Loan Agreement

You, the User, agree that at the date of applying for this loan, you are not: (i) in a Debt Management Plan (or similar scheme) or considering entering a Debt Management Plan (or similar scheme); (ii) bankrupt or considering filing for bankruptcy; (iii) under notice of termination of employment, redundancy or any other notice which could affect your employment status; (iv) in receipt of Statutory Sick Pay or suffering from any medical condition which would cause you to apply for Statutory Sick Pay during the period of the loan.

By submitting this loan application you, the User, explicitly agree to the following conditions pending loan approval:

If and when a loan application is approved, actual payment of the loan amount is subject to: (i) ensuring that the information you provided was not inaccurate, deficient or fraudulent in any respect; (ii) checking your credit reference and the information provided to assess the viability and risk of the loan; (iii) our assessment of the applicant and applicant submitted information includes but is not limited to personal information provided, information obtained through credit checks, and information obtained through nontraditional credit checks.

You, the User, agree to pay the full repayment amount in addition to any related fees or charges that may become payable as a result of late payment or repayment procedure. You also permit CoolCash to mention your name on the Websites, at its discretion, in recognition of exceptional repayment record.   

Direct debit and card payment are the primary methods of receiving repayment. This method results in nominal bank fees charged to the User’s account where insufficient funds are present. These fees are decided by and charged by the bank and CoolCash is not in any way responsible for the magnitude, timing or payment of any such charges.

Collection of the full repayment amount will occur on the repayment date specified in the loan application through the agreed payment method unless a different arrangement has been explicitly agreed to by CoolCash. Failure to make due provision for this repayment process resulting in CoolCash’s inability to recover the sum agreed to as the repayment amount may result in the addition of late charges to the repayment amount and the placement of a hold on the user’s account. CoolCash will undergo reasonable steps to reach the User where repayment procedure fails to arrange an alternative payment plan or channel if it is deemed to be necessary. If you, the User, miss a loan repayment, or find yourself in financial difficulties and you believe you are not or will not be able to repay the amount due under your Agreement, you shall contact us as soon as possible to negotiate an alternate payment plan.  

If an alternative repayment arrangement is mutually agreed to by CoolCash and the User an alternative agreement will be issued. If the reasonable actions taken by CoolCash to contact the User fail a late payment fee of $1,000 JMD will be applied to the overdue balance on the day after a promised repayment date. Interest will continue to accrue at the agreed interest rate until total interest accrued amounts to 50 per cent of the original loan capital, the full repayment amount is recovered or the customer negotiates an alternate repayment arrangement, whichever occurs first. In such a case continuous attempts will be made to recover funds daily via direct debit. Any loan with payments outstanding for 34 days may be handed over to a debt collection agency. The sum thereafter payable is subject to the judgement and policies of the collection agency.

You, the User, may end the Agreement at any time by repaying the full amount you owe under the Agreement at that time. This may be done by contacting CoolCash and submitting a request to adjust the repayment date or arrange an alternate repayment method specifically.

You agree that we will demand repayment of the full amount owed by you under the Agreement if you, the User: (i) Fail to repay the full repayment amount on time; (ii) Have been dishonest or given misinformation in a way that affects our decision to lend money to you; (iii) have persistently and/or materially broken the terms of the Agreement; (iv) die, become bankrupt or enter into an individual voluntary arrangement (IVA) with entities to whom you owe money. Before making any demand we will take all the steps we are required to take by law for your protection.

This is to certify that I, __________ have applied for an uncollateralized loan from CoolCash and provisionally accept said loan if my application is approved. Interest shall accrue at the daily rate of ____ per cent per annum (_____ per cent per day) for the entire term of the loan. The processing fee is $2,500 JMD to be capitalized. The principal of the loan is ___________ JMD and the amount to be repaid is _____________ JMD. This loan shall be repaid in ______ (__) ______________ installment(s) and these repayments shall occur as per the following payment schedule: