Terms & Conditions

These terms and conditions outline your use of our website, which is owned and operated by MOBO Financial Ltd (hereinafter “we” or “us”). You understand that your continued use of this site constitutes acceptance of all terms and conditions provided herein. We reserve the right to update these terms as needed. If you do not fully agree with all terms and conditions herein, you should not use this site, or any services offered within.

The Terms and the Privacy Policy create a whole and binding legal agreement between you, and MOBO Financial Ltd., its subsidiaries and affiliated companies, including, without limitation, MOBO Financial Ltd., which governs your access to and use of the Site and use of the services and applications offered by MOBO Financial Ltd. as supplemented by the “Loan Documents” and “Note Purchase Documents” as clarified herein.

Use of this site for any illegal, prohibited or unlawful purpose is strictly prohibited. You many only use the site in line with the terms and conditions and privacy policy, and can review your own general information and that which is sent to you for logging in to the peer-to-peer electronic lending platform operated by MOBO Financial Ltd. All rights reserved.

Electronic Business Consent

You agree to being involved in electronic communication with us, and we will send any notice, document or other disclosure to you at the email address you provide. You are responsible for informing us of any change in your email address, and you agree that documents will be sent by electronic means. We may also send you documents by regular mail, and as such you will need to ensure your address details are up to date at all times.

Limits on Use of Site

You are not allowed to copy any text or data that is contained within this site, as it will be exclusively owned by either us or our licensors. You are not allowed to alter, distribute, copy, reproduce, republish, post or transmit any information on this site without express consent from us. You agree that you will only use the site for the purposes set out by us as the intended use, and do not use the site in any way that could result in civil or criminal liability.

Communications

All communications, information, ideas, concepts, techniques, comments, know how, questions, and all communications nonexhaustively from or to you which are made by MOBO Financial Ltd. or any of our respective partners will be considered non-confidential and non-proprietary. You grant MOBO Financial a royalty free, irrevocable, transferable, unrestricted, perpetual, sub-licensable right to use all such communication for any purpose without limitation of any type, for any or all commercial or non-commercial purposes without any compensation to you and without any restriction. All moral rights in the communications are fully waived. MOBO Financial Ltd. might, but is not required to, monitor, edit, review or remove and communications inclusive of any answers on the forum to the borrowers’ loan request pages. We are under no obligation except as prescribed by law, to return, use, respond, or review any communication. MOBO Financial Ltd. will have no liability in relation to the content of any communication regardless of how It arises, including by copyright, privacy, libel, defamation, or otherwise. Any material which we deem to be inappropriate will be removed at our discretion and neither us nor any of our partners, directors, employees, officers, representatives or successors take responsibility for any communication.

Login Information

You are responsible for keeping the details of your login information safe and not letting any other person access your account. You are not allowed to access the site through any other means than that which is provided by us through the login, such as through an automated means, without our prior express consent (in writing).

Username and Password

MOBO Financial Ltd requires you to have a Username and password, (Your “Account Credentials”), once you register on our site as a (“User”), you agree to provide accurate and up to date information about yourself and any party on behalf of whom you maybe representing, during the registration process to gain access to our site and services. Your Account Credentials will not change as you become a borrower or lender on our site.

MOBO Financial reserves the right to cancel/suspend, limit access, services or terminate your MOBO Financial Ltd Account for any reason whatsoever without notice and without liability to you in accordance with the terms.

You are fully responsible and liable for your Account Credentials as well an any activity resulting from the use or misuse of your Account Credentials, resulting for your disclosure of your Account Credentials.

The use of your Account Credentials is your sole responsibility, use by anyone including but not limited to, partners , representative or agents, any of your principals or any person who may have obtained your Account Credentials by any means.

You are responsible clearing any web browser cache so that your Account Credentials cannot be accessed after accessing MOBO Financial Ltd site. If for any reason you suspect that your Account Credentials have been lost/ stolen or have been accessed by an authorized party, you should immediately notified MOBO Financial Ltd. MOBO Financial assumes no responsibility or liability and cannot be held liable for any damages arising from or related to your failure to keep Account Credentials confidential and secure.

Please refer to Terms and/or Privacy Policy, should you wish to discontinue using the Site or the service in accordance with the Terms.

Services

You can apply to be a borrower (“Borrower”) and/or a lender (“Lender”). Restricted information will be available for users which do not register into one or both categories. To see the Loan Request and the Purchase Notes a user must first be approved as a lender. Borrowers must also complete an application which MOBO Financial Ltd. must approve. The site is accessible globally but the services are only on offer to parties which reside in Canada, with a principal address in one of the territories or provinces of Canada.

Legal Disclaimer

Nothing on this site can be construed as a public offering of securities of MOBO Financial Ltd., in any jurisdiction of Canada or outside of Canada. The entire site contents are provided for informational purpose only and should not be considered a recommendation or any type of financial, tax, legal, professional, or investment advice, for any user, borrower or lender. MOBO Financial Ltd. makes no representation or warranty that any security offered by MOBO Financial Ltd. will be successful. We recommend that you seek private advice from your own professional advisors in relation to using this site for any purpose.

Trademarks and Copyright

MOBO Financial Ltd. Holds copyright over all material on this site, and trademarks on all graphics, logos, designs and scripts contained within. You are not allowed to use this intellectual property expect by accessing it for your own personal information in relation to the overall use of our service.

Third party sites

This site might contain links to other websites which are operated by third parties. MOBO Financial Ltd. does not have any liability over the use of any third party site, and access to any third party site is at your liability and discretion. We cannot take responsibility for the availability of information on any third party site, or for its accuracy. You assume responsibility for all risks relating to the use of any third party site.

Limitations on Liability

MOBO Financial Ltd. will not be liable for any direct or indirect damages, neither incidental, consequential, punitive, general or special, of any kind whatsoever arising in any way from the use of this site or the services contained herein. This includes but is not limited to any failure to perform, omission, interruption, error, delay in transmission or operation, computer virus, or system failure. If the foregoing limitation is invalidated, MOBO Financial Ltd. will be responsible with your agreement to only the most minimum damages, limited to the greatest possible extent by any applicable law. We cannot guarantee that the site runs interrupted or that it is free from any virus, but we will endeavour to ensure that the site runs to expectation.

Nothing within this site should be construed as legal or financial advice and if you do not fully understand the context and nature of the agreement you are entering into you should seek advice before making any agreement.

You agree to indemnify MOBO Financial Ltd. and its affiliates, all officers, directors, agents, partners, employees, or contractors, in relation to any loss, liability, expense, or damage that you incur.

Borrower Requirements

- Borrowers must have valid deposit accounts with a Canadian Financial institution for the Loan Proceeds and repayments to be transferred to and from.
- Borrower must have a principal address in a Canadian province or territory.
- Borrowers must meet further lending criteria and provide all required documentation and information.
- Borrowers must have a lawful purpose for the funds.
- Funds cannot be borrowed for the purpose of raising capital to engage in lending activities on the site.
- Satisfying all criteria does not guarantee an approval.

Required Documents

If the information you provide is unsatisfactory we will request that you provide further information or clarification. You confirm that all documents you submit are true and accurate reflections of the subject matter in all manners at all times that you remain a borrower or have any outstanding loan through MOBO Financial Ltd. You confirm that none of the information you provide is misleading or omits central facts. If any information changes during the course of your loan you are required to update us with appropriate relevant information and documentation.

The information you provide will be made accessible to lenders upon a Loan Request. A Posting Supplement will be sent for each Loan Request and will act to complete the offering memorandum as prepared by MOBO Financial Ltd. relating to any specific loan request. When you submit an application, you are confirming that you have provided all relevant documentation.

If you find out that there is a pending or potential claim by the Canada Revenue Agency against you, then you must contact MOBO Financial Ltd. to update us of those circumstances.

You confirm that you understand your information as provided by you will be displayed on the Borrower’s Loan Request page, and that all information will be available to Lenders and Users as has been outlined within the privacy policy.

Through requesting Borrower status, you confirm that MOBO Financial Ltd. may share related information as provided by you internally, with other users, and Lenders. You hereby waive any claim, action or demand rights for any loss or damage you incur in respect of any loss of intellectual property which arises from your disclosure of same.

Sharing any information or material with us is confirmation that you own the materials and that you are authorized to share said materials and that your right to same is not being contested in part or in whole at the point you apply for Borrower approval. This point will hold through the entire time your information is on the Loan Request Page. You confirm that you will be solely responsible for any breach of intellectual property rights over all documentation that you share.

You agree that we take out a credit report on you and share it with Lenders as requested. We will create a loan and asset grade based on your MOBO Financial ltd unique data driven lending model and your credit report that will be available for view by Lenders in their consideration of offering a Loan.

Applications will be decided on within minutes. If your application is rejected we will provide the reason. If your application is accepted, you will get a terms summary of the Loan Request, a loan agreement, guarantees to be signed by guarantors if required, security agreement to be granted by the borrower in favour of MOBO Financial Ltd. if required, and the pre-authorized debit instructions agreement. A repayment schedule will also be provided.

When the Borrower’s loan request is fully funded, MOBO Financial will release the loan amount minus MOBO Financial Ltd.’s origination fee to the deposit account within three business days. Interest will begin to accrued from the date that the loan is made available to the Borrower, until it is fully repaid.

Payments

You agree to allow MOBO Financial Ltd. the ability to take a monthly or Biweekly debit payments on the loan as stated on the repayment schedule. This can be presented to your bank up to two business days prior to the due date each month until the loan is fully repaid. You agree to keep sufficient funds available in the named account to cover all monthly repayments. If you do not keep payments up to date we reserve the right to take any steps allowed under such circumstance legally, included the hiring of a debt collection agency. Any payment not made within 7 days of the due date will have a late payment fee added on behalf of it, to the next payment collected.

Loan proceeds can be repaid in full at any time without penalty. If you find that at any time you are unable to make a scheduled payment you should contact us to discuss alternative arrangements which will be made at our sole and unfettered discretion.

Fees

Applications are free; borrowers can still be subject to five other fees; the origination fee, non-sufficient funds fee, late payment fee, enforcement fee or incoming wire fee. Insufficient funds on a loan payment will result in a $50.00 fee. Wire transfers will be subject to a $50.00 fee. You will also be charged any fee that we incur due to collection expenses, litigation costs, and related fees or expenses incurred by us or any third party on our behalf.

Lender Terms

We will send you an acceptance email if you are accepted as a Lender and you will then have full access to the Lending section when you log into your account, as long as you have funds in your Lending account.

Neither MOBO Financial Ltd. nor any of our affiliates have any obligation to make any payment for any series of Notes unless payments are received by us under the corresponding Borrower Loan. You can review all information on the Loan Request pages.

Purchasing a Note for any specific Loan request will require at least $500.00 available in your Lending account. Notes can be purchased in $500 increments.

You must transfer no less than $500 to your Lending account before you are considered as a Lender. You can follow the steps in the ‘Add Funds’ section to add to your account. You are not required to have a minimum amount in the Lending account but your account can be restricted by us if you have less than $500 in it or have not purchased notes within 30 days. We can terminate or restrict your account without notice.

Lending account funds are held in a Canadian financial institution account until they are withdrawn or transferred by you. When you become a Lender you consent to our receipt and retention of any interest earned in the account.

Before you commit to purchase any note you are required to read the offering memorandum and posting supplement that we prepare in connection with that note’s issuance. These will be made available on the specific loan request page.

You understand that clicking the ‘invest’ button does not confirm acceptance of your commitment to purchase a note and it does not grant you a priority right over any other Lender. Your commitment to purchase the Note must be received and accepted before the commitment will be deemed as started. Note purchase agreements are final.

Repayments

All repayments will be credited to your account by us once received from the Borrower on a pro-rata basis , without the deduction of income tax. Amounts credited to lender’s accounts includes the principal and interest received which the Lender is entitled. The interest rate will be as indicated on the Note, less the Lender’s fee. You understand that you cannot receive interest on any of your notes and that you can lose all of your investment in a Note. Do not take this risk if you are not comfortable bearing the loss of your entire investment.

Transferring Funds

Please see the transfer funds section on your account and follow the steps.

Fees

We do not charge a fee to become or remain a Lender. We charge an annual fee of 1.5% of the outstanding principal amount under a Note of each repayment that is received by us. The Lender’s fee is deducted from each repayment.

Reduction of amount payment can be reduced by us where we undertake a collection effort to collect form the Borrower of the loan to which the Note corresponds. This reduction could reach 35% of the amount recovered if a collection action has to be taken. We do not charge a collection fee if no payment is collection, or in excess of the amount recovered.

We will charge a $50.00 fee for any refusal of deposit on a Lender’s financial institution. Wire transfers are subject to a fee of $25.00

Default

We have no obligation to you if the Borrower defaults on a Note. You understand that you have no recourse against any Borrower in any default event and that your sole contractual relationship is with MOBO Financial Ltd. We will take all measures deemed reasonable and necessary to ensure collecting the outstanding principal of the loan and interest, including all incurred expenses.

Resale

You understand that you cannot resell Notes to anyone and that Notes can only be resold to us at our sole discretion.

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