Terms of use of the Loal App Services

Introduction

These terms of use apply to your use of the Loal mobile app (the “App”) and the Services (as defined below) we offer through the App. In addition to these terms, please also read our Privacy Policy to learn in detail how we handle your data.

Please note that you must read these terms carefully and make sure you understand them, as you will be required to agree to these terms before using the App or Services. If you do not agree to these terms, please understand that you may not access or use the App or Services.

Who we are?

We are Loal (trading name for Oakam Ltd) (hereafter referred to as “Loal” “we” and “us”), a company incorporated and registered in England and Wales with company number 05878249 and its registered office address is at 86-90 Paul Street, London, England, EC2A 4NE. We are the data controller of your personal data for the purposes of the UK General Data Protection Regulation. Our data protection officer can be reached at privacy@loal.app.

Loal is authorised and regulated by the Financial Conduct Authority under firm reference number 678734, with permissions to enter into regulated credit agreements and exercise a lenders rights and duties under the same.

Overview of the Services

Loal is a consumer credit lender and we provide the App through which you may apply for a loan from us. The App also provides a read-only platform to help you improve your prospects of obtaining credit from us by engaging with the App and providing your personal and financial information. The Services on the App are provided free of charge (the “Services”), and include the following:

  • Input your basic personal details, financial priorities and credit overview to generate a “Loal Trust Level” (this is our representation of your ability to afford credit, and the suitability of credit for you, based on the information you provide to us through the App)
  • Improve your Loal Trust Level and improve your chances of being offered a loan by providing us with more detailed personal and financial information, including by choosing to grant us access to your bank account information through Open Banking (further explained below) and your mobile phone
  • Apply for a loan from Loal (subject to status), access your loan documents and manage your loan in-App, including making loan repayments
  • Access to smart money tips and insights
  • Establish a money goal and, through the App, acquire and demonstrate your knowledge about saving, budgeting and sound credit habits in order to improve your Loal Trust Level and improve your chances of achieving your money goal
  • A dashboard of your Loal Trust Level, money goals, progress and, where applicable, Loal loan account overview and balance
  • Enter details of any existing loans or finance to keep track of these through the App
  • Gain access to less expensive loans over time based on continued positive in-App behaviour

We may ask you to input your credit score (if known) or undertake checks on you with credit reference agencies in regards to your application for a Loal Loan. However, Loal does not take any steps on your behalf to ascertain whether a credit information agency holds information on you, ascertain what information they may hold on you, take any action in regards to such information or provide any advice in respect of managing your credit score with credit reference agencies. As such Loal does not provide credit information services.

The information we obtain through Open Banking will be used to inform our calculation of your Loal Trust Level, and to undertake affordability checks if you apply for a Loal Loan. We will not provide or present consolidated information from your bank account data to you in the App.

Information not advice

Contributions, articles, commentary, charts, data visualisations and other materials posted within the App are provided for general information only and we do not make any representations, warranties or guarantees of any kind that any or all of the Services or the App are suitable or appropriate for you. Content within the App is not and should not be construed as or considered to be financial or other professional advice. You should not rely on the content within our App as the basis for making financial decisions. For financial advice and/or if in doubt, you should seek professional advice from http://moneyadviceservice.org.uk. We, therefore, disclaim all liability and responsibility arising from any reliance placed on such materials or content by any user of our Services or by anyone who may be informed of any of its contents.

If a third party is using either the App or content made available by the App to provide advice, then that advice is a separate service and is not part of the Services. We accept no responsibility for and are not liable for any advice or service provided by any such third party.

Your account

You may access the Services by registering an account on the App (“Account”). In order to create an Account you must:

  • be 18 years or over;
  • be resident in the UK.

By creating an Account you represent and confirm that any registration information you submit is true, accurate, current and complete and that if there is any subsequent changes thereof, you will update your registration information accordingly.

If any information you have provided in your application for an Account is determined by Loal, in its sole discretion, to be untrue, inaccurate, not current, incomplete, offensive, misleading or designed to deceive, or if Loal, in its sole discretion, believes it has a basis to suspect that such is the case, Loal reserves the right to immediately suspend or terminate your Account, either with or without notice to you, and to refuse to grant any and all current or future access and use of the Services (or any portion thereof) and/or any benefit to which you may be entitled through your access and use of the Services. Notwithstanding the foregoing, Loal reserves the right to reject your application for an Account in its discretion, without giving any reason for doing so.

By registering an Account and accessing the Services, you are indicating that you have read and agree to these terms and the Loal Privacy Policy.

You must not allow any other person access to the App on your behalf. You must treat your access and authentication details as confidential, and you must not disclose them to any other person. If you believe your Account has been compromised or do not recognise activity on your Account, you should contact us as soon as possible through the details provided below.

If we reasonably suspect or become aware that you have been the subject of fraud or an operational security incident, we may disable some or all of the functionality of the App or Services until such time as we believe that the suspected incident is resolved.

We have the right to disable any App user, identification code or password, whether chosen by you or allocated by us, at any time, if in our opinion you have failed to comply with any of the provisions of these terms.

Loal Loans

As a user of the App, if you are interested in obtaining credit, you may apply directly to Loal through the App. We may provide loans of between £100 and £5,000, repayable over a period of between three (3) and 36 months (“Loal Loans”). Each individual loan taken out with us will be a separate “Loal Loan”.

If your application for a Loal Loan is declined, we may offer to provide you with a Loal Loan for a lower value or with different terms than you requested, such as the duration of the loan.

If your application for a Loal Loan is declined, this will not affect your use of the rest of the Services, and you may continue to use the Services to improve your Loal Trust Level and subsequently make another application for a Loal Loan, subject to these terms.

Each time you take out a Loal Loan, you will be required to enter into a regulated credit agreement with Loal. The credit agreement and pre-contract information will be provided to you for your consideration and acceptance prior to entering into the credit agreement for a Loal Loan.

Your Loal Loan application will need to specify the amount of the loan you are seeking, and choose a repayment start date from the options provided. Where possible, we will offer you the option to set the repayment date to match your income date.

If your request for a Loal Loan is approved, we will inform you of the amount of the loan you are eligible to be provided with, and the loan will be paid into your nominated bank account.

You may not apply for a Loal Loan if:

  • You are in arrears under an existing Loal Loan;
  • Less than 7[days have elapsed since your most recent Loal Loan was repaid in full

 

Each Loal Loan you take out will be reported to credit reference agencies.

Eligibility for Loal Loan

We will undertake a credit check for each Loal Loan application you make. This will be recorded on your credit record and may affect your credit score.

Your application for a Loal Loan will also be subject to our affordability and creditworthiness checks.

Continuous Payment Authority

In order to make your repayments under any Loal Loan, you will be required to provide us with a continuous payment authority (“CPA”) so that each repayment can be collected from your bank. A CPA is a recurring payment made on your chosen debit card that you authorise to be taken as a means of paying your repayments. Unlike a direct debit, a CPA is not covered by any guarantee.

Further information in regard to our use of the CPA will be provided in the credit agreement and pre-contract information provided to you prior to taking out a Loal Loan.

Late or non-payment of your Loal Loan

Any late or missed payments in respect of Loal Loan will be reported to credit reference agencies, which may affect your credit score and your ability to request future Loal Loans, and may make it more difficult for you to obtain credit.

Further information in regard to consequences for missing or making late payments in respect of a Loal Loan, and the actions we may take in respect of this, will be provided in the credit agreement and pre-contract information provided to you prior to taking out a Loal Loan.

Open Banking

We may use Open Banking technology as part of our creditworthiness and affordability assessment, so that we can base our lending decision in respect of a Loal Loan on your real time financial situation.  In order to assess your application for Loal Loan, Loal may require access to the data obtained from a read-only connection to your main personal bank account held in the UK. We will use your bank account data to:

  • view your balances and transactions and make and store a copy of your bank account data; and
  • analyse the transactions, balances and use of your bank account to assess your creditworthiness and the affordability of any Loal loan, in order for us to make any lending decisions.

You may grant us access to your bank account data through Open Banking technology in order to improve the level of information on which we can base your Loal Trust Level, and with the aim of improving your Loal Trust Level and the optimisation of the Services. In order for this to happen, Loal requires access to the data obtained from a read-only connection to your main personal bank account held in the UK. In this instance, we will use your bank account data to:

  • view and monitor your balances and transactions;
  • make and store a copy of your bank account data; and
  • analyse the transactions, balances and use of your bank account to assess your creditworthiness, calculate your Loal Trust Level and provide financial insights and tips.

Where you agree to provide us with read-only access to your bank account, you agree that we may, and instruct us (and our third party provider Credit Kudos) to access, retrieve and use your bank account data for the purposes set out above. You will be required to provide your explicit consent to enable us and Credit Kudos to access your bank account data and to agree to their terms of business. You agree that your bank account provider shall be entitled to rely on the foregoing authorisation.

To keep you safe, we will periodically ask you to renew your consent. You may also withdraw your consent for our read-only access to your bank account at any time. However, if you withdraw or fail to renew your consent when requested, if you have granted us access in order increase your level of information submitted to us on the App, we will be unable to take this into account.

We will not be able to control your bank account, make payments or transfer funds to third parties or otherwise operate any functionality in respect of your bank account. We will not at any point process or store your internet banking details. We do not check the accuracy of your bank account information you provide to us and we rely on your bank account providers to ensure that the information provided to us is accurate and up to date.

Loal is not endorsed or sponsored by the providers of your bank account.

Refer a friend

Loal may operate a ‘Refer a friend’ scheme and may reward a customer who refers a friend to Loal via the App, subject to the terms below. This scheme is offered at Loal’s discretion, and may be revoked at any time. If the scheme is revoked, Loal will ensure to pay any rewards you have validly earned in accordance with the below terms.

Anyone you refer must be 18 years or over. Your name will be included in the referral, so the person you are referring will become aware of your name. You will not receive a reward for referring an individual that has previously applied for a loan with us.

You may be rewarded monetarily by Loal if you refer a friend and they enter into a loan with us (subject to our approval and such individual passing our affordability and creditworthiness checks) within six months of your referral.

We reserve the right to offset any rewards granted to you against any arrears on your Loal Loan account (if any).

In the event of any breach of these terms, we reserve the right not to pay any rewards and to restrict your participation in this scheme without limitation or consultation.

Cancellation

The App and Services are free to use. You can cancel your use of the App or the Services at any time. However, if you cancel the Services, you will no longer be able to make any requests for a Loal Loan, but you will still be liable to Loal and subject to the terms of the credit agreement in respect of any existing Loal Loan, for example you will still be required to maintain a CPA to make any outstanding repayments.

Intellectual Property

All copyright, service marks, logos, trade names and any other intellectual property rights in all logos, designs, text, images, software and all other materials and content on or within the App (collectively the “Materials”) are owned by Loal or appear with the permission of the relevant owner.

When we provide you with access to the App and Services, this is on a licence-basis for your own personal use only, and all intellectual property rights in the Materials remain with us or the relevant owner. You are authorised to view and retain a copy of the pages of the App for your own personal, non-commercial use. You may also view and make copies of the relevant documents, pages, images or other Materials on the App for the purposes of applying for or using the Services. You may not copy, display or use any of the Materials for any other purpose without written permission of Loal and/or the relevant owner.

What you must and must not do

You must:

  • notify us promptly if there is any change to your personal or contact details, application or other information submitted via the App; and
  • only use the App and Services for your own personal use.

Notwithstanding anything to the contrary in these terms, you must not:

  • use the App, Materials or the Services for any commercial purpose or the benefit of any third party or in any manner not permitted by these terms;
  • use the App, Materials or the Services for any unlawful activity, for any unlawful purpose, or in any manner inconsistent with these terms, or act fraudulently or maliciously, or in any manner that may cause offence or harm to any person, or which may infringe the intellectual property or other rights of Loal or any other third party;
  • do anything that may disable, modify or harm the App, or any aspect of the App (such as our security measures) or the Services;
  • remove or alter any author, trademark or other proprietary notices from the App, Materials or the Service or any copies thereof, or make any other modifications to any documents obtained from the App other than in connection with completing information required to transact business with Loal; or
  • duplicate, reproduce, copy publish, modify, create derivative works from the Materials, or reverse engineer or reverse compile any of the technology associated with the App or Materials.

Posting on the Service

As part of the Services, we may allow users to post content (for example on user forums and/or blogs on the App). If you wish to post user-generated content, you agree to follow these rules:

  • We have zero tolerance towards any objectionable or unlawful content and abusive users. We reserve the right, at any time and without prior notice, to take down, remove or disable access to content at our discretion for any reason including without limitation, if the content violates these terms or if we find the content is objectionable, unlawful or otherwise harmful to the Services or our users, and block access to and/or terminate the Account of any user who posted objectionable or unlawful content.
  • If you wish to complain about objectionable or unlawful content posted by other users, please report this to us directly in the platform. Upon receipt of your complaint, we will respond promptly and may remove such objectionable or unlawful content and eject the user who posted such objectionable or unlawful content.
  • You are responsible for all content you submit to us.
  • In posting content in this way, you confirm that you have all necessary rights and hereby grant us perpetual, worldwide, non-exclusive, royalty-free, sub-licensable and transferable license to use, reproduce, distribute, prepare derivative works from, modify, display, and perform all or any portion of the content in connection with us and our business, including without limitation for promoting and redistributing part or all of the App (and derivative works thereof) in any media formats and through any media channel(s).
  • You waive the right to receive any financial or other consideration or remuneration in connection with content you post, including, but not limited to, attribution or other credit.
  • You may not copy or use personal identifying or business contact information about other users without their permission.
  • You accept that we may edit your comments for clarity or remove any comment.

Third Party Content

You will find links that may let you leave the App. These links are provided as a courtesy only, and the sites they link to are not under the control of Loal in any manner whatsoever. Therefore, Loal is in no manner responsible for the content of any such linked site(s) or any link contained within a linked site, including any changes or updates to such site(s). You acknowledge that Loal is providing these links merely as a convenience, and the inclusion of any link does not in any way imply or express affiliation, partnership, endorsement nor sponsorship by Loal of the site(s) and/or any of the content therein.

You understand that all third party content, including, without limitation all advertisers, marketers and other third party offers, data, links, articles, search results, graphic or video messages and all information, text, software, music, sound, graphics or other materials made available or accessible through Loal, materials and the Service (collectively, “Third-Party Content”), whether publicly available or privately transmitted, is the sole and exclusive property of such third parties, each of whom assumes complete responsibility for the Third-Party Content they have created. Loal does not guarantee the accuracy, integrity nor quality of such Third-Party Content. Under no circumstances will Loal or its licensors be liable in any way for any Third-Party Content, including, but not limited to, any errors or omissions in any Third-party Content or any loss or damage of any kind incurred as a result of the access and use of any Third-party Content posted or transmitted via the App.

Disclaimers

Whilst we have taken reasonable steps to ensure the accuracy, currency and availability, correctness and completeness of the information contained on the App and in the Services:

  • Loal does not promise that the App or any content, document or feature of the Services will be error-free or uninterrupted, or that any defects will be corrected or that your use of the App or Services will provide specific results.
  • The material on the App or the Services could include technical inaccuracies or typographical errors. The App, its content and the Services are delivered on an “as-is” and “as-available” basis.

Exclusions

To the fullest extent permitted by law, we hereby exclude any liability, direct, indirect or consequential loss or damage incurred by any user in connection with our App or Services or in connection with the use, inability to use, or results of the use of our App or the Services, including:

  • loss of business
  • loss of income or revenue
  • loss of profits or contracts
  • loss of anticipated savings
  • loss of data
  • loss of goodwill
  • wasted management or office time
  • loss or damage caused to any software
  • any other loss or damage of any kind, however arising and whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable.

Nothing in these terms limits any liability which cannot legally be limited, including but not limited to liability for:

  • Death or personal injury caused by negligence;
  • Fraud or fraudulent misrepresentation; or
  • Any other liability which cannot be excluded or limited under applicable law.

We are not liable for any failure, suspension and or termination of access to the App or Services in connection with or arising out of an event which is outside our reasonable control.

Indemnity

You agree to indemnify, hold harmless and defend Loal, providers and licensors of Loal, their successors, their affiliates, and each of their subsidiaries, officers, directors, employees, advertising and promotions agencies, representatives or agents (collectively, “Indemnified Parties”), at your sole expense, against any and all claims, actions, proceedings, investigations, and all liabilities, damages, judgments, settlements, penalties, fines, losses, costs and expenses (including, without limitation, reasonable legal fees and other dispute resolution expenses) incurred by any Indemnified Party arising out of or relating to your:

(i) breach of any of these terms or any policy or guidelines referenced herein, including without limitation the Privacy Policy, or any applicable law;

(ii) use or misuse of the App, Materials or the Services; or

(iii) your infringement or the infringement by any other user through your Account of any intellectual property rights or other moral, privacy, publicity or similar rights of any person or entity.

Governing Law & Jurisdiction

These terms are written and available only in English and all correspondence with you shall be in English. In the event that these terms are translated, the version in English shall take priority. These terms are governed and will be construed by the laws of England and Wales and you agree to the exclusive jurisdiction of the English courts for all disputes arising out of or in connection with these terms.

Miscellaneous

For details of operating models and technical specifications for our App, please see the details in the app store listings.

Loal reserves all rights not expressly granted herein.

Loal may modify these terms at any time for any reason, in its sole discretion, by posting the revised terms on the App. Please check these terms periodically to ensure you understand the terms which will apply at that time, and you may ask for a copy of these terms at any time. By continuing to use the Services after any changes to these terms, you agree to be bound by the amended terms. If you do not agree to any variation of terms that we make, you can cancel your use of the Services at any time.

You may not assign any of your rights or obligations under these terms. We may assign any or all of our rights and obligations under these terms.

Nothing in these terms shall constitute a partnership or joint venture between you and Loal.

Should any term or provision hereof be deemed invalid, void or unenforceable either in its entirety or in a particular application, the remainder of these terms shall nonetheless remain in full force and effect.

The failure of Loal at any time or times to exercise any rights or enforce any provision hereof shall in no manner affect its right at a later time to exercise or enforce the same unless the same is waived in writing.

To the extent that anything in or associated with Loal, Materials or the Services is in conflict or inconsistent with these terms, these terms shall take precedence. If any terms contained herein conflict with the terms contained in any offer or elsewhere within the Services, these terms and conditions shall take priority and precedence.

The rights and remedies granted to Loal under the Terms are cumulative and in addition to, not in lieu of, any other rights and remedies which Loal may possess at law or in equity.

These terms constitute the final, complete and exclusive agreement with respect to Loal, and your use of the App, materials or the Services and any and all other written or oral agreements or understandings previously existing between you and Loal with respect to such use are hereby superseded and cancelled.

The owners of the Materials are intended third-party beneficiaries of these terms and shall have the right to enforce these against you. Save for the owners of the Materials, nothing in these terms is intended to, nor shall create, any right enforceable by any third party and the Contracts (Rights of Third Parties) Act 1999 shall not otherwise apply to these terms.

Upon termination, cancellation, suspension or expiration of the terms for any reason, you agree to cease all access and use of the App, Materials and Services.

If you have any questions or concerns about these terms or any issues raised in the terms or on the App, please contact us via the App.

Termination

You may stop your use of our Service at any time by removing the Loal mobile app from your mobile device. Doing so will not automatically delete your user information as described in our Privacy Policy. Please refer to the Privacy Policy to understand how we will continue to hold certain information.

We may end, restrict or suspend your access to your Account or our provision of the Services if:

  • You breach (or we suspect that you have breached) any of these terms; or
  • We provide you with at least 30 days’ notice.

Termination of these terms for any reason will not affect any liability you may have to Loal under a Loal Loan, for example you will still be required to maintain a CPA to make any outstanding repayments.

If we terminate your use of the App or Services you must:

  • Stop all activities authorised by these terms, including your use of the App and any Services; and
  • Delete or remove the App from all devices in your possession and immediately destroy all copies of the App or any pages from the App which you have downloaded or otherwise stored.

Please note that the use of your Account for any illegal, fraudulent or abusive purposes may be referred to law enforcement authorities without notice to you.

Contact and complaints

If you have any questions or concerns about these terms or any issues raised in the terms or on the App, please contact us via the App, via email at complaints@loal.app or via telephone at +44 (0) 2039 111 777.

You agree that we may contact you by sending an email to the email address you have given us, by SMS message or telephone call to the mobile number you have given us, or through the in-App messaging service.