Lender Agreement - Terms of Use

Last updated January 2019


GENERAL TERMS


These terms and conditions, including the Privacy Policy, constitute a contract (the “Contract”) between you and Deki Limited (herein referred to as ‘Deki’), and govern your relationship with Deki and all transactions that may occur between yourself and Deki. This Contract also governs your use of the Deki Website and all services provided by Deki to you. Whether or not you intend to become a lender, by using this website, you agree to all of the terms and conditions of this Contract.  This Contract is to be construed in accordance with the laws of the England and Wales and you hereby submit to the exclusive jurisdiction of the courts of England and Wales in relation to any disputes that may arise under this Contract. You must read all of the terms and conditions set out in this Contract, prior to entering into any transactions with Deki.  If you do not agree to be bound by this Contract you should not enter into any transactions with Deki and you must discontinue your use of the Deki Website; your continued use of the Deki Website and/or the entering into of a transaction with Deki constitutes your agreement to be bound by the terms and conditions of this Contract.
This Contract supersedes any other agreement to which you and Deki may have been bound and any representations made outside of this Contract are hereby excluded.

For the purposes of this Contract, the term “Programme” refers to the micro-loan program operated by Deki. The term “Deki Website” refers to www.deki.org.uk. The term “Field-Partner” refers to the organisation that operates in the country of and administers the loan to the person(s) to whom you lend money through the Programme, this person or persons being the (“Entrepreneur(s)”). The term “Lender” refers to any person, including you, who lends money through the Programme.  The term “Loan” refers to the money you lend through the Programme.

PLEASE NOTE - Deki may modify the Contract as its discretion, and such amendments will become binding once they are posted on the Deki Website. Your participation in the program and use of any Deki services including the Deki Website are subject to such modifications. You alone are responsible for checking the Deki Website regularly for any new amendments.  Headings used are for reference purposes only, and do not in any way describe, limit or explain the scope of each section.


1    PARTICIPATION IN THE PROGRAMME

You may participate in the programme as a Lender by creating an online account on the Deki Website, registered to your email account. All transactions between Lenders and Entrepreneurs must be conducted through a Deki account. You can add credit to your account directly or cover the cost of lending at the check-out process. If you have funds available in your account, whether via a credit top-up, or following a repayment, this will be applied to your next loan. All credit in your account must be lent and repaid to your Deki account before you can withdraw it and you must have a PayPal account to withdraw funds from Deki’s system.

Warning – Entrepreneurs may be considered as “risky” in conventional lenders’ terms. This may be due to, for example, a lack of credit history, financial instability, limited or no access to other resources, or geographic location. By participating in this Programme, or by using the Deki Website, you hereby understand that Deki in no way represents, warrants or otherwise guarantees that any funds you lend to a Entrepreneur via the Deki Website will be repaid, and you understand that any loans made via the website bear the burden of a high-risk of non-repayment.  THERE CAN BE NO GUARANTEE THAT ANY MONIES LENT TO A ENTREPRENEUR WILL BE REPAID AND EACH LENDER ASSUMES THE RISK OF THE LOSS OF ANY MONIES LENT.

1.1    Making and disbursing of Loans - Each Loan made by you will be disbursed to a Field Partner(s) for ultimate disbursement to the Entrepreneur that you have selected for receipt of a Loan. The minimum Loan payable is £10. Once confirmed, all Loans are non-refundable. Deki aggregates Loans from multiple Lenders via the Deki Website and passes 100% of these Loans to the Field Partner(s) for disbursement to the Entrepreneur(s) selected for funding on the Deki Website. If any interest is earned on such funds while they are held in Deki’s account prior to being disbursed to a Field Partner such interest will be contributed to fund Deki’s operations.

Once a Loan is fully funded on the Deki Website, the Loan amount is transferred to the Field Partner and must be disbursed to the Entrepreneur by the Field Partner within 60 days. This is to ensure they reach the recipients in good time. After this period, if still not distributed, the Loans needs to be returned to Deki by the Field Partner and then applied to the original Lenders’ Deki account credit. This is a safety mechanism that ensures the Loans are responsible and ethical.

1.2  Field Partner identification and processes - You understand that Deki identifies existing organisations that work in low-income communities and have a mission to reduce poverty by providing affordable working capital to low-income entrepreneurs to act as a Field Partner. It is understood that Deki is merely an intermediary in the Loan making process. Field Partners are solely responsible for screening each Entrepreneur and posting requests for Loans on the Deki Website. Deki expressly disclaims any responsibility to screen any Entrepreneur or any Field Partner, and shall have no liability whatsoever for any loss suffered by a Lender as the result of an action or inaction by any Entrepreneur or any Field Partner. If for any reason less than 100% of your Loan is repaid, you agree that Deki and its Field Partners shall have no liability therefore, and you hereby release and forever hold harmless Deki and its Field Partners for any loss you may incur. You should consult with your accountant and/or tax advisors to determine the appropriate tax treatment of such a loss. You understand that you are solely responsible for determining the proper tax treatment for any Loan you make through the Website and the Programme. Deki has not and will not provide any financial, tax or legal advice to you in connection with any Loan you might make or payment you might make in connection with the Programme.

1.3  Repayments - As Entrepreneurs repay the Loans, the Field Partner(s) record that repayment via our international banking platform. It is then the Field Partner’s responsibility and obligation to pay over, ie. transfer such collected Loan repayments to Deki.. Subject to clause 1.4 below, once paid to Deki, the repaid amounts on any Loan you make will be made available to you to remove from the Programme or to make a new Loan. Any amounts received by Deki from a Entrepreneur as repayment will be made available to the Lenders on a pro rata basis in accordance with the amounts loaned by such Lenders to such Entrepreneur. You hereby acknowledge and agree that none of the Entrepreneur(s), the Field Partner(s) or Deki will be obligated to make available to you any principal repaid on a Loan you have made except to the extent of any amount that has actually been received by Deki from a Field Partner with respect to such Entrepreneur by the end of the Loan’s term.  You further acknowledge and agree that no interest or other fees or amounts will be paid to you or any other Lender in connection with any Loan you make under the Programme. No interest is currently charged on any Loans posted on the Deki Website by Deki.  Interest may, however, be charged by the Field Partner(s) when they extend the Loan to the Entrepreneur; any such interest charged is retained by the Field Partner(s).

1.4  Deki may contact you (from time to time) via email or otherwise to ask you if you consent to any credit standing to the order of your Deki account being donated to Deki and Gift Aid being claimed on such amounts. To the extent that you consent to such action, notwithstanding the provisions of clause 1.3 above, any repaid amounts on any Loan will not be made available to you to remove from the Programme or to make a new Loan as such amounts will automatically be donated to Deki.

Auto-donate process: If within three months of the final repayment date of a Loan a Lender does not (i) have an active Loan and (ii) have any Loan repayment amounts made available to it (the “Inactive Period”), any repaid amounts made available to that Lender which are not re-lent or withdrawn from the Programme by that Lender and are left in that Lender’s account will be automatically donated to Deki on the business day following the last day of the Inactive Period. If a Lender terminates its participation in the Programme with a loan active then all repaid amounts on that Loan will be automatically donated to Deki. Seven (7) days before the funds are auto-donated, an email is sent to the email address associated with the Deki account informing the Lender that their funds will be auto-donated if no action is taken. The Lender then has seven (7) days to re-lend or request to withdraw the funds from their account before auto-donation takes place and funds are donated from their account

Dormant accounts: If your Deki account has no activity for 24 months, it will be considered dormant/inactive and we reserve the right to close it. Deki may contact you via email or otherwise to ask you if you consent to any credit standing to the order of your Deki account (from time to time) being donated to Deki and Gift Aid claimed on such amounts.

1.5   Loan Collection and Repayments by Field Partners. Loans are repaid by Entrepreneurs to Field Partners. Generally, as Entrepreneurs repay their Loans, Field Partners record that repayment via our international banking platform. It is then the Field Partner’s responsibility and obligation to pay over, ie. transfer such collected Loan repayments to Deki. The Loans and the terms on which they are repaid by the Entrepreneur may be restructured from time to time, in order to increase the likelihood that the Loan is repaid. You understand and hereby consent (without any notice thereof) to any restructuring of the terms of the Loan at Deki’s sole discretion, including, but not limited to, repayment terms and length of the Loan.

Please note that timings of distributions to Lenders of any collected repayment may vary and may be materially impacted because of circumstances that in Deki’s judgement, require Deki to conduct further reviews and corrections with respect to collected repayments. These may include (but not limited to): resolving issues regarding accuracy of repayment amounts, and corresponding data, etc.

Repayments that have been recorded by Field Partners on Deki’s online banking platform by the 22nd of any month are invoiced by Deki to its Field Partners. For repayment. Payments are expected to be made within 30 days thereafter (by the end of the following month). Once transfer of the collected repayment amount is received by Deki, the repayments are made available to the Lenders on their Deki account. Lenders are then notified of the repayment via email.

1.6  Defaulted Loans -Deki will deem a Loan to be in default if it is not repaid within six (6) months after the agreed upon maturity date of such Loan, provided, however that Deki and the applicable Field Partner reserve the right to extend such Loan’s maturity date upon mutual agreement under special circumstances. In the event that the term of the Loan is extended or the loan defaults, the principal that has been repaid to Deki will be made available to the Lender. Loan repayment prospect may depend on country context and related systems and regulatory constraints.

Loans not paid within 18 months will be written off.

1.7   Subject Access Request -  Records of each Loan you make and any repayment made to Deki and such amounts made available to you will be kept by Deki and, upon your request, will be made available to you at any time during the term of your participation in the Programme Loan. Deki handles all personal information in accordance with the General Data Protection Regulation (GDPR) 2018.

1.8  Withdrawal of funds – You are able to withdraw your account balance via your Deki profile. All credit in your account must be lent and repaid to your Deki account before you can withdraw it and you must have a PayPal account to withdraw funds from Deki’s system. You are able to withdraw funds over the amount of £10 or if a loan has been fully repaid. You will receive any withdrawal request, subject to sufficient credit being available in your Deki account, within 21 days from the original request, via PayPal.

1.9  Voluntary donations -  Deki is a charity. We therefore ask for a voluntary 20% donation when you make a payment into the Programme. This is in no way compulsory. All donations can be Gift Aided with your consent.

2    CONFIDENTIALITY, RIGHTS OF OWNERSHIP

2.1   Deki Trademarks - The Deki name and logo are trademarks and service marks of Deki. Deki owns and retains all proprietary rights in the Programme, the Deki Website and all material posted thereon (“Content”). The Content on the Deki Website is copyrighted in Deki’s name. You may not copy, modify, distribute, publish, transmit, perform, display or sell any material on the website without express permission from Deki.

2.2   Content - You agree that any messages, images, or information you post on the Deki Website will be considered Content for the purposes of this Contract. By posting such Content, you grant Deki an irrevocable, perpetual, non-exclusive, fully-paid, worldwide licence to: use, copy, perform, display, distribute, prepare derivative works of, and/or incorporate into other works, and grant and authorise sublicences in respect of such Content.

2.3   Data Collection - As a lender we have a contractual obligation to store your information. All use of your information will comply with the General Data Protection Regulation (GDPR) 2018. Deki adheres to the eight principles of data protection set out by the Information Commissioners Office (ICO). For more details about what data we store, the ways in which we store it, and your legal rights as a data subject see the Deki privacy policy.


3    LIMITATION OF LIABILITY

3.1   The Website User - You alone are responsible for the decisions made by you with respect to the Programme including, but not limited to, the extending of any Loan or posting of any Content. Deki shall not be responsible or liable for any damages (including any special, incidental, consequential or punitive damages) or personal injury or death, costs, losses (including any lost capital, or lost profits) or expenses to any person incurred as a result (directly or indirectly) of making a Loan to any Entrepreneur or as a result (directly or indirectly), participating in the Programme, or using or accessing the Deki Website, whether caused by any user, Field Partner, Entrepreneur or other person or by any of the equipment or programming associated with or utilized in the Programme, regardless of whether Deki was or was not aware of the risk of such loss. Deki will not be liable for any loss of any kind arising out of a force majeure event.  Deki does not represent, warrant, guarantee, or promise any specific results from use of the Website or the Programme.

3.2   Deki Website Content - The accuracy of any information you may receive, including, but not limited to any Entrepreneur profiles or updates regarding the repayment of any Loan, from the Field-Partner(s), Entrepreneur(s), or other users through the Deki Website or otherwise is not verified by Deki. You agree not to hold Deki liable for the accuracy and truth of, or any loss arising directly indirectly as a result of our use of or reliance on, any such information.  Deki assumes no responsibility for any error, omission, interruption, deletion, defect, delay in operation or transmission, communications line failure, theft or destruction or unauthorised access to, or alteration of, any communications in connection with the use of the Deki Website.  The Deki Website and its entire content, or any service provided in connection to the Programme, is provided “as is” with no representations or warranties of any kind, express or implied. These include, but are not limited to implied warranties of merchantability, fitness for a particular purpose and non-infringement. Deki will not be liable in any way to you or to any other person for any inaccuracy, error or delay in or omission of any third party data or the transmission or delivery of any such third party data and any loss or damage arising from any such inaccuracy, error, delay or omission, non-performance or interruption in any such third party data due either to any negligent act or omission by Deki or “force majeure” or any other cause beyond the control of Deki.  You assume full responsibility and accept the risk of the use of the Deki Website.

3.3   Third party conduct -  Deki is not responsible for the conduct or interaction between any user of the Deki Website or any other person, including any Field Partner or Entrepreneur, whether online or offline.  Your relationship with any Field-partner, Entrepreneur, or any other user you may come into contact with through the Programme or the Deki website is in no way controlled or regulated by Deki. Deki is in no way responsible for and waives all liability for any dispute you may have with such parties. Deki reserves the right to monitor any disputes which may occur, but has no obligation to do so.

3.4   Insolvency -  Should Deki become insolvent all money held by Deki in connection with the Programme will be available to Deki’s creditors and any money held by Deki in connection with a Loan made by you may not be returned to you in whole or in part.  You agree to hold Deki harmless for any losses you may incur as a result of its becoming insolvent.

3.5   Loan and Repayment Currency - You will make your Loan in British Pounds Sterling, but the Loan will be extended to the Entrepreneur(s) in the relevant local currency.  The value of the Loan is therefore converted into local currency in the international currency markets at the time the Loan amount is transferred to the Field Partner. Any amount repaid by the Entrepreneur is converted back into British Pounds Sterling when returned to Deki at the prevailing exchange rate of whichever currency exchange service provider Deki chooses to use from time to time.  The amount returned to Deki and made available to you upon the repayment of a Loan may therefore be less than the principal amount of the Loan you made and, for the avoidance of doubt, any such shortfall shall be borne in full by you. Where a fluctuation of exchange rates results in an amount being returned to Deki which is greater than the amount required to repay the relevant Loan, the additional amount will be retained by Deki and will not be passed on to you. 

3.6   Risk of Lending - Developing countries, such as the countries where Entrepreneurs live often have an undeveloped banking sector and are subject to unstable conditions in their financial markets.  Loan amounts that have been repaid but have not been returned to Deki may be lost due to unforeseen circumstances. You agree to hold Deki harmless for any losses that may arise due to disruptions in the local or international financial markets or changes in the local fiscal laws and regulations.

4    DISPUTES

You acknowledge and agree that any disputing arising under or out of this Contract will be determined in accordance with the laws of England and Wales you hereby submit to the exclusive jurisdiction of the courts of England and Wales and agree to the convenience of such a forum. You agree to inform Deki, in writing, of any dispute you may have with Deki before taking up legal proceedings.

5    RIGHTS OF THIRD PARTIES

A person who is not a party to this Contract may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999 but this does not affect any right or remedy of a third party which exists or is available other than under such Act.

6    TERMINATION

This Contract will remain in full force and effect during your use of the Deki Website or participation in the Programme and, unless provided in herein, this Contract will remain in effect after your participation in the Programme, regardless of whether you terminate your user account. Deki may in its sole and absolute discretion determine whether or not you are or remain eligible to participate in the Programme. You may terminate your participation at any time and for any reason by sending a written notice of termination to Deki. Such notice will become acknowledged within 7 days of receipt by Deki.  Upon your termination, any repaid Loan amounts that have not yet been made available to you by Deki, will become the property of Deki.  Deki may also terminate your participation in the Programme and/or your use of the Deki Website at any time and for any reason, effective upon transmission of notice to you at the email address you provide to Deki. If your participation in the Programme is terminated by Deki, you agree not to use the Deki Website any further or otherwise participate in the Programme. 

7    SEVERABILITY

This Contract is accepted upon use of the Deki Website, and further affirmed by any participation in the Programme. It contains the entire Contract between yourself and Deki regarding the use of the Website and/or the Programme. If for any reason, any part of this Contract becomes invalid, such part as remains unaffected, will remain fully enforceable. 

8    GIFT CERTIFICATES

Gift Certificates may be purchased on the Deki website for the Pound Sterling amounts specified (minimum £10) using PayPal. The purchaser is the rightful owner of the Deki Gift Certificate until it is redeemed by another users.  Upon redemption, ownerships is transferred to the redeemer.

Subject to applicable laws, a Gift Certificate not redeemed within 12 months from the date of purchase (the “Expiration Date”), maybe converted automatically into a donation to Deki.  Gift Certificates must be redeemed through the Deki Website, www.deki.org.uk
Gift Certificates and their uses on the Deki website are subject to Deki’s Terms and Conditions, which can be found at www.deki.org.uk. 

You can read the previous version of Deki’s Terms of Use here.

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