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.
The CG24 website is exclusively intended for natural or legal persons residing or domiciled in Switzerland and Liechtenstein.
Registration and 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.).
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.
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.
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.
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 firstname.lastname@example.org.
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.
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.
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.