1.This is an Agreement
These Terms constitute a contract. This agreement is a financial service and an end-user license agreement between you and CUD Micro-credit Limited ("CUD", "we", or "us"). All financial transaction conducted pursuant to your use of the Application will be directly offered and provided by CUD Micro-credit Limited. You may not use the Service if you do not accept these Terms. By using any part of the Service you accept these Terms. If you are under eighteen (18) years of age, above sixty (60) years of age or ordinarily located outside of Ghana, you may not use the Service. These Terms and Conditions may be amended or varied by CUD from time to time and your continued use of the Services constitutes your agreement to be bound by the terms of any such amendment or variation.
2.Acceptance
You must carefully read and understand the Terms and Conditions set out in this agreement and as amended from time to time by CUD (the Terms and Conditions) before downloading or opening an account with CUD which will govern the use and operation of the application and your account.
3.Deemed Acceptance
After downloading the App, you will be deemed to have accepted the Terms and Conditions immediately upon your use of the app. If you do not agree with the Terms and Conditions please do not use the App.
4.App Updates
From time to time We may update the App as may be necessary. You may be required to download the updated the App failing which you may not be able to use the Services until you have downloaded and installed the latest version of the App and accepted any new terms and conditions.
5.Hardware and Software Data
You consent to us collecting and using technical information about the hardware and related software that you are using to access the Services to improve our products and to provide Services to you. If you use the Services, you consent to us and our affiliates' and licensees' transmission, collection, retention, maintenance, processing and use of your data to determine your credit scoring or to improve our Services.
6.Permissions Granted And Purpose
In order to use the Services, you must grant us permission to access your location, SMS logs, and Camera for the reasons stated in our Privacy Policy.
7.Account Data
You agree to provide honest and complete information about yourself when creating an account (“Account Data”) and you confirm that you have full authority to provide the Account Data including in particular the information relating to the person you have provided as your emergency contact. You agree to indemnify and keep us indemnified in full against all demands or claims that may be brought against us with respect to any information related to third parties provided by you to us during your use of the Service including any information related to your emergency contact. You also agree to update the Account Data to keep it current. You hereby consent to us using the Account Data to verify your indemnity and conduct credit worthiness assessments. You understand and agree that your consent declaration will remain valid indefinitely for all existing and future personal and verification requests, screening, validation and confirmation of information regarding yourself for so long as you use the Services.
8.Account Security
You are responsible for maintaining the confidentiality of your password and account. You shall remain solely responsible for any and all activities that occur through the use of your account or password. You hereby irrevocably indemnify us without limit for any damages that we or you may suffer as a result of your failure to secure your account. All transactions under your account shall be deemed to have been undertaken by you personally.
9.Credit Checks and Interest
You agree that the Services shall be subject to credit verification checks. Where the loan amount requested by you is deemed by us to be too high a risk based on your credit profile, you agree that we will issue you a loan of a lesser amount that accords with your credit profile. If a lesser amount is granted to you, the lending of such amount will be subject to the terms and conditions of this Contract. We reserve the right to decline the Loan application for any reason. The amount of interest that you will be charged will be based on your credit and risk profile. You acknowledge and agree that the rate of interest chargeable will be higher if you have a low credit score or are deemed to be a high risk. The interest rate payable will be displayed at the time of applying for the loan and which interest rate you acknowledge and agree is fair and reasonable should you elect to proceed with the securing the loan.
10.Service Discretion
You acknowledge that your entitlement to receive a loan from us at our sole discretion and we will not be liable in the event of your loan application being rejected or if we provide you a loan of a lesser amount.
11.Interest Free Loans
We may from time to time make loans available to you that are free from interest and other charges. The provision of such interest free loans will be at our sole discretion and subject purely to these terms of service. Interest free loans must be repaid within 7 days of the loan being granted. In the event of you failing repay an interest free loan within the stipulated 7 day period, you hereby irrevocably agree and acknowledge that you will be liable to effect payment of interest to us on the loaned amount until such time as the loan and interest are repaid to us. You acknowledge that the granting of interest free loans will be at our sole discretion.
12.Processing Fees
We may offer you the opportunity to apply for Loans in certain amounts. However, if we accept your application and grant you a Loan, We will charge a processing fee which is payable to us on top of paying back the borrowed amount (“Processing Fee”). The Processing Fee payable is stated together with the loan amount at the time you apply for each Loan.
13.Loan Due Date or rollover
You agree to repay the Loan by the date specified when you take the Loan (“Due Date”). If you fail to repay the Loan and Processing Fee on the Due Date, we will automatically rollover your Loan for a period of time ("Rollover Period") and charge you a penalty interest ("Penalty Interest"). You must then repay the loaned amount, Interest, Processing Fee and Penalty Interest by the end of the Rollover Period. You hereby irrevocably agree that we may rollover your Loan and charge the Rollover Fee for so long as your Loan remains unpaid.
14.Default
If you still have not repaid the Loan amount and fees, by the end of the Rollover Period, you will be in default. You agree that any default may be shared by us to third party lending institutions and platforms within twenty (20) days of your default, or such other time period as required/permitted in terms of the law, and such report may affect your ability to borrow money with digital lending platforms in the future. Overdue amounts will be rounded up to the nearest whole Ghanaian Cedi. You will become responsible for all costs we or our suppliers may incur in collecting the payment in accordance with applicable law.
15.Recovery of Loans and Costs
You expressly agree and authorise us to debit the amount of the Loan, Processing Fee, Rollover Fee or any other applicable fees from any of your accounts, identified by you, which has your name and exclusively belongs to you as necessary for the payment due in respect of the Loan on the Due Date or, before or after the Rollover Period. You expressly agree to pay any bank charges relating to the aforesaid deduction.
16.We May Contact You And/Or Your Emergency Contact
You expressly agree that, as part of the Service, you may, from time to time, receive communications from us via text message (SMS) or email about the Service. We may from time to time send you advertisements, and promotional data to market new services, products and updates on current services. You may stop receiving promotional messages by following the opt-out instructions in the message. You also expressly authorize us to contact your referee contact to verify your information or when we are unable to contact you or when we have not received a repayment from you. You confirm that your referee contact has consented to the sharing of his/her information with us and to us contacting them with respect to your use of the Service.
17.License Rights
We grant you a limited, non-transferable, personal right and license to use the Service and any associated software application through which it may be provided. You may 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.
18.Termination of Service
We may at any time terminate your access to the Service or discontinue providing the Service or any part of the Service, with or without notice. You agree that even if the Services are cancelled you shall be liable to us for repayment of all amounts owed to us.
19.Your Use of Service
In addition to other prohibitions as set forth in the Terms & Conditions, You are prohibited from using the Platform:
• for any unlawful purpose;
• to solicit others to perform or participate in any unlawful acts;
• to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances;
• to infringe upon or violate our intellectual property rights or the intellectual property rights of others;
• to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability;
• to submit false or misleading information;
• to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the Internet;
• to collect or track the personal information of others;
• to spam, phish, pharm, pretext, spider, crawl, or scrape;
• for any obscene or immoral purpose;
• to interfere with or circumvent the security features of the Service or any related website, other websites, or the Internet;
• to infringe and/or violate any laws or including but not limited to acts of fraud, money laundering, bribery, corruption and/or use any amounts loaned to you for illegal and/or illicit purposes.
Should it be proven and/or suspected by us that the Platform is being used for illegal and/or illicit purposes and/or violate our policies we reserve the right to immediately terminate the Services available to you and furthermore reserve our rights to report your conduct to the relevant legal authorities for investigation and possible prosecution.
20.Our Privacy Policy
To provide you with the Service, you must authorize the provision of certain personal information to us as described in our privacy policy. Our privacy policy governing the Service is attached to and incorporated into these Terms (“Privacy Policy”). By accepting these Terms and using the Service, you consent to and authorize the collection and use of personal information in accordance with the Privacy Policy.
21.Services “AS IS”
The Service is provided "as is" without warranty of any kind. We and our suppliers disclaim all warranties with regard to the service, including all implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement. If you are dissatisfied with any portion of the service, or with these terms, your sole and exclusive remedy is to discontinue using the service.
22.Indemnification
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..
23.This Contract Is Based On Ghanaian Law
These Terms are subject to, and shall be governed by, and construed in accordance with the laws of the Ghana, 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 Accra, Ghana as the seat of the arbitration. The arbitration shall be conducted pursuant to the Alternative Dispute Resolution Act 2010. 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 Ghana Arbitration Centre. To the extent permitted by applicable law, the arbitral decision shall be final and binding on the parties.
24.We may modify these Terms
These Terms may be modified without notice at any time in the future. Changes will be posted at https://www.cudmoneylending.com/. It is your responsibility to remain informed of any changes as you are bound by the latest version of the Terms.
25.General Provisions
• No alteration, variation or agreed cancellation of this agreement, and this paragraph, shall be of any effect unless directed so by Us.
• This Agreement constitutes the whole agreement between the parties in regard to the subject matter thereof and no warranties or representations of any nature whatsoever other than set out herein have been given by any of the parties.
• No relaxation or indulgence which we may show to you shall in any way prejudice or be deemed to be a waiver of Our rights hereunder.
• Each and every provision of this contract shall be deemed to be separate and severable from the remaining provisions of this Agreement. If any of the provisions of this contract is found by any court of competent jurisdiction to be invalid and/or unenforceable then, notwithstanding such invalidity and/or unenforceability, the remaining provisions of this contract shall be and remain of full force and effect.
• Any substantive provision appearing in, or as a part of, any interpretative provision of this contract shall have effect in accordance with its tenor, notwithstanding the context in which it appears.