Effective Date: These Terms of Use ("Terms") govern your access to and use of MARS a peer-to-peer lending platform ("Platform"), operated by Pruvia Trading International. By accessing or using the Platform, you agree to be bound by these Terms. If you do not agree to these Terms, you may not use the Platform.
1. Platform Overview
MARS connects borrowers ("Borrowers") with lenders ("Lenders") to facilitate personal loans. The Platform provides an online marketplace for individuals to lend to and borrow from each other. The Platform does not provide loans directly and is not a lender.
2. Eligibility
By using the Platform, you represent and warrant that you:
- Are at least 18 years old.
- Have the legal capacity to enter into a binding contract.
- Are not a disqualified person or entity under any applicable law.
3. Account Registration
To use the Platform, you must register an account. You agree to provide accurate, current, and complete information during the registration process. You are responsible for maintaining the confidentiality of your account and password and for all activities that occur under your account.
4. Borrower Responsibilities
As a Borrower, you agree to:
- Provide accurate and truthful information regarding your financial status and loan request.
- Repay the loan according to the agreed-upon terms.
- Comply with all applicable laws and regulations regarding borrowing and lending.
- Acknowledge that the Platform is not responsible for your repayment or any other aspect of the loan agreement.
5. Lender Responsibilities
As a Lender, you agree to:
- Evaluate potential Borrowers and loan requests based on your own judgment and the necessary information provided on the platform.
- Lend funds to Borrowers at your own risk.
- Understand that the Platform does not guarantee repayment and that lending involves risk.
- Comply with all applicable laws and regulations regarding lending activities.
6. Loan Terms
The Platform provides various loan products, each with its own specific terms and conditions (including, but not limited to, loan amounts, interest rates, repayment schedules, and fees). These terms are determined by the Platform and may vary based on the loan product selected by the Borrower and offered by the Platform.
Upon selecting a loan product, the Borrower and Lender agree to be bound by the specific terms applicable to that loan product. The Platform facilitates the agreement between Borrower and Lender based on the loan product's terms, but the Platform does not directly control or guarantee the loan outcome. Both parties acknowledge that they have read, understood, and agreed to the loan terms before entering any transaction.
The Borrower and Lender are responsible for adhering to the repayment schedules and other obligations as outlined in the loan agreement formed through the Platform.
7. Fees and Payments
MARS may charge fees for facilitating transactions, including but not limited to loan origination, servicing, or processing fees. All fees will be disclosed during the loan process.
Borrowers and Lenders are responsible for paying any applicable fees, and the Platform may deduct such fees from payments made on loans.
8. Loan Default and Collections
If a Borrower defaults on a loan, the Platform may, at its discretion, offer professional assistance to facilitate the recovery of the outstanding debt. This assistance may include, but is not limited to, communication with the Borrower, negotiations for repayment, and other recovery efforts based on the Platform's professional expertise.
The Platform's involvement in the recovery process will be subject to a fee, which will be agreed upon by the Lender and the Platform prior to any recovery efforts. The Platform will make reasonable efforts to assist in the recovery of the debt, but it does not guarantee that the loan will be fully recovered or repaid. The recovery process is intended to offer professional assistance, but ultimate success is not assured.
The Lender acknowledges that the Platform's role is to assist in the recovery process, not to guarantee the repayment of the loan, and that the Lender remains responsible for any decisions made regarding the recovery efforts.
9. Privacy and Data Security
Your use of the Platform is governed by our Privacy Policy, which outlines how we collect, use, and protect your personal data. By using the Platform, you consent to the collection and use of your data as described in the Privacy Policy.
10. Disclaimers
- The Platform is provided "as is" and "as available," without any warranties of any kind, express or implied.
- The Platform does not guarantee the success of any loan transaction, nor does it guarantee that Borrowers will repay their loans.
- We are not responsible for any disputes or claims arising between Borrowers and Lenders.
11. Indemnification
You agree to indemnify, defend, and hold harmless Pruvia Trading International, its employees, agents, and affiliates, from any and all claims, losses, liabilities, damages, or expenses (including legal fees) arising out of your use of the Platform or any violation of these Terms.
12. Limitation of Liability
To the maximum extent permitted by law, Pruvia Trading International shall not be liable for any indirect, incidental, consequential, or punitive damages arising from or related to your use of this Platform.
13. Termination
We may suspend or terminate your access to the Platform at any time, without notice, if we believe you have violated these Terms or if we deem it necessary for the safety or integrity of the Platform.
14. Amendments to the Terms
We reserve the right to modify or update these Terms at any time. Any changes will be posted on the Platform, and the effective date will be updated. Your continued use of the Platform after any changes to these Terms constitutes your acceptance of those changes.
15. Governing Law and Dispute Resolution
These Terms shall be governed by the laws of Singapore. Any disputes arising out of or in connection with these Terms shall be resolved through arbitration in Singapore, in accordance with the rules of the Singapore International Arbitration Centre.
16. Miscellaneous
- These Terms constitute the entire agreement between you and us concerning your use of the Platform.
- If any provision of these Terms is found to be invalid, the remainder of the Terms will remain in full force and effect.
- We may assign or transfer our rights and obligations under these Terms without restriction.