These “Terms and Conditions” are related to “PAISAYAAR”, which is the trade name owned and managed (with all associated rights reserved) by JingleCred Digital Finance Limited, a non-banking finance company licensed to provide investment finance services by the Securities and Exchange Commission of Pakistan, having its registered office at Ground Floor, Apartment #3, 2nd Floor, Jispal Plaza, Plot #5, Sector G-8/4, Islamabad, Pakistan (hereinafter the “Company” or “PAISAYAAR”).
The Company is duly incorporated with Securities and Exchange Commission of Pakistan vide Corporate Unique Identification (CUI) No. 0214242 and obtained its lending license No. SECP/LRD/78/JDFL/2022-85 on 10 March 2023.
The Company shall provide nano and micro digital lending services (the “Services”) within the territorial jurisdiction of Pakistan to persons that are citizens and/or residents of Pakistan.
PAISAYAAR's Services will be ONLY made available through Google Play as the application that is available for mobile devices with Android operating system (hereinafter the “Application”).
It is noted that at the time the user makes a loan request, they grant their full and unreserved consent first to the Policy for the handling of their personal data in the terms indicated in said notice and secondly, it will be subject to these 'Terms and Conditions' along with 'Customer Privacy Policy' which shall be read in conjunction with the 'Loan Agreement' that are applicable to the loan, that may or may not be granted, so that each one of the documents indicated to the user will be able to consult and/or have its disposition within the “web page”.
The products and services offered by "PAISAYAAR" are directed, solely and exclusively to citizens and residents of the Islamic Republic of Pakistan and individuals who have the legal capacity to contract (persons who are minors are expressly excluded). Those judicially declared as in a state of interdiction or those limited by any other contract, agreement or commercial relationship will be excluded; these will always be understood by way of example but not limitation.
The Services offered by "PAISAYAAR" through the App on Google Play.e andthe Application will be valid solely and exclusively in the territory of Pakistan,
Thus, for a better understanding of the user, we can make the following Terms and Conditions available to you:
1. Acceptance
The user understands and accepts that by entering and browsing the Web-page or by downloading, registering and using the Application, the user thereby expressly and unconditionally accepts these Terms and Conditions and will to be subject to these Terms and Conditions, which are mandatory and binding, so that, if the user does not accept or do not agree with any of these Terms and Conditions, and/or with the "PAISAYAAR" Policy, the user will not be permitted and shall refrain from continuing to browse the Web-page, as well as using the Application.
In this sense, it is the responsibility of the user to read and fully understand the conditions established below, before availing any Services within the Web-page and/or registering and requesting any Service in the Application.
2. Definitions
In this Agreement, the following capitalized terms shall have the meanings given to them as under (unless the context otherwise requires):
2.1 “Applicable Laws” means all statutes, ordinances, regulations, rules or orders of any kind whatsoever of any Governmental or regulatory authority that may be in effect from time to time and applicable to the relevant activities contemplated by this Agreement.
2.2 “Intellectual Property” means patents (including reissues, divisions, continuations and extensions thereof), utility models, registered and unregistered designs, copyrights, database rights, registered and unregistered trademarks, trade names and any other form of protection afforded by law to inventions, marks, models, designs, software, goodwill, trade secrets or information (including technical or confidential information), in any form, and applications thereof, and shall include without limitation, any inventions, discoveries, formulas, know-how, processes, business methods, source codes, software code (regardless of its form), user documentation, technical documentation, data, carriers of data and/or, plans, improvements and/or applications, and deprecated or future versions thereof.
2.3 “Operative Account” or “account" means the user online account maintained by the User with "PAISAYAAR" for the purposes of availing any Services.
2.4 “User” means any person who has registered and maintains an active user account via any "PAISAYAAR" Platform (also referred to as “customer” or “you”).
2.5 “Terms and Conditions” means these terms and conditions for creating, maintaining and utilizing a User account with "PAISAYAAR" as such terms and conditions may be amended or replaced by "PAISAYAAR" from time to time.
3. Proper Use and Restrictions of Software and Hardware
3.1 Any User who accesses the Application and/or the Web-page through the use of a computer, tablet, cell phone and/or any other device with Internet access, agrees not to use said devices, computer programs, software, or any other means to interfere or affect the functionalities, activities and/or operations of the Application and/or the Web-page, as well as the databases and /or information contained therein.
3.2 The User accepts that he is responsible for having compatible software and hardware, the necessary devices, connection to the Internet network, and any other technical requirement necessary for the correct execution of the Application and / or the Web-page.
4. Legal Restrictions / Prevention on Anti-Money Laundering
4.1 "PAISAYAAR" and the Users undertake to carry out all activities aimed at ensuring that all their staff, employees, partners, shareholders, administrators, customers, suppliers, etc., and their resources, are not related or come from illicit activities; particularly money laundering or financing of terrorism.
4.2 In any case, if during the term of the loan, PAISAYAAR has reasonable doubts about a User’s use of the Web-page or Application or about the User’s activities or operations, as well as the origin of its assets and/or that the User is the subject of any investigation of any type (criminal, administrative, etc.) related to illicit activities, money laundering or financing of terrorism, or was included in the national or international black-lists for Pakistan, in accordance with international law (United Nations SDN list, any blacklist maintained by the US Department of Justice, Office of Foreign Assets Control (OFAC) or other similar lists maintained by the European Union etc.), PAISAYAAR will have the right to unilaterally terminate the loan with interest, and the User shall indemnify PAISAYAAR for any loss, liability, or damage suffered or incurred by it.
5. Registration and Maintaining Confidentiality of User Account
Any user who intends to request the products and services with "PAISAYAAR" must first register through the Application and/or on the Web-page, by creating a username and password, through the completion of the corresponding application in all its fields; being able to choose, if the option is enabled, the registration of your username and password with the link to your social networks, to speed up the creation of your account, resulting in "PAISAYAAR" taking only the necessary data to carry out your registration. The user undertakes to maintain the confidentiality of his username and password since he understands that he will be responsible for all the operations carried out in and from his account, since access to it is restricted to the entry and use of his password, which is your exclusive knowledge.
6. Account Disabling
Without prejudice to other measures, "PAISAYAAR" may suspend, without any requirement or formality, temporarily or definitively disable the User's account and/or suspend the provision of its Services if the user: (a) is in violation of any laws, or any of the stipulations of these Terms and Conditions; or (b) fails to fulfill its commitments or obligations as a User; or (c) is involved, in the sole opinion of PAISAYAAR, in any fraudulent conduct or acts; or (d) the identity of the User could not be verified, or any information provided by the User is found to be erroneous, inaccurate, misleading or false.
7. Account Cancelation.
7.1 The User may cancel his account at any time, as long as there is no pending payment obligation in favor of "PAISAYAAR".
7.2 “PAISAYAAR” may cancel the User’s account at any time and/or may refuse to provide any Services to a User in its sole and absolute discretion, without assigning any reason whatsoever.
8. Personal information.
8.1 The User must fill in each and every one of the fields where he will be required to provide up-to date identification data, such as name, surname, date of birth, home address, contact telephone number, name and reference numbers of contacts, account number and/or interbank key where the loan proceeds will be deposited in the event that the loan requested by the User is authorized. The User hereby grants his full consent to "PAISAYAAR", for the use and treatment of his personal data, as in the same way referred to in the privacy notice that is made available to the general public through the PAISAYAAR Web-page.
9. User Confirmation and Restrictions.
9.1 Once the required data has been entered, the User will receive a confirmation number to the cell phone number that they indicated in the application and/or web page, as part of the process for the authentication of their identity. The said confirmation number must be entered in the Application and/or on Web page to conclude the registration. The sending of said codes will be understood by "PAISAYAAR" that this was done at the request of the User.
9.2 In the same way, the user will be asked, within the same process, to take a photograph of their ID card on the front and back of it, the above is necessary to verify by "PAISAYAAR" that the User is an adult (and not minor) having the legal capacity to contract, and can enter into any type of contract regardless of its nature. Subsequently, the User will be asked to take a self-captured photograph to verify in the same way by "PAISAYAAR" that the User who registered his account is the same person who is applying for the loan and who is of legal age/adult.
9.3 "PAISAYAAR" reserves the right to request additional documentation in order to corroborate the data entered in the application, as well as to temporarily or permanently suspend the accounts and/or deny the applications of those Users whose data could not be confirmed, whether detected as altered or counterfeit.
9.4 The account within the application or on the Web-page is personal, unique and non-transferable, for which "PAISAYAAR" has the right to terminate the account for any User. Users are strictly prohibited from registering more than once using the Web-page or Application, or to have more than one account within the Web-page or within the Application. In the event that "PAISAYAAR" detects different accounts that contain matching or related data, it may cancel, suspend or disable any one or both such accounts, without any liability towards either User/person.
10. Loan application.
10.1 The loan amount will base on customer credit and AI models running, we will start from trial amount 2000 PKR and then increasing the amount up to 50,000 PKR base on the real practice .
10.2 Until such time that the User is notified within the Application or on the Web-page by "PAISAYAAR" that the loan requested has been authorized, the User shall have no right, title, claim or interest in any loan amount requested, nor any claims against PAISAYAAR.
10.3 The User understands that creation of a User account, submission a loan application, or acceptance of these Terms and Conditions does not represent any formal offer by "PAISAYAAR" and does not imply that the loan has been or will be authorized.
11. Payment Obligations, the Terms to Repayment of the Loan, Ordinary Interest and Default Interest.
11.1 Any User who is authorized or granted a loan by "PAISAYAAR" regardless of the amount thereof, shall be deemed to have read and fully understood these Terms and Conditions. The User shall be required to agree to these Terms and Conditions, and the terms of the loan agreement and its associated documentation, by electronic acceptance and signature. The applicant agrees, acknowledges and accepts that by availing any loan amount, it shall acquire a debt for the amount that has been authorized by "PAISAYAAR", and accordingly the User is deemed to be aware that the since "PAISAYAAR" has grants the User such loan, the User shall be liable for the full and final repayment of all amounts granted as principal, plus contracted/agreed interest and other associated charges. However, in case the User fails to comply with the repayment obligation on the total loan at the due date, default interest will be charged strictly in accordance with the provisions of loan agreement.
11.2 In any circumstances, the User agrees to pay any and all amounts, including fees, costs, charges, expenses, penalties and legal or attorney fees occurred or related to the User’s serious violation of this Term and Conditions, including costs and expenses incurred by PAISAYAAR to recovery such amounts from the User.
11.3 All payments to be made by the User to "PAISAYAAR" under this Agreement shall be made in full without any set-off or counterclaim, free and clear of and without any deduction or withholding whatsoever. If a User is at any time required under Applicable Laws to make any deduction or withholding from any payment to "PAISAYAAR", such User shall immediately pay "PAISAYAAR" such additional amounts as will result in "PAISAYAAR" receiving the full amount it would have received had no such deduction or withholding been required.
11.4 The User, with prior notification to "PAISAYAAR" through a written document, electronic communication or telephone call, may make a partial repayment or pre-payment through electronic transfer and/or through a service provider authorized by "PAISAYAAR". Information on such authorized service providers and payment channels will be published through the “PAISAYAAR” Web-page or Application.
11.5 Other than any partial or full pre-payment, the User shall be liable to pay repayment of the loan amount in accordance with the repayment schedule provided to the User in the loan agreement.
12. Management and Use of the Account not authorized by the User
12.1 The User is responsible for the account and its passwords, in the event that these are lost, stolen or any situation that arises at the present or future time, the user has the legal obligation to notify "PAISAYAAR" immediately in writing, electronically or by telephone of any unauthorized use of the User’s account, as well as the entry by unauthorized third parties to it, therefore it is noted that at the time the User made the registration of the account is strictly prohibited by "PAISAYAAR" from selling, assigning or transferring the account. The user indemnifies the "PAISAYAAR" against any unauthorized use and damage/losses caused due to such unauthorized access/use.
12.2 "PAISAYAAR" will not be responsible for general or typographical errors made by the User or due to negligence when using the Services of the Application and/or the Web-page. PAISAYAAR shall have no liability or responsibility for the User’s negligence by leaving any electronic device, through which the User has access to the Application, the Web-page and the Services without any attention.
12.3 PAISAYAAR reserves the right to reject any application for registration or to cancel a previously accepted application, without being obliged to state the reasons for its decision and without this generating any right to compensation for the User.
13. Sending Advertising and Marketing.
The User gives his consent to "PAISAYAAR" so that by any technological means he decides to send him advertising related to the Services. Furthermore, the User agrees that his personal data can and may be used by PAISAYAAR for marketing and/or advertising purposes.
14. Publicity of the terms and conditions available to the Public.
Borrowers can always check them on the App after register as a user.
15. Modifications of the Terms and Conditions.
“PAISAYAAR” may modify the Terms and Conditions at any time, making the modified terms public in the Application or on the Web-page. In case of disagreement of the user regarding the changes made, he must communicate it by email, phone or any other electronic means to the following website (www.paisayaar.pk) within 5 (five) days following the publication of the modifications. In this case, the user's account will be canceled as long as there are no pending amounts in favor of “PAISAYAAR”. After this period, without opposition from the User, it will be considered that the User accepts and unconditionally agrees to the new Terms and Conditions in true letter and spirit.
16. Intellectual Property Rights.
16.1 The user will not acquire under any circumstance any license or right over the intellectual property of "PAISAYAAR" by the mere use of its Application, the Web-page or its Services; therefore, its use cannot be considered as a tacit or express authorization to use the systems and contents for any purpose other than those contemplated by this document.
16.2 The user acknowledges and accepts that the Application, the Web-page and any software that is necessary to allow him to access and use his account to request and receive "PAISAYAAR" services, contain confidential information of "PAISAYAAR" and/or third parties, which is protected by intellectual property laws and other applicable laws, likewise, the user acknowledges that the contents that appear in the Application and the Web-page of "PAISAYAAR", are the property and exclusive property of "PAISAYAAR" and consequently their rights of use and exploitation that include but are not limited to their publication, reproduction, dissemination, transformation and distribution correspond solely to "PAISAYAAR" and are protected by national and international regulations on copyright, trademarks, patents, models and industrial designs.
16.3 The brand called "PAISAYAAR" is protected in terms of the current Intellectual Property laws of Pakistan. Consequently, the use, download, diffusion, exhibition, exploitation, commercialization and/or any other use, be it partial or absolute, in an identical way or that confuses to a lesser or greater degree; whether by any means, including but not limited to print, magnetic, optical, electronic or computer, is expressly prohibited without prior written authorization from "PAISAYAAR".
16.4 Any violation of the foregoing or of the applicable legislation regarding intellectual, industrial property and copyright will be considered and prosecuted as a crime in accordance with the applicable law of Pakistan. Consequently, the User understands that he is prohibited from improperly using, as well as totally or partially reproducing said systems and contents.
16.5 With respect to a User’s use of the Web-Page or Application, and availing any Services, the User agrees and undertakes that it will not: (i) impersonate any person or entity; (ii) stalk, threaten, or otherwise harass any person (including other Users making simultaneous use of the Service) or engage in any other activity which may constitute a crime under the Prevention of Electronic Crimes Act, 2016; (iii) violate any law, statute, rule, permit, ordinance or regulation in Pakistan; (iv) forge headers or otherwise manipulate identifiers in order to disguise the origin of any information transmitted through Web-Page or Application; (v) post information on the Web-Page or Application, or with respect to any Services offered by "PAISAYAAR" which is false, inaccurate, misleading (directly or by omission or failure to update information), defamatory, libelous, abusive, obscene, profane, offensive, harassing, or illegal; (vi) cause, assist, or procure any third party to engage in the restricted activities above.
17. Contact.
“PAISAYAAR” will be available to the user at the Registered Office Address located in Islamabad Capital Territory (ICT), email support@paisayaar.pk, during office hours on working days.
18. Notices, Jurisdiction and Applicable Law.
All notices and notifications that the parties must or wish to make in relation to these Terms and Conditions, must be made by email, in the case of those addressed to the User to the account that has been provided at the time of registration, and for those addressed to "PAISAYAAR" to the contact account indicated in this instrument. The User indicates that his address/place of residence as mentioned on the platform/expressed in the data form for registration is true and correct and shall serve the purpose of service of notices/summons etc.
19. Operative Account and Statements
19.1 Each User shall be granted an Operative Account wherein all transactions relating to the User, including the provision the Services availed by the User shall be maintained.
19.2 "PAISAYAAR", shall maintain an account statement and an activity report for a User’s Operative Account, which statement and report will be accessible from the User’s account. The statement of account shall contain details of transactions carried out in a User’s Operative Account (up to a maximum limit to be determined by "PAISAYAAR").
19.3 Users are responsible for checking their Operative Account statements from time to time and to notify "PAISAYAAR", immediately in case any transaction or other entry therein is incorrectly entered, or any transaction has been carried out contrary to the User’s instructions.
19.4 "PAISAYAAR", is hereby expressly authorized to correct any errors, omissions or other discrepancies in a User’s Operative Account statement from time to time. A User will be notified in case any corrections or rectifications are made by "PAISAYAAR", to its Operative Account statement as soon as reasonably practical.
19.5 Users will be notified periodically (based on preference chosen by Users) of all transactions made in their Operative Accounts in accordance with the notification provisions set out in these Conditions, and the User shall be responsible for payment of all charges in connection with such value-added or ancillary Services.
19.6 Save for a manifest error, an Operative Account statement maintained and issued by "PAISAYAAR", shall be conclusive evidence of all transactions carried out by a User through its Operative Account.
20. For the Interpretation, Compliance and Execution of this Instrument.
20.1 The parties expressly comply with the Laws in force in the Pakistan and submit to the jurisdiction of the Competent Courts of Pakistan, consequently renouncing any other jurisdiction that, by reason of their present or future address or for any other reason that may correspond to them.
20.2 Having read and understood each of the Terms and Conditions, the user expresses his total acceptance and subjection to any obligation of and derived from them, when using the Web-page and/or the Application.
20.3 In case of any dispute, the User must first submit any such complaints directly to the customer services desk, whose details are available on the "PAISAYAAR" Application and Web-page.
20.4 Through these terms and conditions, the user expressly authorizes "PAISAYAAR" to carry out research on credit behavior in the credit information companies or any other relevant body.
20.5 Therefore, the User knows the nature and scope of the information that will be requested, the use that will be given to it and that periodic inquiries of the credit history can be made.
20.6 Thus, through the acceptance of these terms and conditions, they will be valid from the time of their acceptance until the legal relationship subsists, for which the User accepts that said document remains as property of PAISAYAAR for purposes of control and compliance with applicable laws and rules.
20.7 The parties agree that the User may express their consent regarding the terms and conditions, as well as have access to the services offered by "PAISAYAAR", through electronic means which inter alia include OTP.
20.8 Having read and understood each of the Terms and Conditions, the User expresses their full acceptance and subjection to any obligation derived from them, when using the Web-page and/or the Application.