Terms of use

Terms of use Cred­it­G­ate24 web­site (ver­sion 1.1 from March 2015)

Please read the terms of use care­fully. By ac­cess­ing the web­site of CG24 Group AG (here­in­after “CG24 web­site”) and its re­lated pages, you agree that you un­der­stand and agree to the fol­low­ing terms of use and leg­al in­form­a­tion.

In­tro­duc­tion

Users (here­in­after also “bor­row­ers”) of the CG24 web­site are able to place a loan ap­plic­a­tion on the site. The CG24 busi­ness mod­el con­sists of provid­ing loans to users/bor­row­ers with loan amounts fin­anced by the dir­ect sale and as­sign­ment of loan claims to oth­er users (here­in­after re­ferred to as “in­vestors”) who provide the money. Users/in­vestors are able to pur­chase loan claims from oth­er users/bor­row­ers on the CG24 web­site.

Tar­get mar­ket

The CG24 web­site is ex­clus­ively in­ten­ded for nat­ur­al or leg­al per­sons resid­ing or dom­i­ciled in Switzer­land and Liecht­en­stein.

Re­gis­tra­tion and use

Re­gis­tra­tion is re­quired for the use of CG24’s ser­vices. Re­gis­tra­tion re­quires open­ing a per­son­al user ac­count (here­in­after “ac­count”) and agree­ing to these terms of use.

In ad­di­tion to leg­al per­sons, re­gis­tra­tion is only open to nat­ur­al per­sons of leg­al age who are com­pletely cap­able of act­ing. Minors (defined as people un­der the age of 18) and nat­ur­al or leg­al per­sons resid­ing or dom­i­ciled out­side of Switzer­land and Liecht­en­stein are ex­cluded from us­ing the CG24 web­site and the products and ser­vices offered on it. A user may only op­er­ate one ac­count; the ac­count is per­son­al and non-trans­fer­able.

The user agrees to com­pletely and truth­fully provide all of the in­form­a­tion ne­ces­sary for re­gis­tra­tion. Any changes must be made im­me­di­ately to en­sure that the in­form­a­tion is al­ways com­plete and cor­rect. In­com­plete re­gis­tra­tions will be de­leted by CG24 after a reas­on­able peri­od of time.

If in­cor­rect or fraud­u­lent in­form­a­tion is giv­en in­ten­tion­ally, CG24 re­serves the right to ter­min­ate the user agree­ment and any ad­di­tion­al con­trac­tu­al re­la­tion­ships with the user in ques­tion without no­tice.

Re­gis­tra­tion alone does not auto­mat­ic­ally en­title users to ac­tiv­ate their cred­it search on the CG24 web­site. CG24 re­serves the right to re­ject and not ac­tiv­ate sub­mit­ted ap­plic­a­tions without giv­ing a reas­on.

Costs and fees

Re­gis­tra­tion on the CG24 web­site is free of charge. Costs ori­gin­at­ing from the users are charged to the users by CG24 in ac­cord­ance with the fee reg­u­la­tions. In ad­di­tion, the user is billed sep­ar­ately for all third-party fees (e.g. postal costs, costs for the pro­vi­sion of col­lat­er­al etc.).

Overview

Data se­cur­ity and the use of data

Users provide CG24 with in­form­a­tion for the ser­vice provided such as the fol­low­ing: first and last names, ad­dress and place of res­id­en­ce, user names, email ad­dress, de­scrip­tion of loan ap­plic­a­tion and for bor­row­ers in­form­a­tion on fin­an­cial status, etc. This in­form­a­tion is saved on serv­ers and is used by CG24 ex­clus­ively to per­form the ser­vice. The in­form­a­tion is stored in a data­base for this pur­pose. CG24 takes all pre­cau­tions to pro­tect the pri­vacy of users and their data.

Users are re­ques­ted to provide their per­son­al data at sev­er­al points on the CG24 web­site. Due to the nature of the In­ter­net, data cir­cu­lates across bor­ders via serv­ers abroad. If users de­cide to re­ceive their per­son­al CG24 data via the In­ter­net or email, it will be handled in ac­cord­ance with ap­plic­able data pro­tec­tion reg­u­la­tions and pro­tec­ted against un­au­thor­ized ac­cess by third parties. The data are pro­cessed by and for CG24 and its af­fil­i­ates. Third parties both in Switzer­land and abroad can be con­trac­ted with the pro­cess­ing of the data. CG24 and its af­fil­i­ates use the data ex­clus­ively for im­ple­ment­ing the con­tract and for the pur­poses ex­pli­citly men­tioned in the terms of use and CG24’s Gen­er­al Terms and Con­di­tions.

Please note that con­fid­en­ti­al­ity can­not be com­pletely en­sured when trans­mit­ting emails. Un­der cer­tain cir­cum­stances, emails can be read, forged, fals­i­fied or de­leted by third parties. Emails can also con­tain harm­ful com­puter pro­grams such as vir­uses, worms or Tro­jan horses.

By us­ing the CG24 web­site, users agree to the pro­cess­ing of their data in the man­ner and for the pur­poses laid out above.

Bor­row­ing ca­pa­city and cred­it as­sess­ment (bor­row­er)

Loan ap­plic­a­tions made by users on the CG24 web­site are care­fully ex­amined be­fore be­ing ap­proved and pub­lished on the CG24 web­site. In par­tic­u­lar, CG24 veri­fies users’ cred­it­wor­thi­ness re­ly­ing on the in­form­a­tion and doc­u­ments provided by users for this pur­pose. Once cred­it­wor­thi­ness has been pos­it­ively veri­fied, users re­ceive a cred­it agree­ment. If the in­form­a­tion giv­en by the user/bor­row­er proves to be false or there is neg­at­ive in­form­a­tion re­gard­ing cred­it­wor­thi­ness, CG24 can with­draw at any time from the cred­it agree­ment and any ad­di­tion­al con­trac­tu­al re­la­tion­ships with the user/bor­row­er. Any losses res­ult­ing from can­cel­la­tion of the con­tract are born by the user/bor­row­er.

The user/bor­row­er au­thor­izes CG24 to ob­tain all in­form­a­tion ne­ces­sary for pro­cess­ing the loan ap­plic­a­tion and the loan agree­ment from pub­lic and private sources as well as from the Con­sumer Cred­it In­form­a­tion Of­fice (IKO) and the Cent­ral Of­fice for Cred­it In­form­a­tion (ZEK) and to re­gister the loan and the con­trac­tu­al re­la­tion­ship with the IKO and the ZEK. The user/bor­row­er notes that the ZEK and the IKO in­form their as­so­ci­ated lenders of their re­spons­ib­il­it­ies from the loan agree­ment for a new loan ap­plic­a­tion upon re­quest.

User fin­an­cing com­mit­ments to loan ap­plic­a­tions (in­vestors)

Once the loan ap­plic­a­tion has been ap­proved by CG24 it will be ac­cess­ible on the CG24 web­site free of charge and labeled as a “loan pro­ject (CPS).” The user/in­vestor is able to con­trib­ute fin­an­cially to an ac­tiv­ated loan pro­ject (CPS) with­in a cer­tain peri­od (here­in­after “in­vest­ment peri­od”) un­til the en­tire loan amount has been fun­ded. To par­ti­cip­ate, in­vestors enter the fin­an­cing amount (at least CHF 500 or a mul­tiple there­of) in the re­spect­ive area on the CG24 web­site. The user/in­vestor con­firms the fin­an­cing com­mit­ment by click­ing on a but­ton.

The fin­an­cing com­mit­ment is bind­ing and the user/in­vestor in ques­tion is ob­liged to make the cor­res­pond­ing amount avail­able at the con­clu­sion of the loan agree­ment with the user sub­mit­ting the loan ap­plic­a­tion by pur­chas­ing the loan claim in the amount of the fin­an­cing com­mit­ment.

Amend­ment of or with­draw­al from the fin­an­cing com­mit­ment is not pos­sible.

The in­vestor will sub­se­quently re­ceive a PDF file via eMes­sage with the of­fer signed by CG24 to enter in­to an “agree­ment on sale, trans­fer and man­age­ment against pay­ment of fu­ture (par­tial) re­ceiv­ables un­der a loan agree­ment” (here­in­after “agree­ment“). After re­ceiv­ing the eMes­sage, in­vestors ac­cept the of­fer to enter in­to the agree­ment by con­firm­ing their in­ten­tion to enter in­to the agree­ment. By send­ing the con­firm­a­tion, the agree­ment – in­clud­ing the pur­chase of re­ceiv­ables between the in­vestor and CG24 con­tained with­in – is bind­ing.

The agree­ment/pur­chase of re­ceiv­ables between the in­vestor and CG24 is sub­ject to the fol­low­ing sus­pens­ive con­di­tions:

A suf­fi­ciently fin­anced loan pro­ject (CPS) ma­ter­i­al­izes, mean­ing that the loan amount re­ques­ted by the user/bor­row­er is covered by the sum of all the fin­an­cing com­mit­ments from in­vestors with­in the in­vest­ment peri­od or that the user/ bor­row­er agrees to a lower loan amount; and

that an ef­fect­ive loan agree­ment is con­cluded between the user/bor­row­er and CG24.

Fol­low­ing the end of the in­vest­ment peri­od, the in­vestor is in­formed as to wheth­er a loan pro­ject (CPS) has suc­cess­fully ma­ter­i­al­ized.

Sales of CPS between re­gistered in­vestors to re­ceive their cap­it­al be­fore the end of the term of the loan

In­vestors who have entered a CPS sell or­der will con­tin­ue to re­ceive all amort­iz­a­tion and in­terest pay­ments of the bor­row­er un­til the time a buy­er pur­chases the CPS. Pay­ments re­ceived from this point in time will be paid after suc­cess­ful com­ple­tion of the sale to the buy­er. The pur­chase price is ad­jus­ted ac­cord­ingly so that the pur­chase price charged in each case cor­rectly re­flects the cash flows. In case the sale falls through, all cash flows go to the seller.

A CPS can not be sold if an in­stall­ment pay­ment of the bor­row­er had to be re­minded at the time of the sale.

Lenders who would like to sell one or sev­er­al in­vest­ments (CPS or cred­it pro­ject share) can enter their re­quest in their on­line cock­pit. As soon as a buy­er is found and the pur­chase price is paid, the CPS is trans­ferred and the seller re­ceives the money.

The Cred­it­G­ate24 sec­ond­ary mar­ket is offered free of charge to all lenders. Cred­it­G­ate24 does not charge a com­mis­sion for the trans­ac­ted cred­it pro­ject share (CPS). As with all in­vest­ments, lenders pay the full 1% ser­vice charge on all re­pay­ments of a CPS, in­clud­ing for CPS bought or sold on the sec­ond­ary mar­ket.

All con­se­quences in con­nec­tion with a fail­ure and the as­so­ci­ated ef­fect of the sol­id­ar­ity agree­ment shall be borne by the seller un­til pay­ment of the pur­chase price and the as­so­ci­ated set­tle­ment of the in­vest­ment trans­fer.

No guar­an­tee, con­sul­ta­tion or re­com­mend­a­tion (in­vestor)

CG24 care­fully ev­al­u­ates the cred­it­wor­thi­ness of users who place loan ap­plic­a­tions on the CF24 web­site. For this, CG24 re­lies on in­form­a­tion and doc­u­ment­a­tion provided by the user for ev­al­u­ation pur­poses. The res­ult of the ev­al­u­ation con­sti­tu­tes neither a guar­an­tee of the bor­row­er’s abil­ity to pay nor a re­com­mend­a­tion for the pur­chase of the loan claim in ques­tion. CG24 ac­cord­ingly ac­cepts no li­ab­il­ity for any losses by in­vestors res­ult­ing from loan de­faults. In par­tic­u­lar, CG24 provides no con­sul­ta­tion ser­vices. In­vestors are cau­tioned that the pur­chase of loan claims can be as­so­ci­ated with risks that can in­clude the loss of part or the en­tire claim amount.

Cook­ies

Users ac­know­ledge and agree to the use of “cook­ies” in cer­tain in­stances to provide them with cus­tom­ized in­form­a­tion. The term “cook­ie” refers to an in­form­a­tion file stored on the hard disk that al­lows a com­puter to be re­cog­nized dur­ing sub­se­quent vis­its to the CG24 web­site. Users ac­know­ledge that their browsers can be set to in­form them when they re­ceive a “cook­ie.”

Google Con­ver­sion Track­ing

The user ac­know­ledges and agrees to CG24’s use of Google’s con­ver­sion track­ing tech­no­logy. When users ac­cess the CG24 web­site, a tem­por­ary cook­ie is placed on their com­puter. This cook­ie loses its val­id­ity after 30 days and is not used for per­son­al iden­ti­fic­a­tion. If a user has vis­ited a par­tic­u­lar page on the CG24 web­site and the cook­ie has not yet ex­pired, Google and CG24 see that the user has clicked on the ad­vert­ise­ment and has been re­dir­ec­ted to this page. Users ac­know­ledge that they can re­fuse these cook­ies by set­ting their browser so that the re­spons­ible Google ser­vice blocks them.

No of­fer

The in­form­a­tion pub­lished on the CG24 web­site does not con­sti­tu­te a so­li­cit­a­tion, an of­fer or a re­com­mend­a­tion to enter in­to a loan agree­ment, pur­chase a claim, carry out a trans­ac­tion or con­clude or enter in­to any oth­er leg­al trans­ac­tion.

Guar­an­tee and li­ab­il­ity

CG24 presents the in­form­a­tion on the CG24 web­site without any guar­an­tees. CG24 ac­cepts no re­spons­ib­il­ity and makes no guar­an­tee that the CG24 web­site is func­tion­al, er­ror-free or vir­us-free.

CG24 ex­pressly ex­cludes any li­ab­il­ity for dir­ect or in­dir­ect dam­ages res­ult­ing from ac­cess to the ele­ments of the CG24 web­site and their use, as well as res­ult­ing from the in­ab­il­ity to ac­cess or use the web­site and its ele­ments. CG24 also re­jects any li­ab­il­ity for ma­nip­u­la­tions to the IT sys­tem of the In­ter­net user (vir­us, worms, Tro­jan horses etc.) by third parties.

Users may not make their ac­counts avail­able to third parties and shall be fully li­ab­il­ity for any act­iv­it­ies that oc­cur un­der their ac­counts. The pass­word and user name must be kept secret and may not be shared with third parties. CG24 ex­cludes li­ab­il­ity for any ab­uses.

Use of con­tact in­form­a­tion

CG24 and its af­fil­i­ates are au­thor­ized to use the data provided to CG24 for mar­ket­ing pur­poses. Users agree in par­tic­u­lar to CG24 and its af­fil­i­ates oc­ca­sion­ally send­ing them in­form­a­tion on the com­pany, its products and its ser­vices via mail, email and text mes­saging. Users ac­know­ledge that they can re­fuse the use of their cus­tom­er data for mar­ket­ing pur­poses at any time in writ­ing to Cred­it­G­ate24 (Switzer­land) AG, Ale­mannen­weg 6, CH-8803 Rüsch­likon or by eMes­sage or email to info@cred­it­g­ate24.com.

Links

The CG24 web­site con­tains hy­per­links to oth­er web­sites. CG24 has not veri­fied these hy­per­links and is not re­spons­ible for the con­tent of the linked web­sites. Users use links to oth­er web­sites at their own risk.

Copy­right

All ele­ments of the CG24 web­site are copy­righted and trade­marked. Any com­mer­cial use of these ele­ments is only per­mit­ted with pri­or writ­ten con­sent from CG24. “Cred­it­G­ate24” is a re­gistered trade­mark.

Changes to the terms of use

CG24 re­serves the right to modi­fy these terms of use at any time. Such changes auto­mat­ic­ally take ef­fect when pub­lished on the CG24 web­site.

Jur­is­dic­tion and ap­plic­able law

The ex­clus­ive place of jur­is­dic­tion for any dis­putes between users of the CG24 web­site and CG24 arising from vis­it­ing or us­ing the CG24 web­site is CG24’s headquar­ters. CG24 is also free to bring suit at the user’s place of res­id­en­ce. Swiss ma­ter­i­al law ap­plies.

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