Legal

1. Restricted activities

You may not use Lendsqr in connection with any product, service, transaction, or activity that:

• violates any law or government regulation, or promotes or facilitates such by third parties.
• violates any rule or regulation of Visa, MasterCard, Verve, or any other electronic funds transfer network (each, a “Card Network”).
• is fraudulent, deceptive, unfair, or predatory.
• causes or threatens reputational damage to us or any Card Network.
• involves any of the business categories listed in (2) below; or
• results in or creates a significant risk of chargebacks, penalties, damages, or other harm or liability.

2. Certain business categories

You may not use Lendsqr:

• in connection with any product, service, transaction, or activity that falls within the Prohibition List of the Nigerian Customs Administration of the Federal Republic of Nigeria.
• for the sale and/or purchase of:
• banned narcotics, steroids, certain controlled substances, or other products that present a risk to a consumer's safety.
• blood, bodily fluids, or body parts.
• burglary tools.
• counterfeit items.
• illegal drugs and drug paraphernalia.
• fireworks, destructive devices, and explosives.
• identity documents, government documents, personal financial records, or personal information (in any form, including mailing lists).
• lottery tickets, sweepstakes entries, or slot machines without the required license.
• offensive material or hate speech or items that promote hate, violence, racial intolerance, or the financial exploitation of a crime.
• police badges or uniforms.
• chemicals.
• recalled items.
• prohibited services.
• unlicensed financial services, stocks, or other securities.
• stolen property.
• items that infringe or violate any copyright, trademark, right of publicity or privacy, or any other proprietary right under the laws of any jurisdiction.
• currency without a BDC license, certain cryptocurrency operators.
• obscene material or pornography.
• certain sexually oriented materials or services.
• certain firearms, firearm parts or accessories, ammunition, weapons or knives; or
• any product or service that is illegal or marketed or sold in such a way as to create liability to Lendsqr.
• as it relates to transactions that:
• show the personal information of third parties in violation of applicable law.
• support pyramid or Ponzi schemes, matrix programs, other 'get rich quick' schemes, or certain multi-level marketing programs.
• are associated with purchases of annuities or lottery contracts, lay-away systems, off-shore banking, or transactions to finance or refinance debts funded by a credit card.
• pertain to ammunitions and arms; and
• involve gambling, gaming, and/or any other activity with an entry fee and a prize, including, but not limited to casino games, sports betting, horse or greyhound racing, lottery tickets, other ventures that facilitate gambling, games of skill (whether or not it is legally defined as a lottery) and sweepstakes unless the operator has obtained prior approval from Lendsqr and the operator and customers are located exclusively in jurisdictions where such activities are permitted by law.

3. Actions by Lendsqr

If, in our sole discretion, we believe that you may have engaged in any violation of this Acceptable Use Policy, we may (with or without notice to you) take such actions as we deem appropriate to mitigate risk to Lendsqr and any impacted third parties and to ensure compliance with this Acceptable Use Policy. Such actions may include, without limitation:

• blocking the settlement or completion of one or more payments.
• suspending, restricting, or terminating your access to and use of Lendsqr’s Services.
• terminating our business relationship with you, including termination without liability to Lendsqr of any payment service agreement between you and Lendsqr.
• taking legal action against you.
• contacting and disclosing information related to such violations to (i) persons who have sold/purchased goods or services from you, (ii) any banks or Card Networks involved with your business or transactions, (iii) law enforcement or regulatory agencies, and (iv) other third parties that may have been impacted by such violations; or
• assessing against you any fees, penalties, assessments, or expenses (including reasonable attorneys’ fees) that we may incur as a result of such violations, which you agree to pay promptly upon notice.

1. Card debit for loan repayment

With the introduction of Lendsqr Global Payments, lenders grant explicit consent for Lendsqr to initiate debit transactions on any card associated with their user account. This facilitates the repayment of loans owed to different lenders within the Lendsqr platform.

2. Cross-lender recovery

Users understand that in cases where a loan is owed to a specific lender (e.g., Lender A) and a different card is used for repayment, Lendsqr reserves the right to attempt recovery from any other card attached to another lender for the same loan. This recovery may occur even if the user has not directly added the card to the lender involved in the recovery process.

3. Authorization for cross-lender transactions

By agreeing to these terms, users explicitly authorize Lendsqr to initiate cross-lender transactions as necessary for loan repayment, using any card linked to their user account within the Lendsqr platform.

4. Notification of debit attempts

Users will be notified of any debit attempts initiated under the Lendsqr Global Payments service. Notification methods may include email, app notifications, or other communication channels as deemed appropriate by Lendsqr.

5. User responsibility

Users are responsible for ensuring that cards linked to their accounts are valid, up-to-date, and have sufficient funds for loan repayment. Lendsqr shall not be held liable for any issues arising from outdated or invalid card information.

6. Opt-out option

Users have the option to opt out of the Lendsqr Global Payments service by adjusting their account settings. However, opting out may affect the user's ability to efficiently manage cross-lender loan repayments.

By continuing to use Lendsqr and its services, users agree to comply with the terms outlined above regarding the Lendsqr Global Payments service. These terms are an integral part of the overall terms and conditions governing the use of the Lendsqr platform.

1. Account activation

Upon commencement of your onboarding process, please be informed that your account will remain in a pending activation state until the submission and verification of all requisite Know Your Customer (KYC) information provided by you.

Lendsqr reserves the right to scrutinize the accuracy of the information submitted, and additional documentation may be requested to fulfill KYC obligations.

2. Verification for settlement

In order to facilitate settlement into your dedicated account, a comprehensive verification process is mandatory. Until your account achieves compliance activation, the settlement will be directed to your disbursement account designated by Lendsqr. Notification of full compliance activation will be provided, allowing you to update your disbursement account accordingly.

Settlement procedures on the platform typically operate on a T+1 basis net of fees, signifying settlement on the next business day, exclusive of weekends and public holidays. Please be mindful of potential delays during weekends and public holidays.

3. Compliance responsibility

It is incumbent upon you to ensure the continuous compliance of your account with our established policies and regulatory requirements. Failure to uphold compliance standards may result in the delay or suspension of settlement services.

For inquiries or concerns related to these terms, please reach out to us at compliance@lendsqr.com.