WAFAA Terms and Conditions of Use Agreement

 

1. Introduction

1.1- Accepting the Terms and Conditions:

 

Once you have logged on or used the WAFAA website, you are subject to the terms and conditions mentioned in this agreement, as well as to the laws of the United Kingdom.

Logging on to our website means you have agreed to these terms and conditions, whether you are a registered member or not. By logging on, you have agreed, without any restrictions or conditions, to the terms and conditions mentioned in this agreement.

 

1.2- Modification of the agreement:

 

WAFAA reserves the right to make any modifications on this agreement and will issue a notification of any modifications made to this agreement.  Any such modification will become effective immediately once it has been declared and posted on the WAFAA website, unless otherwise stated. Your repeated use of the website once modifications have been made means you have agreed to these modifications. You are responsible for regularly reviewing this agreement to be informed of the latest terms and conditions of use.

 

1.3- Use of Site:

 

By using our website, you are agreeing to log on and use our website for permitted purposes only. You are fully responsible for knowing and abiding by any and all the rules, terms and regulations regarding the use of the website. By logging on to our website, you agree to refrain from:

• Lending or donating any amount of money in order to receive a tax deduction
• Using the website for criminal acts, or encouraging others to get involved in any action that may be considered criminal or comprises of a civil liability.
• Using the website to impersonate other people or parties.
• Lending or donating any amount of money for the purpose of laundering money.
•  Using the website to upload materials containing viruses, Trojan horses, or any computer codes, programs, or files that may change, destroy, or hinder the operation of the website or any device or system belonging to anyone using the website.
• Uploading, broadcasting, or sending any materials prohibited in accordance with any law or contractual relationship.
• Modifying, destroying, or deleting any of the website’s content.
• Disabling the normal lines of communication in any form.
• Pretending to be connected to or representing any companies, associations, or committees without being authorized to make those claims.
• Publishing or broadcasting any commercials, advertisements, or any form of promotions.
• Publishing any material that infringes upon or contradicts the intellectual property rights of others.
• Collecting or saving personal information on others.

 

2. Vocabulary of the Agreement

 

During the implementation and execution of the articles of this agreement, the following vocabulary will carry the meaning assigned to it below, unless otherwise stated in this agreement or in an attached appendix:

• The Program: The WAFAA program for financing small projects.
• Borrower: The individual receiving the loan, collectively known as the “borrowers”.
• Lender: The individual giving the loan, collectively known as the “lenders”.
• User: The individual using the website to carry out or execute any of the electronic operations.
• Non-disclosure agreement: The privacy policy that accompanies this agreement.
• Field partner: An existing local or international organization, licensed to finance small projects, which operates in areas with low-income different communities, with a clear and stated goal to finance small projects in order to decrease poverty by providing the capital needed, collectively known as the “field partners”.
• Repayment period: The period agreed upon and declared by the website within which the borrowers must repay their loans.
• WAFAA virtual credit: An account created on the WAFAA website through which the user can give loans again, recover loans, or use for any other transaction on the website.
• WAFAA account: WAFAA’s bank account
• E-Check- The point through which financial electronic operations are completed (PayPal), which verifies and approves financial electronic operations.
• Agreement: The WAFAA Terms and Conditions of Use Agreement.
• Website: The WAFAA website- www.WAFAAlend.org.
• Country of Origin: United Kingdom
• Currency: U.S Dollar
• Laws and Regulations: Regulations and laws of the United Kingdom
• First Party: The WAFAA Organization, including all of its officials, both employees and administrators, as well as its field partners, clients, its subordinate companies and organizations, and the WAFAA website.
• Second Party: The User

 

3. Participation in the Program

 

WAFAA operates the website www.WAFAAlend.org , which involves making a clear and specific connection between the user with other suitable individuals.

Every “Lender”, collectively known as “Lenders”, is a business man and individual with a limited income living in different countries, who, depending on their financial situation, can provide loans for others in order to contribute to developing the abilities of other individuals and families.

Every “Borrower”, collectively known as “Borrowers”, is an individual in need of capital for a project that would help build and develop their abilities and consequently the abilities of their communities, and will be able to repay the loan at a later time.

Conventional lenders consider giving loans to these borrowers as “high risk” due to a number of reasons, including, but not limited to the borrowers’ lack of credit history, as well as financial instability, fluctuations in the foreign exchange rate, the use of the proceeds for entrepreneurial endeavors, the risks that come with small projects and “start up” businesses, and the changes that may arise in their geographic location. For more information, please review the section titled “Risk and Due Diligence”, which underlines the various risks associated with the WAFAA lending structure and mechanism, and gives a detailed explanation of WAFAA’s role, as well as the role of its field partners, the lenders, and the borrowers.

By participating in this program or otherwise using the website, in accordance with this agreement, you hereby acknowledge and agree that

(A) WAFAA makes no guarantee, gives no insurance, or makes a binding agreement that any funds you lend to a borrower through the website will be fully or partially repaid.

(B) Loans given through the website (each, a “loan”) are not secured and bear a high risk of not being fully or partially repaid.

(C) Loans given through the website are philanthropic in nature and have no rate of return, and therefore cannot be considered an investment or a financial security.

 

3.1- Loan Disbursement

 

WAFAA does not give loans directly to borrowers, but determines field partners based on clear measures and standards.  Any loan granted by you or any other lender will be disbursed to a field partner, who will, in turn, disburse it to the borrower you chose. WAFAA’s role is one of a mediator in this process, who collects funds from numerous lenders through the website www.WAFAAlend.org, then transfers these funds, untouched, to the field partner(s) to be disbursed to the borrowers chosen for funding through the website.  The amount of the loan allotted for any project includes the costs for transferring the loan to the beneficiary through other intermediaries, in addition to the administrative fees and costs for WAFAA and its field partners, which will be deducted from the total amount of the loan. Moreover, the option of granting an additional donation during the electronic lending process, which will help support WAFAA and its field partners is available. The process of traditional disbursement to a borrower may differ from what has been described in a particular country, which may call for the use of a different process or local or international program. In such cases, rather than transferring loan funds directly to the field partners, WAFAA may, for example, deal with other intermediaries, such as the field partner’s affiliates, or other third parties licensed in that particular country in order to transact in foreign currencies, to establish different indirect funding processes that enable the borrower to receive financial support from your loan. The field partner may voluntarily choose to fund the borrower prior to receiving the funds for the short term from their private fund, pending the receipt of the loan from the lenders. This helps reduce the time the borrowers need to wait until they receive the funds for the loan on the website. The field partners are the solely responsible for screening, determining, and selecting every borrower, as well as posting loan requests on the website and making all loan disbursements.  WAFAA will not:

1. Be held responsible for screening and selecting any borrower or field partner or for the disbursement of loan proceeds from the field partners to the borrowers.

2. Be liable for issues concerning such screening and selecting, as well as the responsibility for the disbursement of loan proceeds from the field partners to the borrowers.

 

3.2- Loan Collection and Repayment

 

Loans shall be directly repaid by the borrowers to the field partners. Following this, the field partner(s) will post a record of the received payments on the website. The field partner will be responsible for and obligated to pay such collected loan payments to WAFAA. Such payments may be made into periodic repayments, depending on the applicable terms of the loan. Any funds actually received by WAFAA from the field partner(s) as a repayment by the borrower(s) will be distributed among the lenders on a pro rata basis in accordance with the amount lent to such borrowers by such lenders.

If, for any reason, the field partner is unable to collect the loan repayments directly from the borrowers, or if WAFAA, for any reason, unable to collect the loan repayments directly from the field partner, the repayment of your loan may be at risk of partial or total delay, not being repaid, or you may lose part or all of your principal.

In accordance with this document, you hereby agree and acknowledge that neither the field partner nor the borrower(s) will have a direct contractual obligation to pay you any principal and that WAFAA is solely obligated to repay the loan at the amount WAFAA has actually received from the field partner with respect to the related borrowers.

 Neither WAFAA nor the field partner or the borrower(s) will be obligated to pay interest on the loan or any fees or amounts (other than the aforementioned fees and costs) to you or any other lender involved in any loan you give( have given). At this time, WAFAA does not charge any interest on any of the loans posted on the website.

 

3.3- Tax Deductions

 

WAFAA is a non -profit organization. By lending or granting (donating) any money, the lender is not illegible for tax deduction, this may be otherwise possible by making a charitable contribution to a tax-exempt public charity. Moreover, you are solely responsible for determining the proper tax treatment for any loan you make through the website and program. WAFAA has not and will not give any tax or legal advice relating to any loan you give. This agreement does not determine any of the tax implications of participating in this program. Once participating in the program, you should consult with your accountants in addition to your tax and legal advisors.

 

3.4- Loan Records

 

WAFAA will keep detailed records of each loan you make (including this agreement and all transactions related to the loan such as the repayment plan, payments made, etc.), and upon your written request, you will be able to receive a copy of this record at any time during the term of the loan. Furthermore, you will be provided with a statement of your funds in your WAFAA account once you log in to the WAFAA website.  

 

3.5- Principal Loss Scenario

 

When it is called for, WAFAA will (without prior notice thereof), restructure and reschedule the payment plan of your loan with total discretion. WAFAA also reserves the right to extend the length of the term of your loan to what it sees fit in order to increase the chances of repayment.

At the present time, WAFAA will deem a loan to be in default, meaning it hasn’t been repaid in 6 months from the date payment is due according to the initial agreement for such loan. In such case, every applicable lender has the option of reclaiming any principal that has been repaid up to that point.

If, for any reason, the loan is not 100% repaid, neither WAFAA nor any of its field partners will be held responsible for such incident. In accordance with this agreement, lenders will (at no time) have the right to prosecute WAFAA or any of its field partners for any loss, no matter what it is. You must consult your accountant or tax advisor to find the suitable tax treatment for this loss.

 

3.6- Insufficient Lender Funds

 

Should you make a loan and your payment does not go through, is not accepted by the E-check,  if the full amount of the loan from the lender does not reach the WAFAA account correctly, or your electronic payment provider reverses a payment that is initially intended for WAFAA, WAFAA may, with sole discretion:

(A) Offset or Compensate the amount of the insufficiently funded loan against your WAFAA account.

(B) Withdraw or cancel your insufficiently funded loan from your account as it is not paid in full.

 

4. Propriety Rights

 

WAFAA is a registered trademark exclusive to the British WAFAA Company.

The propriety rights, licenses, materials, and information posted on the website, as well as the trademarks belong to WAFAA, and you may not change, modify, publish, distribute, display, sell, or move any of its content or other such propriety information without the written permission of WAFAA.

You also may not disclose any information to any other party in a way that reveals the identity of the borrower (if the borrower has asked the field partner not to disclose their identity on the website) or disclose any information received by WAFAA, its field partners, or the borrowers regarding any inadequacy or failure in the repayment of a loan.

Posting any messages or information on the website means the publisher agrees that such material be granted and given to WAFAA indefinitely and WAFAA therefore reserves the right to:

(A) Use, modify, display, or distribute these materials in the way it sees suitable.

(B) Change, modify, prepare, or incorporate such materials and content into other works.

(C) Grant and authorize sublicenses of the aforementioned.

Uploading or distributing any pictures of yourself on the website means you agree to its distribution on the website and to exempt WAFAA from any prosecution or liability regarding the private propriety rights of these pictures, provided that the pictures are not indecent, which includes using these materials in claims regarding distribution, production, processing distribution, or the violation of the rights of publicity or the rights of privacy.

By logging on and using the WAFAA website, you acknowledge, consent, and agree that WAFAA has the right, to the extent permitted by law, to access, read, and disclose your personal account information, usage history, and the distributed content in order to:

(A) Comply with any applicable law, regulation, legal action, or government request.

(B) Respond to claims stating that the content violates the rights of third parties including intellectual property rights.

(C) Investigate any possible violations

(D) Expose or prevent any possible fraud.

(E) Respond to the complaints of a client.

(F) Protect the propriety and personal rights of WAFAA, its users, or the public.

 

5. Conditions of Acceptable Use

 

1. The website may only be used to utilize the program and not for marketing, commercial, or other purposes.

2. Field partners and borrowers alone may seek a loan through the website. 

3. The website will only be used for the licensed and legal purposes of a website, and may not be used to distribute chain messages or advertisement emails to any user, field partner, borrower, or any other person.

4. WAFAA will not be held responsible for following up and monitoring any user outside the framework of the website.

5. You may not use the WAFAA website to harass, abuse, or harm another person.

6. WAFAA reserves the right to remove the content that violates acceptable use from the website and limit the number of emails a user may send to others per day.

 

6. Limitation of Liability

 

1. WAFAA will not be held responsible for any content published on the website by any of the users.

2. WAFAA will not be liable for any cost or loss that may occur as a result of using the program, whether caused by a field partner, borrower, or any other person.

3. WAFAA will not assume responsibility for any of the following that may result from using the website (error, negligence, interruption, omissions, defect, delay, postponement of any transaction or transmission, failure in communications line, theft, destruction, unauthorized use, modification, loss, damage, personal injury, death, profit loss, losses, or expenses).

4. WAFAA does not give any guarantees or insurance regarding the use of the website.

5. WAFAA will not be held responsible, in any way, by you or anyone else, for the accuracy of data, errors, delay, the omission, loss, or transfer of any data.

6. WAFAA cannot ensure the accuracy of data from the field partners, users, or other lenders.

7. WAFAA will not assume responsibility for any loss, claim, or demand made by any third party as a direct or indirect result of your use of the website or participation in the program.

 

7. Disputes with Field Partners and Lenders

 

WAFAA reserves the right, but will not be obliged, to monitor disputes between you and the field partners or lenders.

In the event of a dispute between you and WAFAA regarding the website, there will be a binding and final arbitration governed by the United Kingdom law and the agreement, made by one arbitrator selected by you and WAFAA. Any penal decision will be final, binding, and conclusive upon the parties, and only subject to the legal appeal granted by the British law. You and WAFAA have the right to seek legal compensation through any court in Britain, and outstanding rights may be reserved until arbitration is complete.

 

8. Termination of Agreement

 

This agreement will remain in effect and full force during or after your use of the website or the participation in the program as a user.

WAFAA will determine whether or not you may continue to participate in the program and you status as a user. WAFAA may also terminate your participation in the program and your status as a user at any time for any reason by sending a written notice of termination from WAFAA with instructions for the then-available disposition of your virtual WAFAA credit, and any additional credits you may receive in the future for any of your transactions with WAFAA. Such notice will be effective for 3 days from the time received by WAFAA and WAFAA will respond with the desired termination. As for any available WAFAA credit, it will be settled and returned to you within 30 days from the termination of your account, and any WAFAA credit your may receive in the future will be returned to you in due course.

If WAFAA terminates your participation in the program, you agree not to use the website any further.

 

9. Legitimacy of the Agreement

 

This agreement is legitimate, legal, binding, and agreed upon once you become a registered user of WAFAA.