easyMoney Lender Terms and Conditions

1. Introduction
2. EM Role
3. Becoming a Lender
4. Username and Password
5. Cancellation Rights
6. The Lending Process
7. Diversification
8. The Loan Contract
9. Interest and repayments
10. Loan Management
11. Security
12. Cashing in your Loans
13. Borrower event of default and enforceability
14. Lender’s agreements with easyMoney
15. No advice or responsibility to repay from easyMoney
16. Back-up Servicer Arrangements
17. Terminating your Participation on the easyMoney Website
18. easyMoney plus membership
19. International Payments
20. General terms
21. Privacy
22. Intellectual property rights
23. Your liability to us
24. Our liability to you
25. Amendments to these terms and conditions
26. Complaints
27. Other important terms
28. Contacting us

1. Introduction
   1. Please read these terms and conditions and our privacy and cookie policy (each as amended from time to time), which are accessible online at www.easymoney.com (the "Terms"). Please print a copy for your future reference. If you decide to lend on the easyMoney Website or easyMoney Mobile Application, you must comply with these terms and conditions.
   2. By using these systems and the services provided via the easyMoney website, you confirm that you have read, understood and agree to the Terms and where you are acting on behalf of a limited company, LLP, partnership or public body (a "Corporate Entity") that they agree to the Terms. If you do not agree to the Terms you must stop using the easyMoney website immediately.
   3. References in the Terms to "we", "us", "our" and easyMoney mean E-Money Capital Ltd. References to "systems", or "platform" means the easyMoney website, any other online services provided by us and any data managed by, displayed on or transmitted from such services. References to "you", "your" and "lender" mean a registered user of the platform and the services provided via our systems, whether as an individual or on behalf of an entity which meets the lender criteria set out below.
   4. Each agreement ("Loan Contract") between each lender and borrower comprises our standard Loan Conditions and Term Sheet. There will generally be more than one lender and loan in respect of each borrower. The Loan Contract is a separate agreement between you and the borrower and is governed by separate terms and conditions. If there is a conflict between the Terms and the Loan Contract, the Loan Contract will prevail.
   5. Please note that under clause 10 of these terms and conditions in certain circumstances you grant us the authority to amend the Loan Contract without the need for your agreement to those changes and you will be bound by those amendments
   6. If you are using our systems and the services provided via the platform, agreeing to these terms and conditions or entering into a Loan Contract on behalf of a Corporate Entity you warrant that you are duly authorised to act on the Corporate Entity's behalf.
   7. E-Money Capital Ltd is a company incorporated in England and Wales whose registered office is 5 Fleet Place, London, EC4M 7RD with company number 04861007. E-Money Capital Ltd is authorised and regulated by the Financial Conduct Authority ("FCA") with firm registration number 231680.
   8. We will act as agent on behalf of the lender in relation to the Loan Contract and hold the security on trust for the benefit of all lenders lending through the website to a borrower.
   9. In the event that another person (agent) is acting on the lender’s behalf, then the agent must disclose the fact of the agency and provide such information about it as we may require. The agent must have authority to accept these Terms and Conditions and the Privacy Policy (including arrangements to these conditions as part of the agreement; see section 3. Becoming a lender) both on its own behalf and on behalf of the lender. The agent and the lender will both be subject to the identity checks carried out on lenders under these terms.
2. easyMoney's Role
   1. easyMoney's principal role is to identify lenders and borrowers, to select a portfolio of Loans that meet the criteria disclosed to the lender, to enter into those Loans on behalf of the lender and the borrower, to facilitate the payment and collection of sums due under or in connection with those Loans and to enter into and manage Loan Contracts on behalf of lenders.
3. Becoming a Lender
   1. To be a lender on easyMoney you must meet the following criteria:
      1. you must be an individual, partnership, LLP, limited company or public body;
      2. if you are lending in your capacity as an individual or member of a partnership you must be over 18 years old;
      3. you must have a valid bank or building society account;
      4. you must register your details on the easyMoney platform;
      5. you must only lend your own monies or hold a lasting Power of Attorney on behalf of an underlying lender; and
      6. you must not be a credit broker or lend money to other persons in the course of any business.
      Where a prospective lender does not meet the criteria listed above, the lender may be otherwise permitted to become a lender on the easyMoney platform by written confirmation from easyMoney.
   2. easyMoney may at its sole discretion refuse any prospective lender from becoming a lender on the easyMoney platform.
   3. You warrant to easyMoney that all information provided to us in the course of the registration and lending process is true and accurate in all respects. You will update us as soon as possible if any of the information you provide to us changes.
   4. Once you are registered on the platform and have applied to lend through easyMoney, we may carry out identity and fraud checks (including for business lenders, the proprietors, members or directors of the business) at any time, including prior to satisfying withdrawal requests. easyMoney uses its own internal guidelines and policies when assessing applications but has complete discretion as to whether to allow you to be a lender on the easyMoney platform. If we cannot get adequate information from the credit reference agency, we will ask you to send us certified copies of relevant passports or other identification documents plus a utility bill no more than 3 months old for your home address and anything else that we may require. If you do not provide all appropriate identification documents, you will not be able to lend on the easyMoney platform. We may also suspend or place limitations on trading on your account at any time if we believe it is appropriate in order to comply with our legal obligations. For more details about how we use your information, please refer to our privacy and cookie policy at www.easymoney.com. We will then set up an easyMoney lender account for you.
   5. It is important that you quote your easyMoney lender account number in the narrative box when you transfer money using a bank transfer. We require you to use an account held with a bank or building society maintained in your sole or joint name.
   6. There are no fees payable to set up an easyMoney lender account, except as stated in the Appendix 'Charges Table'. We may update our fees and charges from time to time by providing 1 month’s written notice to lenders. We will not apply fees or charges we have newly introduced to any part of your portfolio that you seek to sell within one month of receiving notice of the introduction of the new fees or charges.
   7. We shall hold your money, including your lending commitments and interest and capital payments received from borrowers in a segregated client account with National Westminster Bank prior to being transferred to the relevant borrower or returned to you. In accordance with FCA client money rules, we do not hold our own money in the client account. You will not earn interest on money held in the client account. Your money in the client account shall be pooled with the money of other clients and you may suffer a loss in the event of a default by the bank.
   8. Where we require the borrower to pay a sum representing interest they owe prior to drawing down the loan, we shall hold this money as security for the borrower's obligations to you in a separate trust account (which is not operated as a client account under the rules of the Financial Conduct Authority). We will pay sums out of this account into your client account when the corresponding payment becomes due to you (or, where the borrower repays the Loan early, we shall pay it to the borrower and you in proportion to your respective entitlements).
4. Username and password
   1. On registering with us, you must provide an email address and a phone number (which will be used as your user name) and enter a password. These must be used in order to access certain restricted parts of the platform. Each time you access your easyMoney lender account you will need to enter your username and password. Your username and password are unique to your easyMoney lender account and are not transferable.
   2. Your username and password (and PIN, if applicable) are how we identify you, and so you must keep them secure at all times. You are responsible for all information and activity on the platform by anyone using your username and password (and PIN, if applicable). If you authorise an employee, sub-contractor or agent to use your easyMoney lender account you will be responsible for their activity on the platform. Any breach of security, loss, theft or unauthorised use of a username, password or PIN must be notified to us immediately using the contact us form, e-mailing contactus@easymoney.com or by telephoning us on 02038587269. Until you notify us you will be responsible for any unauthorised access to confidential information on the platform.
   3. You agree not to adapt or circumvent the systems in place in connection with the platform, nor access our systems other than by using the credentials assigned to you and by following the instructions that we have provided for that type of connection.
   4. We reserve the right not to act on your instructions where we suspect that the person logged into your easyMoney lender account is not you, or we suspect illegal or fraudulent activity or unauthorised use.
   5. We can refuse to act on any instruction that we believe is unclear, not given by you, might cause us to breach a legal or other duty or if we think the platform is being used for an illegal purpose.
   6. Your easyMoney lender account will show:
      1. the amount of credit in your easyMoney lender account and the amount you have loaned;
      2. details, of any assets borrowers have pledged as security for Loan Contracts, a short description of borrower's requirements;
      3. certain personal details; and
      4. information about the platform.
5. Cancellation Rights
   1. If you are a consumer, you have a legal right to cancel your registration with easyMoney, these terms and conditions and any Loan Contract within 14 days after the date that you receive an e-mail from easyMoney to confirm that you have registered with the website. Advice about your legal right to cancel is available from your local Citizens' Advice Bureau or Trading Standards office.
   2. In the event that any monies have been paid by you to easyMoney, these shall not be capable of being reimbursed if they have been committed to be lent to a borrower through our website ('a Loan'). In such circumstances, you would need to sell your Loan(s), which will be subject to the availability of purchasers. We will not charge fees in respect of selling your Loan(s) in connection with a cancellation pursuant to clause 5.1. To the extent that your money has not yet been committed to Loans, it will be reimbursed to you in full without charge if you notify us of your desire to withdraw it at any time.
6. The Lending Process
   1. You can lend money by funding your account and applying to invest. We will then use our reasonable endeavours to invest your cash into a number of Loans in accordance with clause 7.
   2. Requests to lend are treated on a first-come, first-served basis, by reference to the time stamp automatically attributed to your order. We reserve the right to remove applications to invest from the platform at any time for any reason.
   3. easyMoney will make statements available to you electronically via the My Transactions Page.
   4. You can select to receive interest and capital repayments as cash or to have them automatically re-invested into new loans. If you wish to make a change to your selection you can do this via 'My Account' and then 'Manage Income'.
   5. If you choose to have the interest sent to your nominated bank account, then a minimum withdrawal amount of £25.00 applies.
7. Diversification
   1. We shall use our reasonable endeavours to diversify your portfolio of loans. We do this by selling part of your initial loan portfolio and re-investing into new loans coming onto the platform over time. The diversification level may change from time to time according to the number of loans available and their performance. The diversification process may take a period of months to achieve. Until then, your money will be concentrated in a smaller number of loans, meaning the that impact of any individual non-performing loan on your overall investment will be greater. You can view your loan portfolio and any cash held on the ‘My Portfolio’ section of the platform.
8. The Loan Contract
   1. Once you have paid funds into your easyMoney lender account you can stipulate how much you wish us to lend to borrowers on your behalf. This provides us with authority to enter into a number of standard form Loan Contracts on your behalf with borrowers that meet our lending criteria. The Loan Contract comprises several documents:
      1. a Term Sheet will be automatically generated setting out the particulars that are specific to that Loan (for example, the time the Loan Contract is entered into; and the identity of the lender and borrower);
      2. standard Loan Conditions which are common to each lender and borrower; and
      3. the Security Document, which specifies the security the borrower will supply to mitigate the risk of default.
   2. Once we have made an offer to lend to a borrower on your behalf, your money will be committed to that Loan and you will not be able to access it unless the Loan does not complete. A Loan may not complete because a borrower does not take up the offer (for example, because a property sale does not complete); or if we determine that the Loan cannot complete for any legal or commercial reason (for example because our further due diligence reveals that the borrower does not match our lending criteria).
   3. Once the borrower draws down on the Loan offer, your money is transferred from your easyMoney lender account to the easyMoney account of the borrower.
   4. Until the monies in your lender account have been drawn down by the borrower, no interest will be earned by you or paid to you on monies in your easyMoney lender account. Your money goes into a queue with other lenders and will typically be lent out within 30 days. All notices and communications from a borrower may be sent to easyMoney acting as agent on your behalf.
   5. Each Loan will be for the period specified in the Loan Contract applying to it and subject to the borrower's right to withdraw from the Loan or repay it early. The status of the Loans in your portfolio is available through the My Portfolio page on our website.
   6. A Loan Contract is between the lender and the borrower. easyMoney will, where it is appropriate to do so, enforce the terms of the Loan Contract; arrange for payments to be made and collected under it; and receive and provide notices under it, but has no other responsibility for discharging the obligations of lenders and borrowers.
9. Interest and repayments
   1. The Loan Contract governs the terms of repayment and payment of interest by the borrower. All Loans provide for the payment of monthly interest to you, which you can elect to receive as cash or have us automatically re-invest into new Loans pursuant to clause 6.4.
   2. Borrowers are liable to repay Loans to lenders and pay any interest on such Loans and easyMoney has no liability in respect of the repayment of Loans and payment of any interest, other than to the extent it has received the same from the borrower.
   3. Borrowers may pay off their Loans in full, or in part, at any time during the term of the Loan Contract. Interest and charges will be calculated on a daily basis up to the date the Loan is repaid (which is the date all repayments due under the Loan Contract have been made to your easyMoney lender account). The outstanding balance on the Loans is updated monthly on your easyMoney lender account. The Loan Contract governs the payment of these amounts and whether interest is payable monthly, or when the Loan is repaid.
   4. All repayments and any interest received which is due to you will be paid to your easyMoney lender account.
   5. On some Loans, the borrower pays advance security for its monthly interest. We will hold this money for the borrower until it becomes due to you, at which point, we shall deal with it in accordance with your instructions pursuant to clause 6.4.
   6. All repayments and interest paid will be made to lenders without deduction of income tax. It is your responsibility to account for any income tax and other personal taxes that may be payable to the appropriate authorities.
   7. Typically, any capital repayments due under the Loan Contract will be paid to the easyMoney Client Account and credited to your User Account balance within 3 Business Days of receipt from the borrower. Any interest repayments will be paid to the easyMoney Client Account and credited to your User Account balance on the anniversary date of each loan (pro rata for the first and last month) and in accordance with the terms of the relevant Loan Contract.
   8. A borrower may require some flexibility in its payments under its Loan Contract. For example, a borrower might come to us to say that they are anticipating being late on a payment and have an acceptable explanation for this. If, having assessed the facts and the evidence provided to us (we usually require an updated valuation of the property, amongst other things), and we are comfortable with the delay, we and may be willing (at our absolute discretion) to allow the borrower some temporary flexibility on its repayments.
      1. In this situation, rather than causing unnecessary payment delays to you (at our absolute discretion) we may opt to pay you the interest due to you on time in advance under the Loan Contract (always at our discretion).
      2. If the delay later becomes an actual non-payment by the borrower, or we pay the interest up-front to you in this way for six months in a row, we would mark the Loan as being in default on the Loans page and look to enforce the terms of the Loan Contract. Any amounts paid by us to you under this clause will be deducted out of recoveries before making payment as set out in the Loan Contract in respect of any other amounts due or owing to you.
   9. The target return is the interest rate we are currently targeting to achieve on loans in a portfolio. There will typically be periods during which your money will be held in cash before we are able to fully allocate it to loans (known as “cash drag”). This can happen both when you invest initially and once a loan is repaid and we need to re-invest the proceeds. The actual rate of return you receive will be lower than the loan interest rate where cash drag occurs. The actual rate of return will also be adversely affected if for example: there are any defaults; if there is a fall in the value of the property; or you have to pay tax on the interest you receive. Any changes to the current target rates will be advertised on our website.
10. Loan Management
    1. When you lend money on the platform you:
       1. appoint easyMoney, and easyMoney accepts, to act as agent on your behalf in relation to the administration of each Loan; exercising and enforcing your rights under each Loan; and procuring the payment of sums due under each Loan (subject to easyMoney's discretion to act fairly towards borrowers in managing the Loan);
       2. appoint easyMoney, and easyMoney accepts, to act as security trustee on your behalf in relation to the Security Document, as further described in clause 11.
    2. Notwithstanding any other clause in these terms you agree that, in certain circumstances, for example a change in the borrower's circumstances, and, subject to clause 10.3 at its absolute discretion, easyMoney (acting as agent on your behalf) may agree with the borrower to restructure the Loan and amend the Loan Contract and you will be bound by these amendments.
    3. You agree that easyMoney will be acting as your agent on your behalf in
       1. negotiating and agreeing amendments to the Loan Contract; and
       2. negotiating and settling any dispute relating to the Loan Contract.
    4. You hereby appoint easyMoney, for as long as you are a lender, as your agent on your behalf with full power to carry out those amendments without your specific agreement. You will then be bound by those amendments. You agree and acknowledge that easyMoney shall take on no liabilities, obligations or rights under the Loan Contract as a result of such agency, and you agree that you will continue to be solely liable and responsible for the rights and obligations under the Loan Contract (as amended) and easyMoney will not be liable for any amendments to the Loan Contract.
    5. easyMoney may enter into agreements with third parties, such as valuers and agents, for your benefit in connection with the Loan Contract. You will not have any right to enforce the provisions of our agreement with any valuer or other agent directly against that other person.
    6. easyMoney will collect sums due and distribute them to lenders. We may pass on to lenders available data on borrowers from credit reference agencies to assist each lender's analysis of each Loan request.
11. Security
    1. easyMoney may require directors or members of the borrower to provide personal guarantees as security for the Loan.
    2. All Loans are secured pursuant to the terms of a Security Document, and the following provisions apply to each Loan:
       1. If the borrower is a Corporate Entity, the borrower's obligation under the Loan Contract to you will be secured by a legal charge over the property and/or a debenture and any other security held by easyMoney on trust for the lenders and in the event that a borrower fails to make a payment when due or defaults in meeting any material obligations of the Loan you agree that easyMoney may (as security trustee on your behalf) enforce the security on your behalf constituted by the Security Document.
       2. If the borrower is an individual, the borrower's obligation under the Loan Contract to you will be secured by a legal charge over the property, and any other security held by easyMoney. In the event that a borrower fails to make a payment when due, or defaults in meeting any material obligations of the Loan, you agree that easyMoney may (as security trustee on your behalf) enforce the sale of the security constituted by the Security Document.
       3. If a borrower has existing liabilities in place, which are secured by existing security, then the existing security holder may require easyMoney (as security trustee) to enter into a deed of priority or inter-creditor deed and you agree that easyMoney may enter into such deed and acknowledge that easyMoney's security may rank behind the existing security.
    3. In the circumstances described at clause 11.2, you agree that easyMoney will act on your behalf as security trustee in respect of any borrower's liabilities to you under each Loan. All communications to a borrower in connection with any such security will be made through easyMoney.
    4. Where we have been provided with information by a relevant borrower, we may provide to you as a lender certain information about the assets of that borrower and/or an asset register detailing such assets together with estimated sale value of such assets on enforcement. In such circumstances, any asset valuation provided will be indicative of the value of the asset or assets only and realisation on enforcement in connection with the sale of such asset or assets may be lower (or higher) than the value set out in the asset register. easyMoney accepts no liability for any information provided in the assets register.
    5. easyMoney will hold the assets charged under any security upon trust for itself and for all lenders to that borrower (including you) and to itself (in respect of any amounts due to easyMoney). From time to time easyMoney may perform (before or after any enforcement under the terms of the security) all obligations, rights and benefits given to it by any Security Document. easyMoney (as security trustee) shall have certain powers and discretions conferred upon trustees and may also rely on any representation, notice or document believed by it to be genuine, correct and appropriately authorised and any statement made by any director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify. All costs incurred by easyMoney will be deducted from any amounts recovered by easyMoney before the monies are paid to lenders.
    6. The security easyMoney holds in respect of a particular Loan or the liabilities of a particular borrower (such as legal charge and/or debenture), operates to secure all monies due from that borrower to lenders on the easyMoney platform from time to time. If easyMoney is required to enforce any Security Document, and any proceeds of recovery become available (after allowing for all of easyMoney's costs of enforcement), it is possible that the available proceeds will not be sufficient to discharge all obligations owed by the borrower at that time to lenders on the easyMoney platform. If that is the case, then the lenders shall only be entitled to recover their proportionate share of such recoveries. In addition, it is possible that there may be other creditors of the borrower that have claims that may be recovered in priority to those of easyMoney and the easyMoney lenders, so the existence of such security should not be considered to be a guarantee of certain repayment in the event of failure by the borrower in meeting its payments.
    7. You agree that easyMoney shall be entitled to be repaid and reimbursed out of the proceeds of any recovery under any Security Document and that you will pay all reasonable costs incurred by easyMoney in enforcing the security or in complying with any instructions from you in connection with any security agreement. You will only be responsible for payment of such costs out of the proceeds of any recovery and to the extent that such costs cannot be recovered by easyMoney from the relevant borrower.
    8. You agree that easyMoney will in its sole discretion and subject to any regulatory obligations it may owe to borrowers determine whether to pursue any recovery.
12. Cashing in your loans
    1. You can, pursuant to clause 6.4, elect to receive interest and re-paid capital paid into your account in cash when we receive it from the borrowers. You can withdraw cash from your account at any time.
    2. The minimum withdrawal amount is £25.00. If the withdrawal is to close your account then the minimum withdrawal amount does not apply.
    3. If you want to cash in your portfolio of outstanding Loans, you can request to do so at any time by clicking on 'Sell Loans' on the My Portfolio page or by contacting us via e-mail or in writing. Upon receipt of your instruction, we will attempt to sell your Loans to new lenders. We cannot guarantee that there will be new lenders willing to buy your Loans. In this scenario, you may have to wait until the borrowers pay off the Loans and/or we pursue recovery in respect of any defaults.
    4. Loans will be sold at a price that reflects the interest and capital due to you at the point of sale. If the interest rate has changed since you acquired a Loan you may receive, or have to pay, a premium reflecting the difference between the terms of your Loan and the terms of a new Loan a lender could acquire on the website at current interest rates. In other words, you will pay a premium if the interest rate has gone up and you will receive one if it has gone down. The level of the premium will be disclosed to you before you provide your instructions to sell.
13. Borrower event of default and enforceability
    1. easyMoney (acting as agent on behalf of the lenders) shall, where it determines such action to be desirable in the interests of lenders and proportionate and fair to the borrower and in compliance with any other regulatory obligations we owe to borrowers, enforce payment of the debt and enforce the security against the borrower.
    2. We may appoint any third party to administer loans on our behalf and to enforce the provisions of the Loan Contract and these Terms and Conditions for your benefit. These rights will, unless we notify you otherwise, survive our insolvency. Any third party shall not be responsible for anything done prior to their appointment.
    3. If we are required to sell any asset, the borrower or another person has provided as Security, the proceeds of recovery shall be applied in the following order:
       1. first to pay the expenses of any third party involved in the recovery process;
       2. second to pay our expenses (or the expenses of the appointed third party, as the case may be) for pursuing recovery, as set out in the Tariff and, if relevant to pay any other fees of the appointed third party;
       3. third to pay interest on your Loan
       4. fourth to pay capital on your Loan;
       5. fifth to pay our fees, other than those set out in clause 13.3(b);
       6. any residue will be payable to the borrower or any other person with an interest in the asset.
14. Agreements with easyMoney
    1. You agree that easyMoney is making no warranty or representation as to the ability of borrowers to repay Loans or pay interest or fees on those Loans, and their credit risk, and that we are in no way liable for the debts of borrowers to you. You acknowledge that you are lending entirely at your own risk.
    2. You acknowledge that easyMoney has only undertaken limited investigation on each Loan. You are responsible for making your assessment of the viability of each Loan.
    3. Where easyMoney has implemented any form of personal guarantee or other personal security in support of a Loan on your behalf as a lender, you accept that the enforceability of such personal guarantee shall be subject to normal legal risks and limitations and that easyMoney will not have ensured that any individual providing such a guarantee has been independently advised on the impact of such a personal guarantee. Such guarantees can be open to challenge in circumstances where the individual granting the guarantee has been subject to undue pressure or influence from a third party.
15. No advice or responsibility to repay from easyMoney
    1. Nothing easyMoney does, and nothing on the platform, is intended to operate or be construed as advice or recommendation by easyMoney to enter into a particular Loan. A lender must form their own opinion regarding the risk of a particular product, including the lending criteria and risks disclosed on the website. They should undertake their own research, analysis and assessment of each borrower for each Loan and, where appropriate, seek their own independent financial and legal advice.
    2. The information on the platform does not constitute advice, recommendation or an endorsement of Loan requests or borrowers. The information is not intended to be relied upon as a sole basis for deciding whether or not to lend to a particular Loan.
    3. We make no representation or warranty as to the accuracy of the data displayed for Loan requests, where applicable, nor whether the information is up to date or error free.
    4. We do not guarantee that Loans will be fully funded, that there will be sufficient borrowers for you to lend.
    5. While easyMoney believes that the security documents might provide additional comfort as to the likelihood of repayment, easyMoney accepts no responsibility for the likelihood of a borrower meeting its financial obligations to lenders through the easyMoney platform in circumstances where such recourse to the assets of the borrower is available.
    6. easyMoney accepts no responsibility and disclaims all liability for any information received from third parties (including the borrower) about a borrower made available to prospective lenders through the easyMoney platform. easyMoney may from time to time, but accepts no obligation to, update or amend at any time loan information (including between when the loan request is first made and when it is entered into, and during the term of any loan).
    7. Information we may provide on the platform of the likely rate of return on Loans are for guidance purposes only and are not guaranteed.
    8. Lending money on the platform involves risk to your capital. If you suffer a loss, either by the borrower not repaying the Loan or as a result of our insolvency, you are not entitled to compensation from the Financial Services Compensation Scheme ("FSCS"). If, however, the bank holding the client account becomes insolvent and you are an eligible claimant, you may be entitled to compensation from the Financial Services Compensation Scheme in respect of any of your money held in the account at that time. Further details, including the "Eligibility Rules", are available at www.fscs.org.uk.
16. Back-up Servicer Arrangements
    1. We may make arrangements for the transfer our obligations to you in respect of outstanding loans to a back-up loan servicer if we believe this to be in your interests. You confirm that you authorise any back-up servicer that we may appoint from time to time to perform each of the functions ascribed to easyMoney on your behalf. Please note that the back-up servicer's role would be strictly limited to dealing with borrowers on behalf of lenders to administer and w ind up existing loans, rather than effecting new loans or loan transfers.
    2. As part of transferring our obligations, we may transfer cash balances in your client account to any back-up service provider and arrange for the back-up servicer to open accounts for the purposes of collecting and distributing monies due to you. In normal circumstances, we will try to return cash balances to you as part of entering into back-up service arrangements, but if this is not possible for any reason, you expressly consent to us paying or procuring the payment of client money balances to your client money account with a back-up service provider that is permitted to hold client money in accordance with FCA rules.
    3.  As at the date of these Terms, we have not appointed a back-up loan servicer, but have instead appointed an internal Wind Down Coordinator with responsibility for administering and, if necessary enforcing loans, in the event that easyMoney winds down.  The Wind Down Coordinator’s appointment includes a commitment to make himself available to work with any insolvency practitioner in order to wind-down loans in the unlikely event of easyMoney’s insolvency.
17. Terminating your Participation on the easyMoney Website
    1. If you no longer want to be a lender with easyMoney, and provided you have no Loan Contracts currently in force, you can let us know and we will terminate your registration.
    2. We may terminate your registration with easyMoney at any time without notice for any reason relating to your conduct or our continued ability to provide the services. Where reasonably possible, we shall give you at least one month’s written notice prior to termination. The following is a non-exhaustive list of factors relating to your conduct that could influence our decision:
       1. you breach any part of the Lender Terms and Conditions;
       2. you breach any Loan Contract;
       3. we suspect that you have committed fraud, been involved in money laundering or other criminal activities;
       4. you suspend, or threaten to suspend, payment of your debts, or are unable to pay your debts as they fall due or admit inability to pay your debts, or (being a company or limited liability partnership) are deemed unable to pay your debts within the meaning of section 123 of the Insolvency Act 1986, or (being an individual) are deemed either unable to pay your debts or as having no reasonable prospect of so doing, in either case, within the meaning of section 268 of the Insolvency Act 1986, or (being a partnership) have any partner to whom any of the foregoing apply;
       5. you commence negotiations with all or any class of your creditors with a view to rescheduling any of your debts, or make a proposal for or enter into any compromise or arrangement with your creditors other than (where you are a company) where these events take place for the sole purpose of a scheme for your solvent amalgamation with one or more other companies or your solvent reconstruction;
       6. (being a company) a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with your winding up, other than for the sole purpose of a scheme for your solvent amalgamation with one or more other companies or your solvent reconstruction;
       7. (being a company or an LLP) an application is made to court, or an order is made, for the appointment of an administrator or if a notice of intention to appoint an administrator is given or if an administrator is appointed over you;
       8. a person becomes entitled to appoint a receiver over your assets or a receiver is appointed over your assets;
       9. (being an individual) you are the subject of a bankruptcy petition or order;
       10. a creditor or encumbrancer attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of your assets and such attachment or process is not discharged within 10 business days;
       11. any event occurs, or proceeding is taken, in any jurisdiction to which you are subject that has an effect equivalent or similar to any of the events mentioned in clause 17.2(iv) to clause 17.2(x) (inclusive);
       12. you suspend, threaten to suspend, cease or threaten to cease to carry on all or a substantial part of your business, if applicable;
       13. your financial position deteriorates to such an extent that in easyMoney's opinion your capability to adequately fulfil your obligations under these terms and conditions has been placed in jeopardy;
       14. (being an individual) you die or, by reason of illness or incapacity (whether mental or physical), are incapable of managing your own affairs or become a patient under any mental health legislation;
       15. you use the easyMoney platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from easyMoney;
       16. you use the easyMoney platform in any of the following ways:
           1. in any way that causes, or is likely to cause, the platform or access to it to be interrupted or damaged in any way;
           2. for fraudulent purposes, or in connection with a criminal offence;
           3. 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";
           4. causing annoyance, inconvenience or needless anxiety; or
           5. there is no activity in your easyMoney lender account within a 12-month period.
    3. Within 10 business days of termination, we will credit your bank or building society account with any cash left in your easyMoney lender account.
    4. Termination under clause 17.2 shall not affect your right to receive payments under existing loans and we will keep your account open for the purposes of winding up these loans until all sums due to you have been repaid unless we reasonably believe there is a legal or regulatory reason preventing us from continuing to make such payments to you.
18. easyMoney plus membership
    1. By registering as a user of the platform and the services provided via our systems, you are automatically entitled to easyMoney plus membership if you invest a minimum of £1,000 and remain invested with us for an uninterrupted period of 6 months.
    2. easyMoney plus membership entitles members to certain benefits which are detailed on the easyMoney website. Membership and any benefits provided by the membership are strictly personal and cannot be gifted or sold.
    3. The easyMoney plus membership benefits available to members will be organized by Lifeworks and will be subject to the terms and conditions of Lifeworks. To enjoy the benefits available to you under the easyMoney plus membership you will need to register an account with Lifeworks. easyMoney will send you details of how to set up your account with Lifeworks when you first register with easyMoney and invest £1,000 with easyMoney for 6 months.
    4. easyMoney may refuse membership to any person and may terminate membership at any time. If membership is terminated for any reason then all benefits relating to that membership will cease to be available entirely.
    5. If your registration with easyMoney is terminated under clause 17 or for any other reason whatsoever, your easyMoney plus membership (and any third party memberships that you have given under our refer a friend scheme) will automatically be terminated at the same time.
19. International Payments
    1. We may, but are not required to, offer a currency conversion facility that enables you to convert money held in a non-Sterling account into Sterling prior to investing.
    2. When you apply to make a currency conversion, we will provide you with an indicative exchange rate quote on the payments screen representing the rate available through our foreign exchange partners at the time of the quote. Exchange rates fluctuate rapidly and the actual rate will be determined at the time your money arrives with us. Any change between the rate at the time of providing you with the indicative quote and the rate you receive when you have funded your account will result in you investing a different amount to the Sterling figure we provided in our indicative quote.
    3. Where exchange rates have moved so that you have invested less than the amount required to secure an interest rate for the product you applied to invest in, we will email you to let you know of the shortfall. You will be provided with at least [14 days] in which to top-up your subscription to achieve the minimum investment level. If you do not top-up your account within this time window, you shall receive the lower rate unless and until you bring the account level up to the minimum investment amount.
    4. If you want to avoid the risk of needing to top up, you can choose to invest more at the point of application.
    5. We will not be able to reverse a currency conversion with our foreign chosen exchange partner once you have authorised us to enter into it and if you wish to convert the money back into the source currency, you must enter into a new transaction at the prevailing rate.
    6. You are responsible for paying all currency conversion fees.
    7. If you withdraw to a non-UK bank account, and do not make use of our currency conversion service, and bank charges are applicable to us, we will require you to pay these charges.
20. General terms
    1. The information provided on the platform is directed solely at and is for use solely by persons and organisations that meet the criteria set out in clause 3. The content provided through the platform is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation.
    2. You are permitted to download and print content from this platform solely for your own personal use, or in the course of your business, to the extent required to use the services provided on this platform. easyMoney supplied content must not be copied or reproduced, modified, redistributed, used or otherwise dealt with for any other reason without our express written consent.
    3. We are not responsible for content downloaded or posted by lenders on the platform.
    4. We will endeavour to allow uninterrupted access to the platform, but access to the platform may be suspended, restricted or terminated at any time.
    5. You agree to use the platform only for lawful purposes and in a way which does not infringe the rights of any anyone else or restrict or inhibit anyone else's use and enjoyment of the platform.
    6. You agree not to use the easyMoney platform, or any information accessible on or obtained from it, for the purpose of canvassing or soliciting any person or enticing any person away from easyMoney.
    7. You warrant that you have taken all reasonable precautions to ensure that any data you upload or otherwise submit to the platform is free from viruses and anything else which may have a contaminating or destructive effect on any part of the platform or any other technology.
    8. The content and material available through the platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities 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.
    9. You are responsible for all costs incurred by you in accessing the platform.
    10. We accept no responsibility or liability for your use of content on the platform and such use is entirely at your own risk. While we take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the platform, we accept no liability for them if they do exist. It is your responsibility to use, update and maintain appropriate antivirus software on your computer.
    11. Information transmitted via our systems will pass over public telecommunications networks. We accept no liability if communications sent via the platform are intercepted by third parties or incorrectly delivered or not delivered.
    12. The platform may contain links to third party websites. We accept no responsibility or liability for any material supplied by or contained on any third-party website which is linked from or to the platform, or any use of personal data by such third party.
    13. We may update the easyMoney website from time to time. However, please note that any of the content on the platform may be out of date at any given time, and we are under no obligation to update it. We do not guarantee that the platform, or any content on it, will be free from errors or omissions.
    14. You cannot include a link to the platform on any other website, computer or network without our prior written consent.
    15. We are responsible for managing conflicts of interest between you and other clients and between you and us. A copy of our conflicts of interest policy is available upon request. We act for both lenders and borrowers. Whilst our primary obligation is to enforce the terms of the Loan Contract for your benefit, we have regulatory obligations towards some borrowers and must treat those borrowers fairly. Where we exercise discretion to permit borrowers to extend the term of a Loan, we will do so where we believe this is most likely to result in a quicker or fuller recovery than by enforcing your rights under the Security Document.
    16. We may use the services of professional lenders in order to originate loans prior to making them available to P2P lenders. Professional lenders typically make larger amounts of cash available that enables us to conclude loan agreements with borrowers with speed and certainty, which in turn improves the quality and diversity of Loans that we can acquire for you. The professional lenders may be subject to longer notice periods for withdrawing their cash, higher minimum investment levels and requirements to sell their loans and hold cash when P2P lender money is available. Accordingly, they may receive preferential interest rates.
21. Privacy
    1. You agree that any and all personal information you provide to us via this platform may be collected, stored, processed and used in accordance with our current privacy policy (accessible online at www.easymoney.com/privacy).
22. Intellectual property rights
    1. Subject to clause 21.3 below, as between you and us, we own all present and future copyright, registered and unregistered trademarks, design rights, unregistered designs, database rights and all other present and future intellectual property rights and rights in the nature of intellectual property rights existing in or in relation to the easyMoney platform.
    2. If, and to the extent that any such intellectual property rights vest in you by operation of law or otherwise, you agree to do any and all such acts and execute any and all such documents as we may reasonably request in order to assign such intellectual property rights back to us.
    3. You shall retain ownership of all copyright in data you upload or submit to the platform. You grant us a world-wide exclusive, royalty-free, non-terminable license to use, copy, distribute, publish and transmit such data in any manner.
    4. We do not warrant or represent that the content of the platform does not infringe the rights of any third party.
23. Your liability to us
    1. You shall be liable to us for any loss or damage suffered by easyMoney as a result of any breach of the Terms or any Loan Contract, or any fraudulent use of the easyMoney platform.
24. Our liability to you
    1. easyMoney shall not be liable to you for any loss or damage which you may suffer as a result of being a member of easyMoney or using the services provided via the platform, except where such loss or damage arises from our breach of these terms and conditions or was caused by negligence, willful default, breach of our regulatory duty to you or fraud by us or our employees. We are not responsible for any breach of these terms and conditions arising from circumstances outside our reasonable control.
    2. Nothing in these terms and conditions shall limit easyMoney's liability for personal injury or death, fraud, or for any other liability the exclusion or limitation of which is not permitted by the rules of the Financial Conduct Authority or any applicable law or regulation.
25. Amendments to these terms and conditions
    1. We expect to need to update or amend these terms and conditions from time to time to comply with the Financial Conduct Authority rules and any other laws or regulations or to meet our changing business requirements. We may make such changes without your specific agreement and we may not always be able to give you advanced notice of such updates or amendments, but we will always post them on the platform, so you can view them when you next log in. By continuing to use the platform, or our services in allocating funds you have deposited, you agree to be bound by the terms of any updates and amendments implemented in accordance with this clause 25.
26. Complaints
    1. If you wish to complain about the service we provide, you should contact us on 0203 858 7269, email us at complaints@easymoney.com, or write to us at 168 Fulham Rd, London, SW10 9PR. A copy of our Complaints Handling Procedures is available on request. If we are unable to resolve your complaint, you may be eligible to refer it to the Financial Ombudsman Service. Further information is available at www.financial-ombudsman.org.uk/.
27. Other important terms
    1. If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.
    2. All disclaimers, indemnities and exclusions in these terms and conditions shall survive termination of the agreement between us for any reason.
    3. We may, in whole or in part, release, compound, compromise, waive or postpone, in our absolute discretion, any liability owed to us or right granted to us in these terms and conditions without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed. A waiver of any right is only effective if it is in writing and shall not been deemed to be a waiver of any subsequent breach or default.
    4. 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.
    5. These terms and conditions and the Loan Contracts set out the entire agreement between you and us with respect to your use of the platform and the services provided via the platform and supersede any and all representations, communications and prior agreements (written or oral) made by you or us.
    6. easyMoney may exercise any of its rights under these terms and conditions by itself or through any company or other legal entity which is under the control or ownership of easyMoney.
    7. Any notice of other communication given to a party under or in connection with these terms and conditions shall be in writing, addressed to that party at its registered office (if it is a company or LLP), its principal place of business or address provided in writing and shall be delivered personally, by pre-paid first-class post or e-mail. The notice shall be deemed to have been received, if sent by post at 9.00am on the second business day after posting and if sent by e-mail, one business day after transmission.
    8. Nothing in these terms and conditions is intended to, or shall be deemed to, establish any partnership or joint venture between the parties, nor constitute either party the agent of the other party for any purpose.
    9. A person who is not party to these terms and conditions shall not have any rights to enforce its terms.
    10. These terms and conditions and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of England and Wales.
    11. Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction over any dispute or claim that arises out of, or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims). Nothing in this clause shall limit the right of the Agent (in its own right or as agent for the lenders) to take proceedings against the borrower in any other court of competent jurisdiction, nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdictions, whether concurrently or not, to the extent permitted by the law of such other jurisdiction.
28. Contacting Us

    If you have any questions about these Terms and Conditions, or wish to contact us for any other reason, you can contact us on contactus@easymoney.com or 0203 858 7269.

Appendix

Charges Table

In most instances, fees and charges are levied directly from the borrowers. However, the following charges apply for administrative duties.

Last updated: 31/01/2023