1. Eligibility and Ownership

• You must be over 18 years old to apply for a loan.
• The collateral submitted must belong to the person applying for the loan.
• You cannot sign on someone else’s behalf.
• The collateral should not be tied to any company or government entity; it must be entirely owned by the applicant.

2. Loan Repayment and Extension

• Upon failure to repay, the client can pay the interest to extend the loan.
• The client cannot extend the loan before paying the full interest amount. Extension is only allowed once the full interest is paid.
• If the client wants to extend the loan and pays only part of the interest instead of the full interest amount, late charges will apply to the remaining balance.
• If the client fails to repay the loan (interest or principal) by the due date, a three-day waiting window will commence on the due.
• After the three-day wait, a seven-day wait will follow.
• Repayments made after the due date but before the seven-day waiting window will incur a 10% charge.
• Repayments made within the seven-day wait, interest or principal, will incur a 5% charge on the total payback amount.
• If a client makes a partial payment (interest or principal) on the last day of the seven-day waiting period without selecting a loan duration, the loan term will start from that day, considered as Day 1. This will continue for two weeks, after which late fees will apply.

3. Collateral and Forfeiture

• The maximum period for holding the collateral is 10 days, including weekends (3 and 7 days wait), following a failure to repay.
• Upon the client’s failure to pay, the collateral will be repossessed and disposed of. The lender (Cents) will recover the owed amount, including any accrued interest. Any remaining balance will be returned to the client.

4. Collateral Sale and Additional Charges

• If the client decides to sell their collateral before the due date, the previously agreed-upon payback amount will be deducted.

5. Dispute Resolution and Communication

• In case of disagreement between the client and us (Cents), the client agrees to attempt to resolve the issue amicably before pursuing any legal proceedings.
• If there is a breakdown in communication due to various reasons, these terms will still apply until the agreement is fulfilled.

6. Acceptance of Collateral Terms

• The client agrees to our collateral terms. Please review them here.

These terms and conditions are legally binding and by accepting these terms, the client acknowledges and agrees to all the conditions outlined herein.

As CENTS, we reserve the right to update these terms as necessary to ensure the continued success and longevity of our business. When any updates are made, we will notify clients through our website or other communication channels. These changes will take effect immediately upon publication.

It is the client’s responsibility to stay informed of any updates by regularly reviewing these terms. If you do not agree with any part of these terms, you have the right to discontinue using our services.