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 3^rd 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 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 applicable interest and the loan origination costs have been provided on the loan form.
   4. The maximum loan amount under this product is Kes. 100,000.
   5. A 10% processing upfront fee shall be charged on the loan.
      1. There shall be a roll over interest charged at 10% on the 7^th day in arrears, 10% on the 32^nd day in arrears, 10% on the 67^th day in arrears and a further 10% on the 92^nd day in arrears where the loan amount remains unpaid.
   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.
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.

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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 3^rd 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 term
   1. An approved LBF USSD refinance loan will attract the following loan origination costs:
      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

   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 thAe 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

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 3^rd 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. PATAPATA CASH CIVIL SERVANTS LOAN PRODUCT

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 CO-OP bank account 01136081619501(Kimathi Branch) 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% and 96 months – 2.53%.

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

Loan Origination Costs

1. The Appraisal amount is 12.5% of the loan amount applied and in cases of Refinance the appraisal amount shall be 12.5% of the take home.
2. The Monthly Collection fee is Kshs. 200.

Repayment

3. You must repay the loan in the installments as advised.
4. 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.
5. 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.
6. 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.)
7. 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. PATAPATA CASH civil servants 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 PATAPATA CASH Civil Servants loan product is Kes 1,000,000.
4. The PATAPATA CASH civil servants 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. PATAPATA CASH Civil Servants 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

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 3^rd 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. Fee payable
   1. A fee of 15% will be charged upfront.
3. Payment
   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 CO-OP A/C No. 01136081619501(Kimathi Branch) 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. Cost and Charges
   1. There shall be a roll over interest charged at 10% on the 7^th day in arrears, 10% on the 32^nd day in arrears, 10% on the 67^th day in arrears and a further 10% on the 92^nd day in arrears where the loan amount remains unpaid.
   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

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 3^rd 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. The loan processing fee is 15% of the loan amount.
   1. The processing fee of 15% of the loan amount shall be capitalized.
4. 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.
5. There shall be a roll over interest charged at 10% on the 7^th day in arrears, 10% on the 32^nd day in arrears, 10% on the 67^th day in arrears and a further 10% on the 92^nd day in arrears where the loan amount remains unpaid.
6. The Customer should read and familiarize themselves with the general Terms and Conditions for CS loans.
7. 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.
8. 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.
9. PCL reserves the right to engage third party debt collectors to recover any total outstanding balance at the debtor’s cost.
10. 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

• 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. 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. 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. 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. 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. 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. 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. 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. 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

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 3^rd 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 Kes. 5,000 while the maximum loan amount is Kes. 100,000.
3. The loan shall be disbursed by Mpesa.
4. The mode of repayment is by Mpesa.
5. A processing fee of 10% of the loan amount shall be deducted upfront.
6. Mpesa charges shall be deducted upfront on disbursement.
7. A roll over interest of 10% of the outstanding loan amount shall be charged for any unpaid instalment as hereunder:
   1. There shall be a roll over interest charged on the outstanding amount at 10% on the 7^th day in arrears, 10% on the 32^nd day in arrears, 10% on the 67^th day in arrears where the loan amount remains unpaid.
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.

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

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 3^rd 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 processing fee of 15% of the loan amount shall be deducted upfront.
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.

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

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. 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. 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. 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.

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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. 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.
  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 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.
  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.

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. 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. 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.

• 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.

Administration fee

1. An administrative fee of 5% of the total loan amount applied shall be charged on the loan amount applied.

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

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;

• In the event that this agreement is breached; 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 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.

1. 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.
2. PCL reserves the right to engage third party debt collectors to recover any total outstanding balance at your cost.
3. 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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