Wezesha Express

USSD TERMS AND CONDITIONS

 

  1. THE AGREEMENT
    • This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
    • These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

 

  1. DEFINITIONS
    • In these Terms and Conditions, the following words and expressions bear the following meanings:
      • PCL means Platinum Credit Limited;
      • Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
      • Borrower means the person at whose request PCL will advance a loan facility;
      • Call Centre means PCL’s call center;
      • Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
      • LBF means Log Book Finance;
        • LBF Quickcash is an overdraft loan product that allows you to borrow an additional loan amount equivalent to your instalment amount to the maximum of Kshs. 100,000 with the intention of clearing your instalment due.
        • LBF Refinance is the replacement of an existing debt obligation with another debt obligation under different terms which will mostly relate to loan amount and term. For example, if you have an existing loan and has repaid a minimum of 1/4 of the term you can apply for another loan with the same security where the existing debt will be paid off and a new loan created. The difference will be disbursed to you.
      • Products means the various loan facilities offered by PCL;
      • Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
      • Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
      • Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security overall and every part of the secured asset;
      • Secured asset is the asset over which the loan facility is secured;
      • SMS means a short message service consisting of a text message transmitted from one mobile to another;
      • System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
      • Transaction fees includes the facility fee, roll over fee, loan administration fee and any other charges payable for the use of the services as published by PCL on PCL’s website or by such other means as PCL shall in its sole discretion determine. Transaction fees are subject to change at any time at PCL’s sole discretion.
      • We, our and us means PCL and includes the successors and assigns of the PCL;
      • You and your means the borrower and includes the personal representatives of the Borrower;
      • USSD T&C’s means these USSD Terms and Conditions.
      • The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
      • Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
      • Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

 

  1. ACCEPTANCE OF THE TERMS AND CONDITIONS
    • Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
    • Thereafter, you will be required to register on our system.
    • By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
      • Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
    • By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
    • The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
    • By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
    • These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

 

  • REGISTRATION
    • Our system requires that you register by creating an account with us to be able to access our various products;
    • You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
    • By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
    • You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
    • You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
    • PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
    • If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
    • Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

 

  • FEES, CHARGES AND TAXES
    • You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
      • Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
      • Commissions at such rates as PCL may determine from time to time;
      • Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
    • All repayments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the repayment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.

 

  • BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES
    • You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
    • You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
    • You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
    • You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party that comes into contact with your equipment.
    • You shall immediately inform PCL through the Call Centre through 0709 900 000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization, however PCL shall not be liable for the said unauthorised infringement.

 

  • EXCLUSION OF LIABILITY
    • PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
    • PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
      • Failure, malfunction, interruption or unavailability of your equipment;
      • Any fraudulent or illegal use of the online lending platform or equipment;
      • Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
    • All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

 

  • INTELLECTUAL PROPERTY RIGHTS
    • You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

 

  • YOUR REQUESTS
    • All requests received from your equipment will be presumed to be executed by you.
    • You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
    • PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
    • PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
    • PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
    • You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
    • You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
    • PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
    • In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

 

  • TERMS & CONDITIONS FOR WEZESHA EXPRESS REVOLVING CREDIT FACILITY

The Loan Details

    1. Loan facilities borrowed under this product will be hinged on a pre-existing LBF loan product facility and secured on a pre-existing security asset until both facilities are fully paid.
    2. The minimum loan amount is Kshs. 5,000/= and the maximum loan amount under this product is Kshs. 300,000/=.
    3. The appraisal fee is 4% of the activated credit limit chargeable on first withdrawal. Where the activated credit limit is increased; an appraisal fee will be charged on the new activated amount. (The fees herein are exclusive of the excise duty (20%) which shall be charged separately and settled and/or paid by the customer in addition to the fees payable herein)
    4. The total interest chargeable on the facility is calculated at a flat rate of 5% per month on the base of the outstanding principal balance on a daily basis until the balance is fully repaid.
    5. Credit life cost is 0.04% per month on the outstanding balance.
    6. Interest at the rate of 0.33% shall be charged on a daily basis on the overdue amounts.
    7. PCL reserves the right to amend the initial notice with the Registrar of Security Rights to capture the activated loan amount advanced via USSD.

Revolving credit facility limit

  1. The Borrower’s Request for access to the Revolving Credit Facility funds will be appraised according to Platinum Credit Limited’s Revolving Credit Facility appraisal procedures.
  2. Platinum Credit Limited reserves the right at its sole discretion and, without assigning any reason, to approve or decline such Requests. Communication of Platinum Credit Limited’s acceptance or decline of the Borrower’s Request will be via SMS, email or any other means that PCL deem appropriate.
  • Platinum Credit Limited may from time to time prescribe the minimum and maximum Revolving Credit Facility Limit that the Borrower may be able to Request on the Service. Such Revolving Credit Facility Limits will be communicated through SMS, email, Platinum Credit Limited’s mobile application, website, phone call or may obtained from any Platinum Credit Limited branch nearest to the Borrower.
  1. The Revolving Credit Facility Limit is subject to review from time to time and Platinum Credit Limited reserves the right to vary the Borrower’s Revolving Credit Facility Limit without giving any reasons. Platinum Credit Limited shall notify the Borrower of any variation to the Borrower’s Revolving Credit Facility Limit and the Borrower’s continued use of the Service will constitute acceptance of the Borrower’s revised Revolving Credit Facility Limit.
  2. The Revolving Credit Facility Limit will be continuously updated by Platinum Credit Limited’s scoring engine or by Platinum Credit Limited’s staff or by any other means that Platinum Credit Limited shall deem necessary at its sole discretion. This Revolving Credit Facility Limit shall be reviewed upwards or downwards (based on PCL’s sole discretion);
  3. every three (3) months from Logbook Facility loan initiation;
  4. on expiry of the Revolving Credit Facility Limit, that is to say, after every twelve (12) months;
  5. when a Borrower settles in full the amount outstanding under the Revolving Credit Facility. The Revolving Credit shall be renewed/revolved with the new Revolving Credit Facility Limit; and
  6. at any other time as deemed necessary by PCL.

 

Repaying the Revolving Credit Facility

  1. The Revolving Credit Facility shall operate on a revolving credit principle and shall therefore run until an Event of Default occurs or the Borrower requests for the termination of the Revolving Credit Facility, whichever occurs first.
  2. Provided that no Event of Default (as outlined in these Terms and Conditions) has occurred, it is agreed that the Revolving Credit Facility shall be available, on a continuous basis, every thirty (30) days from the first date of availability of the Revolving Credit Facility, until it expires.
  • The Borrower’s Vehicle will be revalued once every six (6) months whereby the Vehicle’s tracking history and the Borrower’s repayment history shall be assessed, and subsequently, the Borrower’s Revolving Credit Facility Limit reviewed. This Revolving Credit Facility Limit may be reviewed upwards, downwards or may remain the same purely based on PCL’s sole discretion after the assessment.
  1. PCL reserves the right to review, to terminate and/or renew the Revolving Credit Facility at its sole discretion, at any time and without assigning reasons thereof.
  2. PCL reserves the right to terminate its relationship with the Borrower and/or suspend the Borrower’s access to the Service and the Revolving Credit Facility if the Borrower fails to repay the Outstanding Amounts inclusive of the outstanding Fees within the repayment period(s) in accordance with these Terms and Conditions
  3. Subject to PCL’s periodic review of the Borrower’s Revolving Credit Facility Limit, renewal, or termination of the Revolving Credit Facility will be under these Terms and Conditions and at PCL’s sole discretion.
  • The Borrower will be notified of each instance of updating of the Revolving Credit Facility Limit and any suspension, declining or termination of the Revolving Credit Facility by PCL.
  • The Borrower irrevocably instructs PCL to recover any Outstanding Amounts in full inclusive of the applicable Fees by repossessing and disposing off the Vehicle in the event the Borrower defaults as well as to freeze any unutilized amount in the Revolving Credit Facility Account until the outstanding Monthly Repayments, Fees and costs are settled in full.
  1. Any funds available in the Borrower’s Revolving Credit Facility Account shall be frozen on the third (3rd) day of arrears in case of default of any Monthly Repayment.
  2. All Monthly Repayments made by the Borrower in respect to the Revolving Credit Facility shall be applied in the following order of priority:
  3. the interest and costs payable under this Agreement;
  4. The Outstanding Principal under this Agreement;
  5. “costs” shall include any and all fees and costs incurred by Platinum Credit Limited in connection with the negotiation and preparation of the Revolving Credit Facility Documents, including legal fees, and closing of the Revolving Credit Facility as herein provided, utilization of the Revolving Credit, and further including, without limitation, the Fees.

 

Minimum Repayment Options

  1. The Monthly Repayment amount due by the Borrower to Platinum Credit Limited shall be paid by the agreed repayment due date as follows:
  2. by a part payment equal to or greater than eight per cent (8%) of the total monthly due amount which shall be inclusive of the Outstanding Principal for the month, the interest charged or accrued for the month and monthly Vehicle tracking fees; and
  3. such other payment notified to the Borrower from time to time by Platinum Credit Limited.
  4. All payments to Platinum Credit Limited shall be made via Mpesa Pay bill number 810902 A/C (Borrower’s ID No), cash deposit or transfer to NCBA   A/C NO: 6953960017 Branch Name: Mama Ngina Account Name: Platinum Credit LTD.
  5. Payments may also be made through standing order deductions from the Borrower’s bank account or via any other means as specified by Platinum Credit Limited.
  6. The Borrower expressly accepts that if he/she fails to pay any Outstanding Amounts when due, or which may be declared due prior to, on or past the date when it would have become due, or commits any Event of Default, then, Platinum Credit Limited shall, at its sole discretion, without prejudice, exercise all or any of Platinum Credit Limited’s rights and remedies available in these Terms and Conditions and applicable laws.
  7. The Borrower accepts that, Platinum Credit Limited or its appointed representatives and agents, may at any time follow up with the Borrower for payment against amounts due on the Borrower’s account.
  8. The Borrower also agrees to pay all costs (including legal costs) of collection of all outstanding Monthly Payments, all charges incurred by Platinum Credit Limited for related and incidental matters including, collection charges for amounts due, penalty fees for returned payments and similar expenses, and in the event of legal action initiated, any legal charges including, advocate costs incurred by Platinum Credit Limited in obtaining legal advice in connection with the Revolving Credit Facility and the Borrower’s dealings with Platinum Credit Limited or incurred by Platinum Credit Limited in any legal, arbitration or other proceedings arising out of any dealings in respect the Revolving Credit Facility and all other Fees, expenses and taxes, duties, impositions and expenses incurred in complying with the Borrower’s Requests.
  9. The amount owing by the Borrower to Platinum Credit Limited at any time may be shown by a statement in which Platinum Credit Limited’s Officer has worked out and has stated as amount owing. The statement will be proof of the amount owed to Platinum Credit Limited by you and will be used in any legal proceeding and shall be accepted by the court as correct unless the Borrower proves that it is incorrect.

Event of Default and/or Breach and consequences thereof

  1. Event of Default and/or Breach shall occur:
  2. when the Borrower fails to remit one of any Monthly Payments or Minimum Payments on their due date;
  3. where there is an outstanding balance after the Revolving Credit Facility expires, and Platinum Credit Limited decides to terminate (not to renew) access by the Borrower’s to the Revolving Credit Facility;
  4. the Borrower fails to insure the motor vehicle as specified hereunder;
  5. there is any misrepresentation of facts regarding the ownership of the motor vehicle at the onset of the Revolving Credit Facility;
  6. the motor vehicle or accessory(ies) to the Vehicle are changed or modified or removed in a substantial way, which change or modification or removal is likely to prejudice Platinum Credit Limited’s financial interest without Platinum Credit Limited being notified by the Borrower and its prior consent obtained;
  7. the identification and/or registration number, trademark or other identification mark upon the motor vehicle is changed, modified or removed without Platinum Credit Limited being notified by the Borrower and its prior consent obtained;
  8. a third-party claims ownership of the motor vehicle by virtue of a sale agreement, a logbook or trust arrangement and/or alleges fraud; Platinum Credit Limited receives a letter, a court order or any notification that is likely to prejudice Platinum Credit Limited’s interest in the Vehicle from any Government agency.
  9. when there is perennial inconsistency in meeting the Borrower’s obligations under these Terms and Conditions or in making the Monthly Payments;
  10. if any representations, documents, statements or particulars made by the Borrower are found to be fraudulent;
  11. if the Borrower commits any breach or fails to observe, keep or perform any of the terms, conditions covenants or provisions of any other agreement between Platinum Credit Limited and the Borrower in respect of the Revolving Credit Facility;
  12. if there is reasonable apprehension that the Borrower is unable to pay his/her debts, or Platinum Credit Limited receives any notice that the Borrower has admitted any inability to pay his/her debts as they become due (bankruptcy);
  13. if the Borrower is convicted under any criminal law in force related to the Revolving Credit Facility or the use of the Services or any other related services; or
  14. Any other breach by you of the terms of this agreement;
  15. In the event that this agreement is breached or an act of default occurs Platinum Credit Limited shall;
  16. terminate the Revolving Credit Facility and the Services according to these Terms and Conditions, and at its sole discretion;
  17. declare that the amounts outstanding under the Revolving Credit Facility (inclusive of all the Fees, costs and charges) and all other amounts outstanding under these Terms and Conditions are immediately due and payable, whereupon the Borrower shall be required to settle the Revolving Credit Facility with immediate effect;
  18. freeze any of the funds that remain unutilized under the Borrower’s Revolving Credit Facility Account and deny the Borrower access to the Revolving Credit Facility funds until such Outstanding Amounts are duly settled by the Borrower;
  19. Platinum Credit Limited will exercise its right to realize the it’s security asset and recover any unpaid portion of the loan plus all costs including but not limited to accrued fees, any accrued interest, costs of execution, recovery fees or legal costs.
  • Consequently, Platinum Credit Limited reserves the right to apply any money repaid by the Borrower to first pay legal and other execution and/or recovery costs, then interest and then the outstanding principal amount.
  • submit information concerning the Borrower’s default to Credit Reference Bureaus; and
  • take reasonable measures available under the law to Platinum Credit Limited including limitation engaging an independent debt collection agency, auctioneers and instructing Platinum Credit Limited’s advocates to file a suit, to recover the amounts in default.

 

Cost of Credit, Attendant Costs and Costs of Execution

  1. The cost of credit constitutes various fees and costs that includes Appraisal fee, Security perfection costs, Joint registration costs, Tracking device installation costs, Discharge costs, Credit life cover costs and Transaction costs.
  2. The 3rd party processing fee shall be applied in the event the subject loan is taken over by any other financial institution in your favor for purposes of managing or processing documentation and catering for miscellaneous costs in respect of the said takeover.
  • The Borrower agrees that, if the Lender must use Third parties including but not limited to auctioneers, investigators, lawyers to recover the Borrower’s obligations under the loan facility because the Borrower has not fulfilled any or all obligations under this agreement, the Borrower will have to bear the costs due to the said Third Parties.

 

       Representations and Warranties

Having provided a motor vehicle as collateral, the Borrower undertakes to:

  1. Guarantee that the Borrower is the owner of the vehicle or has obtained the consent from the owner of the motor vehicle to secure the loan facility with the subject motor vehicle;
  2. Cause the motor vehicle to be and remain registered jointly with PCL during the duration of the loan and to deposit the Log Book relating to the motor vehicle together with a separate signed but undated Transfer of Ownership Form in respect of the motor vehicle with the PCL;
  • In the event that the Borrower requests PCL to take over its liabilities from another institution, the Borrower hereby undertakes to ensure that subject institution transmits the original logbook to PCL and shall cause the motor vehicle to be and jointly registered with PCL.
  1. Keep and maintain the vehicle in good order and condition (Fair wear and tear only excepted) and will be fully responsible for any loss thereof or damage thereto however occasioned;
  2. In the event that the security asset while in the possession and/or agent is destroyed, damaged and/or vandalized to the extent that the security cannot sufficiently secure the Borrower’s liabilities, the Borrower shall provide another security asset of equal or higher value.
  3. In the event that the registration and/or identification of the security asset is tampered with to the extent that it is declared a bad asset, the Borrower shall provide another security asset of equal or higher value and PCL shall report the same to the relevant authorities.
  4. Punctually pay all licenses, duties, fees, and registration charges as and when they fall due.
  • The Borrower should ensure that the tracking device of the motor vehicle used as security is not tampered with and/or damaged and:
  1. In the event that the motor vehicle will not be in use for any period of the loan, the Borrower shall notify PCL of the specific dates, and arrange to have the said Motor Vehicle to be held at an approved yard.
  2. Should the tracking device develop a technical fault within the course of this loan agreement, PCL and the tracking company service provider will contact the borrower. It’s the borrower’s responsibility to cooperate with PCL and the service provider to ensure that the vehicle is submitted to the service provider for issue resolution, and restoration of the transmission signal to normal status. In the event that a borrower fails to cooperate, PCL (K) will institute repossession procedures of the affected motor vehicle after 24 hours from notification, for storage at a designated yard, at the Borrower’s cost
  3. The Borrower shall not allow a tracking device to be installed in the motor vehicle until the Borrower has duly accepted the terms of the loan facility contract.
  • Upon full payment of the loan and related charges PCL shall return the title documents of the security asset provided by the Borrower and exit the joint ownership of the same with the Borrower.
  1. PCL is also at liberty to discount on or trade in the debt arising from this loan without making any further reference to you

 

       Application and Exclusion

  1. The Borrower hereby authorizes PCL to register an initial notice and such amendment notices as may be required from time to time under the provisions of the Movable Property Security Rights Act No. 13 of 2017 and Regulations made thereunder.
  2. Without prejudice to any other remedies available to PCL and for purposes of Section 71 of the Movable Property Security Rights Act, the borrower hereby gives its express consent for PCL to obtain possession of the Security Assets hereby charged without an application to court and the borrower hereby expressly waives any objections it may have to such possession being taken.
  • Without prejudice to any other remedies available to PCL and Section 72 of the Movable Property Security Rights Act, in the event of default the borrower hereby gives PCL the authority to sell or otherwise dispose of, lease, or license the collateral in its present and/or prevailing condition as at the time of default or after any commercial reasonable preparation or processing at the cost of the Borrower.
  1. The Borrower further grants PCL the right to determine and or select the method, manner, time, place and other aspects of the sale or other disposition, lease or license, including whether to sell or otherwise dispose of, lease or license collaterals individually, in groups or as a whole.
  2. The Borrower grants PCL the right to effect the envisaged disposition as highlighted in clause iii) and iv) herein either by itself or through its appointed agent(s), 3rd parties and /or independent contractors.

 

       Insurance

  1. The Borrower undertakes to insure the collateral for the entire loan period.
  2. The Borrower undertakes to endorse PCL as the principal beneficiary of any dues arising from an insurance claim relating to the motor vehicle used as a security.
  • Upon the expiry of any insurance cover, the Borrower shall within 7 days of such expiry deliver to the Lender the relevant renewal advise failure to which the Lender shall be at liberty to effect such insurance through VIVA365 Insurance Brokers Limited at the Borrower’s cost without further reference to the Borrower and debit the Borrower’s account with any amount paid by the Lender.
  1. PCL shall be entitled to the full benefit of the Insurance Policy thereof including claims that might at any time be outstanding. Any monies received by virtue of such insurance shall at the discretion of PCL be applied in replacing or restoring any loss or damage in respect of which the same shall be received in or towards liquidation of the amount for the time being due by the Borrower to PCL under this agreement.
  2. The Borrower shall not use the motor vehicle nor permit it to be used for any purpose not permitted by the terms and conditions of the Insurance Policy nor permit to be done any act or thing by reason of which such Insurance Policy may be invalidated.

 

       PCL rights to recall the loan

  1. PCL reserves the right to call up the loan upon which the whole of the monies remaining payable hereunder shall immediately become payable by the Borrower without demand if any of the following events occur:
  2. Upon default of payment of the instalment amount due and the motor vehicle is repossessed;
  3. Where the tracking device is tampered with or removed or damaged;
  4. Where the motor vehicle or accessory(ies) to the motor vehicle is changed or modified or removed which change or modification or removal is likely to prejudice PCL’s financial interest;
  5. Where the identification and/or registration number, trademark or other identification mark upon the motor vehicle is changed, modified or removed;
  6. Where a 3rd party claims ownership of the motor vehicle either by a sale agreement or a logbook and/or alleges fraud;
  7. Where PCL receives a letter, a court order or any notification that is likely to prejudice our interest in the motor vehicle from any Government Agency.
  8. Where the Borrower fails to effect an in-charge and/or joint registration of the logbook in favor of the Lender.

 

Bank charges accrued

  1. Where a cheque/instrument provided by the Borrower is dishonored, the actual costs incurred by PCL for each dishonored cheque/instrument shall be recovered from the Borrower.
  2. Consequently, PCL will be entitled to repossess and dispose off the motor vehicle/ collateral in such manner as it may in its sole discretion determine to be in its best interest and the Borrower is obligated to cooperate accordingly.
  3. Upon repossession of the motor vehicle, PCL will temporarily halt banking of the subsequent cheques/instruments in its custody until the loan account is regularized or fully settled.
  4. Discharge of jointly registered log book Upon full settlement of the obligations under the loan facility, PCL shall return the title documents of the motor vehicle provided by the Borrower as security of the said loan and discharge the joint ownership of the title.
  • It is hereby understood and agreed that by signing this contract the Borrower gives authority/consent to the destruction of any unbanked cheques/instruments that may still be within the possession of PCL after settlement of the loan facility and the same remain unclaimed by the Borrower within 30 days from the date of settlement of this loan facility.

 

  1. CREDIT REFERENCE BUREAU

It is hereby understood and agreed that by signing this contract the Borrower;

  • Gives PCL authority/consent to access the Borrower’s credit history from a registered Credit Reference Bureau.
  • Gives PCL permission to register details of the conduct of the Borrower’s account with any credit bureau and the Borrower herein waives any claim the Borrower may have against PCL in respect of such disclosure.
  1. CHANGE OF CIRCUMSTANCES

PCL reserves the right to review the terms of the loan facility including but not limited to the right to demand immediate payment of any amounts outstanding in respect of the facilities:

  • In the event of any change in applicable law or regulation or existing requirements of, or any new requirements being imposed by any governmental, fiscal, monetary, regulatory or other authority the result of which in the sole opinion of PCL is to increase PCL’s costs or reduce the effective return to PCL.
  • The occurrence of an event that materially and adversely affects the Kenyan lending market; and
  • If for any reason including, without limitation, the occurrence of force majeure events, it becomes unlawful or impossible for PCL to give effect to its obligations in respect of the loan facilities or any of the obligations expressed as being assumed by the Borrower or any relevant party under the terms and conditions and the security ceases to be valid, legal, binding and/or enforceable against the borrower or the relevant party (as the case may be) in accordance with their respective terms.

PCL will give notice in writing to the Borrower of such event and its obligation to make the loan facility available shall be cancelled and the Borrower shall within seven (7) days of such notice repay to PCL all moneys outstanding under the loan facility together with all accrued profit or interest thereon to the date of repayment.

13. INDEMNITIES

    • The Borrower shall indemnify PCL on demand (without prejudice to PCL’s other rights) for any cost, expense, loss or liability sustained or incurred by PCL in consequence of:-
      • any amount of the loan facilities not being disbursed for any reason;
      • any default or delay by the Borrower in the payment of any amount when due in respect of the loan facilities; and
      • The occurrence or continuance of any Event of default or any event which, with the giving of notice and/or lapse of time and/or upon PCL making the relevant determination, would constitute an Event of Default.
    • Losses Covered: Without derogation from the generality of clause 14.1 above, the indemnity contained in the clause shall extend to any loss (including loss of margin), expense or liability sustained or incurred by PCL as a result of non-payment by the Borrower of any amount due from it hereunder

14. PCL’S DATA PROTECTION POLICY

    • It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
    • It is hereby understood and agreed that by signing this contract the Borrower:
      • Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
      • consents to PCL processing the data as per its internal company policy;
      • has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
      • is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
    • PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
    • For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at protection@platinumcredit.co.ke.
    • Kindly access our website on https://platinumcredit.co.keto view our Data Privacy Statement.

 

15. LOAN CANCELLATION

    • Cancellation of the loan before disbursement of the funds should be communicated in writing through the email to cancellation@platinumcredit.co.keor by an official letter.
    • If the loan is cancelled after receipt of the funds, the Borrower shall reimburse the disbursed amount plus the loan origination costs within 48 hours of receipt of the said funds and the cancellation should be communicated in writing through the email the cancellation@platinumcredit.co.ke or an official letter accompanied with the proof of refund. Failure to which clause 8 of the Terms and Conditions shall take effect.
    • Where the loan is cancelled at any stage of processing before disbursement of the funds or declined due to improper or falsified documentation or where a 3rd Party system such as the NTSATIMS system or the Business Registration Service system; the Borrower shall be obligated to pay any loan origination costs incurred including but not limited to tracking device removal costs of Kshs. 12,274/=.

 

16. DISPUTE RESOLUTION, JURISDICTION AND ARBIRTRATION

    • You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
    • Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.ke and
    • subsequently via Call Centre No. +254 (0) 709 900 000 or 0730 900 000. PCL shall not be responsible for any matter unless the Borrower has issued a direct written complaint to PCL as soon as reasonably practical and in any event one month after receipt of the statement setting the transaction complained of.
    • Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
    • The parties hereby agree that the Arbitrator shall have power, inter alia, to:
      • consolidate proceedings and have concurrent headings;
      • award security for costs and order the preservation of evidence;
      • make provisional awards;
      • act in default of the parties;
      • apply the law determined by the conflict of laws rules which it considers applicable
    • To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
    • This agreement shall be governed by and construed in accordance with the Laws of the Republic of Kenya.

17.  GOVERNING LAW

The Loan Facility and the Terms and Conditions shall be governed by and construed in accordance with the Laws of Kenya and the parties submit to the non-exclusive jurisdiction of the Kenyan Courts. Nothing in this clause shall limit the right of PCL to take proceedings against the Borrower or any Relevant Party in any other court of competent jurisdiction nor shall the taking of the proceeding at one or more jurisdictions preclude the taking of proceedings in another jurisdiction whether concurrently or not.

Download

LBF Quick Cash

1. THE AGREEMENT

  1. This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
  2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

2. DEFINITIONS

  1. In these Terms and Conditions, the following words and expressions bear the following meanings:
    1. PCL means Platinum Credit Limited;
    2. Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
    3. Borrower means the person at whose request PCL will advance a loan facility;
    4. Call Centre means PCL’s call center;
    5. Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
    6. LBF means Log Book Finance;
      1. LBF Quickcash is an overdraft loan product that allows you to borrow an additional loan amount equivalent to your instalment amount to the maximum of Kes. 100,000 with the intention of clearing your instalment due.
    7. Products means the various loan facilities offered by PCL;
    8. Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
    9. Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
    10. Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security overall and every part of the secured asset;
    11. Secured asset is the asset over which the loan facility is secured;
    12. SMS means a short message service consisting of a text message transmitted from one mobile to another;
    13. System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
    14. Transaction costs means charges levied by other 3rd party service providers which includes but is not limited to Mpesa and bank transaction charges.
    15. We, our and us means PCL and includes the successors and assigns of the PCL;
    16. You and your means the borrower and includes the personal representatives of the Borrower;
    17. USSD T&C’s means these USSD Terms and Conditions.
    18. The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
    19. Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
    20. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS

  1. Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
  2. Thereafter, you will be required to register on our system.
  3. By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
    1. Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
  4. By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
  5. The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
  6. By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
  7. These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

4. REGISTRATION

  1. Our system requires that you register by creating an account with us to be able to access our various products;
  2. You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
  3. By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
  4. You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
  5. You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
  6. PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
  7. If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
  8. Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

5. TAXES

  1. Allfees payable to PCL under this Agreement are exclusive of all applicable tax(es).
  2. The Borrower remains responsible for the payment of all applicable tax(es) at the rate then required by law as and when it becomes due.
  3. The Borrower shall be required to repay the fee(s) together with the applicable tax(es) that may be payable on the fee(s).
  4. In the event of any variation of the applicable tax(es) payable by the Borrower, the Borrower shall be obligated to pay PCL an additional amount over and above the stipulated instalment amount equal to the tax due.
  5. The Borrower shall hold PCL harmless and indemnify PCL from and against any costs, claims, damages and any other liability relating to the regulatory costs incurred in compliance with this clause.

 

6. COSTS OF CREDIT AND COST OF EXECUTION

  • The cost of credit constitutes fees and costs which may vary depending on the nature and the various factors affecting the loan facility.
  • The Total Cost of Credit in respect of this loan facility are based on the information that you have provided to PCL and the related estimated 3rd party providers costs and are therefore subject to change depending on various factors affecting the loan facility and in the event there is a variation to the validity of the information that you have provided to PCL.
    • The said costs are not legally binding to PCL and shall not constitute any liability on the part of PCL.
    • Any change on the outlined costs shall be communicated to you.
  • The Borrower agrees that, if PCL must use Third parties to recover the Borrower’s obligations under the loan facility because the Borrower has not fulfilled any or all obligations under this agreement, the Borrower shall have to bear the costs due to the said Third Parties.

7. BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES

  1. You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
  2. You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
  3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
  4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
  5. You shall immediately inform PCL through the Call Centre through 0709900000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization however PCL shall not be liable for the said unauthorised infringement.

8. EXCLUSION OF LIABILITY

  1. PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
  2. PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
    1. Failure, malfunction, interruption or unavailability of your equipment;
    2. Any fraudulent or illegal use of the online lending platform or equipment;
    3. Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
  3. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

9. INTELLECTUAL PROPERTY RIGHTS

  1. You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

10. YOUR REQUESTS

  1. All requests received from your equipment will be presumed to be executed by you.
  2. You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
  3. PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
  4. PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
  5. PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
  6. You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
  7. You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
  8. PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
  9. In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

11. LBF QUICKCASH

  1. The loan
    1. Loan facilities borrowed under this product will be hinged on a pre-existing LBF loan product facility and secured on a pre-existing security asset, until the pre-existing LBF loan product facility and the LBF Quick cash loan facility are fully settled.
    2. In case of default of the LBF Quick cash loan; the pre-existing LBF loan product facility shall be deemed to be in arrears and normal collection processes as stipulated by the Security Agreement shall apply.
    3. The maximum loan amount under this product is Kes. 100,000.
    4. An interest of 10%  shall be charged on the loan.
      1. There shall be a roll over interest charged at 10% on the 7th day in arrears, 10% on the 32nd day in arrears, 10% on the 67th day in arrears and a further 10% on the 92nd day
    5. PCL reserves the right to amend the initial notice with the Registrar of Security Rights to capture the Quickcash loan amount advanced via USSD.
  2. The loan term
    1. The maximum loan term for the LBF Quickcash loan is 1 month.
  3. The security asset
    1. Where a motor vehicle has been provided as security asset, you undertake to:
      1. Cause the motor vehicle to be and remain registered jointly with PCL during the duration of the loan and to deposit the Log Book relating to the motor vehicle together with a separate signed but undated Transfer of Ownership Form in respect of the motor vehicle with Platinum Credit.
      2. Keep and maintain the vehicle in good order and condition (fair wear and tear only excepted) and will be fully responsible for any loss thereof or damage thereto however occasioned.
      3. Keep the vehicle insured at all times. PCL shall be entitled to the full benefit of the Insurance Policy thereof including claims that might at any time be outstanding. Any monies received by virtue of such insurance shall at the discretion of PCL be applied in replacing or restoring any loss or damage in respect of which the same shall be received or in or towards liquidation of the amount for the time being due by you to PCL under this agreement.
      4. To renew the Insurance Policy 7 days before expiry thereof. Failure to which PCL shall make its own arrangements to have the asset comprehensively insured to safeguard our financial interest in the asset.
      5. Not use the motor vehicle nor permit it to be used for any purpose not permitted by the terms and conditions of the Insurance Policy nor permit to be done any act or thing by reason of which such Insurance Policy may be invalidated.
      6. Not take, or permit to be taken, the motor vehicle out of the Republic of Kenya.
        1. Where you intend to take the said motor vehicle out of the Republic of Kenya, you will be required to notify PCL in writing through our email tracking@platinumcredit.co.ke and you will further be required to obtain a COMESA Yellow Card Insurance Cover at your own cost.
      7. Punctually pay all licenses, duties, fees, and registration charges as and when they fall due.
      8. Endorse PCL as the principal beneficiary of any dues arising from an insurance claim relating to the motor vehicle used as security.
      9. You should ensure that the tracking device of the motor vehicle used as security is not tampered with/and or damaged and:
        1. In the event that the vehicle will not be in use for any period of the loan and within not less than one month from obtaining the facility, notify PCL of the specific dates, and arrange to have the said Motor Vehicle to be held at an approved yard.
        2. Should the tracking device develop a technical fault within the course of this loan agreement, PCL and the tracking company service provider will contact you. It’s your responsibility to cooperate with PCL and the service provider to ensure that the vehicle is submitted to the service provider for issue resolution, and restoration of the transmission signal to normal status. In the event that you fail to cooperate, PCL will institute repossession procedures of the affected motor vehicle after 24 hours from notification, for storage at a designated yard, at your cost.
      10. Upon full payment of the loan and related charges PCL shall return the title documents of the security asset provided by you and exit the joint ownership of the same with you.
      11. This agreement is governed by all the terms and conditions of the Movable Property Security Rights Act No. 13 Laws of Kenya.
      12. PCL is also at liberty to discount on or trade in the debt arising from this loan without making any further reference to you.

11. PCL’S DATA PROTECTION POLICY

  1. It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
  2. It is hereby understood and agreed that by signing this contract the Borrower:
    1. Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
    2. consents to PCL processing the data as per its internal company policy;
    3. has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
    4. is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
  3. PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
  4. For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at data.protection@platinumcredit.co.ke
  5. Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement

12. DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION

  1. You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
  2. Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.ke and/or info@platinumcredit.co.ke
  3. Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
  4. The parties hereby agree that the Arbitrator shall have power, inter alia, to:
    1. Consolidate proceedings and have concurrent headings;
    2. Award security for costs and order the preservation of evidence;
    3. Make provisional awards;
    4. Act in default of the parties;
    5. Apply the law determined by the conflict of laws rules which it considers applicable
  5. To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
Download

LBF Refinance

1. THE AGREEMENT

  1. This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
  2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

2. DEFINITIONS

  1. In these Terms and Conditions, the following words and expressions bear the following meanings:
    1. PCL means Platinum Credit Limited;
    2. Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
    3. Borrower means the person at whose request PCL will advance a loan facility;
    4. Call Centre means PCL’s call center;
    5. Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
    6. LBF means Log Book Finance;
      1. LBF Refinance is the replacement of an existing debt obligation with another debt obligation under different terms which will mostly relate to loan amount and term. For example, if you have an existing loan and has repaid a minimum of 1/4 of the term you can apply for another loan with the same security where the existing debt will be paid off and a new loan created. The difference will be disbursed to you.
    7. Products means the various loan facilities offered by PCL;
    8. Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
    9. Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
    10. Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security overall and every part of the secured asset;
    11. Secured asset is the asset over which the loan facility is secured;
    12. SMS means a short message service consisting of a text message transmitted from one mobile to another;
    13. System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
    14. Transaction costs means charges levied by other 3rd party service providers which includes but is not limited to Mpesa and bank transaction charges.
    15. We, our and us means PCL and includes the successors and assigns of the PCL;
    16. You and your means the borrower and includes the personal representatives of the Borrower;
    17. USSD T&C’s means these USSD Terms and Conditions.
    18. The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
    19. Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
    20. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS

  1. Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
  2. Thereafter, you will be required to register on our system.
  3. By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
    1. Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
  4. By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
  5. The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
  6. By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
  7. These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

4. REGISTRATION

  1. Our system requires that you register by creating an account with us to be able to access our various products;
  2. You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
  3. By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
  4. You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
  5. You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
  6. PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
  7. If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
  8. Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

5. FEES, CHARGES AND TAXES

  1. You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
    1. Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
    2. Commissions at such rates as PCL may determine from time to time;
    3. Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
  2. All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6. BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES

  1. You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
  2. You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
  3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
  4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
  5. You shall immediately inform PCL through the Call Centre through 0709900000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization however PCL shall not be liable for the said unauthorised infringement.

7. EXCLUSION OF LIABILITY

  1. PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
  2. PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
    1. Failure, malfunction, interruption or unavailability of your equipment;
    2. Any fraudulent or illegal use of the online lending platform or equipment;
    3. Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
  3. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

  1. You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

9. YOUR REQUESTS

  1. All requests received from your equipment will be presumed to be executed by you.
  2. You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
  3. PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
  4. PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
  5. PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
  6. You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
  7. You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
  8. PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
  9. In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10. LBF REFINANCE

  1. The loan
    1. An existing pre-qualified LBF loan can be refinanced only once, if a client needs a second refinancing then the request should be channeled through the nearest LBF branch or call center via telephone number 0709900000.
    2. Only prequalified clients are eligible to apply for the LBF refinance loan via USSD.
    3. PCL reserves the right to amend the initial notice with the Registrar of Security Rights to capture the LBF Refinance loan amount advanced via USSD.
    4. The applicable interest and the loan origination costs have been provided on the loan form.
  2. The loan Origination Costs
    1. The following loan origination costs shall apply to the LBF USSD Refinance Loan facility:
      1. Appraisal fees of 4% of the top up amount.
      2. Security Perfection fees of Kes 1,050.
      3. Credit life cover fees at 0.37% of the total loan amount for loan terms between 3-12 months, 0.5% of the total loan amount for loan terms above 12 months.
      4. The total loan amount is the loan amount plus full term interest whereas the top up amount is the refinance amount applied for.
      5. Tracking Fees of Kes 1,700(The fees herein are exclusive of the excise duty (20%) which shall be charged separately and settled and/or paid by the customer in addition to the fees payable herein)

    2. It is hereby understood and agreed that the loan origination costs save for the credit life cover fees which will be deducted at disbursement, shall be capitalized and amortized over the loan tenor/loan term.

  3. Interest Rate and Interest Calculation
    1. The total interest chargeable on the facility is calculated at a flat rate of 4% per month on the base of the principal loan amount plus capitalized fees (where applicable) subject to the applied loan term. In accordance with globally accepted International Financial Reporting Standards (IFRS), principal and interest repayments on the loan amortization schedule shall be calculated on the basis of an equivalent reducing balance interest rate of up to a maximum of 6.64% subject to the loan term, which shall form the basis of calculating the outstanding amount due in the event of a pre- payment.
  4. Applicable Roll Over Interest and Bank Charges Accrued
    1. Roll over interest of 0.33% shall be charged on an unpaid instalment amount on a daily basis until full payment of the amount due.
    2. For past term accounts, a roll over interest of 0.33% shall be charged on the outstanding instalment amount on a daily basis up to a maximum of a quarter of the original loan term.
    3. Where a cheque/instrument provided by the Borrower is dishonored, the actual costs incurred by PCL for each dishonored cheque/instrument shall be recovered from the Borrower.
    4. Consequently, PCL will be entitled to repossess and dispose off the motor vehicle/ collateral in such manner as it may in its sole discretion determine to be in its best interest and the Borrower is obligated to cooperate accordingly.
    5. Upon repossession of the motor vehicle, PCL will temporarily halt banking of the subsequent cheques/instruments in its custody until the loan is regularized or fully settled.
  5. The security asset
    1. Where a motor vehicle has been provided as security asset, you undertake to:
      1. Cause the motor vehicle to be and remain registered jointly with PCL during the duration of the loan and to deposit the Log Book relating to the motor vehicle together with a separate signed but undated Transfer of Ownership Form in respect of the motor vehicle with Platinum Credit.
      2. Keep and maintain the vehicle in good order and condition (fair wear and tear only excepted) and will be fully responsible for any loss thereof or damage thereto however occasioned.
      3. Keep the vehicle insured at all times. PCL shall be entitled to the full benefit of the Insurance Policy thereof including claims that might at any time be outstanding. Any monies received by virtue of such insurance shall at the discretion of PCL be applied in replacing or restoring any loss or damage in respect of which the same shall be received or in or towards liquidation of the amount for the time being due by you to PCL under this agreement.
      4. To renew the Insurance Policy 7 days before expiry thereof. Failure to which PCL shall make its own arrangements to have the asset comprehensively insured to safeguard our financial interest in the asset.
      5. Not use the motor vehicle nor permit it to be used for any purpose not permitted by the terms and conditions of the Insurance Policy nor permit to be done any act or thing by reason of which such Insurance Policy may be invalidated.
      6. Not take, or permit to be taken, the motor vehicle out of the Republic of Kenya.
      7. Where you intend to take the said motor vehicle out of the Republic of Kenya, you will be required to notify PCL in writing through our email tracking@platinumcredit.co.ke and you will further be required to obtain a COMESA Yellow Card Insurance Cover at your own cost.
      8. Punctually pay all licenses, duties, fees, and registration charges as and when they fall due.
      9. Endorse PCL as the principal beneficiary of any dues arising from an insurance claim relating to the motor vehicle used as security.
      10. You should ensure that the tracking device of the motor vehicle used as security is not tampered with/and or damaged and:

        1. In the event that the motor vehicle will not be in use for any period of the loan and within not less than one month from obtaining the facility, notify PCL of the specific dates, and arrange to have the said Motor Vehicle to be held at an approved yard.

        2. Should the tracking device develop a technical fault within the course of this loan agreement, PCL and the tracking company service provider will contact you. It’s your responsibility to cooperate with PCL and the service provider to ensure that the vehicle is submitted to the service provider for issue resolution, and restoration of the transmission signal to normal status. In the event that you fail to cooperate, PCL will institute repossession procedures of the subject motor vehicle after 24 hours from notification, for storage at a designated yard, at your cost.

      11. Upon full payment of the loan and related charges PCL shall return the title documents of the security asset provided by you and exit the joint ownership of the same with you.
      12. This agreement is governed by all the terms and conditions of the Movable Property Security Rights Act No. 13 Laws of Kenya.
      13. PCL is also at liberty to discount on or trade in the debt arising from this loan without making any further reference to you.
  6. Cheques
    1. After disbursement of the refinanced LBF amount, you must within 7 days submit new cheques as per the new loan schedule, failure to which PCL will continue banking the cheques and/or effect the existing Direct Debit instruction in our custody.
    2. In case of default, the normal collections process as per the terms and conditions of the refinanced LBF loan shall apply.
  7. Disbursement
    1. Disbursement will be done via M-PESA up to a maximum amount of Kes 140,000, any higher amounts will be disbursed your bank account.
  8. Additional terms and conditions
    1. The terms and conditions under which the original loan was approved will apply to the new refinanced LBF refinance loan, in addition to the news terms which are specific to the refinanced LBF refinance loan
  9. Maximum loan amount
    1. Each eligible borrower will be provided with a specific maximum amount subject to a maximum of KES 2,000,000 -which they can apply for, this amount shall be determined during pre-qualification.
  10. The security asset
    1. The existing security shall be used as a continuing security for the LBF refinance loan.
    2. PCL shall reserve the right to amend the initial notice with the Registrar of Security Rights to capture the refinanced amount.
  11. Refinance criteria in respect of multiple pre-existing loans
    1. Where the Borrower has more than one pre-existing LBF loans/facility, the Borrower can refinance any qualifying loan/facility

11. PCL’S DATA PROTECTION POLICY

  1. It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
  2. It is hereby understood and agreed that by signing this contract the Borrower:
    1. Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
    2. consents to PCL processing the data as per its internal company policy;
    3. has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
    4. is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
  3. PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
  4. For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at data.protection@platinumcredit.co.ke
  5. Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement

12. DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION

  1. You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
  2. Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.ke and/or info@platinumcredit.co.ke
  3. Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
  4. The parties hereby agree that the Arbitrator shall have power, inter alia, to:
    1. Consolidate proceedings and have concurrent headings;
    2. Award security for costs and order the preservation of evidence;
    3. Make provisional awards;
    4. Act in default of the parties;
    5. Apply the law determined by the conflict of laws rules which it considers applicable
  5. To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
Download

Check-off Loan

1. THE AGREEMENT

  1. This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
  2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

2. DEFINITIONS

  1. In these Terms and Conditions, the following words and expressions bear the following meanings:
    1. PCL means Platinum Credit Limited;
    2. Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
    3. Borrower means the person at whose request PCL will advance a loan facility;
    4. Call Centre means PCL’s call center;
    5. Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
    6. Products means the various loan facilities offered by PCL;
    7. Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
    8. Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
    9. Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security overall and every part of the secured asset;
    10. Secured asset is the asset over which the loan facility is secured;
    11. SMS means a short message service consisting of a text message transmitted from one mobile to another;
    12. System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
    13. Transaction costs means charges levied by other 3rd party service providers which includes but is not limited to Mpesa and bank transaction charges.
    14. We, our and us means PCL and includes the successors and assigns of the PCL;
    15. You and your means the borrower and includes the personal representatives of the Borrower;
    16. USSD T&C’s means these USSD Terms and Conditions.
    17. The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
    18. Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
    19. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS

  1. Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
  2. Thereafter, you will be required to register on our system.
  3. By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
    1. Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
  4. By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
  5. The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
  6. By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
  7. These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

4. REGISTRATION

  1. Our system requires that you register by creating an account with us to be able to access our various products;
  2. You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
  3. By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
  4. You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
  5. You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
  6. PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
  7. If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
  8. Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

5. FEES, CHARGES AND TAXES

  1. You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
    1. Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
    2. Commissions at such rates as PCL may determine from time to time;
    3. Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
  2. All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6. BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES

  1. You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
  2. You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
  3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
  4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
  5. You shall immediately inform PCL through the Call Centre through 0709900000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization however PCL shall not be liable for the said unauthorised infringement.

7. EXCLUSION OF LIABILITY

  1. PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
  2. PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
    1. Failure, malfunction, interruption or unavailability of your equipment;
    2. Any fraudulent or illegal use of the online lending platform or equipment;
    3. Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
  3. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

  1. You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

9. YOUR REQUESTS

  1. All requests received from your equipment will be presumed to be executed by you.
  2. You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
  3. PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
  4. PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
  5. PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
  6. You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
  7. You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
  8. PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
  9. In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10. CHECK-OFF LOAN

The Loan

  1. At your request, PCL agrees to make available to you the advised loan amount on the terms and conditions set out in this agreement.
  2. You have the right to repay the principal amount of the loan within three business days from the date of disbursement upon payment of administration costs. This repayment must be done at Platinum Credit’s NCBA A/C NO: 6953960017 Branch Name: Mama Ngina Account Name: Platinum Credit LTD and/or on our Mpesa Pay Bill number 810902: A/C (Borrower’s ID No).
  3. You acknowledge and accept the terms and conditions upon which payment of the loan amount shall be made by Platinum Credit.

 

       Interest

  1. The monthly interest charged on your loan shall be as per the rate schedule below:

3 months – 5.84%, 6 months – 5.31%, 12 months – 5.30%, 18 months – 5.30%, 24 months -4.43%, 30 months – 4.43%, 36 months – 3.69%, 40 months – 2.88%, 48 months – 2.88%, 60 Months – 2.75%, 72 Months – 2.45%, 84 Months – 2.53%, 96 months – 2.53%, 108 months-2.35% and 120 Months-2.35%

  1. Due to market conditions, PCL may increase the interest charge by giving you one calendar months’ notice in advance.

 

Cost Of Credit

  1. Appraisal fee 12.5% of the loan amount
  2. Monthly collection fee Kshs. 200
  3. Statement fee Kshs. 300 (charged upon every request)
  4. 3rdparty processing fee Activated upon request
  5. Agency fee 6% of the loan amount which may be:

(  ) Payable upfront before disbursement

(  ) To be applied to the last instalment payable

(The fees herein are exclusive of the excise duty (20%) which shall be charged separately and settled and/or paid by the customer in addition to the fees payable herein)

Cost of Credit and Execution Charges 

  1. The cost of credit constitutes various fees that includes Appraisal fee, Monthly collection fee, Statement fee, Agency fee and 3rdparty processing fee.
  2. Certified payoff statement shall be issued to the Borrower upon request and an upfront payment of the prerequisite fee of Kshs. 300.
  • The Agency fee caters for the discounted reimbursement of the Agency’s expenses.
  1. The 3rdparty processing fee shall be applied in the event the subject loan is taken over by any other financial institution in your favor for purposes of managing or processing documentation and catering for miscellaneous costs in respect of the said takeover.
    1. A fee of Kshs. 1,000 shall be charged for loan amounts ranging from Kshs. 5,000 to Kshs. 15,000.
    2. A fee of Kshs. 3,000 shall be charged for any loan amount above Kshs. 15,001.
  2. The Borrower agrees that, if the Lender must use lawyers to recover their obligations under the loan facility because the Borrower has not fulfilled any or all obligations under this agreement, the Borrower will have to bear the costs due to the Lender’s lawyers

Repayment

  1. You must repay the loan in the installments as advised.
  2. You agree that PCL shall have the right to deduct the monthly installments in full as advised directly from the Borrower’s salary as deductions from his or her Employer’s payroll.
  3. You hereby give PCL the right to deduct monies owing to PC from any unpaid wages or any other remuneration credits payable to you if you leave the service of your employer for any reason before the total amount repayable under this agreement has been paid.
  4. No cash should be handed to an employee of PCL shall not take ANY responsibility for money paid to any of its employees. All cash deposits should be made to NCBA A/C NO: 6953960017 Branch Name: Mama Ngina Account Name: Platinum Credit LTD or through our Mpesa paybill number 810902: A/C (Borrower’s ID No.)
  5. If payment is made by cheque or banker’s cheque or electronic funds transfer, the payment is deemed to have been received on the date funds are cleared, and not on the date the cheque is deposited or electronic funds transfer initiated.

 

            Insurance       

As a responsible lender, PCL has the right to insure the loan in case of death or disability on part of the Borrower.

 

 

Breach

  1. Any failure by you to pay any amount which is owing to this agreement in full and on the dates you have to, or
  2. Any other breach by you of the terms of this agreement;
  3. Any claim that you have failed to carry out his/her duties under this agreement; then the full balance due under this agreement together with any roll over interest and all other charges and expenses owing to PCL by you shall become immediately due and payable to PCL and without giving notice to you or affecting any of Platinum Credit’s rights under this agreement. PCL shall be entitled to terminate this agreement and claim/or recover from you any damages/losses it, may have suffered as a consequence.
  4. In the event of a default by you in making payment PCL shall have the right to use any money paid by you to first pay legal and other costs, then interest and then the actual loan amount.
  5. PCL reserves the right to engage third party debt collectors to recover any total outstanding balance at your cost.
  6. The amount owing by you to PCL at any time may be shown by a statement in which PCL’s Officer has worked out and has stated as amount owing. The statement will be a proof of the amount owed to PCL by you and will be able to be used in any legal proceeding and will be accepted by the court on its own as correct unless the Borrower proves that it is incorrect.

 

General

  1. PCL will give at the Borrowers request a statement setting out all deductions from his/her salary, outstanding balance and any amount payable in arrears.
  2. Check off loan shall be disbursed either through Mpesa or via the borrower’s bank account.
  3. The maximum amount that can be approved and disbursed under the Check off loan product is Kes 1,000,000.
  4. The Check off loan will be governed by the terms and conditions herein.
  5. In case of default, the normal collections process as per the terms and conditions of civil servants’ loan product will apply.
  6. Check off loan applicant/borrower should read and familiarize themselves with the terms and conditions of civil servants’ loans herein.

11. PCL’S DATA PROTECTION POLICY

  1. It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
  2. It is hereby understood and agreed that by signing this contract the Borrower:
    1. Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
    2. consents to PCL processing the data as per its internal company policy;
    3. has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
    4. is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
  3. PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
  4. For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at data.protection@platinumcredit.co.ke
  5. Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement

12. DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION

  1. You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
  2. Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.ke and/or info@platinumcredit.co.ke
  3. Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
  4. The parties hereby agree that the Arbitrator shall have power, inter alia, to:
    1. Consolidate proceedings and have concurrent headings;
    2. Award security for costs and order the preservation of evidence;
    3. Make provisional awards;
    4. Act in default of the parties;
    5. Apply the law determined by the conflict of laws rules which it considers applicable
  5. To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
Download

Salary Advance

1. THE AGREEMENT

  1. This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
  2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

2. DEFINITIONS

  1. In these Terms and Conditions, the following words and expressions bear the following meanings:
    1. PCL means Platinum Credit Limited;
    2. Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
    3. Borrower means the person at whose request PCL will advance a loan facility;
    4. Call Centre means PCL’s call center;
    5. Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
    6. Products means the various loan facilities offered by PCL;
    7. Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
    8. Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
    9. Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security overall and every part of the secured asset;
    10. Secured asset is the asset over which the loan facility is secured;
    11. SMS means a short message service consisting of a text message transmitted from one mobile to another;
    12. System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
    13. Transaction costs means charges levied by other 3rd party service providers which includes but is not limited to Mpesa and bank transaction charges.
    14. We, our and us means PCL and includes the successors and assigns of the PCL;
    15. You and your means the borrower and includes the personal representatives of the Borrower;
    16. USSD T&C’s means these USSD Terms and Conditions.
    17. The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
    18. Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
    19. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS

  1. Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
  2. Thereafter, you will be required to register on our system.
  3. By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
    1. Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
  4. By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
  5. The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
  6. By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
  7. These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

4. REGISTRATION

  1. Our system requires that you register by creating an account with us to be able to access our various products;
  2. You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
  3. By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
  4. You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
  5. You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
  6. PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
  7. If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
  8. Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

5. FEES, CHARGES AND TAXES

  1. You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
    1. Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
    2. Commissions at such rates as PCL may determine from time to time;
    3. Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
  2. All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6. BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES

  1. You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
  2. You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
  3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
  4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
  5. You shall immediately inform PCL through the Call Centre through 0709900000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization however PCL shall not be liable for the said unauthorised infringement.

7. EXCLUSION OF LIABILITY

  1. PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
  2. PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
    1. Failure, malfunction, interruption or unavailability of your equipment;
    2. Any fraudulent or illegal use of the online lending platform or equipment;
    3. Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
  3. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

  1. You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

9. YOUR REQUESTS

  1. All requests received from your equipment will be presumed to be executed by you.
  2. You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
  3. PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
  4. PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
  5. PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
  6. You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
  7. You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
  8. PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
  9. In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10. SALARY ADVANCE LOAN PRODUCT

  1. The loan
    1. At the Borrower’s request, PCL agrees to make available to the Borrower the loan amount shown on the terms and conditions herein set out.
    2. The Borrower has the right to repay the principal amount of the loan anytime from the date of disbursement subject to a maximum tenor of 1 month.  This repayment must be made preferably to Platinum Credit’s Mpesa pay bill number 810902: A/C (Borrower’s ID No).
    3. The Borrower acknowledges and accepts the terms and conditions herein upon which payment of the loan amount shall be made by Platinum Credit.
    4. The applicable interest and the loan origination costs have been provided on the loan form.
  2. Interest
    1. A monthly interest rate of 15% will be charged on the Loan
  3. Repayment
    1. The salary advance repayment will take precedence over other running loans.
    2. The Borrower gives PCL the right to consolidate all his/her outstanding loans and deduct the monthly installments directly from the Borrower’s salary as deductions from his or her Employer’s payroll.
    3. The Borrower hereby gives PCL the right to deduct monies owing to it from any unpaid wages or any other remuneration credits payable to the Borrower if the Borrower leaves the service of his/her employer for any reason before the total amount repayable under this agreement has been paid.
    4. No cash should be handed to an employee of Platinum Credit. PCL shall not take ANY responsibility for money paid to any of its employees.  All cash deposits should be made to Platinum Credit’s Bank account NCBA A/C NO: 6953960017 Branch Name: Mama Ngina Account Name: Platinum Credit LTD or paid through Platinum Credit’s Mpesa paybill no 810902.
    5. If payment is made by cheque or banker’s cheque or electronic funds transfer, the payment is deemed to have been received on the date funds are cleared, and not on the date the cheque is deposited or electronic funds transfer initiated.
  4. Interest on overdue amounts, Costs and Charges
    1. Interest on overdue amounts where the loan amount remains unpaid shall be applied incrementally as herein; 10% on the 7thday in arrears, 10% on the 32nd day in arrears, 10% on the 67th day in arrears and a further 10% on the 92nd day.
    2. The Borrower agrees that, if PCL has to use lawyers because the Borrower has failed to discharge his/her financial obligations under this agreement, the Borrower will have to pay PCL all the costs due to Platinum Credit’s lawyers.
  5. Breach
    1. In the event:-
      1. Any failure by the Borrower to pay any amount which is owing to this agreement in full and on the dates he or she has to, or
      2. Any other breach by the Borrower of the terms of this agreement;
      3. Any claim that the Borrower has failed to carry out his/her duties under this agreement; then the full balance due under this agreement together with any roll over interest and all other charges and expenses owing to PCL by the Borrower shall become immediately due and payable to PCL and without giving notice to the Borrower or affecting any of Platinum Credit’s rights under this agreement.  PCL reserves the right to book the deduction with the Borrower’s Employer and/or terminate this agreement and/or recover from the Borrower any damages/losses it, may have suffered as a consequence.
      4. In the event of a default by the Borrower in making payment PCL shall have the right to use any money paid by the Borrower to first pay legal and other costs, then interest and then the actual loan amount.
      5. PCL reserves the right to engage third party debt collectors to recover any total outstanding balance at the debtor’s cost.
      6. The amount owing by the Borrower to PCL it at any time may be shown by a certificate or statement in which Platinum Credit’s Officer has worked out and has stated as amount owing.  The certificate or statement will be a proof of the amount owed to PCL by the borrower and will be able to be used in any legal proceeding and will be accepted by the court on its own as correct unless the Borrower proves that it is incorrect.
  6. Statements
    1. PCL will give at your request a statement setting out all deductions from your salary, outstanding balance and any amount payable in arrears.

11. PCL’S DATA PROTECTION POLICY

  1. It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
  2. It is hereby understood and agreed that by signing this contract the Borrower:
    1. Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
    2. consents to PCL processing the data as per its internal company policy;
    3. has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
    4. is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
  3. PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
  4. For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at data.protection@platinumcredit.co.ke
  5. Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement

12. DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION

  1. You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
  2. Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.ke and/or info@platinumcredit.co.ke
  3. Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
  4. The parties hereby agree that the Arbitrator shall have power, inter alia, to:
    1. Consolidate proceedings and have concurrent headings;
    2. Award security for costs and order the preservation of evidence;
    3. Make provisional awards;
    4. Act in default of the parties;
    5. Apply the law determined by the conflict of laws rules which it considers applicable
  5. To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
Download

Jipe Cash

1. THE AGREEMENT

  1. This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
  2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

2. DEFINITIONS

  1. In these Terms and Conditions, the following words and expressions bear the following meanings:
    1. PCL means Platinum Credit Limited;
    2. Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
    3. Borrower means the person at whose request PCL will advance a loan facility;
    4. Call Centre means PCL’s call center;
    5. Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
    6. Products means the various loan facilities offered by PCL;
    7. Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
    8. Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
    9. Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security overall and every part of the secured asset;
    10. Secured asset is the asset over which the loan facility is secured;
    11. SMS means a short message service consisting of a text message transmitted from one mobile to another;
    12. System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
    13. Transaction costs means charges levied by other 3rd party service providers which includes but is not limited to Mpesa and bank transaction charges.
    14. We, our and us means PCL and includes the successors and assigns of the PCL;
    15. You and your means the borrower and includes the personal representatives of the Borrower;
    16. USSD T&C’s means these USSD Terms and Conditions.
    17. The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
    18. Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
    19. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS

  1. Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
  2. Thereafter, you will be required to register on our system.
  3. By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
    1. Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
  4. By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
  5. The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
  6. By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
  7. These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

4. REGISTRATION

  1. Our system requires that you register by creating an account with us to be able to access our various products;
  2. You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
  3. By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
  4. You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
  5. You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
  6. PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
  7. If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
  8. Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

5. FEES, CHARGES AND TAXES

  1. You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
    1. Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
    2. Commissions at such rates as PCL may determine from time to time;
    3. Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
  2. All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6. BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES

  1. You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
  2. You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
  3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
  4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
  5. You shall immediately inform PCL through the Call Centre through 0709900000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization however PCL shall not be liable for the said unauthorised infringement.

7. EXCLUSION OF LIABILITY

  1. PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
  2. PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
    1. Failure, malfunction, interruption or unavailability of your equipment;
    2. Any fraudulent or illegal use of the online lending platform or equipment;
    3. Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
  3. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

  1. You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

9. YOUR REQUESTS

  1. All requests received from your equipment will be presumed to be executed by you.
  2. You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
  3. PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
  4. PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
  5. PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
  6. You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
  7. You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
  8. PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
  9. In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10. JIPE CASH

  1. The loan duration is 1 Month.
  2. The loan amount is Kes. 1,000.
  3. A monthly interest rate of 15% will be charged on the loan. The loan shall be disbursed by Mpesa.
    1. The Mpesa transaction fee of Kes. 23 (which fee is subject to amendment as per the Service provider) shall be capitalized.
  4. There shall be a roll over interest charged at 10% on the 7th day in arrears, 10% on the 32nd day in arrears, 10% on the 67th day in arrears and a further 10% on the 92nd day in arrears where the loan amount remains unpaid.
  5. The Customer should read and familiarize themselves with the general Terms and Conditions for CS loans.
  6. The Borrower agrees that, if PCL has to use lawyers because the Borrower has failed to discharge his/her financial obligations under this agreement, the Borrower will have to pay PCL all the costs due to Platinum Credit’s lawyers.
  7. In the event of a default by the Borrower in making payment PCL shall have the right to use any money paid by the Borrower to first pay legal and other costs, then interest and then the actual loan amount.
  8. PCL reserves the right to engage third party debt collectors to recover any total outstanding balance at the debtor’s cost.
  9. The amount owing by the Borrower to PCL at any time may be shown by a statement issued by PCL which statement will be proof of the amount owed to PCL by the Borrower.

11. PCL’S DATA PROTECTION POLICY

  1. It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
  2. It is hereby understood and agreed that by signing this contract the Borrower:
    1. Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
    2. consents to PCL processing the data as per its internal company policy;
    3. has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
    4. is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
  3. PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
  4. For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at data.protection@platinumcredit.co.ke
  5. Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement

12. DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION

  1. You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
  2. Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.ke and/or info@platinumcredit.co.ke
  3. Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
  4. The parties hereby agree that the Arbitrator shall have power, inter alia, to:
    1. Consolidate proceedings and have concurrent headings;
    2. Award security for costs and order the preservation of evidence;
    3. Make provisional awards;
    4. Act in default of the parties;
    5. Apply the law determined by the conflict of laws rules which it considers applicable
  5. To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
Download

Personal Loans Quick Cash

  • THE AGREEMENT
  1. This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
  2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.
  • DEFINITIONS
  1. In these Terms and Conditions, the following words and expressions bear the following meanings:
  1. PCL means Platinum Credit Limited;
  2. Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
  3. Borrower means the person at whose request PCL will advance a loan facility;
  4. Call Centre means PCL’s call center;
  5. Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
  6. Products means the various loan facilities offered by PCL;
  7. Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
  8. Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
  9. Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security overall and every part of the secured asset;
  10. SMS means a short message service consisting of a text message transmitted from one mobile to another;
  11. System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
  12. Transaction fees includes the facility fee, roll over fee, loan administration fee and any other charges payable for the use of the services as published by PCL on PCL’s website or by such other means as PCL shall in its sole discretion determine. Transaction fees are subject to change at any time at PCL’s sole discretion.
  13. We, our and us means PCL and includes the successors and assigns of the PCL;
  14. You and your means the borrower and includes the personal representatives of the Borrower;
  15. USSD T&C’s means these USSD Terms and Conditions.
  16. The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
  17. Words importing the singular meaning where the context so admits include the plural meaning and vice versa. 
  18. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS 

  1. Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
  2. Thereafter, you will be required to register on our system.
  3. By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
    1. Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
  4. By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
  5. The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
  6. By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
  7. These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

4. REGISTRATION

    1. Our system requires that you register by creating an account with us to be able to access our various products;
    2. You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
    3. By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
    4. You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
    5. You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
    6. PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
    7. If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
    8. Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

5. FEES, CHARGES AND TAXES

    1. You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
      1. Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
      2. Commissions at such rates as PCL may determine from time to time;
      3. Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.  
    2. All repayments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the repayment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6. BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES

    1. You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
    2. You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
    3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
    4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party that comes into contact with your equipment.
    5. You shall immediately inform PCL through the Call Centre through 0709 900 000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization, however PCL shall not be liable for the said unauthorized infringement.
  • EXCLUSION OF LIABILITY
    1. PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
    2. PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
      1. Failure, malfunction, interruption or unavailability of your equipment;
      2. Any fraudulent or illegal use of the online lending platform or equipment;
      3. Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
    3. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

    1. You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

9. YOUR REQUESTS

    1. All requests received from your equipment will be presumed to be executed by you.
    2. You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
    3.  PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary; 
    4. PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
    5. PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you. 
    6. You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it. 
    7. You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
    8. PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
    9. In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail. 

10. TERMS & CONDITIONS FOR PERSONAL LOAN PRODUCT 

 

Interest

  1. The total interest chargeable on the facility is calculated at a flat rate of 5.5% per month on the base of the principal loan amount plus capitalized fees (where applicable). 
  2. In accordance with globally accepted International Financial Reporting Standards (IFRS), principal and interest repayments on the loan amortization schedule shall be calculated on the basis of an equivalent reducing balance interest rate of up to a maximum of 8.8112% subject to the loan term, which shall form the basis of calculating the outstanding amount due in the event of a prepayment. Interest shall be calculated monthly. 
  3. In the event of prepayment where the Borrower had elected to capitalize and amortize the loan origination costs over the loan, the loan origination costs will be recovered in full. 
  4. Roll over interest of 0.33% shall be charged on an unpaid instalment amount on a daily basis until full repayment of the amount due. 
  5. For past term accounts, a roll over interest of 0.33% shall be charged on the outstanding instalment amount on a daily basis up to a maximum of a quarter of the original loan term. 
  6. Where a cheque/instrument provided by the Borrower is dishonored, the actual costs incurred by the Lender for each dishonored cheque/instrument shall be recovered from the Borrower.
  7. Alteration of interest: Due to market conditions, the Lender may alter the interest charges by giving the Borrower one calendar months’ notice in advance. 

 

Transaction Costs, Recovery Costs and Bank Charges Accrued

  1. Transaction i.e. Mpesa or Pesalink charges shall be deducted at disbursement. 
  2. The Borrower agrees that, if the Lender has to use lawyers because the Borrower has not carried out any part of this agreement, the Borrower will have to pay the Lender all the costs due to its lawyers. 
  3. Where a cheque and/or instrument provided by the Borrower is dishonored, the actual charges accrued or Kshs. 600 (whichever is higher) shall be recovered from the Borrower.

 

Loan Origination Costs 

  1. Processing fee that is 4% of the loan amount or in the case of a Refinance the processing fee shall be 4% of the take home amount.
  2. Credit life of 0.38% of the total loan amount deducted at disbursement
  3. Proration interest amount (if applicable) which may be deducted at disbursement or loaded as a fee.

Loan Details

  1. The loan duration is 1 Month.
  2. The Customer must have paid at least 1 instalment.
  • The Customer should not be in arrears.
  1. A monthly interest rate of 10% will be charged on the loan.
  2. The loan amount shall be half the monthly instalment with a limit of Kshs 50,000.
  3. The loan shall be disbursed by Mpesa.
  • The Terms and Conditions under which the original loan was approved will apply to the new refinanced Personal Loan Quickcash loan.
  • Interest on overdue amounts where the loan amount remains unpaid shall be applied incrementally as herein; 10% on the 7thday in arrears, 10% on the 32nd day in arrears, 10% on the 67th day in arrears and a further 10% on the 92nd
  1. The Customer should read and familiarize themselves with the general Terms and Conditions for CS loans.

(The fees herein are exclusive of the excise duty (20%) which shall be charged separately and settled and/or paid by the customer in addition to the fees payable herein)

11. PCL’S DATA PROTECTION POLICY

    1. It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
    2. It is hereby understood and agreed that by signing this contract the Borrower:
      1. Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
      2. consents to PCL processing the data as per its internal company policy;
      3. has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
      4. is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
    3. PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
    4. For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at data.protection@platinumcredit.co.ke. 

Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement.

12. DISPUTE RESOLUTION, JURISDICTION AND ARBIRTRATION

    1. You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
    2. Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.ke and/or info@platinumcredit.co.ke.
    3. Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
    4. The parties hereby agree that the Arbitrator shall have power, inter alia, to:
      1. consolidate proceedings and have concurrent headings;
      2. award security for costs and order the preservation of evidence;
      3. make provisional awards;
      4. act in default of the parties;
      5. apply the law determined by the conflict of laws rules which it considers applicable
    5. To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto. 
    6. This agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.
Download

Mkodi Quick Cash

1. THE AGREEMENT

  1. This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
  2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

2. DEFINITIONS

  1. In these Terms and Conditions, the following words and expressions bear the following meanings:
    1. PCL means Platinum Credit Limited;
    2. Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
    3. Borrower means the person at whose request PCL will advance a loan facility;
    4. Call Centre means PCL’s call center;
    5. Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
    6. Products means the various loan facilities offered by PCL;
    7. Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
    8. Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
    9. SMS means a short message service consisting of a text message transmitted from one mobile to another;
    10. System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
    11. Transaction costs means charges levied by other 3rd party service providers which includes but is not limited to Mpesa and bank transaction charges.
    12. We, our and us means PCL and includes the successors and assigns of the PCL;
    13. You and your means the borrower and includes the personal representatives of the Borrower;
    14. USSD T&C’s means these USSD Terms and Conditions.
    15. The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
    16. Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
    17. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS

  1. Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
  2. Thereafter, you will be required to register on our system.
  3. By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
    1. Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
  4. By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
  5. The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
  6. By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
  7. These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

4. REGISTRATION

  1. Our system requires that you register by creating an account with us to be able to access our various products;
  2. You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
  3. By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
  4. You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
  5. You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
  6. PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
  7. If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
  8. Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

5. FEES, CHARGES AND TAXES

  1. You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
    1. Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
    2. Commissions at such rates as PCL may determine from time to time;
    3. Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
  2. All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6. BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES

  1. You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
  2. You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
  3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
  4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
  5. You shall immediately inform PCL through the Call Centre through 0709900000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization however PCL shall not be liable for the said unauthorised infringement.

7. EXCLUSION OF LIABILITY

  1. PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
  2. PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
    1. Failure, malfunction, interruption or unavailability of your equipment;
    2. Any fraudulent or illegal use of the online lending platform or equipment;
    3. Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
  3. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

  1. You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

9. YOUR REQUESTS

  1. All requests received from your equipment will be presumed to be executed by you.
  2. You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
  3. PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
  4. PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
  5. PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
  6. You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
  7. You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
  8. PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
  9. In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10. MKODI QUICK CASH PRODUCT

  1. The loan duration is 1 Month.
  2. The minimum loan amount is Kshs. 5,000 while the maximum loan amount is Kshs. 100,000.
  3. The loan shall be disbursed by Mpesa.
  4. The mode of repayment is by Mpesa.
  5. A monthly interest rate of 10% will be charged on the loan.
  6. Mpesa charges shall be deducted upfront on disbursement.
  7. Interest on overdue amounts where the loan amount remains unpaid shall be applied incrementally as herein; 10% on the 7thday in arrears, 10% on the 32nd day in arrears, 10% on the 67th day in arrears.
  8. The quick cash product will take priority over the main loan/active account until settlement in full.
  9. The Customer must have paid at least 3 instalments.
  10. The Customer’s main loan/active account should not be in arrears.
  11. The Terms and Conditions under which the original loan was approved will apply to the Mkodi Quickcash loan.
  12. The Customer should read and familiarize themselves with the general Terms and Conditions for Mkodi loans.

(The fees herein are exclusive of the excise duty (20%) which shall be charged separately and settled and/or paid by the customer in addition to the fees payable herein)

11. PCL’S DATA PROTECTION POLICY

  1. It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
  2. It is hereby understood and agreed that by signing this contract the Borrower:
    1. Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
    2. consents to PCL processing the data as per its internal company policy;
    3. has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
    4. is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
  3. PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
  4. For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at data.protection@platinumcredit.co.ke
  5. Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement

12. DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION

  1. You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
  2. Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.ke and/or info@platinumcredit.co.ke
  3. Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
  4. The parties hereby agree that the Arbitrator shall have power, inter alia, to:
    1. Consolidate proceedings and have concurrent headings;
    2. Award security for costs and order the preservation of evidence;
    3. Make provisional awards;
    4. Act in default of the parties;
    5. Apply the law determined by the conflict of laws rules which it considers applicable
  5. To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
  6. This agreement shall be governed by and construed in accordance with the laws of Kenya.
Download

Biashara Chap Chap

1. THE AGREEMENT

  1. This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
  2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

2. DEFINITIONS

  1. In these Terms and Conditions, the following words and expressions bear the following meanings:
    1. PCL means Platinum Credit Limited;
    2. Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
    3. Borrower means the person at whose request PCL will advance a loan facility;
    4. Call Centre means PCL’s call center;
    5. Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
    6. Products means the various loan facilities offered by PCL;
    7. Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
    8. Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
    9. SMS means a short message service consisting of a text message transmitted from one mobile to another;
    10. System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
    11. Transaction costs means charges levied by other 3rd party service providers which includes but is not limited to Mpesa and bank transaction charges.
    12. We, our and us means PCL and includes the successors and assigns of the PCL;
    13. You and your means the borrower and includes the personal representatives of the Borrower;
    14. USSD T&C’s means these USSD Terms and Conditions.
    15. The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
    16. Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
    17. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

3. ACCEPTANCE OF THE TERMS AND CONDITIONS

  1. Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
  2. Thereafter, you will be required to register on our system.
  3. By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
    1. Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
  4. By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
  5. The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
  6. By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
  7. These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

4. REGISTRATION

  1. Our system requires that you register by creating an account with us to be able to access our various products;
  2. You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
  3. By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
  4. You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
  5. You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
  6. PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
  7. If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
  8. Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

5. FEES, CHARGES AND TAXES

  1. You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
    1. Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
    2. Commissions at such rates as PCL may determine from time to time;
    3. Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
  2. All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6. BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES

  1. You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
  2. You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
  3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
  4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
  5. You shall immediately inform PCL through the Call Centre through 0709900000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization however PCL shall not be liable for the said unauthorised infringement.

7. EXCLUSION OF LIABILITY

  1. PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
  2. PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
    1. Failure, malfunction, interruption or unavailability of your equipment;
    2. Any fraudulent or illegal use of the online lending platform or equipment;
    3. Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
  3. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

  1. You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

9. YOUR REQUESTS

  1. All requests received from your equipment will be presumed to be executed by you.
  2. You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
  3. PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
  4. PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
  5. PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
  6. You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
  7. You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
  8. PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
  9. In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10. BIASHARA CHAP CHAP LOAN PRODUCT

  1. The loan duration is 1 Month.
  2. The minimum loan amount is Kes. 1,000 while the maximum loan amount is Kes. 10,000.
  3. The loan shall be disbursed by Mpesa.
  4. The mode of repayment is by Mpesa on a monthly basis.
  5. A monthly interestrate of 15 % will be charged on the loan.
  6. Mpesa charges shall be deducted upfront on disbursement.
  7. A roll over interest of 0.33% per day of overdue installment to a maximum of 90 days shall be charged.

(The fees herein are exclusive of the excise duty (20%) which shall be charged separately and settled and/or paid by the customer in addition to the fees payable herein)

11. PCL’S DATA PROTECTION POLICY

  1. It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
  2. It is hereby understood and agreed that by signing this contract the Borrower:
    1. Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
    2. consents to PCL processing the data as per its internal company policy;
    3. has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
    4. is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
  3. PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
  4. For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at data.protection@platinumcredit.co.ke
  5. Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement

12. DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION

  1. You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
  2. Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.ke and/or info@platinumcredit.co.ke
  3. Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
  4. The parties hereby agree that the Arbitrator shall have power, inter alia, to:
    1. Consolidate proceedings and have concurrent headings;
    2. Award security for costs and order the preservation of evidence;
    3. Make provisional awards;
    4. Act in default of the parties;
    5. Apply the law determined by the conflict of laws rules which it considers applicable
  5. To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
  6. This agreement shall be governed by and construed in accordance with the laws of Kenya.
Download

USSD Personal Loan

  1. THE AGREEMENT
  1. This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
  2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.
  1. DEFINITIONS

In these Terms and Conditions, the following words and expressions bear the following meanings:

  1. PCL means Platinum Credit Limited;
  2. Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
  3. Borrower means the person at whose request PCL will advance a loan facility;
  4. Call Centre means PCL’s call center;
  5. Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
  6. Products means the various loan facilities offered by PCL;
  7. Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
  8. Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
  9. Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security overall and every part of the secured asset;
  10. SMS means a short message service consisting of a text message transmitted from one mobile to another;
  11. System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
  12. Transaction fees includes the facility fee, roll over fee, loan administration fee and any other charges payable for the use of the services as published by PCL on PCL’s website or by such other means as PCL shall in its sole discretion determine. Transaction fees are subject to change at any time at PCL’s sole discretion.
  13. We, our and us means PCL and includes the successors and assigns of the PCL;
  14. You and your means the borrower and includes the personal representatives of the Borrower;
  15. USSD T&C’s means these USSD Terms and Conditions.
  16. The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
  17. Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
  18. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.
  1. ACCEPTANCE OF THE TERMS AND CONDITIONS
    1. Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
    2. Thereafter, you will be required to register on our system.
    3. By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
      • Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
    4. By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
    5. The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
    6. By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
    7. These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.
  • REGISTRATION
    1. Our system requires that you register by creating an account with us to be able to access our various products;
    2. You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
    3. By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
    4. You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
    5. You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
    6. PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
    7. If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
    8. Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

5. FEES, CHARGES AND TAXES

    1. You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
      1. Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
      2. Commissions at such rates as PCL may determine from time to time;
      3. Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
    2. All repayments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the repayment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6 . BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES

    1. You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
    2. You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
    3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
    4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party that comes into contact with your equipment.

You shall immediately inform PCL through the Call Centre through 0709 900 000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization, however PCL shall not be liable for the said unauthorized infringement

7. EXCLUSION OF LIABILITY

    1. PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
    2. PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
      1. Failure, malfunction, interruption or unavailability of your equipment;
      2. Any fraudulent or illegal use of the online lending platform or equipment;
      3. Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
    3. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

  1. You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

9. YOUR REQUESTS

  1. All requests received from your equipment will be presumed to be executed by you.
  2. You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
  3. PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
  4. PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
  5. PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
  6. You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
  7. You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
  8. PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
  9. In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10. TERMS & CONDITIONS FOR PERSONAL LOAN PRODUCT

Interest

  1. The total interest chargeable on the facility is calculated at a flat rate of 5.5% per month on the base of the principal loan amount plus capitalized fees (where applicable).
  2. In accordance with globally accepted International Financial Reporting Standards (IFRS), principal and interest repayments on the loan amortization schedule shall be calculated on the basis of an equivalent reducing balance interest rate of up to a maximum of 8.8112% subject to the loan term, which shall form the basis of calculating the outstanding amount due in the event of a prepayment. Interest shall be calculated monthly.
  3. In the event of prepayment where the Borrower had elected to capitalize and amortize the loan origination costs over the loan, the loan origination costs will be recovered in full.
  4. Roll over interest of 0.33% shall be charged on an unpaid instalment amount on a daily basis until full repayment of the amount due.
  5. For past term accounts, a roll over interest of 0.33% shall be charged on the outstanding instalment amount on a daily basis up to a maximum of a quarter of the original loan term.
  6. Where a cheque/instrument provided by the Borrower is dishonored, the actual costs incurred by the Lender for each dishonored cheque/instrument shall be recovered from the Borrower.
  7. Alteration of interest: Due to market conditions, the Lender may alter the interest charges by giving the Borrower one calendar months’ notice in advance.

 

Transaction Costs, Recovery Costs and Bank Charges Accrued

  1. Transaction i.e. Mpesa or Pesalink charges shall be deducted at disbursement.
  2. The Borrower agrees that, if the Lender has to use lawyers because the Borrower has not carried out any part of this agreement, the Borrower will have to pay the Lender all the costs due to its lawyers.
  3. Where a cheque and/or instrument provided by the Borrower is dishonored, the actual charges accrued or Kshs. 600 (whichever is higher) shall be recovered from the Borrower.

 

Loan Origination Costs

  1. Processing fee that is 4% of the loan amount or in the case of a Refinance the processing fee shall be 4% of the take home amount.
  2. Credit life of 0.38% of the total loan amount deducted at disbursement
  3. Proration interest amount (if applicable) which may be deducted at disbursement or loaded as a fee.

11. PCL’S DATA PROTECTION POLICY

  1. It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
  2. It is hereby understood and agreed that by signing this contract the Borrower:
    1. Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
    2. consents to PCL processing the data as per its internal company policy;
    3. has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
    4. is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
  3. PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
  4. For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at protection@platinumcredit.co.ke.
  5. Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement.

12. DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION

  1. You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
  2. Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.ke and/or info@platinumcredit.co.ke.
  3. Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
  4. The parties hereby agree that the Arbitrator shall have power, inter alia, to:
    1. consolidate proceedings and have concurrent headings;
    2. award security for costs and order the preservation of evidence;
    3. make provisional awards;
    4. act in default of the parties;
    5. apply the law determined by the conflict of laws rules which it considers applicable
  5. To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
  6. This agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.
Download

STOCK 24/7 LOAN

  1. THE AGREEMENT
  1. This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the PCL (hereinafter referred to as PCL) mobile lending platform.
  2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.
  1. DEFINITIONS
  • In these Terms and Conditions, the following words and expressions bear the following meanings:
    1. PCL means Platinum Credit Limited;
    2. Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
    3. Borrower means the person at whose request PCL will advance a loan facility;
    4. Call Centre means PCL’s call center;
    5. Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
    6. Products means the various loan facilities offered by PCL;
    7. Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
    8. Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
    9. Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security overall and every part of the secured asset;
    10. Secured asset is the asset over which the loan facility is secured;
    11. SMS means a short message service consisting of a text message transmitted from one mobile to another;
    12. System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
    13. Transaction fees includes the facility fee, roll over fee, loan administration fee and any other charges payable for the use of the services as published by PCL on PCL’s website or by such other means as PCL shall in its sole discretion determine. Transaction fees are subject to change at any time at PCL’s sole discretion.
    14. We, our and us means PCL and includes the successors and assigns of the PCL;
    15. You and your means the borrower and includes the personal representatives of the Borrower;
    16. USSD T&C’s means these USSD Terms and Conditions.
    17. The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
    18. Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
    19. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.
  1. ACCEPTANCE OF THE TERMS AND CONDITIONS
    1. Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
    2. Thereafter, you will be required to register on our system.
    3. By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
      • Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
    4. By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
    5. The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
    6. By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
    7. These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.
  • REGISTRATION
    1. Our system requires that you register by creating an account with us to be able to access our various products;
    2. You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your equipment.
    3. By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
    4. You hereby agree and authorize PCL to obtain and procure your personal information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such personal information by the Government of Kenya to PCL.
    5. You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to subject your information to our robust credit scoring engine to ascertain your credit worthiness.
    6. PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan facility.
    7. If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
    8. Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each product.

5. FEES, CHARGES AND TAXES

    1. You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
      • Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
      • Commissions at such rates as PCL may determine from time to time;
      • Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
    2. All repayments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the repayment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.

6 . BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES

  1. You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
  2. You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
  3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
  4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party that comes into contact with your equipment.
  5. You shall immediately inform PCL through the Call Centre through 0709 900 000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization, however PCL shall not be liable for the said unauthorised infringement.

7. EXCLUSION OF LIABILITY

    1. PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
    2. PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
      • Failure, malfunction, interruption or unavailability of your equipment;
      • Any fraudulent or illegal use of the online lending platform or equipment;
      • Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
    3. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.

8. INTELLECTUAL PROPERTY RIGHTS

  1. You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.

9. YOUR REQUESTS

  1. All requests received from your equipment will be presumed to be executed by you.
  2. You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect thereof.
  3. PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
  4. PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by you.
  5. PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from you.
  6. You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.
  7. You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
  8. PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable laws.
  9. In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

10. TERMS & CONDITIONS FOR PERSONAL LOAN PRODUCT

The Loan

  1. The minimum loan amount is Kshs. 1,000 and the maximum loan amount is Kshs. 200,000.
  2. The loan tenor is 7 days, 1month and 3 months.
  • The loan advanced in respect of a specific entity should not be diverted to another entity. Where the same occurs, it will be deemed as breach of the subject loan facility.
  1. The loan(s) shall be applied for and disbursed electronically after proper filing and execution of this Customer On-Boarding Form.

 

Interest

  1. The loan products vary in respect of the loan term and the applicable interest rates as hereunder:
Loan term Interest
7 days 7% for 7 days
1 month 15% for 1month
3 months 10% per month for 3 months

(The fees herein are exclusive of the excise duty (20%) which shall be charged separately and settled and/or paid by the customer in addition to the fees payable herein)

Interest on overdue amounts

  1. A daily Interest of 0.33% shall be applied on overdue amounts until full repayment of the amount due.
  2. For past term accounts, a daily interest of 0.33% shall be applied on overdue amounts to a maximum of a quarter of the original loan term.

Grant of Security

  1. As a continuing security for the payment and discharge of any loan(s) that shall be advanced by PCL having full title and guarantee I hereby charge to PCL, by way of first floating charge, all the present inventory, assets and property (hereinafter referred to as Secured Assets).
  2. The floating charge created herein shall automatically and immediately (without notice) convert into a fixed charge over the Secured Assets subject to that floating charge if:
  3. I, the Customer creates, or attempts to create, a Security in favour of another person over all or any part of the security without the prior written consent of PCL;
  4. the Customer disposes, or attempts to dispose of, all or any part of the security without the prior written consent of PCL;
  5. any other person apart from PCL levies (or attempts to levy) any distress, attachment, execution or other process against all or any part of the Secured Assets; or
  6. a resolution is passed or an order is made for the winding-up, dissolution, administration or reorganization of the Customer.
  • PCL may, in its sole discretion, at any time and by written notice to the Customer, convert the floating charge created under this deed into a fixed charge as regards any part of the Secured Assets specified by PCL in that notice.
  1. Any asset acquired by the Customer after any crystallization of the floating charge created under this deed that, shall be subject to a floating charge under this deed in the event the secured assets have been disposed off without the consent of PCL, are stolen or damaged.
  2. The Floating Charge shall expire upon full settlement of the Customer’s obligations under any Credit Facility or Loan(s) advanced

SCHEDULE OF SECURED ASSETS

DESCRIPTION/NAME OF ITEM SERIAL NUMBER YEAR VALUE ESTIMATE
1
2
3
4
5

 

Disbursement

  1. Disbursement shall be done to the authorized Distributor’s Till number.

 

Repayment

  1. You must repay the loan as advised.
  2. No cash should be handed to an employee of PCL shall not take ANY responsibility for money paid to any of its employees.
  • All cash deposits should be made through our Mpesa paybill number 990904: A/C (Customer’s ID No.)

 

Breach

Breach shall be constituted by:

  1. Any failure by you to pay any amount which is owing to this agreement in full and on the dates you have to, or
  2. Any other breach by you of the terms of this agreement;
  3. In the event that this agreement is breached; then the full balance due under this agreement together with any interest on overdue amounts and all other charges and expenses owing to PCL by you shall become immediately due and payable to PCL and without giving notice to you or affecting any of PCL’s rights under this agreement. PCL shall be entitled to terminate this agreement and claim/or recover from you any damages/losses it, may have suffered as a consequence.
  4.  .In the event of a default by you in making payment PCL shall have the right to use any money paid by you to first pay legal and other costs, then interest and then the actual loan amount.
  5. PCL reserves the right to engage third party debt collectors to recover any total outstanding balance at your cost.
  6. The amount owing by you to PCL at any time may be shown by a statement in which PCL’s Officer has worked out and has stated as amount owing. The statement will be proof of the amount owed to PCL by you and will be used in any legal proceeding and shall be accepted by the court as correct unless the Customer proves that it is incorrect.

11. PCL’S DATA PROTECTION POLICY

  1. It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
  2. It is hereby understood and agreed that by signing this contract the Borrower:
    • Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
    • consents to PCL processing the data as per its internal company policy;
    • has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
    • is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
  3. PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
  4. For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at protection@platinumcredit.co.ke.
  5. Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement.

12. DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION

  1. You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
  2. Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on feedback@platinumcredit.co.keand/or info@platinumcredit.co.ke.
  3. Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
  4. The parties hereby agree that the Arbitrator shall have power, inter alia, to:
    • consolidate proceedings and have concurrent headings;
    • award security for costs and order the preservation of evidence;
    • make provisional awards;
    • act in default of the parties;
    • apply the law determined by the conflict of laws rules which it considers applicable
  5. To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
  6. This agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.
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