PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY
1. TERMS OF WEBSITE USE
1.1. These terms and conditions (together with the documents referred to in it) tells you how you may make use of our platform and website [www.welendus.com / www.welendus.co.uk] (our site). Use of our site includes accessing, browsing, or registering to use our site.
). We recommend that you print a copy of these for future reference.
1.3. These terms and conditions continue to apply to you however you decide to access our site (including through our site or through any mobile platform).
1.4. If you do not agree to these terms and conditions, you must not use our site.
2. OTHER APPLICABLE TERMS
2.1. These terms and conditions refer to the following additional terms, which also apply to your use of our site:
2.2. If you are using our site, agreeing to these terms and conditions or entering into a Loan Agreement on behalf of an LLP, limited company, partnership or other separate entity you warrant that you are duly authorised to act on its behalf.
2.3. You are responsible for all costs incurred by you in accessing our site.
2.4. You agree not to use our site or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from us.
2.5. If any provision or part-provision of these terms and conditions is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this paragraph shall not affect the validity and enforceability of the rest of these terms and conditions.
2.6. At times we may need to modify the terms and conditions. In such instances we will seek to notify you.
2.7. All disclaimers, indemnities and exclusions in these terms and conditions shall survive termination of these terms and conditions between us for any reason.
2.8. No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise.
2.9. These terms and conditions constitute the entire agreement between us and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter.
3.0 By investing you are entering into credit agreements as a lender with a combination of individuals.
3.1 This is an investment product and is not a savings deposit.
3.2 To invest you must not be lending in the course of any business.
3.3 We operate a Provision Fund which is designed to give you some degree of risk protection but it is not a guarantee and your capital is at risk.
3. INFORMATION ABOUT US
3.1. [www.welendus.com / www.welendus.co.uk] is a site operated by PTP Funding Limited (“We”) incorporated and registered in England and Wales with company number 09550128 whose registered office is at Level 39, One Canada Square, London, England, E14 5AB, any of our affiliates and any other entity which may, from time to time.
3.2. We are registered with the Information Commissioner (ZA284582)
3.3. We are regulated by the Financial Conduct Authority (“FCA”) (Permission No. 729328).
3.4. We are not covered by the Financial Services Compensation Scheme.
3.5. References to “You” and “Your” mean a registered user of our site and the services provided through our systems, whether as an individual or an entity which fulfils the criteria set out in paragraph 8.
4. CHANGES TO THESE TERMS AND NO RELIANCE ON INFORMATION
4.1. The content on our site is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
4.2. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date.
4.3. We may revise these terms and conditions at any time by amending this page. These terms and conditions were lasted updated on
. We will notify you if material changes are made to these terms and conditions.
4.4. Please check this page from time to time to take notice of any changes we made, as they are binding on you.
5. CHANGES TO OUR SITE
5.1. We may update our site from time to time, and may change the content at any time. However, please note that any of the content on our site may be out of date at any given time, and we are under no obligation to update it.
5.2. We do not guarantee that our site, or any content on it, will be free from errors or omissions.
6. ACCESSING OUR SITE
6.1. Our site is made available free of charge.
6.2. We do not guarantee that our site, or any content on it, will always be available or be uninterrupted. Access to our site is permitted on a temporary basis. We may suspend, withdraw, discontinue or change all or any part of our site without notice. We will not be liable to you if for any reason our site is unavailable at any time or for any period.
6.3. You are responsible for making all arrangements necessary for you to have access to our site.
6.4. You are also responsible for ensuring that all persons who access our site through your internet connection are aware of these terms and conditions and other applicable terms and conditions, and that they comply with them.
6.5. The content and material available on our site are for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities, entering into loans or any other financial services or banking product. If you are unsure about whether a product is suitable you should contact an independent financial adviser.
7. YOUR ACCOUNT AND PASSWORD
7.1. Upon registration you must provide us with a username, email address, password or any other piece of information as part of our security procedures, you must treat such information as confidential. You must not disclose it to any third party and so you must keep them secure at all times.
7.2. You agree not to adapt or circumvent our security systems, nor access our site other than through normal use of it.
7.3. Each time you access your account with us, you will need to enter your details to fulfil our security procedures. Your username, password and any other pieces of information that are part of our security procedures are not transferrable without our prior written consent.
7.4. We have the right to disable any username or password, whether chosen by you or allocated by us, at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these terms and conditions.
7.5. If you know or suspect that anyone other than you know your user identification code or password, you must promptly notify us at firstname.lastname@example.org.
7.6. You are responsible for all information and activity on our site by anyone using your username and password whether or not authorised by you. If you authorise an agent (including but not limited to a family, friend, employee or a subcontractor) to use your account, you will be responsible for their activity on our site. Any breach of security, loss, theft or unauthorised use of a username, password or other security information must be notified to us immediately using the contact details given at paragraph 7.5 above.
7.7. We reserve the right not to act on your instructions where we suspect that the person logged into your account is not you or we suspect illegal or fraudulent activity or unauthorised use.
8. BECOMING AN INVESTOR
8.1. To be an ISA investor on our site you must meet the following criteria:
a. be 18 years of age or over;
b. have a national insurance number;
c. only one innovative finance ISA per tax year;
d. Minimum investment amount £100;
e. Subscription limit of £20,000 per tax year;
f. be a individual as opposed to a company;
g. you must have, and maintain, a valid UK bank or building society account; and
h. UK permanent resident and tax payer (excluding the Channel Islands and the Isle of Man)
i. you must register your full details as required by us from time to time on our site.
8.3. You warrant to us that all information provided to us in the course of the registration and lending process is true and accurate in all respects. You will promptly update us if any of the information you provide to us changes.
8.4. As part of the registration process we will carry out identity, fraud and anti-money laundering checks on you and you as a proprietor, member or director, your business and other members, or directors of the business using credit reference agencies such as Callcredit. As part of the process we will share your information with the credit reference agencies and any suspicious activities will be reported to the relevant authorities. We may require you to send us copies of the relevant passports or other identification documents and anything else that we may need. If you do not provide all appropriate identification documents, you will not be able to register you as an investor on our site.
8.6. Once you have an account with us, you can then transfer money into your IF ISA investor account by debit card through our site or bank transfer. Cash deposits are not accepted. We have complete discretion to specify the method by which you may transfer money into and out of your personal investor account depending on the outcome of the checks set out at paragraphs 8.5 and 8.6. It is important that you quote your investor account number in the narrative box if you transfer money using a bank transfer. In the case of transfers by debit cards, a transfer will be deemed to be complete as soon as funds are credited to your personal investor account. We require you to use an account (or a debit card linked to an account) held with a UK bank or building society in the name of the named investor account holder (or, in the case of an individual member, in joint names one of which is the named investors account holder).
8.7. As soon as we acknowledge receipt of funds into the allocated investor account, we will be able to activate the Auto-Match™ facility as set out in paragraph 9 below. There are no fees payable to set up an investor account.
9. THE PROCESS
9.1. There is only one way to lend money on our site, by selecting an interest rate for each portion of loan you have asked us to Auto-Match™.
9.2. Auto-Match™ is where you select an interest rate for a portion of your loan that you wish to lend. You are then (together with the loan portion and allocated interest rate preference) is placed in a queue waiting to be automatically matched (using our credit analysis) to a borrower who has requested funds (Borrower’s Request).
9.3. The interest rate you select as an investor will determine where you fall in our investor queue. You will only be able to invest up to 10% of your total personal investor account against each available loan.
9.4. Should you wish to approach us as a professional investor, you can contact us at email@example.com
9.5. Our principal role is to perform introductory functions on behalf of borrowers and investors in order to bring together prospective borrowers and investors, to provide a stream-lined process for entering into loans (including the development of standard form loan agreements) and to facilitate the payment and collection of sums due under or in connection with those loans (including taking certain actions on behalf of investors upon a borrower's default or if the borrower becomes, or is likely to become, insolvent as set out in these terms and conditions). You authorise us to enter into any relevant loan agreement that meets your criteria under our Auto-Match™ function.
9.6. We give each borrower a risk band classification at the time a Borrower Request is processed, which is based on information included in the borrower's application and the results of an online check made against records held by credit reference agencies such as Callcredit. We do not edit the information submitted or uploaded by a borrower.
9.7. While we add value to the credit analysis as part of our service, the provision of a risk band classification is intended to be informative only and an investor must form its own opinion regarding the interest rate he wishes to select and undertake its own research, analysis and assessment of each available interest rate for each loan and, where appropriate, seek its own independent financial advice. Where necessary pre-contractual disclosures may be made
9.8. We accept no responsibility and disclaim all liability for any information about each borrower and the risk band made available to prospective investors through our site or in respect of risk band classifications. We may from time to time, but accepts no obligation to, update or amend at any time the risk band classification (including between when the loan request is first made and when it is entered into, and during the term of any loan).
9.9. Money in your IF ISA account will be held by us in a segregated client account until or unless it is lent to a borrower at which time it will be transferred to the relevant borrower's account.
9.10. You warrant that once Auto-Match™ has allocated your money at a Borrower’s Request from your personal investor account you authorise us to enter into the Loan Agreement on your behalf.
9.11. Subject to paragraph 16, you may only withdraw money from your personal investor account if:
a. you have not lent it through our site; and
b. money is only paid into a UK bank or building society account in the name of the named personal investor account holder (or, in the case of an individual member, in joint names one of which is the named personal investor account holder).
10. IF ISA
10.1 The resulting loans must remain in your beneficial ownership and you must not use them as security against any loan.
10.2 We are required to provide details of ISA holders to HMRC. If you become a non-UK resident, HMRC may then be required to share these details about IF ISA with tax authorities in your country of residence.
10.3 The IF ISA is a flexible, which means that any money you withdraw from it can be replaced by subsequent subscriptions in the same tax year, without affecting your remaining annual ISA subscription limit.
10.4 Where you have money not on loan, this will be treated as cash and can be withdrawn into your Nominated Bank Account using our withdrawal process.
10.5 If you withdraw money from your IF ISA in this way, you may lose the ability to earn tax-free interest on the cash withdrawn.
10.6 You have the right to transfer your IF ISA to another ISA manager. You can transfer some or all or your previous years’ IF ISA subscriptions, but you can only transfer out the whole of the current year’s subscriptions.
10.7 If we receive notice that you want to transfer your IF ISA to another ISA manager, we will carry out the transfer in accordance with your instructions and the Individual Savings Account Regulations 1998 or the accompanying HMRC ISA guidance (together and as amended from time to time, the “ISA Rules”).
10.8 If any changes are made to the ISA Rules which affect your IF ISA, we will apply the changes immediately after they come into force, and we will notify you of them and how they affect you as soon as possible thereafter.
10.9 We will let you know if, by reason of any failure to satisfy the provisions of the ISA Rules, your IF ISA has or will become void.
10.10 If you die, your IF ISA loses its tax benefits from the date of your death. This means that any income or gains you receive after the date of your death will become taxable.
10.11 You can cancel your account within 14 days, beginning on the day after the date when your account was opened. You will lose this cancellation right once you have been matched to borrowers, simply as loan contracts are formed at that point.
10.12 Any Investor, subject to the prior written consent of the Guarantor, may absolutely transfer by assignment to a new investor, who is a registered user on the Guarantor’s site and has been approved by the Guarantor, with full title guarantee and free from all encumbrances, all of its rights, benefit, interest and title to, in and under this Agreement together with all the benefit of the obligations owing to the transferring Investor under this Agreement and all the rights and remedies and claims and demands in respect of any breach of such obligations.
10.13 Any transfer of Investor by assignment shall be effected by the transferring Investor and the new investor by entering into an electronic Transfer Form.
10.14 Any Transfer Form will be entered into on the Guarantor’s site electronically in accordance with the terms and conditions of the Borrower and Investor, upon the acceptance by the new investor of an offer by the transferring Investor to sell their entitlement to their portion of the Loan. This will have the same effect as if the Transfer Form was signed in a hard single copy.
10.15 When the Transfer Form has been executed (the "Transfer Time") the:
10.16 Transferring Investor will assign absolutely to the new investor the rights, title and interest in the relevant Agreement and all associated rights;
10.17 Transferring Investor will be released by the Borrower from all obligations owed to it (the "Discharged Obligations"); and
10.18 New investor shall with effect from the Transfer Time become a party to the relevant Agreement as an "Investor" and be bound by obligations equivalent to the Discharged Obligations.
10.19 Any charges and fees charged by the Guarantor for administering a transfer by assignment shall be paid by the relevant departing Investor in accordance with the Investor terms and conditions.
11. INTELLECTUAL PROPERTY RIGHTS
11.1. We are the owner or the licensee of all intellectual property rights in our site, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.
11.2. You may print off one copy, and may download extracts, of any page(s) from our site for your personal use and in connection with the Loan Agreement.
11.3. You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text.
11.4. Our status (and that of any identified contributors) as the authors of content on our site must always be acknowledged.
11.5. You must not use any part of the content on our site for commercial purposes without obtaining a licence to do so from us or our licensors.
11.6. If you print off, copy or download any part of our site in breach of these terms and conditions, your right to use our site will cease immediately and you must, at our option, return or destroy any copies of the materials you have made.
12. LIMITATION OF OUR LIABILITY
12.1. Nothing in these terms and conditions excludes or limits our liability for death or personal injury arising from our negligence, or our fraud or fraudulent misrepresentation, or any other liability that cannot be excluded or limited by English law.
12.2. To the extent permitted by law, we exclude all conditions, warranties, representations or other terms which may apply to our site or any content on it, whether express or implied.
12.3. We will not be liable to any user for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable, arising under or in connection with:
a. use of, or inability to use, our site; or
b. use of or reliance on any content displayed on our site.
12.4. Please note that in particular, we will not be liable for:
a. loss of profits, sales, business, or revenue;
b. business interruption;
c. loss of anticipated savings;
d. loss of business opportunity, goodwill or reputation; or
e. any indirect or consequential loss or damage.
12.5. Please note that we only provide our site for domestic and private use. You agree not to use our site for any commercial or business purposes, and we have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
12.6. We will not be liable for any loss or damage caused by a virus, distributed denial-of-service attack, or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our site or to your downloading of any content on it, or on any website linked to it.
12.7. We assume no responsibility for the content of websites linked on our site. Such links should not be interpreted as endorsement by us of those linked websites. We will not be liable for any loss or damage that may arise from your use of them.
12.8. Different limitations and exclusions of liability will apply to liability arising as a result of the supply of any services through our site to you.
12.9. You shall be liable to us for any loss or damage suffered by us as a result of any breach of these terms and conditions or any Loan Agreement by you, or any fraudulent use of our site.
13. BACK-UP SERVICE ARRANGEMENT
13.1. If our site were to fail or we become insolvent, we would transfer our member loan servicing obligations to a third-party back-up servicer, (Microsoft), with whom we have entered into a back-up service arrangement. We reserve the right to use a back-up servicer prior to insolvency where such action is in the best interests of all of the investors. If this happens:
a. you would not be able to sell any loan parts;
b. you would receive distributions of funds to your external bank or building society account on a quarterly basis;
c. your account page on the site and the rest of the platform would not be available for access by you; and
d. you would receive quarterly statements of repayments and continue to receive annual statements (for tax purposes).
14. UPLOADING CONTENT TO OUR SITE
14.1. Whenever you make use of a feature that allows you to upload content or files to our site, or to contact other users of our site, you must comply with our content standards.
14.2. You warrant that any such contribution does comply with those standards, and you will be liable to us and indemnify us for any breach of that warranty. If you are a consumer user, this means you will be responsible for any loss or damage we suffer as a result of your breach of warranty.
14.3. You retain all of your ownership rights in your content, but you are required to grant us a limited licence to use, store and copy that content and to distribute and make it available to third parties.
14.4. We will not be responsible, or liable to any third party, for the content or accuracy of any content posted by you or any other user of our site.
15. LEAVING AS A REGISTERED USER
15.1. If you no longer want to be a registered user of our site and provided you have no active loan agreements, you can let us know and we will end these terms and conditions between us.
15.2. If you do have active loan agreements and want to get access to the money you have lent before it has been repaid, you may sell your loan parts to other investors through our site. Please note that you cannot sell loan parts:
a. there are no other investors in the interest rate queue that matches the Investor Return interest rate of the relevant Loan Agreement; or
b. that the borrower is in arrears (have currently missed a repayment) or are in default (that have missed consecutive repayments).
15.3. The sale price for loan parts will be the outstanding principal amount, less any relocation costs and plus any interest accrued during the month. The accrued interest will be updated automatically at the end of each day.
15.4. If you sell loan parts, the sale proceeds will be transferred to your personal investor account from the buying investor's personal account after deduction of our loan part sale fee.
15.5. We may end these terms and conditions between us at any time, including but not limited to if:
a. you breach these terms and conditions or are in breach of any regulatory requirements relating to your activity as an investor on the platform;
b. you breach the terms and conditions of any Loan Agreement;
c. we suspect that you have committed fraud, been involved in money laundering or other criminal activities;
d. you use our site or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from our site;
e. you use our site in any of the following ways:
f. in any way that causes, or is likely to cause, the site or access to it to be interrupted or damaged in any way;
ii. for fraudulent purposes, or in connection with a criminal offence;
iii. to send, use or reuse any material that is illegal, offensive, abusive, indecent, defamatory, obscene or menacing; or in breach of copyright, trademark, confidence, privacy or any other right; or is otherwise injurious to third parties; or objectionable; or which consists of or contains software viruses, political campaigning, commercial solicitation, chain letters, mass mailings or any spam;
iv. to cause annoyance, inconvenience or needless anxiety or in a way that restricts or inhibits anyone else’s use and enjoyment of our site;
v. for a purpose for which our site is not intended or other than as a marketplace for lending to SMEs; or
g. there is no activity in your personal investor account within a 12 month period.
15.6. You will be unable to request a partial withdrawal of your invested or non-invested funds and must withdraw all your funds if you wish to withdraw your funds. This also applies to the IFISA product in relation to transferring out.
15.7. Termination of your registered user access to our site will not necessarily result in a termination of any Loan Agreement to which you are a party at that time.
15.8. On termination we will credit the same account used in the transaction with any funds left in your personal investor account (less any of our reasonable administration cost) or send a cheque to the address last provided by you.
16.1. We do not guarantee that our site will be secure or free from bugs or viruses.
16.2. You are responsible for configuring your information technology, computer programmes and platform in order to access our site. You should use your own virus protection software.
16.3. You must not misuse our site by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our site, the server on which our site is stored or any server, computer or database connected to our site. You must not attack our site via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our site will cease immediately.
17. LINKING TO OUR SITE
17.1. You may link to our home page, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it.
17.2. You must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists.
17.3. You must not establish a link to our site in any website that is not owned by you.
17.4. Our site must not be framed on any other site, nor may you create a link to any part of our site other than the home page.
17.5. We reserve the right to withdraw linking permission without notice.
17.6. If you wish to make any use of content on our site other than that set out above, please contact firstname.lastname@example.org
18. THIRD PARTY LINKS AND RESOURCES IN OUR SITE
18.1. Where our site contains links to other sites and resources provided by third parties, these links are provided for your information only.
18.2. We have no control over the contents of those sites or resources.
19. APPLICABLE LAW
19.1. If you are a consumer, please note that these terms and conditions, its subject matter and its formation, are governed by English law. You and we both agree to that the courts of England and Wales will have non-exclusive jurisdiction. However, if you are a resident of Northern Ireland you may also bring proceedings in Northern Ireland, and if you are resident of Scotland, you may also bring proceedings in Scotland.
19.2. If you are a business, these terms conditions, its subject matter and its formation (and any non-contractual disputes or claims) are governed by English law. We both agree to the exclusive jurisdiction of the courts of England and Wales.
20.1. Welendus is UK registered trademarks of PTP Funding Limited.
21. CONTACT US
21.1. Should you have any questions about these terms and conditions, or wish to contact us for any reason whatsoever, please contact us on email@example.com
or through our site at www.welendus.com.
21.2. If you wish to make a formal complaint, you may do so, in writing by post or email or by telephone. Please see our complaints procedure here