USSD LOANS - Platinum Credit Services

TERMS AND CONDITIONS FOR CUSTOMER REGISTRATION ON PLATINUM CREDIT ONLINE LENDING PLATFORM

Welcome to our online lending platform, please read these terms and conditions for customer registration before proceeding to use any services:

Our online lending platform requires that you register by creating an account with us to be able to access our various online lending 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 under your account.
By signing up or otherwise using the Platinum Credit online lending platform, you have read and understood our Terms and Conditions of registration and agree to be bound by these Terms and Conditions.
If you do not accept all of these Terms and Conditions of Registration, then you may not complete registration and you are advised to discontinue the registration process.
Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each Platinum Credit e-loan product as you shall be bound by the said terms and conditions of each Platinum Credit e-loan product.

TERMS & CONDITIONS FOR LBF PATAPATA LOAN PRODUCT

WHEREAS you (hereinafter referred to as the borrower) has applied to PLATINUM CREDIT LIMITED for the loan facility described above and Platinum Credit has agreed to grant the loan facility, it is hereby agreed as follows:

All loan facilities borrowed via Platinum Credit’s mobile platforms will be secured on a pre-existing charged security asset, until both facilities are fully paid.
In case of default of the LBF patapata top up loan; both facilities shall be deemed to be in arrears and normal collection processes shall apply.
The maximum loan term for the LBF patapata top up loan is 1 month.
Where a motor vehicle has been provided as security asset, the borrower undertakes to:
Cause the motor vehicle to be and remain registered jointly with Platinum Credit 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.
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.
1. Keep the vehicle insured at all times. Platinum Credit 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 Platinum Credit 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 the borrower to Platinum Credit under this agreement.
1. 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.
1. 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.
1. Not take, or permit to be taken, the motor vehicle out of the Republic of Kenya.
1. Punctually pay all licenses, duties, fees, and registration charges as and when they fall due.
1. Endorse Platinum Credit as the principal beneficiary of any dues arising from an insurance claim relating to the motor vehicle used as security.
1. The Borrower 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:
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 Platinum Credit of the specific dates, and arrange to have the said Motor Vehicle to be held at an approved yard.
1. Should a tracking device develop a technical fault within the course of this loan agreement, Platinum Credit and the tracking company service provider will contact the Borrower. It’s the Borrower’s responsibility to cooperate with Platinum Credit 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, Platinum Credit will institute repossession procedures of the affected motor vehicle after 24 hours from notification, for storage at a designated yard, at the customer’s cost.
Upon full payment of the loan and related charges Platinum Credit shall return the title documents of the security asset provided by the Borrower and exit the joint ownership of the same with the Borrower.
This agreement is governed by all the terms and conditions of the Movable Property Security Rights Act No. 13 Laws of Kenya.
The Borrower authorizes Platinum Credit to access any information available to assess his/her application and also gives Platinum Credit permission to register details of the conduct of the Borrower’s account with any credit bureau, and the Borrower waives any claim he or she may have against Platinum Credit in respect of such disclosure.
Platinum Credit is also at liberty to discount on or trade in the debt arising from this loan without making any further reference to the borrower.
Unpaid cheques will be subjected to late payment penalty 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 9 below.
Rescheduled installments will be subjected to a rescheduling fee of 10% of the installment. Rescheduling is allowed once per installment.
For loans settled in a period less than two months, full origination costs and interest will be recovered.
Platinum Credit will collect full interest accrued on any account settled after the final payment due date as per original contract.
Platinum Credit Limited is not liable for any acts of fraud committed by third parties using the borrower’s mobile phone or account details. The borrower is advised to exercise due care to ensure that no unauthorized persons are accessible to their mobile phones or account details.
The Borrower authorizes Platinum Credit to access any information available to assess his or her application, and also gives Platinum Credit permission to register details of the conduct of the Borrower’s account with any credit bureau, and the Borrower waives any claim he or she may have against Platinum Credit in respect of such disclosure.
By accepting these terms and conditions, you authorize Platinum Credit to access your credit history from a registered Credit Reference Bureau.

TERMS & CONDITIONS FOR LBF PATAPATA REFINANCE LOAN PRODUCT

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
Only prequalified clients are eligible to apply for the LBF patapata refinance loan via the online platform application.
An approved LBF patapata refinance loan will attract the following charges

(i) Security/commissioning/Search Fees Kes 2,500

(ii) Processing Fees Kes 2,000.

(iii)Tracking Fees Kes 1,700

The interest rate to be charged on any LBF patapata refinance loan will be similar to the interest rate applied on the original loan.
After disbursement of the refinanced LBF patapata refinance loan, the borrower must within 7 days submit new cheques as per the new loan schedule, failure to which Platinum Credit Limited will continue banking the cheques in its custody. If the cheques are not submitted after 30 days of disbursement of the LBF patapata refinance Loan, Platinum Credit Limited will commence repossession process of the security.
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.
The terms and conditions under which the original loan was approved will apply to the new refinanced LBF patapata refinance loan, in addition to the news terms which are specific to the refinanced LBF patapata refinance loan.
Each eligible borrower will be provided with a specific maximum amount subject to a maximum of KES 650,000 -which they can apply for, this amount shall be determined during pre-qualification.
The existing security shall be used as a continuing security for the new LBF patapata refinance loan.
PCL shall reserve the right to amend the initial notice with the Registrar of Security Rights to capture the refinanced amount.
Only one LBF Loan account/facility can be refinanced where the borrower has two existing loans.
In case of default, the normal collections process as per the original terms and conditions of the refinanced LBF loan will apply.
Platinum Credit Limited is not liable for any acts of fraud committed by third parties using the borrower’s mobile phone or account details. The borrower is advised to exercise due care to ensure that no unauthorized persons are accessible to their mobile phones or account details.
The Borrower authorizes Platinum Credit to access any information available to assess his or her application, and also gives Platinum Credit permission to register details of the conduct of the Borrower’s account with any credit bureau, and the Borrower waives any claim he or she may have against Platinum Credit in respect of such disclosure.
By accepting these terms and conditions, you authorize Platinum Credit to access your credit history from a registered Credit Reference Bureau.

TERMS AND CONDITIONS FOR PATAPATA CASH CIVIL SERVANTS LOAN PRODUCT

1. The Loan

At the Borrower’s request, Platinum Credit agrees to make available to the Borrower the advised loan amount on the terms and conditions set out in this agreement.
1. The Borrower has 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 (Customer’s ID No).
1. The Borrower acknowledges and accepts the terms and conditions upon which payment of the loan amount shall be made by Platinum Credit.

2. Interest

The monthly interest charged on your loan shall be as per the rate schedule in 2.2 for Civil Servant Loans. As a benefit for longer term borrowing, Platinum Credit shall discount the monthly interest rate as set out below. These discount rates will only be applicable in the event of the borrower effecting 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 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%].
- 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 2.2. If the borrower fails to pay any amount which the borrower owes Platinum Credit in terms of this agreement on the due date of such amount, Platinum Credit shall be entitled to charge interest on the amount the borrower has not paid or delayed to pay at the same rate as that stated in Clause 2.2 above.
- In the event of early settlement, loan administration fees will be charged in full.
- Due to market conditions, Platinum Credit may increase the interest charge by giving you one calendar months’ notice in advance

3. Payment

The Borrower must repay the loan in the installments as advised.
- The Borrower agrees that Platinum Credit 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.
- The Borrower hereby gives Platinum Credit 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.
- No cash should be handed to an employee of Platinum Credit, Platinum Credit shall not take ANY responsibility for money paid to any of its employees. All cash deposits should be made to Platinum Credit CO-OP Bank A/C No. 01136081619501 or through our Mpesa paybill number 810902: A/C (Customer’s ID No.)
- 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. Costs and Charges

The Borrower agrees that, if Platinum Credit has to use lawyers because the Borrower has not carried out any part of this agreement, the Borrower will have to pay Platinum Credit all the costs due to Platinum Credit’s lawyers.

5. Insurance

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

6. Breach

In the event:-
- 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
- Any other breach by the Borrower of the terms of this agreement;
- 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 penalty interest and all other charges and expenses owing to Platinum Credit by the Borrower shall become immediately due and payable to Platinum Credit and without giving notice to the Borrower or affecting any of Platinum Credit’s rights under this agreement. Platinum Credit shall be entitled to terminate this agreement and claim/or recover from the Borrower any damages/losses it, may have suffered as a consequence.
- In the event of a default by the Borrower in making payment Platinum Credit 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.
- Platinum Credit reserves the right to engage third party debt collectors to recover any total outstanding balance at the debtor’s cost.
- 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.
- The amount owing by the Borrower to Platinum Credit 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 Platinum Credit 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.

7. General

This agreement is the whole agreement between Platinum Credit and the Borrower. It cannot be changed; in case of any changes therein, the said changes will be communicated to the Borrower.
- 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.
- Platinum Credit will give at the Borrowers request a statement setting out all deductions from his/her salary, outstanding balance and any amount payable in arrears.
- 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.
- The maximum amount that can be approved and disbursed under the PATAPATA CASH Civil Servants loan product is Kes 650,000
- The PATAPATA CASH civil servants loan will be governed by the terms and conditions herein.
- In case of default, the normal collections process as per the terms and conditions of civil servants loan product will apply.
- PATAPATA CASH Civil Servants loan applicant/borrower should read and familiarize themselves with the terms and conditions of civil servants loans herein.
Platinum Credit Limited is not liable for any acts of fraud committed by third parties using the borrower’s mobile phone or account details. The borrower is advised to exercise due care to ensure that no unauthorized persons are accessible to their mobile phones or account details.
The Borrower authorizes Platinum Credit to access any information available to assess his or her application, and also gives Platinum Credit permission to register details of the conduct of the Borrower’s account with any credit bureau, and the Borrower waives any claim he or she may have against Platinum Credit in respect of such disclosure.
By accepting these terms and conditions, you authorize Platinum Credit to access your credit history from a registered Credit Reference Bureau.

TERMS AND CONDITIONS FOR SALARY ADVANCE LOAN PRODUCT