Terms of Use Agreement

Welcome to eMicrocredit, an initiative of Hope Foundation, a non-profit public benefit organization (together with its officers, directors, agents, employees, partners and their respective affiliates, collectively, "eMicrocredit"). This Terms of Use ("Agreement") is a contract between you ("you") and eMicrocredit and governs all transactions between you and eMicrocredit, as well as your use of the eMicrocredit websites (the "Website") and all eMicrocredit services. By using the Website, you agree to be bound by this Agreement, whether or not you become a lender, participate in eMicrocredit's micro-lending program (the "Program") or otherwise use the Website (in each such capacity, a "User"). If you wish to become a lender, participate in the Program or otherwise become a User of the Website, you must read all of the terms and conditions in, and linked to, this Agreement. If you do not agree with all of these terms and conditions, please do not participate in the Program or use this Website.

This Agreement supersedes any previous Agreement to which you and eMicrocredit may have been bound. This Agreement may be modified by eMicrocredit in its sole discretion from time to time and such modifications shall automatically become part of this Agreement and shall be effective once posted by eMicrocredit on the Website. Your participation in the Program and use of the Website will be subject to any such modifications. You should review the Website and this Agreement from time to time for any modifications.

This Agreement will be binding on, inure to the benefit of and be enforceable against the parties and their respective successors and assigns. Neither the course of conduct between parties nor trade practice shall act to modify any provision of the Agreement. All rights not expressly granted herein are hereby reserved. Headings are for reference purposes only and in no way define, limit, construe or describe the scope or extent of such section.

You may receive a written copy of this Agreement by emailing us at: support@emicrocredit.com

1. Participation in the Program

eMicrocredit manages the Website, which matches you and other persons (each, a "Lender" and, collectively, "Lenders") with low-income entrepreneurs in various countries (each, a "Borrower" and, collectively, "Borrowers") in need of affordable capital. In most instances, these Borrowers are considered "high risk" by traditional lenders for a variety of factors, including, but not limited to, the Borrowers' lack of credit history, financial instability, foreign exchange rate fluctuations, use of the loan proceeds for entrepreneurial endeavors and the risks inherent in a "start up" business, and geographic location. Please carefully review the Website section entitled "Due Diligence" which highlights the various risks associated with the lending structure utilized by eMicrocredit and explains in greater detail the role played by eMicrocredit, the Partner Companies, the Lenders and the Borrowers.

By participating in the Program or otherwise using this Website, you hereby acknowledge and agree that (a) eMicrocredit makes no representation, warranty, covenant or guarantee that any funds you lend to a Borrower via the Website will be repaid in whole or in part and (b) loans made via the Website (each, a "Loan") are unsecured and bear a high risk of non-repayment. Loans made via the Website are philanthropic in nature with no offered rate of return and, as such, are not intended as, and cannot be considered as, an investment in a financial instrument or security.

1.1. Loan Disbursement. You understand that Loans are not made directly to Borrowers and that eMicrocredit identifies existing domestic and international individuals/organizations (each, a "Partner Company" and, collectively, "Partner Companies") that work in low-income communities and have a stated mission to reduce poverty by providing affordable working capital to low-income entrepreneurs. Any Loan made by you or any other Lender will be disbursed to Partner Companies for ultimate disbursement to each Borrower you have selected for receipt of a Loan. eMicrocredit serves as a middle-man in the process and aggregates funds from multiple Lenders via the Website and passes 100% of these funds (excluding the interest earned, if any, on such funds while they are held in a eMicrocredit user loan funds account, which interest is contributed to fund eMicrocredit's operations) to the Partner Company(s) for disbursement to the Borrowers selected for funding on the Website. The process of disbursement to a Borrower in a particular country, however, may vary from the standard disbursement structure just described. Currency and other national or local regulations may require a different philanthropic funding structure in some countries. In such cases, instead of Loan funds being forwarded directly to the corresponding Partner Company, eMicrocredit may, for example, have to transact with other intermediaries, such as the Partner Company's affiliates or other third parties licensed in a country to transact in foreign currencies, to structure a different indirect funding process to enable a Borrower to ultimately be supported by a Loan from You. A Partner Company may also voluntarily choose to pre-fund your Borrower in the short-term from its own funds in anticipation of receiving your Loan, to help reduce the time the Borrower needs to wait until the Loan is funded on the Website. Partner Companies are solely responsible for screening and sourcing each Borrower, posting requests for Loans on the Website and making all Loan disbursements, and eMicrocredit (a) expressly disclaims any responsibility to screen or source any Borrower or any Partner Company or monitor the disbursement of Loan proceeds from the Partner Company(s) to the Borrower(s), and (b) shall have no liability whatsoever with respect to such screening or selection of Borrowers or Partner Companies and the disbursement of Loan proceeds from the Partner Company(s) to the Borrower(s), and you shall hold eMicrocredit harmless from, any and all liabilities with respect to, or resulting from such screenings, selections and disbursement of Loan proceeds from the Partner Company(s) to the Borrower(s).

1.2 Loan Collection and Repayment. Loans are repaid directly by the Borrower(s) to the Partner Company(s). As Borrowers repay the Loans, the Partner Company(s) will post a record of such repayments actually received by the Partner Company(s) to the Website and it is the responsibility and obligation of the applicable Partner Company(s) to pay over such collected Loan payments to eMicrocredit. Repayments may be made in periodic installments, depending on the terms of the applicable Loan. Any amounts actually received by eMicrocredit from a Partner Company(s) as repayment by the applicable Borrower(s) will be distributed among the Lenders on a pro rata basis in accordance with the amounts loaned by such Lenders to such Borrower(s). These distributions may, in eMicrocredit's sole discretion, be made periodically or in one lump sum once 100% of all Loan proceeds for a particular Loan have been received. If, for any reason, the Partner Company(s) are unable to collect Loan repayments directly from the Borrowers or if eMicrocredit, for any reason, is unable to collect Loan repayments directly from the Partner Company(s), repayment of your Loan could be at risk of partial or total delay or non-repayment and a loss of some or all of your principal could occur. You hereby acknowledge and agree that neither the Partner Company(s) nor the Borrower(s) will have direct contractual obligation to pay you any principal and that eMicrocredit is obligated to repay only such Loan principal to the extent actually received by eMicrocredit from a Partner Company with respect to a Borrower. None of eMicrocredit, its Partner Company(s) or any Borrower will have any obligation to pay interest on the Loan or other fees or amounts (other that as expressly set forth above) to you or any other Lender in connection with any Loan you make. At this time, eMicrocredit does not charge interest on any Loans posted on the Website.

1.3 Tax Deductibility. You understand that Hope Foundation is a non-profit public benefit organization. You acknowledge, however, that because you are making a loan and not donating any money, you are not eligible to receive a tax deduction as might otherwise be available in connection with a charitable contribution to a tax-exempt public charity. You also understand that you are solely responsible for determining the proper tax treatment for any Loan you make through the Website and the Program. eMicrocredit has not and will not provide any tax or legal advice to you in connection with any Loan you might make. This Agreement does not attempt to define the tax implications of participating in the Program. If you participate in the Program, you should consult with your own accountants, tax and legal advisors.

1.4. Loan Records. Records of each Loan you make (including this Agreement and any repayment history) will be kept by eMicrocredit and, upon your written request, will be made available to you at any time throughout the term of the Loan. The amount of funds you have available in your eMicrocredit account that is available to be lent ("eMicrocredit Credit") can also be accessed via your eMicrocredit online account created upon registering at the Website.

1.5 Principal Loss Scenarios. You understand and hereby consent (without any prior notice thereof) to any restructuring of the repayment plan for your Loan and/or, in eMicrocredit's sole discretion, any extension of the length of the term of your Loan in order to increase the chances that your Loan is repaid. Currently, eMicrocredit will deem a Loan to be in default if it is not repaid within six (6) months after the initially agreed-upon maturity date of such Loan. In this case, each applicable Lender will have the option to recover whatever principal has been repaid up to that point. If for any reason less than 100% of your Loan is repaid, you agree that eMicrocredit and its Partner Companies shall have no liability therefore, and you hereby release and forever hold harmless eMicrocredit and its Partner Companies for any loss you may incur. You should consult with your accountant and/or tax advisors to determine the appropriate tax treatment of such a loss.

1.6 Insufficient Lender Funds. In the event that you make a Loan and your payment does not clear (e.g., a Check does not validly deliver to eMicrocredit the full amount of the intended Loan, or your payment provider reverses a payment originally intended for eMicrocredit), you agree that eMicrocredit may, in its sole discretion, (i) offset the amount of the insufficiently funded Loan against your eMicrocredit Credit or (ii) withdraw and cancel your insufficiently-funded Loan from your account as not paid in full.

2. Proprietary Rights

"eMicrocredit" and the "eMicrocredit" logo are trademarks and service marks of eMicrocredit. eMicrocredit or its licensors own and retain all proprietary rights in the Program, the Website and all material and information posted thereon ("Content"). The Website contains the copyrighted material, trademarks and other proprietary information of eMicrocredit and its licensors. You may display and print limited copies of the Content for your personal, non-commercial use in connection with your participation in the Program (except as provided herein), but you may not alter, modify, publish, distribute, publicly display or sell any Content or other such proprietary information, or otherwise copy or transmit any Content or other such proprietary information without the express, written permission of eMicrocredit. In addition, to the extent you receive information from eMicrocredit, its Partner Companies or the Borrower with respect to any Loan delinquency or default of a particular Borrower, you may not further disclose or otherwise provide such information to another party in a way that allows a personal identification of such Borrower, if such Borrower (either directly or through the corresponding Partner Company or eMicrocredit) has opted to have his or her identity withheld on the Website.

If you post any messages or other information on the Website, you agree that such messages and information shall be considered Content, and you agree to grant, and shall be deemed to have automatically granted to eMicrocredit an irrevocable, perpetual, non-exclusive, fully-paid, worldwide license to: (a) use, copy, perform, display and distribute such information and content; (b) modify, alter, prepare derivative works of, and/or incorporate into other works, such information and content; and (c) grant and authorize sublicenses of the foregoing. You represent and warrant that you have the right, power and authority to grant the foregoing license.

To the extent you upload or post any photographs of yourself on the Website, you agree that such materials shall be considered Content for the purposes of the foregoing paragraph, and you agree to release, discharge and agree to hold harmless eMicrocredit from any and all claims or liability, whether known or unknown, including any and all claims in connection with the publication, production, processing, distribution or exploitation of such materials, including any claims of infringement of any rights of publicity or rights of privacy.

You acknowledge, consent and agree that eMicrocredit may, at its sole discretion and to the extent permitted by law, access, read, preserve and disclose your account information, usage history and submitted Content in order to: (a) comply with any applicable law, regulation, legal process, or governmental request; (b) respond to claims that any Content violates the rights of third parties, including intellectual property rights; (c) enforce this Agreement and investigate potential violations thereof; (d) detect, prevent, or otherwise address fraud, security, or technical issues; (e) respond to your requests for customer service; or (f) protect the rights, property, or personal safety of eMicrocredit, its users, or the public.

3. Acceptable Use

The Website is for use in connection with the Program and may not be used by you in connection with any other endeavors -- commercial or otherwise -- except as previously approved in writing by eMicrocredit. Your use of the Website and participation in the Program shall be in strict compliance with this Agreement, eMicrocredit's Privacy Policy, all other procedures and guidelines set forth on the Website and applicable law. You may not engage in advertising to, or solicitation of, any User, Partner Company, Borrower or any other Person to buy or sell any products or services through the Website. Only authorized Partner Companies and their authorized Borrowers may seek loans on the Website. You may not transmit any chain letters or junk email to any User, Partner Company, Borrower or any other Person. Illegal and/or unauthorized uses of the Website, including collecting the name, email address or any other personal or confidential information of any User, Partner Company, Borrower or any other Person by electronic or other means for any reason, including, without limitation, the purpose of sending unsolicited email and unauthorized framing of or linking to the Website, will be investigated and appropriate legal action will be taken, including, without limitation, civil, criminal and injunctive redress.

Although eMicrocredit assumes no obligation to monitor the conduct of any User off the Website, it is a violation of this Agreement to use the Website or any information obtained from the Website in order to harass, abuse, or harm another person (including, but not limited to, using profanity in lender messages or joining lending teams in bad faith), or in order to contact, advertise to, solicit, or sell to any User, Partner Company, Borrower or other Person without their prior explicit consent. In order to protect such persons from such advertising or solicitation, eMicrocredit reserves the right to remove content from the Website that violates acceptable use in eMicrocredit's sole discretion and restrict the number of emails or messages that a User may send to others through the Website in any 24-hour or other period to a number that eMicrocredit deems appropriate, in eMicrocredit's sole and absolute discretion.

4. Disclaimers

eMicrocredit is not responsible, and shall have no liability, for any incorrect or inaccurate Content posted on the Website or any liability, cost or expense you may incur in connection with the Program, whether caused by any User, Partner Company, Borrower or other Person or by any of the equipment or programming associated with or utilized in the Program. You also acknowledge and agree that Partner Companies are not liable for content created and posted by eMicrocredit on the Website. eMicrocredit is not responsible for the conduct, whether online or offline, of any User of the Website or any other Person. With respect to the Website, eMicrocredit assumes no responsibility for any error, omission, interruption, deletion, defect, delay in operation or transmission, communications line failure, theft or destruction or unauthorized access to, or alteration of, any communications.

Under no circumstances will eMicrocredit be responsible for any loss or damage, including personal injury or death, resulting from any use of the Website or participation in the Program, any Content posted on the Website or transmitted to, or any interactions between, any Users of the Website, whether online or offline. eMicrocredit neither represents, warrants, covenants guarantees, nor promises any specific results from use of the Website or the Program.

THE WEBSITE, INCLUDING ANY CONTENT OR INFORMATION CONTAINED WITHIN IT OR ANY SERVICE OR ADVICE PROVIDED IN CONNECTION WITH THE PROGRAM, IS PROVIDED "AS IS" WITH NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. YOU ASSUME TOTAL RESPONSIBILITY AND RISK FOR YOUR USE OF THIS WEBSITE AND WEBSITE-RELATED SERVICES.

eMicrocredit makes no representation or warranty, express or implied, with respect to any third party data provided to eMicrocredit or its transmission, timeliness, accuracy or completeness, including but not limited to implied warranties or warranties of merchantability or fitness for a particular purpose. eMicrocredit will not be liable in any way to you or to any other person for any inaccuracy, error or delay in or omission of any third party data or the transmission or delivery of any such third party data and any loss or damage arising from (a) any such inaccuracy, error, delay or omission, (b) non-performance or (c) interruption in any such third party data due either to any negligent act or omission by eMicrocredit or "force majeure" or any other cause beyond the control of eMicrocredit.

5. Limitation of Liability

You understand that any and all decisions made by you with respect to the Program are yours alone. eMicrocredit cannot and does not verify the accuracy of information from Partner Companies, other Users or Borrowers. eMicrocredit shall not be responsible, or have any duty or obligation to, or liability for: (a) decisions or interactions resulting (directly or indirectly) from participation in the Program; or (b) any damages, costs, losses or expenses a User incurs as a result (directly or indirectly) of making a Loan to a Borrower or as a result (directly or indirectly) of utilizing the Program or information received in connection with the Program. In addition, in no event will eMicrocredit be liable to you or any third person for any damages, costs, losses or expenses, including any lost capital, lost profits or special, incidental, consequential or punitive damages arising from your use of the Website or participation in the Program, even if eMicrocredit has been advised of the possibility of such damages, costs, losses or expenses.

6. Disputes with other Partner Companies, Borrowers

You are solely responsible for your interactions with any Partner Companies, any other User (even to the extent prohibited hereby) or any Borrower and any disputes that may result from such interactions.
eMicrocredit reserves the right, but has no obligation, to monitor disputes between you and such persons.

7. Governing Law; Resolution of Disputes; Arbitration and Waivers

This Agreement is governed by the laws of New Delhi, India, without regard to its choice of law or conflict of law provisions. If any dispute arises between you and eMicrocredit, including, without limitation, any dispute arising from or relating to the Website or the Program, you agree that all such disputes will be determined exclusively by final and binding arbitration, in accordance with the then existing commercial rules of the Arbitration Association in New Delhi. The arbitration shall heard and adjudicated by one arbitrator to be selected by you and eMicrocredit. Any award will be final, binding and conclusive upon the parties, subject only to judicial review provided by statute, and a judgment rendered on the arbitration award can be entered in any court having jurisdiction thereof.

TO THE EXTENT PERMITTED BY APPLICABLE LAW, BY AGREEING TO SUBMIT ALL DISPUTES TO BINDING ARBITRATION, YOU AND EMICROCREDIT HEREBY WAIVE YOUR RIGHT TO A COURT TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR ANY CONTEMPLATED USE HEREIN, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS, EXCEPT AS SPECIFICALLY PROVIDED ABOVE.
You waive, to the maximum extent not prohibited by law, any right you may have to claim or recover, in any legal action or proceeding, any special, exemplary, punitive or consequential damages.

8. Indemnity

You agree to indemnify and hold eMicrocredit harmless from any loss, liability, claim, or demand, including reasonable attorney's fees, made or incurred by any third party due to or arising (directly or indirectly) out of your use of the Website or participation in the Program or arising from your breach of this Agreement.

9. Term; Termination

This Agreement will remain in full force and effect while you use the Website or participate in the Program as a User and, notwithstanding anything herein to the contrary, this Agreement will remain in effect after your participation in the Program and status as a User is terminated. Whether or not you are and remain eligible to participate in the Program may be determined by eMicrocredit in its sole and absolute discretion. You may terminate your participation and status as a User at any time and for any reason by sending a written notice of termination to eMicrocredit along with instructions for the disposition of your then-available eMicrocredit Credit and any additional credits that you may receive in the future (e.g., based on repayments of then-outstanding and active loans), such notice to be effective within 3 days of receipt by eMicrocredit.

Microcredit may also terminate your participation in the Program and status as a User at any time and for any reason, effective upon transmission of notice to you at the email address you provide to eMicrocredit. Upon such a eMicrocredit-initiated termination, your available eMicrocredit Credits shall be returned to you within 30 days of account termination and any eMicrocredit Credit you may receive in the future shall also be returned to you in due course. If your participation in the Program is terminated by eMicrocredit, you agree not to use the Website any further.

10. Entire Agreement; Severability

This Agreement, accepted upon use of the Website and further affirmed by becoming a User, contains the entire agreement between you and eMicrocredit regarding the use of the Website or the Program. This Agreement may not be orally amended. If any provision of this Agreement is held invalid, the remainder of this Agreement shall continue in full force and effect.

Please contact us at support@emicrocredit.com with any questions regarding this Agreement.