Terms of Use

1. What are you agreeing to?

1.1. The Parties to this Agreement

Moneyvation Technologies Private Limited, whose registered office is at 269,1st Floor, 6th Block, Koramangala, Bengaluru-560034 (“Company”), is the owner of the website, www.loancircle.in (“Website”) and herein after shall be referred to as “LoanCircle” or ' ‘us’ or ‘we’. As a user (“User”) of this Site, the User understands that LoanCircle is an online platform providing access between multiple Users in the form of lenders, borrowers, service providers etc. with a view to facilitate lending and borrowing activities between the Users.

Your use of this Website implies that you have read, understood and agreed to abide by following, disclaimer, terms & conditions (“Terms & Conditions”). These Terms & Conditions together with our privacy policy as provided on the Website (“Privacy Policy”) govern your usage of the Website. If you disagree with any part of these terms and conditions, please do not use the Website.

1.2. Changes to this Agreement

LoanCircle may unilaterally decide to change this Agreement from time to time, provided, however, that such changes will not impose additional obligations on you with respect to actions you took before the change became effective unless you specifically agree to such changes .If this Agreement is changed, LoanCircle will give notice to users by posting a new version of this Agreement on our website 7 days before that version becomes effective. If LoanCircle makes any changes to this Agreement that it deems to be material, LoanCircle will make a reasonable effort to inform you of such changes, but it is your responsibility to review the Agreement posted to our website from time to time to see if it has been changed.

1.3. Your Eligibility

To be eligible to use the Services, you must be at least 18 years old and an Indian citizen. You represent and warrant that you are eligible to use the Services.

1.4. Enquiry

I authorize LoanCircle, on behalf of its Financing Partners, to make any enquiries with any other finance company / bank / registered credit bureau regarding my credit history with them.

2. How LoanCircle will serve you?

2.1. Taking Loans

You may avail of loans from LoanCircle either directly from the website or through our Merchant Partners. LoanCircle is the technology and operating partner to our financing partners. As a service provider, LoanCircle is fully responsible for communicating, transacting and processing on behalf of our financing partners. At no point, LoanCircle is representing as a lending company. Please refer to your Loan Agreement for details on your contract with the Financing Partner.

2.2. Cancelling Transactions

Loan approval process is as per the discretion of the Financing Partners. LoanCircle may choose not to provide service to you or to specific merchant sites at any time for any reason, including but not limited to, your creditworthiness, your history of transactions on our site, the merchant's account history or any other reason. LoanCircle may cancel transactions at any time before a Merchant delivers any goods or services if you violate any term of this Agreement.

2.3. Collecting Information About You

By using the Website or LoanCircle Services, you authorize LoanCircle, directly or through third parties, to make any inquiries we consider necessary to validate your identity and to collect information about you in accordance with our Privacy Policy. This may include asking you for further information that will allow us to reasonably identify you, requiring you to take steps to confirm ownership of your email address or financial instruments, or verifying your information against third party databases or through other sources. We may also ask you for identifying documents to help us validate your identity. LoanCircle reserves the right to close, suspend, or limit access to your account and/or the Services in the event we are unable to obtain or verify this information.

2.4. Credit Investigation and Reporting

By using the LoanCircle Service, you give LoanCircle, on behalf of the Financial Partners, permission to investigate your credit record and obtain your credit report in connection with the review of your application for credit. A credit report may also be requested in connection with a credit extension, credit limit request, account renewal, account collection action or dispute investigation. You understand that LoanCircle may report negative information (such as late payments, missed payments, or other defaults) about your account to credit reporting agencies.

2.5. Collection

You agree to allow LoanCircle, on behalf of the Financing Partners, to send you payment reminders from time-to-time. Notwithstanding whether you have consented, you agree that payment reminders may take the form of any available communication. You also agree that if you fail to pay an amount owed to the Financing Partners pursuant to this Agreement, LoanCircle may engage in collection efforts to recover such amounts from you. These collection efforts may involve contacting you directly, submitting your information to a collections agency, or taking legal action. FAILURE TO PAY MAY AFFECT YOUR CREDIT SCORE.

2.6. Communication & Notification

You agree that LoanCircle may provide you communications about your account and the LoanCircle Service electronically or through phone calls or in writing. Standard mobile, message, or data rates may apply and you are responsible for any such fees. LoanCircle reserves the right to close your account and get Financing Partners to immediately collect all due amounts if you withdraw your consent to receive electronic or other communications or if you revoke access to any third party site on which the LoanCircle Service relies (e.g., Facebook, Twitter, etc.) or if any such service should revoke or cancel your account on that site. Any electronic communications will be considered to be received by you within 24 hours of the time we email it to you or otherwise send it to your attention (such as via sms or other online notification). We may assume you have received any communications sent to you by postal mail 3 business days after we send it.

If we need to contact you to service your account, you give direct consent to us, as well as servicers, agents, contractors and collectors of your account, to communicate with you in any way, such as calling, texting, or e-mail via:

  • a mobile phone or landline you provide to us, use to contact us, or at which we believe we can reach you (even if it is not yours)
  • any email address you provide to us or one of our merchants
  • automated dialer systems and automatic telephone dialing systems
  • pre-recorded or artificial voice messages and other forms of communications
You also agree that these communications are not unsolicited (do not follow DND system) for purposes of any state or federal law, and you understand that this may result in additional mobile, text message, or data charges.

2.7. Working with Third Parties

If you grant express permission to a third party to take specific actions on your behalf, or access particular information about your account, either through your use of the third party's product or service or through your LoanCircle account, you acknowledge that LoanCircle may disclose the information about your account that is authorized by you to this third party. You also acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. Further, you acknowledge and agree that you will not hold LoanCircle responsible for, and will indemnify LoanCircle from, any liability arising from the actions or inactions of this third party in connection with the permissions you grant.

3. Your use of LoanCircle

3.1. Agreement to Provide Accurate Information

When you provide information to LoanCircle, you agree to provide only true, accurate, current and complete information about yourself and you agree not to misrepresent your identity or your account information. You further agree to keep your account information up to date and accurate.

3.2. Delays in Processing

In some cases when you attempt to use the LoanCircle Services to make a purchase, the transaction may be held as pending or be otherwise delayed for processing and confirmation by either LoanCircle or the merchant and can be cancelled at any time until it is confirmed by LoanCircle.

3.3. User Responsible for Fees

If you use the LoanCircle Services, you are responsible for any fees or other amounts that your phone service provider charges, such as fees for SMS, data services, and any other fees that your phone service provider may charge.

3.4. Repayment Methods

You may use one of the acceptable methods of payment to make automatic monthly account payment.Currently acceptable methods of payment are:

  • ECS Transfer - You may pay your account balance by authorizing an Electronic Clearing House (ACH) transaction from your bank account.
  • Post Dated Cheques - You may pay your account balance by writing a cheques payable to the order of our Financing Partners.

3.5. Access to Your Account

You are responsible for maintaining the secrecy of the login credentials to your LoanCircle account. You agree to establish reasonable security procedures and controls to limit access to your password or other identifying information to authorized individuals, which includes choosing passwords and other credentials in a manner that will protect the security of your information. Your credentials include your username and password to your LoanCircle account and to any 3rd Party account you have used to login to your LoanCircle account. You are also responsible for maintaining the accuracy of the information in your LoanCircle account.

3.6. Website Content

The information on the LoanCircle's website is for information purposes only. It is believed to be reliable, but LoanCircle does not make any promises as to its completeness, timeliness or accuracy. The information and materials contained in the Website, and in this Agreement, are subject to change without notice.

Access to the Services may from time to time be unavailable, delayed, limited or slowed due to, among other things:

  • servers, networks, hardware failure (including your own computer), telecommunication lines and connections, and other electronic and mechanical equipment
  • software failure, including among other things, bugs, errors, viruses, configuration problems, incompatibility of systems, utilities or applications, the operation of firewalls or screening programs, unreadable codes, or irregularities within particular documents or other content
  • overload of system capacities
  • damage caused by severe weather, earthquakes, wars, insurrection, riots, civil commotion, act of God, accident, fire, water damage, explosion, mechanical breakdown or natural disasters
  • interruption (whether partial or total) of power supplies or other utility of service; strike or other stoppage (whether partial or total) of labour
  • governmental or regulatory restrictions, exchange rulings, court or tribunal orders or other human intervention
  • any other cause (whether similar or dissimilar to any of the foregoing) whatsoever beyond the control of LoanCircle.

3.7. Links to Other Websites

Links to non- LoanCircle websites are provided solely as pointers to information on topics that may be useful to users of the Services, and LoanCircle has no control over the content on such non-LoanCircle websites. LoanCircle makes no warranties concerning the content of such websites, including the accuracy, completeness, reliability of said websites, nor does LoanCircle warrant that such website or content is free from any claims of copyright, trademark or other infringement of the rights of third parties or that such site or content is devoid of viruses or other contamination. If you choose to follow a link to a website not controlled by LoanCircle, you must do so at your own risk. LoanCircle does not guarantee the authenticity of documents on the Internet. Links to non-LoanCircle websites do not imply any endorsement of or responsibility for the opinions, ideas, products, information or services offered at such sites, or any representation regarding the content at such websites.

3.8. Closing Your Account

You may close your account at any time by contacting us at contact@LoanCircle.in. Upon account closure, we will cancel any pending transactions unless otherwise legally prohibited. If you owe any payment to the Financing Partners, LoanCircle will not close your account until that payment has been made, but we may limit your ability to make additional transactions using your account. You may not close your account to evade an investigation. You will remain liable for all obligations related to your account even after the account is closed. LoanCircle will retain your information in accordance with our Privacy Policy.

3.9. Dormant Accounts

LoanCircle may close your account if you do not log in to the Website or use the LoanCircle Services for two or more years. LoanCircle will retain your information in accordance with our Privacy Policy.

4. How you may NOT use LoanCircle?

By using LoanCircle's Website or Services, you agree that:

  • You will not engage in any activities related to the Services that are contrary to any applicable law or regulation or the terms of any agreements you may have with LoanCircle
  • You will not provide false, inaccurate or misleading information
  • You will not provide information belonging to any person other than yourself
  • You will not use an account that belongs to another person for yourself or on behalf of another person
  • You will not use any device, software, routine, file or other tool or technology, including but not limited to any viruses, trojan horses, worms, time bombs or cancelbots, intended to damage or interfere with the Services or to surreptitiously intercept or expropriate any system, data or personal information from the Services
  • You will not breach this Agreement or any other agreement or policy that you have agreed to with LoanCircle
  • You will not use the Services to accomplish a cash advance
  • You will not commit unauthorized use of LoanCircle's Website and systems including but not limited to unauthorized entry into LoanCircle's systems, misuse of passwords, or misuse of any information posted to a site
  • You will not take any action that imposes an unreasonable or disproportionately large load on our infrastructure, including but not limited to denial of service attacks, "spam" or any other such unsolicited overload technique.

5. How LoanCircle will resolve disputes?

5.1 Disputes with LoanCircle

If a dispute arises between you and LoanCircle, our goal is to provide you with a neutral and cost-effective means of resolving the dispute quickly. In the event of a dispute we encourage you first to contact LoanCircle at contact@LoanCircle.in to try resolving your problem directly with us.

5.2 Consumer Consent

Before completing any transaction on LoanCircle, you will be asked to consent to the LoanCircle Terms of Service. This action constitutes your electronic signature and manifests your consent and agreement to the following terms:

  • LoanCircle may provide disclosures required by law and any other information about your legal rights and duties and your account to you electronically.
  • LoanCircle can send any communications, billing statements, or required disclosures (together, "Disclosures") to you electronically via our website or to the email address that you have provided to us, either directly or indirectly via the merchant to whom LoanCircle will send funds on your behalf.
  • LoanCircle will notify you via e-mail when the Disclosures are available. The Disclosures will be available for at least 30 days and will be provided to you in a format that can either be printed or downloaded for your records. Whenever LoanCircle sends you an email or text message regarding the Disclosures, that email or text message will contain instructions regarding how to view the Disclosures.
  • Your electronic signature on agreements and documents has the same effect as if you signed them in ink.
  • This consent applies to any transaction undertaken through the Services in the past, to all future disclosures and communications on your account, to all future transactions in which you use the Services, at any time, to any transaction with us, and to other Disclosures that we provide to you by email.

5.3 Minimum Requirements

You understand that, in order to view and/or retain copies of the Disclosures, you may need a computer with an Internet connection (PCs should be running Windows 7 or higher and Internet Explorer 10 or higher, Chrome, or Firefox; Macs should be running OSX and Safari, Chrome, or Firefox); a mobile device (iOS 6.0 or higher devices running Safari or Chrome; Android 4.0 or higher devices running Android Browser or Chrome), a valid email address, a working mobile telephone number that can receive text messages, sufficient storage space to save Disclosures or the capability to print the Disclosures from the device on which you view them.

5.4 Withdrawing Consent

You are free to withdraw Your Consent at any time. If at any time you wish to withdraw Your Consent, you can send us your request by mailing us at contact@loancircle.in. If you decide to withdraw Your Consent, the legal effectiveness, validity and/or enforceability of prior electronic Disclosures will not be affected and your account will be closed.

5.5 Updating Your Contact Information

You can update the mobile phone number or email address LoanCircle uses to send you Disclosures or alerts by mailing us at contact@loancircle.in.

5.6 Legal Effect

Your consent to this E-Sign Consent means that Disclosures LoanCircle provides to you electronically shall have the same meaning and effect as if provided in paper form. An text message or email alerting you that Disclosures are available electronically, provided that the Disclosures are made available online shall have the same meaning and effect as if LoanCircle had provided those Disclosures to you in paper form, regardless of whether you actually view those Disclosures, unless you have withdrawn your consent pursuant to Section 3, above, prior to receiving such Disclosures.

5.7 Miscellaneous

You agree that LoanCircle may modify or change the methods of disclosure described herein, and that LoanCircle may send you Disclosures in paper form at its option. You also agree that LoanCircle is not responsible for any delay or failure in your receipt of any text message or email notice that is not caused by LoanCircle's failure to send such a notice to the phone number or email address you have provided for that purpose.