Fixed-Sum Loan Agreement
Who 'we', 'you' and the Supplier are
1.1 In this agreement, when we refer to 'we', ‘our’ or 'us', we mean Curve Credit Limited. We're based at [15-19 Bloomsbury Way, London, United Kingdom, WC1A 2TH]. When we refer to 'you', we mean you, the customer who is entering into this loan agreement with us.
1.2 Curve OS Limited is the supplier of e-money and is based at [15-19 Bloomsbury Way, London, United Kingdom, WC1A 2TH] (the "Supplier"). They also provide the Curve app and other e-money services which you have signed up to use under a separate set of terms and conditions which can be found [curve.com/terms].
2. What and how much this loan is for
2.1 This loan is for the purchase of e-money from the Supplier. The loan is made available to you through the Curve app to your chosen funding card. Please follow the steps laid out in the Curve app.
2.2 The loan amount will be for the amount of e-money being purchased from the Supplier. You are requested to confirm the amount of the loan within the Curve app before you take out the installment plan.
3. Paying back the loan
3.1 This “Swipe Now to Pay Later” (SNPL) loan is interest-free. In other words, there's a 0% interest rate – so you have to pay back the amount of the loan and nothing more (as long as you stick to the agreement).
3.2 When: Your repayment schedule will highlight repayment due dates before you agree to the instalment plan’s Terms and Conditions. You can check your repayment dates, at all times, on the Curve app under the “My Curve Credit” section in the account tab.
a.) Let’s say you split the transaction on the 15th of February, your first payment will be due on the 15th of March, your second on the 15th of April, etc.
3.3 We'll confirm how much each repayment will be, and how many repayments you need to make when you take out the loan. We'll inform you of this in the Curve app when you decide to “Swipe to Pay Later”.
4. When the agreement starts
4.1 The agreement will start on the day that you confirm that you agree to the Terms and Conditions of the loan in the Curve app and will end when you've made all the payments owed to us.
4.2 We'll pay the amount of the loan to the Supplier on the day the agreement starts, so they can issue you the equivalent amount in e-money as part of their services.
5. How you repay the loan
5.1 You need to make the monthly repayments set out in-app. If a repayment date is a non-working day (like a weekend or bank holiday), we will still attempt to take the amount owed to us for the initially scheduled day. If, due to any issues, you end up paying more than the total amount payable plus any late fees (if applicable), we'll refund any excess amount.
6. Repaying the loan early in full
6.1 You can repay the full amount of loan early at any time in-app or by contacting customer support and expressing your wish to repay the loan.
7. If you miss a repayment or we have other concerns
7.1 There may be serious consequences, on your credit score and ability to borrow with Curve for the future, if:
a.) you don’t make repayments on time; or
b.) you're declared bankrupt or have similar proceedings taken against you; or
c.) we find that any information you provided as part of your loan application was incorrect or misleading; or
d.) we reasonably suspect any fraud or other criminal activity in connection with this agreement [and/or any other facility or account that you have with us including your e-money account(s) with Curve OS Ltd.].
7.2 If any of the above happens, we can:
a.) demand immediate repayment of the loan;
b.) disclose information about you and the conduct of your loan to licensed credit reference agencies (which may make it more difficult for you to borrow in future);
c.) bring legal action to recover the loan (which could include asking a court to order that, if a property you own is sold for any reason, some of the sale proceeds are used to repay this loan); and
d.) require you to pay our reasonable costs and expenses for taking action to obtain payment, including legal costs;
we will give you advance notice and the opportunity to fix the issue before taking any of these steps.
7.3 A decision not to exercise our rights under this agreement does not remove our right to do so and we reserve the right to enforce them at a later date.
8. If your personal details change
If you change your name, address, phone number or email address you must tell us as soon as possible either via Live Chat, our phone number, or emailing us at support@curve.com. We'll use the most recent details you have given us to send you important information and contact you.
9. Transferring our rights under this agreement
We may transfer our rights and our obligations under this agreement to a third party, including information about you and how you have managed the loan which the third party needs to know.
10. The law that governs this agreement
This agreement, and everything that happens in relation to this agreement before it's made, is governed by the laws of England and Wales, and is subject to the non-exclusive jurisdiction of the courts of England and Wales. We'll communicate with you at all times in English.
11. How we use your information
We can change how we use the information you provide us to reflect an actual, or reasonably expected, change in law or regulation or to our way of doing business (including the introduction of new technology), or to reflect any other change that affects us, if it's reasonable for us to pass the impact of the change on to you. If we do make a change we'll tell you personally at least two months in advance.
12. Credit Searches involved
Soft search: When you apply for the “Swipe Now to Pay Later” product, we run something called a “soft search.” Otherwise known as a “soft credit check” or “quotation search”. Soft searches will appear on your credit record, but will not affect your credit score. Lenders cannot see them and are not allowed to take them into account when making lending decisions.
If the loan has not been taken out within 30 days, your eligibility will expire and a new soft credit check will need to be completed.
Hard Search: When you first start using “Swipe Now to Pay Later” by taking out your first plan, we will run a “hard search”, more generally known as a “credit check”. It’ll leave a mark on your report and it could temporarily change your credit score.. We will not perform hard searches on any subsequent loans but those loans may still impact your credit score as we report your utilisation and payment behaviour.
Thereafter, subsequent use of your Curve Credit will continue to be reported to bureaus monthly e.g. your balance, payments made and “Available Credit” amount.
If you are financially associated with someone else, their Credit Report can affect your own credit applications and vice versa. Links between financial associates will remain on your and their files until such time as you or your partner successfully files for a disassociation with the credit reference agencies.
If you want more information on how credit bureaus store and use your data please explore these links:
https://www.experian.com/blogs/ask-experian/what-is-a-credit-bureau/
https://www.experian.co.uk/legal/crain/
https://www.equifax.com/personal/education/credit/report/what-is-a-credit-bureau/
13. Late fees
If payment is not successfully taken within 7 days of the due date, and there is a failure to make a payment arrangement with us through the channels highlighted in “Important Information” (below), a £6 late fee will be added to your next instalment. If another payment is more than 7 days late again, we will charge an additional £6. Late payments will be reported to a credit bureau and it could impact your credit score. You will only be charged a maximum of £12 in late fees in a 12 month period.
14. Changing Card on active plan
If you decide to change an underlying funding card on an active plan before your first instalment is due, then you can do so. If you change the underlying funding card on an active plan after a payment has failed, our Customer Support team will get in touch with you/ retry payment automatically after 3 days after the initial payment attempt.
15. Closing Account when you have outstanding loans
You cannot close your Curve account when you have outstanding credit obligations. you must settle your outstanding credit obligations before closing your Curve account. However, in case you believe that you have specific financial obligations that prevent you from doing so, please get in touch with our customer support team.
16. Offer subject to change in affordability and credit-worthiness.
By agreeing to the Terms and Conditions, you understand that your “Available Credit” amount is subject to modification and complete withdrawal. This “Available Credit” amount can also be modified based on our discretion. While we will never increase the “Available Credit” amount without your permission, we reserve the right to decrease your “Available Credit” amount after notifying you of this change within 48 hours.
Important note: This loan agreement is not regulated under the Consumer Credit Act 1974
Your right to cancel this agreement
You can cancel this agreement (for any reason) within 14 days after you have agreed to the Terms and Conditions in-app. To tell us that you want to cancel, please contact our customer support team on 02033222585, or via Curve’s email: support@curve.com.
You must repay the loan’s instalments on the dates scheduled in the agreement. If you don’t cancel this agreement, you can repay the full balance outstanding early at any time during the course of the loan.
IMPORTANT INFORMATION
How you can contact us
If you need to contact us - for example, to update your contact details, ask for information about early repayments, or make a complaint - please contact our customer support team on 02033222585 or via Curve’s email: support@curve.com.
Keeping track of what you owe
You can check in your Curve application or contact our customer success team by email or in-app help to ask how much you still owe on your loan.
Making a complaint
We hope you don't feel the need to complain, but if our standard of service falls below what you expect, or if you think we have made a mistake, please let us know so we can look into this and try to correct it. You can contact us at: support@curve.app.