Borrower Schedule
This schedule is supplemental to the Terms
1. Interpretation
The definitions and rules of interpretation in this clause apply to this Schedule.
Affordability Checks: means the open banking and accounting affordability checks we carry out from time to time in order to determine your eligibility for Credit.
Borrower: means any business entity registered on the Platform for the purposes of obtaining credit.
Credit: means any credit provided to you via our Platform by a Lender.
Credit Checks: means any credit checks we deem appropriate to carry out, in order to assess your creditworthiness, or your ability to afford financial products.
Invoice: means any invoice for services or fees provided uploaded onto the Platform from time to time.
Lender: means: (i) us (where we issue Credit to you in connection with the Contract), or (ii) a third party lender introduced to you by us, where that third party lender issues Credit to you in connection with the Contract.
Subscription Allowance: means the amount of Credit available to you in accordance with your Contract, as set out in the order process.
Subscriber: means a client, who has enrolled onto a paid Subscription Model.
Subscription Agreement: means one of our subscription contracts (which will be agreed with you throughout the order process), providing you with the additional benefits set out in clause 2.
Suppliers: means any supplier that has been onboarded onto the Platform.
Transaction Amount: the total amount of Credit provided to you via our Platform for a particular invoice, exclusive of any value added tax or other taxes.
2. Credit
We may offer you credit subject to you passing credit checks, the terms of such credit will be governed by a credit agreement.
When you enrol onto the Platform as a Borrower you will have the ability to:
have the ability to add Suppliers to the Platform for approval by us; and
the ability to apply for Credit, in order to split any Invoice into up to 12 consecutive monthly payments; subject to you supplying all documentation and other information reasonably requested by us to satisfy our know-your-customer and anti-money laundering checks and regulatory requirements.
In addition to the above, if you purchase a Subscription Agreement you will be entitled to apply for Credit, in order to split any Invoices into consecutive monthly payments in accordance with the Subscription Agreement set out in the Order Form, at 0% interest, subject to:
the Customer Supplier being approved by us;
the total amount of Credit awarded to you throughout the Subscription Term by one or more Lenders, will not exceed the Subscription Allowance; and
you supplying all documentation and other information reasonably requested by us to satisfy our know-your-customer and anti-money laundering checks and regulatory requirements.
Where you have purchased a Subscription Agreement this is a non-revolving facility of credit only.
3. Credit Checks
In order to provide you with Credit, you agree and acknowledge that we must determine your eligibility for such Credit. As such, you hereby authorise us (at our absolute discretion) to:
carry out any Credit Checks we deem appropriate, on or around the Effective Date;
contact your Supplier, where applicable, to verify a Supplier Invoice uploaded by you onto the Platform, if deemed necessary; and
carry out any Affordability and Credit Checks we deem appropriate, each and every time you apply for Credit via the Platform.
To facilitate our Credit Checks you must maintain active open banking and open accounting connections at all times, and failure to do so may result in us withholding Credit at our discretion and at no liability to you.
Each application for Credit, via our Platform shall be assessed individually. We may withdraw your ability to obtain Credit, should you at any time fail to pass our Affordability Checks (including but not limited to circumstances where your financial performance deteriorates). Should your affordability subsequently improve, we may (at our sole and absolute discretion) reinstate your ability to apply for Credit. We may also refuse to grant you Credit where you require Credit for categories of funding for which we do not offer Credit (“Excluded Categories”), list of which can be provided to you on request.
4. Details
Any Credit applied for and provided on the terms of this Agreement, will be subject to the following:
the maximum Transaction Amount when applying for, or receiving Credit, shall be £150,000 unless approved by our credit team;
the minimum Transaction Amount when applying for, or receiving Credit, shall be no less than £1,000. For Transaction Amounts less than £2,000 there shall be a one-off £5 servicing fee;
the aggregate exposure of across all loans on the Platform cannot exceed their credit limit at any one time; and
for Subscribers the total amount of Credit awarded to you throughout the Subscription Term by one or more Lenders, will not exceed the Subscription Allowance as defined in your order form.
5. FX Late Payment Fees
For those splitting a supplier invoice not denominated in GBP, once you accept and agree an indicative exchange rate in order to split the supplier invoice, if you do not make payment within 12 hours you will be subject to the following fees:
If the transaction is cancelled due to failure to proceed with the loan as a result of you failing to perform all steps necessary to ensure the loan continues: a fee of £50.00 plus any costs incurred to cancel the transaction including those due movements in the exchange rate between the exchange rate the transaction is booked at and the prevailing exchange rate at the time of cancellation; or
If payment is received more than 12 (twelve) hours after You accept the indicative exchange rate a Delayed Payment Fee of £50.00 plus any costs of holding the transaction open including any charges due to movements in the exchange rate between the exchange rate the transaction is booked at and the prevailing rate at the time of any hedging transaction booked to minimise loses.
