USSD LOANS

USSD TERMS AND CONDITIONS

  1. THE AGREEMENT
     1.1 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.
    1.2 These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.
  2. DEFINITIONS
    2.1 In these Terms and Conditions, the following words and expressions bear the following meanings:
    2.1.1 PCL means Platinum Credit Limited;
    2.1.2 Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
    2.1.3 Borrower means the person at whose request PCL will advance a loan facility;
    2.1.4 Call Centre means PCL’s call center;
    2.1.5 Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
    2.1.6 LBF means Log Book Finance;
    2.1.6.1 LBF Quickcash is an overdraft loan product that allows you to borrow an additional loan amount equivalent to your instalment amount with the intention of clearing your instalment due.
    2.1.6.2 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.
    2.1.7 Products means the various loan facilities offered by PCL;
    2.1.8 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;
    2.1.9 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;
    2.1.10 Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security over all and every part of the secured asset;
    2.1.11 Secured asset is the asset over which the loan facility is secured;
    2.1.12 SMS means a short message service consisting of a text message transmitted from one mobile to another;
    2.1.13 System means PCL’s electronic lending platform and communications software enabling the borrower to communicate with PCL for the purposes of these services;
    2.1.14 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.
    2.1.15 We, our and us means PCL and includes the successors and assigns of the PCL;
    2.1.16 You and your means the borrower and includes the personal representatives of the Borrower;
    2.1.17 USSD T&C’s means these USSD Terms and Conditions.
    2.1.18 The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
    2.1.19 Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
    2.1.20 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
    3.1 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;
    3.2 Thereafter, you will be required to register on our system.
    3.3 By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
    3.3.1 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;
    3.4 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.
    3.5 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.
    3.6 By accepting these Terms and Conditions, you authorize PCL to access your credit history from a registered Credit Reference Bureau.
    3.7 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
    4.1 Our system requires that you register by creating an account with us to be able to access our various products;
    4.2 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.
    4.3 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;
    4.4 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.
    4.5 You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to register details of your conduct of your loan account with any Credit Reference Bureau, and you waive any claim you may have against PCL in respect of such disclosure.
    4.6 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.
    4.7 If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
    4.8 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
    5.1 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:
    5.1.1 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;
    5.1.2 Commissions at such rates as PCL may determine from time to time;
    5.1.3 Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
    5.2 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
    6.1 You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
    6.2 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.
    6.3 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.
    6.4 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.
    6.5 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
    7.1 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.
    7.2 PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
    7.2.1 Failure, malfunction, interruption or unavailability of your equipment;
    7.2.2 Any fraudulent or illegal use of the online lending platform or equipment;
    7.2.3 Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our system.
    7.3 All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.
  8. INTELLECTUAL PROPERTY RIGHTS
    8.1 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
    9.1 All requests received from your equipment will be presumed to be executed by you.
    9.2 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.
    9.3 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;
    9.4 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.
    9.5 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.
    9.6 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.
    9.7 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.
    9.8 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.
    9.9 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 VARIOUS PCL LOAN PRODUCTS

10.1 LBF QUICKCASH
10.1.1 The loan
10.1.1.1 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 Quickcash loan facility are fully settled.
10.1.1.2 In case of default of the LBF Quickcash 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.
10.1.1.3 The maximum loan amount under this product is Kshs. 100,000.
10.1.1.4 A 10% processing upfront fee shall be charged on the loan.
10.1.1.5 Where the loan is not fully repaid within 7 days from the due date, a roll over fee of 10% of the loan balance will be applied to the loan account.
10.1.1.6 PCL reserves the right to amend the initial notice with the Registrar of Security Rights to capture the Quickcash loan amount advanced via USSD.

10.1.2 The loan term
10.1.2.1 The maximum loan term for the LBF Quickcash loan is 1 month.

10.1.3 The security asset
10.1.3.1 Where a motor vehicle has been provided as security asset, you undertake to:
10.1.3.1.1 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.
10.1.3.1.2 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.
10.1.3.1.3 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.
10.1.3.1.4 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.
10.1.3.1.5 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.
10.1.3.1.6 Not take, or permit to be taken, the motor vehicle out of the Republic of Kenya.
10.1.3.1.6.1 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.
10.1.3.1.7 Punctually pay all licenses, duties, fees, and registration charges as and when they fall due.
10.1.3.1.8 Endorse PCL as the principal beneficiary of any dues arising from an insurance claim relating to the motor vehicle used as security.
10.1.3.1.9 You should ensure that he/she has taken due care to enable the tracking of the motor vehicle used as security through, but not limited to the following obligations:
10.1.3.1.10 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.
10.1.3.1.11 Should a 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.
10.1.3.2 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.
10.1.3.3 This agreement is governed by all the terms and conditions of the Movable Property Security Rights Act No. 13 Laws of Kenya.
10.1.3.4 PCL is also at liberty to discount on or trade in the debt arising from this loan without making any further reference to you.

10.1.4 Unpaid cheques
10.1.4.1 Unpaid cheques will be subjected to a rollover fee of 10% of the cheque amount and actual bank charges or Kes 3,000/- whichever is higher within 7 days from the due date and a further 15% of the cheque amount as collection charges thereafter. The installment defaulted upon will be considered as a rescheduled loan as per clause 10.1.5 below.

10.1.5 Rescheduled installments
10.1.5.1 Rescheduled installments will be subjected to a rescheduling fee of 10% of the installment. Rescheduling is allowed once per installment.

10.1.6 Early Loan Settlement
10.1.6.1 For loans settled in a period less than two months, full origination costs, fees and interest will be recovered.

10.1.7 Overdue loan term
10.1.7.1 PCL will collect full interest accrued on any account settled after the final payment due date as per original contract.

10.2 LBF REFINANCE LOAN
10.2.1 The Loan
10.2.1.1 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
10.2.2 Only prequalified clients are eligible to apply for the LBF refinance loan via USSD.
10.2.2.1 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.

10.2.3 Charges
10.2.3.1 An approved LBF refinance loan will attract the following charges
10.2.3.1.1 Security/commissioning/Search Fees Kes 2,500
10.2.3.1.2 Processing Fees Kes 2,000.
10.2.3.1.3 Tracking Fees Kes 1,700

10.2.4 Interest
10.2.4.1 The interest rate to be charged on any LBF refinance loan will be similar to the interest rate applied on the original loan.

10.2.5 The security asset
10.2.5.1 Where a motor vehicle has been provided as security asset, you undertake to:
10.2.5.1.1 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.
10.2.5.1.2 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.
10.2.5.1.3 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.
10.2.5.1.4 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.
10.2.5.1.5 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.
10.2.5.1.6 Not take, or permit to be taken, the motor vehicle out of the Republic of Kenya.
10.2.5.1.6.1 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.
10.2.5.1.7 Punctually pay all licenses, duties, fees, and registration charges as and when they fall due.
10.2.5.1.8 Endorse PCL as the principal beneficiary of any dues arising from an insurance claim relating to the motor vehicle used as security.
10.2.5.1.9 You should ensure that he/she has taken due care to enable the tracking of the motor vehicle used as security through, but not limited to the following obligations:
10.2.5.1.10 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.
10.2.5.1.11 Should a 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.
10.2.5.2 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.
10.2.5.3 This agreement is governed by all the terms and conditions of the Movable Property Security Rights Act No. 13 Laws of Kenya.
10.2.5.4 PCL is also at liberty to discount on or trade in the debt arising from this loan without making any further reference to you.

10.2.6 Cheques
10.2.6.1 After disbursement of the refinanced LBF refinance loan, you must within 7 days submit new cheques as per the new loan schedule, failure to which PCL will continue banking the cheques in its custody. If the cheques are not submitted after 30 days of disbursement of the LBF refinance Loan, PCL will commence repossession process of the security.

10.2.7 Disbursement
10.2.7.1 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.

10.2.8 Additional terms and conditions
10.2.8.1 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.

10.2.9 Maximum loan amount
10.2.9.1 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.

10.2.10 The security asset
10.2.10.1 The existing security shall be used as a continuing security for the LBF refinance loan.
10.2.10.2 PCL shall reserve the right to amend the initial notice with the Registrar of Security Rights to capture the refinanced amount.

10.2.11 Loan account
10.2.11.1 Only one LBF Loan account/facility can be refinanced where the borrower has two existing loans.
10.2.11.2 In case of default, the normal collections process as per the original terms and conditions of the refinanced LBF loan will apply.

10.3 PATAPATA CASH CIVIL SERVANTS LOAN PRODUCT
10.3.1 The Loan
10.3.1.1 At your request, PCL agrees to make available to you the advised loan amount on the terms and conditions set out in this agreement.
10.3.1.2 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 CO-OP bank account 01136081619501(Kimathi Branch) and/or on our Mpesa Pay Bill number 810902: A/C (Borrower’s ID No).
10.3.1.3 You acknowledge and accept the terms and conditions upon which payment of the loan amount shall be made by Platinum Credit.

10.3.2 Interest
10.3.2.1 The monthly interest charged on your loan shall be as per the rate schedule in 10.3.2.2 for Civil Servant Loans. As a benefit for longer term borrowing, PCL shall discount the monthly interest rate as set out below. These discount rates will only be applicable in the event that you effect payments as scheduled and over the term agreed with Platinum Credit. Should you wish to prepay the loan, the discount will be forfeited and the interest rate applied shall be in line with the schedules 10.3.2.2.
10.3.2.2 The discounted rates per month applicable on the amount borrowed on Civil Servant Loans are as follows:-
1-2 months – [ 20%], 3-5 months – [15 %], 6-8 months – [10 %], 9-15 months – [7.5 %], 16-20 month – [ 6.5%], 21-24 months [6%], 25 – 30 months – [ 5.5%], 31 – 36 months – [ 5.0%], 37 – 40 months – [ 4.5%], 41 -48 months [3.75%], 49-60 Months [3.75%].
10.3.2.3 Interest shall be calculated monthly. The interest shall apply to the initial capital sum at a flat rate per month according to the terms referred to in 10.3.2.2. If you fail to pay any amount which you owes PCL in terms of this agreement on the due date of such amount, PCL shall be entitled to charge interest on the amount you have not paid or delayed to pay at the same rate as that stated in Clause 10.3.2.2 above.
10.3.2.4 In the event of early settlement, loan administration fees will be charged in full.
10.3.2.5 Due to market conditions, PCL may increase the interest charge by giving you one calendar months’ notice in advance

10.3.3 Payment
10.3.3.1 You must repay the loan in the installments as advised.
10.3.3.2 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.
10.3.3.3 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.
10.3.3.4 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 CO-OP Bank A/C No. 01136081619501 or through our Mpesa paybill number 810902: A/C (Borrower’s ID No.)
10.3.3.5 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.

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

10.3.5 Breach
10.3.5.1 In the event:-
10.3.5.1.1 Any failure by you to pay any amount which is owing to this agreement in full and on the dates you have to, or
10.3.5.1.2 Any other breach by you of the terms of this agreement;
10.3.5.1.3 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.
10.3.5.1.4 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.
10.3.5.2 PCL reserves the right to engage third party debt collectors to recover any total outstanding balance at your cost.
10.3.5.3 Please note that the responsibility to ensure timely payment of the installments lies with you, the company reserves the rights to charge and capitalize interest on late payments and to recover it either during or after the contractual term of the loan.
10.3.5.4 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.

10.3.6 General
10.3.6.1 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.
10.3.6.2 PATAPATA CASH civil servants loan disbursement will be done via M-PESA up to a maximum amount of Kes 140,000, any higher amounts will be disbursed via the borrower’s bank account.
10.3.6.3 The maximum amount that can be approved and disbursed under the PATAPATA CASH Civil Servants loan product is Kes 650,000
10.3.6.4 The PATAPATA CASH civil servants loan will be governed by the terms and conditions herein.
10.3.6.4.1 In case of default, the normal collections process as per the terms and conditions of civil servants’ loan product will apply.
10.3.6.4.2 PATAPATA CASH Civil Servants loan applicant/borrower should read and familiarize themselves with the terms and conditions of civil servants’ loans herein.

10.4 SALARY ADVANCE LOAN PRODUCT
10.4.1 The Loan
10.4.1.1 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.
10.4.1.2 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).
10.4.1.3 The Borrower acknowledges and accepts the terms and conditions herein upon which payment of the loan amount shall be made by Platinum Credit.

10.4.2 Fee payable
10.4.2.1 A fee of 15% will be charged upfront.

10.4.3 Payment
10.4.3.1 The salary advance repayment will take precedence over other running loans.
10.4.3.2 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.
10.4.3.3 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.
10.4.3.4 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 CO-OP A/C No. 01136081619501(Kimathi Branch) or paid through Platinum Credit’s Mpesa paybill no 810902.
10.4.3.5 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.

10.4.4 Costs and Charges
10.4.4.1 There shall be a roll over interest fee charged at 10% on the 32nd day, 10% on the 64th day and a further 10% on the 96th day where the loan amount remains unpaid.
10.4.4.2 The Borrower agrees that, if PCL has to use lawyers because the Borrower has not carried out any part of this agreement, the Borrower will have to pay PCL all the costs due to Platinum Credit’s lawyers.

10.4.5 Breach
10.4.5.1 In the event:-
10.4.5.1.1 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
10.4.5.1.2 Any other breach by the Borrower of the terms of this agreement;
10.4.5.1.3 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.
10.4.5.2 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.
10.4.5.3 PCL reserves the right to engage third party debt collectors to recover any total outstanding balance at the debtor’s cost.
10.4.5.4 Please note that the responsibility to ensure timely payment of the installments lies with the Borrower, the company reserves the rights to charge and capitalize interest on late payments and to recover it either during or after the contractual term of the loan.
10.4.5.5 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.

10.4.6 Statements
10.4.6.1 PCL will give at your request a statement setting out all deductions from your salary, outstanding balance and any amount payable in arrears.

10.5 PERSONAL LOANS QUICK CASH PRODUCT
10.5.1 The loan duration is 1 Month.
10.5.2 The Customer must have paid at least 1 instalment.
10.5.3 The Customer should not be in arrears.
10.5.4 The processing fee charged upfront shall be 10% of the loan amount.
10.5.5 The loan amount shall be half the monthly instalment with a limit of Kshs 50,000.
10.5.6 The loan shall be disbursed by Mpesa.
10.5.7 The Terms and Conditions under which the original loan was approved will apply to the new refinanced Personal Loan Quickcash loan.
10.5.8 There shall be a roll over interest fee charged at 10% on the 32nd day, 10% on the 64th day and a further 10% on the 96th day where the loan amount remains unpaid.
10.5.9 The Customer should read and familiarize themselves with the general Terms and Conditions for CS loans.

11. DISPUTE RESOLUTION, JURISDICTION AND ARBIRTRATION
11.1 You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
11.2 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.
11.3 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.
11.4 The parties hereby agree that the Arbitrator shall have power, inter alia, to:
11.4.1 consolidate proceedings and have concurrent headings;
11.4.2 award security for costs and order the preservation of evidence;
11.4.3 make provisional awards;
11.4.4 act in default of the parties;
11.4.5 apply the law determined by the conflict of laws rules which it considers applicable
11.5 To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
11.6 This agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.