uLoan.Club Terms and Conditions
uLoan.Club Limited ACN 128 770 418 (uLoan.Club, we, us, our) provide the uLoan.Club information technology platform (Platform) via uLoan.Club and its subdomains (Website), which facilitates peer-to-peer lending transactions between users that are members (Lenders) of the uLoan.Club and users that borrow via the Platform (Borrowers) (the Platform, Website, terms and conditions together comprising the uLoan.Club Services).
These Terms and Conditions constitute an agreement between us and the person who accesses or has accessed our Website (you, your).
If you proceed to become a Lender, your investment will be governed by Loan Agreement and if there is any inconsistency between the Loan Agreement and these Terms and Conditions, then the Loan Agreement will prevail to the extent of the inconsistency.
If you proceed to become a Borrower, your loan will be governed by an agreement between yourself and the Service Provider (Loan Agreement). If there is any inconsistency between the Loan Agreement and these Terms and Conditions, then the Loan Agreement will prevail to the extent of the inconsistency.
An instruction made by a Lender to lend funds (Lending Proposal) and an offer made by a Borrower to borrow funds (Borrowing Proposal) are together referred to as Proposals.
By accessing or using the Website or the Platform, you agree to be bound by these Terms and Conditions. If you do not agree to these Terms and Conditions or any revisions of this Website, you should not use this Website and/or any information derived as a result of the use of this Website, including the Platform.
We may make changes to these Terms and Conditions from time to time and will take steps to bring any such changes to your attention (such as by placing a notice of the change on a prominent position on the Website, together with the changed Terms and Conditions). It is your responsibility to check these Terms and Conditions from time to time to ensure that you agree with them, and your continued use of the Platform after any change to these Terms and Conditions will be deemed to be your acceptance of the change.
If we make a change to these Terms and Conditions between the time you make a Proposal through the Platform and the time that Proposal is accepted or processed, the Proposal and any loan made further to it will be subject to these Terms and Conditions as they were before we made that change.
1. Use of the Website
1. You agree that you will not (either yourself or through a third party):
- use any robot, spider, screen scraper, data aggregation tool or other automatic device or process (Automated Process) to process, monitor, copy or extract any web pages on the Website, or any of the information, content or data contained within or accessible through the Website or Platform, without our prior written permission;
- use any Automated Process to aggregate or combine information, content or data contained within or accessible through the Website or Platform with information, content or data accessible via or sourced from any third party;
- use any device, software (including but not limited to introducing a virus, a worm or other malicious code), process or routine to interfere or attempt to interfere with the proper working of the Website or Platform or any transaction or process being conducted on or through it;
- take any action that imposes an unreasonable or disproportionately large load on the infrastructure of or bandwidth connecting to the Website or Platform;
- reverse engineer, reverse assemble, decompile, or otherwise attempt to discover source code or other arithmetical formulae or processes in respect of the software underlying the infrastructure and processes associated with the Website or Platform;
- copy, reproduce, alter, modify, create derivative works of, or publicly display, any part of any content from the Website or Platform without our prior written permission;
- post or otherwise distribute information on or through the Website or Platform that would be in breach of another person’s intellectual property rights;
- post or otherwise distribute on or through the Website or Platform any:
- defamatory, obscene, harassing, threatening or other unlawful material or information; or
- photographs containing obscene images,
the nature of the content of which may be determined by us in our sole discretion;
- post or otherwise distribute on or through the Website or Platform any information that is confidential to a third party without their permission; or
- use the Website or Platform for any other unlawful purpose or activity.
2. uLoan.Club Profiles
- In order to use the Platform you must have a user account established via the Website (uLoan.Club Profile).
- As a Borrower or Lender, you may register to establish your uLoan.Club Profile by specifying a contact e-mail address and password (Log-in Details) on the registration form on the Website.
- A Borrower Profile may also be established for you by uLoan.Club if you complete the Loan Application form on the Website.
- You may not have more than one uLoan.Club Profile, except where you wish to act in different capacities (for example, in your personal capacity and in your capacity as a trustee in which case, you may have a uLoan.Club Profile for each capacity).
- You agree to provide accurate, current and complete information during the registration process and update such information by your accessing of your uLoan.Club Profile to keep your uLoan.Club Profile accurate, current and complete.
- We may suspend or terminate one or more of your uLoan.Club Profiles and your access to the Website, Platform and uLoan.Club Services if you:
- are ineligible to become a Lender or a Borrower;
- establish or seek to establish more than one uLoan.Club Profile (except where permitted by clause 2.4); or
- if any information provided during the registration process or thereafter is inaccurate, incomplete or not current.
- You authorise us or the Service Provider, at any time, to use any means that we or the Service Provider consider necessary to verify your identity with any third party providers of information using the information about you that you have provided us from time to time including information set out in your uLoan.Club Profile. Please refer to the Privacy Statement and Electronic Communication: Your Consent.
Confirmation and passwords
- Upon completion of the uLoan.Club Profile registration process, we will:
- confirm by e-mail, to the address you have supplied, that your uLoan.Club Profile has been established; and
- inform you of the randomly generated unique ten digit account user code (uLoan.Club Profile Number) that we will use in all correspondence with you.
- You are responsible for safeguarding your Log-in Details. You agree that you will not disclose your Log-in Details to any third party and that you will take sole responsibility for any actions or inactions undertaken in respect of your uLoan.Club Profile, whether or not you have authorised such actions or inactions. You will immediately notify us of any unauthorised use of your uLoan.Club Profile.
- We recommend that you change your password on a regular basis. Passwords should contain a mixture of upper and lower case letters and numbers and/or symbols. Passwords are case sensitive and we recommend the use of passwords that combine a combination of non-obvious letters and numbers in different cases. This will help to prevent the risk of unauthorised use of your uLoan.Club Profile.
3. Use of Platform by Lenders
- In order to be a Lender and lend via the Platform, you must successfully apply for an account on uLoan.Club with lending status.
- Once a lender has committed to invest funds in a loan they are bound to fulfil that commitment unless the LIP offer changes. This exclude changes to the expected settlement date within 1 month.
- A Lending Proposal will:
- only be valid and open for processing by the Platform if it is made in accordance with these Terms and Conditions;
- remain valid and open for processing until the earliest of the:
- termination of the Lending Proposal by us in accordance with clause 3.9;
- withdrawal, or deemed withdrawal, of the Lending Proposal from the Platform by you in accordance with clauses 3.10 and 3.11 or clause 3.13; and
- removal or suspension of, or refusal to post, the Lending Proposal in accordance with clause 5.
- The interest rate at which a Lender makes a Lending Proposal is the Lender Rate and is expressed net of any applicable fees. The gross annualised interest rate at which a Lender’s funds may be matched to a Borrowing Proposal is the Lending Market Proposal Rate.
- A Lender Proposal will be matched at the Lender Rate or a rate higher than the Lending Market Proposal Rate.
- You are responsible for the information that you provide to us regarding each Lending Proposal that you make. We will not:
- You may not nominate any Borrower(s) to which your Lending Proposal is matched.
- We will not identify you to any Borrower(s) unless required to do so by law.
- If we allow you to make a Lending Proposal and subsequently suspect that you are or were, at the time of making the Lending Proposal, in breach of these Terms and Conditions, we may, at our absolute discretion, terminate your Lending Proposal and any additional Lending Proposals made by you on the Platform.
- Unmatched Lending Proposals may be withdrawn at any time by you (unless and until they have been matched to any Borrowing Proposal) by cancelling the relevant Lending Proposal for a loan in 'Your Lending’ page on the Website.
- The withdrawal of an outstanding Lending Proposal becomes effective when your instruction to withdraw is successfully received and processed by us. In the event that we do not receive and process the withdrawal in sufficient time, you acknowledge that your Lending Proposal may be processed.
- If you attempt to withdraw a Lending Proposal that is outstanding, you may not be able to do so if that Lending Proposal has been fully or partially matched with a Borrowing Proposal. In this case, your original Lending Proposal will be validly accepted and settled.
- If you request a withdrawal of any funds that are currently the subject of an unmatched Lending Proposal from the Platform, we will be deem that instruction to withdraw funds to also be a withdrawal of the relevant Lending Proposal in accordance with clause 3.10.
4. Use of Platform by Borrowers
- Before you are able to borrow on the Platform we will undertake a credit underwriting process which may include a review of your credit information held with credit bureaus, analysis of your provided income and expense information and verification of your information with third parties which may include employers or other credit providers.
- The Loan Contact includes details of other fees and charges which may be payable
- To apply for a loan:
- you must answer any additional questions that we ask you and agree to undergo the identity verification and credit underwriting process;
- you must read and agree to the Privacy Statement and Electronic Communication: Your Consent;
- we will use the information that we have collected and a credit scoring system when assessing your loan application; and
- after we have determined your loan application, we will inform you whether you are eligible to borrow through the Platform.
- A Borrowing Proposal will:
- only be valid and open for acceptance if it is made in accordance with these Terms and Conditions;
- be open for acceptance on the Platform by or on behalf of the Service Provider; and
- remain valid and open for acceptance by or on behalf of the Service Provider until the earliest of:
- termination of the Borrowing Proposal by us in accordance with clause 4.12;
- withdrawal of the Borrowing Proposal from the Platform by you in accordance with clauses 4.13 and 4.14; and
- removal or suspension of, or refusal to post, the Borrowing Proposal in accordance with clause 5.
- By making a Borrowing Proposal, the Borrower represents and agrees that, once the Borrowing Proposal is received by us:
- the Borrower makes the acknowledgements and declarations set out in Proposal;
- the Borrower offers to be bound for the term of the Proposal, and if a Borrowing Proposal is matched with one or more Lending Proposals will be bound, by the Loan Agreement; and
- the Borrower offers to have its direct debit payments (established separately via the Website) processed in relation to the payment of amounts under each Loan Agreement.
- Once a Borrowing Proposal has been matched with one or more Lending Proposals and we have signed the Loan Agreement, the Borrower’s offer to enter into a loan with the Service Provider on the terms of the standard form Loan Agreement will be deemed to have been accepted by the Service Provider.
- You may not nominate any Lender(s) to be matched to any of your Borrowing Proposals.
- We will not identify you to any Lender unless approved you or required by law.
- If we allow you to make a Borrowing Proposal and subsequently suspect that you are or were, at the time of making the Borrowing Proposal, in breach of these Terms and Conditions, we may, in our absolute discretion, terminate your Borrowing Proposal and any additional Borrowing Proposals made by you on the Platform. We reserve the right in these circumstances to require you to immediately repay any outstanding loans that you have entered into on the Platform.
- Unmatched Borrowing Proposals may be withdrawn at any time by you (unless and until they have been matched to any Lending Proposal) by cancelling the relevant Borrowing Proposal for a loan in 'Your [Borrowing]’ page on the Website.
- The withdrawal of an outstanding Borrowing Proposal becomes effective when your instruction to withdraw is successfully received and processed by us. In the event that we do not receive and process the withdrawal in sufficient time, you acknowledge that your Borrowing Proposal may be accepted.
- If you attempt to withdraw a Borrowing Proposal that is outstanding, you may not be able to do so if that Borrowing Proposal has been fully or partially matched with Lending Proposals. In this case, your original Borrowing Proposal will be validly accepted.
- The annual percentage rate which applies to your loan (the Borrower Rate) will be set out in the Loan Agreement.
- An annual percentage rate displayed on the Website for a variable rate loan is calculated using current Lending Market Proposal Rates and is stated as an average rate that assumes the loan is repaid over the entire indicated term. If Lending Market Proposal Rates in the market or markets from which a loan is funded change, or you repay part or all of your loan early, the average annual percentage rate over the term of your loan may differ from this displayed annual percentage rate.
- If you obtain a variable rate loan, the Borrower Rate set out in your Loan Agreement may change in order to, inter alia, ensure that the correct amount of interest is charged across the term of the loan. This may result in both increases and decreases in the Borrower Rate over the term of your loan.
5. Processing of Proposals
- Once a Proposal is matched, you will not be able to change the terms of your Proposal even if you had intended to withdraw your Proposal but failed to do so or the message to us to withdraw your Proposal was not received and processed by us before the Proposal was matched on the Platform.
- You must inform us as soon as you become aware of any errors with respect to your uLoan.Club Profile or any calculations with respect to any Proposals you have placed. We reserve the right to remove from the Platform any Proposals which are the subject of any error.
- We reserve the right to refuse to post your Proposal on the Platform without giving prior notice to you.
- We may determine, at our absolute discretion, when the Platform is available for the posting of Proposals and may suspend the Platform at any time in our absolute discretion.
- Proposals may only be created using our Platform in accordance with these Terms and Conditions. Any purported acceptance or confirmation made by means other than by completing the 'Confirm Proposal' or ‘Pre-contractual disclosure and loan submission’ screen for the relevant Proposal on the Website will be ineffective.
6. Repayment of loans
- If you are a Borrower, you must repay the loan by making the repayments set out in the Loan Agreement Schedule and may make early repayments under the Loan Agreement. Refer to your Loan Agreement for further details.
- If you are a Borrower and you miss a repayment or anticipate that you might be in a position that will lead to your missing a repayment you should contact us as soon as possible at contact@uLoan.Club or on 02 8003 7008. We will inform you of the procedures that will apply and your options.
7. Use of the uLoan.Club Services
- If you need assistance with your access to and use of the uLoan.Club Services, you may e-mail us at contact@uLoan.Club or telephone us on 02 8003 7008.
- We may record telephone calls and reserve the right to monitor all information relating to your use of the uLoan.Club Services.
- You must not:
- impersonate any person or entity, or falsely state or otherwise misrepresent yourself, your age, your financial employment or personal circumstances or your affiliation with any person or entity;
- use or attempt to use another person's uLoan.Club Profile, service or system without authorisation from us;
- create a false identity on the Website or Platform; or
- solicit personal information from anyone or solicit passwords or personally identifying information for commercial or unlawful purposes.
8. Acknowledgements, representations and warranties
- You acknowledge and agree that you:
- are solely responsible for all results of your actions and inactions from your use of the Website;
- will not allow any other person to use your uLoan.Club Profile; and
- will not disguise or interfere in any way with the IP address of the computer you are using to access the Website or otherwise take steps to prevent us from correctly identifying the actual IP address of the computer you are using whilst accessing the Website.
- You represent and warrant that the information you provide as part of any registration or application process using the Website or Platform is true and correct and that you are the person whose details you have provided in connection with your uLoan.Club Profile.
- If you represent a company or other legal entity, you represent and warrant that you are authorised to bind, and acknowledge that your access to or use of this Website, the Platform and the uLoan.Club Services binds, that entity to these Terms and Conditions.
9. Communications and notices
Communications and notices to be given by you under these Terms and Conditions (other than those exchanges of information occurring in the normal operation of the Website) should be sent to us in the manner prescribed in the 'Contact Us' page on the Website.
- You agree to indemnify and hold each other uLoan.Club Profile holder, us and our associated companies, affiliates, officers, directors, agents and employees harmless from any liabilities, claims, losses or demands arising out of your fraud.
- Without prejudice to clause 11.1, you also agree to indemnify and hold each other uLoan.Club Profile holder, us and our associated companies, affiliates, officers, directors, agents and employees harmless from any liabilities, claims, losses or demands arising out of:
- any falsehood or inaccuracy contained in any information you provide us; or
- another person using or trading on your uLoan.Club Profile (whether or not authorised by you), except where it is our fault that they have done so.
Limitation of liability
- To the extent permitted by law:
- we do not accept liability for any loss or damage, however caused (including through negligence), which you may directly or indirectly suffer in connection with your use of the uLoan.Club Services. In particular, we are not liable if interference with or damage to your computer or other technological systems occurs in connection with your use of the Website;
- any condition, warranty or guarantee which would otherwise be implied by these Terms and Conditions is hereby excluded; and
- our liability to you for breach of a condition, warranty or guarantee implied by such legislation shall be limited, at our sole discretion, to the payment of the cost of having the services supplied again.
- To the extent permitted by law, we will have no liability for:
- not confirming that your uLoan.Club Profile is open or providing you with an identifier when you open your account;
- if you are a Borrower, not exercising reasonable skill and care in determining your eligibility to borrow on the Platform;
- not displaying on the Website, for withdrawing or for not matching with any prospective Lender or Borrower, any Proposal to lend or borrow which you submit to us; or
- any loss or damage that you may suffer because of any matter beyond our reasonable control including any: act of God; power cut; trade or labour dispute; act, failure or omission of any government or authority; obstruction or failure of telecommunication services; or any other delay or failure caused by a third party. In such an event, we reserve the right to cancel or suspend the uLoan.Club Services without incurring any liability.
- Nothing in these Terms and Conditions excludes, restricts or modifies any guarantee, condition, warranty, right or remedy which applies to these Terms and Conditions under the Competition and Consumer Act 2010 (Cth) or any similar State legislation and which cannot be excluded, restricted or modified.
11. Intellectual property
- The trade marks, service marks and logos (Trade Marks) used in this Website are our or our licensor's registered or unregistered Trade Marks. You may not copy, reproduce, adapt or transmit any Trade Mark in any form without our prior written consent and/or the consent of our licensors.
- Our Website address www.uLoan.Club is our uniform resource locator (URL). You must not make any use of this URL (or any other URL owned by us) on another website or digital platform without our prior written consent.
- The Website, its associated layout and design, are our property. No part of the Website may be copied, reproduced, adapted or transmitted in any form by any process without our prior written consent.
- You agree to assign to us any intellectual property rights (including copyright) relating to any Proposals made by you on the Platform. We own all rights in any price data and related content on the Platform. Your registration and use of our Platform confers no rights whatsoever to the content and related intellectual property rights contained in our Platform. You agree not to monitor, use or copy our web pages or any content on the Platform, including without limitation any price data. Any unauthorised use or reproduction may be prosecuted.
You may not assign any part of these Terms and Conditions without our written consent but we may assign these Terms and Conditions to any associated companies or affiliates without notice to you.
13. Platform access
- These Terms and Conditions apply to you, through whatever means you access the Website or Platform.
- You agree to accept any other of our terms and conditions (which we will publish on our Website from time to time) giving you access to the Platform, including those relating to any uLoan.Club mobile telephone application or for a licence to a uLoan.Club Application Programming Interface (API). Any such terms and conditions are incorporated by reference into these Terms and Conditions.
14. Links to Third Party Websites
The Website may provide links to access various other websites on the internet (Third Party Websites). We do not endorse or warrant or guarantee the accuracy, copyright compliance, legality, decency, or any other aspect of the content of any Third Party Websites. The inclusion of Third Party Websites does not imply any association with the Third Party Websites’ operators.
In the event that any provision of these Terms and Conditions are deemed by any competent authority to be unenforceable or invalid, the relevant provision shall be modified to allow it to be enforced in line with the intention of the original text to the fullest extent permitted by applicable law. The validity and enforceability of the remaining provisions of these Terms and Conditions shall not be affected.
16. Dispute resolution
- If you want to make a complaint about uLoan.Club you can e-mail complaints@uLoan.Club or telephone us on 02 8003 7008, with brief details of your complaint and your uLoan.Club Profile number. Our customer service staff will acknowledge your complaint by e-mail as soon as is practicable. They will then investigate and send you an initial response, having had access to an officer with the authority to settle the complaint (including, where appropriate, an offer of redress). Where appropriate, the member of staff investigating the complaint will not be any staff member who was directly involved in the subject matter of the complaint.
- We will let you know within 7 days of receiving a complaint if we need further information from you to consider your complaint. If we request further information, you will have 14 days to provide that information unless we agree to an extension of time.
- We aim to resolve all complaints within 45 days after receiving notice of a complaint.
- If you are not satisfied with the outcome of the complaint, you can contact the Financial Ombudsman Service (FOS) by calling 1300 780 808. FOS operations are governed by published terms of reference, which are available at www.fos.org.au.
- The Terms and Conditions are governed by the law in force in New South Wales, Australia. Each party submits to the non-exclusive jurisdiction of the courts exercising jurisdiction in New South Wales, and any court that may hear appeals from any of those courts, for any proceedings in connection with these Terms and Conditions.
- In the event that any provision of these Terms and Conditions should be determined to be unenforceable or invalid to any extent by a court of competent jurisdiction, such provision shall be deemed to be modified as needed to ensure its enforceability to the maximum extent permitted under the law and shall not affect the validity and enforceability of any other remaining provisions.