender, an electronic debit from the card/account you provided on the due date, or through an acceptable electronic channel.

 

4.4. The Lender reserves the right to accept early repayment before the Payment Due Date, provided the Borrower has given adequate notice and repays full loan along with the flat interest rate. Loan repayment via electronic debit card may be affected by the Lender in the way and manner hereinafter specified:

 

4.4.1. You agree to give The Lender authentic and up-to-date personal, social media, phone and financial records about you that we may reasonably request and analyze, from time to time.

 

4.1.2. The Borrower shall indemnify and hold harmless the Lender and its representatives (each, an “Indemnified Person”) from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including, without limitation, counsel's fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) which may be instituted or asserted against or incurred by any Indemnified.

 

5. Lender's Obligations

 

5.1. To make available the loan/credit facility to the Borrower of a figure

 

5.2. To perform above upon confirmation of the Borrower's identity and personal information

 

5.3. To demand repayment for the Borrower as and when due

 

5.4. To conduct investigations on the Borrower prior to opening an account for the Borrower

 

5.5. To use all reasonable and legitimate means to collect the amount extended to the Borrower, the default fee, the transaction fees and any other penalty fee imposed on the Borrower as a result of the loan.

 

5.6. Not to store or save Borrower's debit or credit card details given by the Borrower in the application form.

 

6. Notices

 

6.1. The Borrower agrees that The Lender may communicate with them by sending notices, messages, alerts and statements in relation to this Agreement in the following manner:

 

6.1.1. To the most recent physical address The Lender holds for the Borrower on file.

 

6.1.2. By delivery to any email address provided during the application process.

 

6.1.3. By delivery of an SMS to any mobile telephone number the Borrower has provided to The Lender.

 

6.1.4. By posting such notice on the Lender's website.

 

7. Event of Default

 

Default in terms of this Agreement will occur if:

 

7.1. The Borrower fails to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given to the Borrower.

 

7.2. Any representation/information, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or 

documentation supplied by the Borrower is later discovered to be materially incorrect;

 

7.3. The Borrower does anything which may prejudice the Lender's rights in terms of this Agreement or causes the Lender to suffer any loss or damage.

 

8. About Us

 

If you have any questions about our agreement or services, you can contact us, customer service email:

cashpal@bhoketzloan.com