GENERAL TERMS AND CONDITIONS

1. Definitions

Disbursement Date - the date when the Loan has been disbursed to Customer’s bank account provided by Customer via Platform.

LT - LENDTECH (Cambodia) Co., Ltd., a company incorporated in Cambodia bearing the company registration number 00023873 and business license from Ministry of Economics and Finance (as "lender");

Notice to Customer - the notifications/approvals/confirmations (where applicable) sent by LT by itself or through the Service Provider to the Customer in respect of certain matters as maybe referred in this Agreement that are to be performed via SMS and/or direct call to the Customer’s mobile phone number as provided in this Agreement (“Registered Phone”) and/or via such other method that LT may deem fit;

Pay Day - the date of the expiration of the respective Loan tenor;

Payment Agency - payment services provider as appointed by LT from time to time;

Platform - an internet based lending platform owned and operated by the Service Provider, using the domain www.cashwagon.com.kh;

Processing Fee - a fee payable by Customer to the LT for the processing of the loan calculated as a certain amount of one-off fee for an appropriate loan amount and tenure, accrued immediately after loan disbursement and to be paid on Pay Day along with loan principal and other charges. The amount of Processing fee is stated in the Section I;

Service Center - the service center of Service Provider, the details of which shall be provided to the Customer;

Service Fee - fee payable to the Service Provider in terms of clause 6 of this Agreement; the amount of Service fee is stated in the Section I;

Service Provider - CASHWAGON (Cambodia) Co., Ltd., a company incorporated in Cambodia bearing company registration number 00023872;

SMS Code - a four-digit code sent by the Service Provider to Customer’s mobile phone number via short message service (SMS).  

 

2. USE OF LOANS

The Customer agrees to borrow a loan fund for personal use with legal purposes, and LT agrees to lend the Customer an amount of money as provided in the online calculator of the website considering the fees and charges stipulated in this loan Agreement.

 

3. MINIMUM CRITERIA

3.1 The Customer agrees and understands that the Loan/s shall only be granted upon fulfilling the following minimum criteria, and the Customer hereby represents and warrants to LT that the Customer satisfies or shall satisfy these minimum criteria:

a. The Customer’s age is at least nineteen (19) years and not beyond sixty (60) years when applying for the Loan;
b. The Customer’s monthly income shall be equal to or more than USD 100;
c. The Customer’s residential address is located within Cambodia;
d. The Customer accepts his/her one-time password within 15 minutes of being sent one by the Platform;
e. The Customer answering a phone call placed to the Customer by the Service Provider and verifying his/her identity to the satisfaction of the Service Provider; and
f. The Customer’s references verifying the information supplied by the Customer.

3.2 The Customer agrees and understands that LT and/or the Service Provider has conducted and/or shall conduct data verification, which shall include but not be limited to:

a. Verification by way of phone calls to the Customer and references provided by the Customer as well as to the Customer’s employer if deemed necessary by the Service Provider;
b. Mobile phone verification; and
c. Processing data from social network profiles, provided by the Customer during the loan application process.

 

4. DETAILS OF THE LOAN

4.1 The Customer hereby acknowledges and agrees to be bound by and comply with Notice to Customer in any event. In the event that the Notice to Customer contains any error/s and/or mistake/s, LT reserves the rights to re-correct, amend such information or error by sending another Notice to Customer within seven (7) business days thereafter.

4.2 For the first loan, the Loan amount, tenor, Interest rate, processing fee, service fee, and other charges are provided in Section I of this Agreement.

4.3 The Customer shall be required to pay a Late Payment Fee of USD 10 (“Late Payment Fee”) in the event s/he commits a default continuously within three (3) calendar days provided that the total amount of outstanding payment including principal, interest and all the fees is more than USD 1.50.

4.4 The Late Payment Fee shall be charged in the following manner:

a. Firstly, Late Payment Fee shall be charged on the succeeding third calendar day after the Pay Day.

b. Secondly, Late Payment Fee shall be charged after every lapse of ten (10) calendar days after the Pay Day.

4.5 The Loan shall be disbursed to the Customer’s bank account provided by Customer via Platform. The Customer shall receive Notice to Customer on the Loan approval and Loan disbursement upon Loan disbursement date (“Disbursement Date")

 

5. REPAYMENT/PREPAYMENT OF THE LOAN

5.1 The Customer shall be required to repay to LT all amount due or payable in respect of the Loan (including but not limited to principal, interest, fees, charges or any expenses in accordance with this Agreement) under this Agreement on the Pay Day. All payments of principal, interest, fees and other amounts due and payable under the Loan Documents shall be made without deduction for or on account of any tax.

5.2 The Loan shall be repaid by the Customer directly to bank or bill payment account of LT throughout any nearest payment center per instructed by LT or the Service Provider.

5.3 On the Pay Day, subject to the acceptance by LT of the Customer’s request for an extension of Loan tenor submitted to LT via the Service Center and/or the Platform, the Loan tenor may be extended for further thirty (30) days provided that the Customer has repaid more than forty per centum (40%) of Loan amount. The Customer may request for the extension by calling the Service Center. The Service Provider shall advise the Customer whether the extension has been granted within three (3) days after Customer’s request for extension. If the extension is granted, the Customer pays a Loan extension fee of 40% on the unpaid principal amount, which is payable at the maturity of the extended date along with outstanding principal.

5.4 Partial or full early repayment is allowed anytime.

5.5 Payments made by the Customer shall be applied in the priority order of: For inital loan tensure (i) the processing fee; (ii) the Service Fee; (iii) interest; (iv) principal; (v) the Late Payment Fee, and (vi) any other fees. For prolonged loan tensure (i) the prolongation fee; (iv) principal; (v) the Late Payment Fee, and (vi) any other fees.

5.6 Except any special arrangement made by LT or the Service Provider, all costs associated with the transfer of monies (including wire transfer costs) from the Customer to the Lender shall be borne by and be the responsibility of the Customer.

 

6. SERVICE FEE:

The service fee under this Agreement consists of the fee payable by the Customer to the Service Provider for the services provided by the Service Provider under the Service Agreement including but not limited to evaluation, Loan management and for other services provided by the Service Provider from time to time.

 

7. RIGHTS AND OBLIGATIONS OF LT

The rights and obligations of LT are as follows:

a. To decide the Loan disbursement as per the Customer’s request or confirmation via Notice to Customer.

b. To open and maintain books and records showing the Loans, repayments, prepayments, the computation and payment of interest and other amounts due and sums paid which shall be conclusive and binding on the Customer as to the amount at any time due from the Customer, in the absence of manifest error in computation.

c. When serving the Notice to Customer, to record any contents exchanged in such communication between LT and the Customer, which shall be lawful evidence of such communication in case the Customer sends any request in relation to the Agreement via phone.

d. To request the Customer to fully pay any payable or due amount under this Agreement at any time that LT may deem it necessary.

e. To request the Customer to compensate for any damages, liabilities, claims, losses, expenses in relation to or arising from any transactions between the Parties under this Agreement.

f. To comply with the terms and conditions provided in this Agreement.

 

8. RIGHTS AND OBLIGATIONS OF THE CUSTOMER

The rights and obligations of the Customer are as follows:

a. To request LT for the Next Loans as provided under this Agreement;

b. To fully pay its obligations on the due date as provided under this Agreement;

c. To undertake irrevocably and unconditionally be liable, compensate and ensure to keep LT indemnified against any liabilities, compensation, claims, damages, losses, expenses in relation to or arising from any transactions between the Parties under this Agreement.

 

9. REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF THE CUSTOMER

9.1. The Customer represents and warrants to LT that:

a. the Customer has fulfilled the minimum criteria as specified in clause 3.1, and the Customer has full power and capacity to execute and perform his/her obligations under the Loan Documents.

b. the Customer’s data and all other information provided to the Service Provider and/or the Platform are complete and true data and information of the Customer and not misleading in any respect;

c. the Customer shall be legally liable for every forgery of, the Customer’s data provided by or on behalf of the Customer to the Service Provider or the Platform;

d. the Customer has obtained all approvals, if any, from regulatory authorities or otherwise required to be obtained for the purpose of execution and performance of this Agreement and enters into this Agreement in good faith, without any intention of violating the applicable rules and regulations including but not limited to money laundering, tax avoidance and anti-terrorism regulations;

e. the Customer is entering into this Agreement for and on his or her own behalf, freely and of his or her own accord without any duress or intimidation from any party and with full knowledge and understanding of its contents and consequences;

f. the electronic signature of the Customer to this Agreement is valid and this Agreement constitutes the valid, legal and binding obligations of the Customer, enforceable against him/her in accordance with applicable law;

g. the Customer is not required to withhold any tax or other amount from any payment of the Loan, whether for principal, interest or any other amount; and

h. the proceeds of the Loan shall be used solely for personal use with legal purposes.

i. No litigation, arbitration or administrative proceedings are current or pending which might adversely affect the Customer’s ability to perform the obligations under the Loan Documents.

9.2. The Customer hereby undertakes to LT that:

a. The Customer shall comply in all respect with all applicable laws in connection with the performance of the Customer’s obligations under this Agreement and other relevant documents;

b. The Customer shall be liable for any request, notice, confirmation made by the Customer via phone and acknowledges and undertakes that such request, notice, confirmation shall create the lawful liabilities and be binding the Customer under this Agreement; and

c. The Customer undertakes to immediately inform to LT upon any change to the Customer’s information (including but not limited to any information related to Registered Phone, residence address and any other information may impact to the Customer’s repayment capacity).

 

10. EVENT OF DEFAULT

10.1. Each of the events or circumstances set out in the following sub-clauses is an Event of Default:

a. The Customer does not comply with any provision of the Agreement, and/or any relevant documents, including any failure to pay when due any principal, interest, fees or any other amount payable pursuant to the Agreement and/or any relevant documents;

b. Any Customer’s breach of any obligations towards any third party providing the services in relation to granting the Loans under this Agreement shall be deemed as the Customer’s breach of this Agreement;

c. Any representation or statement made or deemed to be made by the Customer in this Agreement, the Service Agreement and/or any relevant documents is incorrect or misleading in any material respect when made or deemed to be made;

d. In the event of death or incapacitation of the Customer; or

e. Any event or series of events occurs which, in the opinion of LT, is likely to have a material adverse effect on the Customer’s financial conditions.

10.2. On and at any time after the occurrence of an Event of Default which is continuing, LT is entitled to:

a. Declare all or part of the outstanding under the Loan, together with accrued interest, and all other amounts accrued or outstanding under this Agreement, to be immediately due and payable;

b. Terminate all obligations of LT under this Agreement, and other relevant documents; and

c. Exercise all of its rights and remedies under this Agreement, and other relevant documents.

 

11. INDEMNITY

The Customer shall indemnify LT against any cost, loss or liability incurred by LT as a result of:

a. The occurrence of any Event of Default;

b. The information produced or confirmed by the Customer being or being alleged to be misleading and/or deceptive in any respect;

c. Any enquiry, investigation or similar order or litigation with respect to the Customer or with respect to the transactions contemplated or financed under the Agreement, and other relevant documents;

d. The Customer’s due debts under the Agreement (or any part thereof) not being prepaid in accordance with a notice of prepayment given by the Customer.

 

12. MISCELLANEOUS PROVISIONS

12.1. The Customer hereby expressly agrees and permits LT to transfer and disclose to any third party any information relating to the Customer’s affairs or account, and at any time and to such extent as LT may at its absolute discretion deem expedient or necessary. The Customer hereby agrees that the aforesaid information may be used, encrypted, transmitted and stored by LT and its holding company, head office, other branches, subsidiaries, related companies (whether within or outside Cambodia) and/or may be exchanged to or with all such persons as LT considers necessary to the extent permitted by law.

12.2. The Customer expressly consents to such actions and declares that no further consent from the Customer is necessary or required in relation thereto.

12.3. Any Notice to Customer or such other notices sent by LT or third party as appointed by LT in relation to this Agreement shall be treated as having been given and received when sent by SMS message to the Registered Phone and no failure notice is received by LT.

12.4. Establishment and/or performance of LT’s communication means under this Agreement may be conducted by and/or through service providers, partners as appointed by LT from time to time and which shall be legally binding on the Parties.

12.5. If any provisions of this Agreement (or any part thereof) become illegal, unlawful or unenforceable, validity of other provisions under this Agreement shall not be impacted and shall continue to be binding.

12.6. This Agreement shall be governed by the laws of Cambodia. The courts of Cambodia shall have jurisdiction to hear and determine any suit, action or proceeding, and to adjudicate any dispute arising herefrom.

12.7. This Agreement shall be in force and effect until the Customer has fully repaid his/her obligations towards LT under this Agreement. Provided however, LT may, at its sole discretion, waive the unpaid principal if such unpaid principal does not exceed USD 1.50. Notwithstanding that, LT has power to amend, supplement and/or unilaterally terminate this Agreement at any time by serving a prior notice to the Customer within a reasonable period.

12.8. The Customer understands and acknowledges that the insertion of the SMS Code set out below shall be the electronic signature of the Customer and that s/he shall be bound by the terms and conditions set out in this Agreement upon such signature being placed.