NOTICE: TERMS AND CONDITIONS UPDATED
LAST UPDATED: MARCH 3, 2015
These terms and conditions relate to the Loanzy.com website (the “Website”). The Website is an Internet property of Loanzey Inc. d/b/a Loanzy (“Loanzy,” “us” “our,” or “we”). Your use of the Website and our Services (as defined hereinbelow) is subject to your agreement with the terms and conditions set forth hereinbelow (the “Agreement”). Please read this Agreement carefully before using the Website and our Services.MODIFICATIONSAs we improve the Website, we might have to make changes to this Agreement. When we do, we will make every effort to let you know right here. By using the Website or utilizing our Services, you acknowledge your receipt of, and consent to, this Agreement and any subsequent modifications made hereafter. However, there may be rare instances where we may have to modify this Agreement at any time without prior notice to you. Therefore, such modifications shall be deemed effective upon the posting of the modified Agreement at the Website. You agree to periodically review the Agreement made available on the Website in order to remain apprised of any and all subsequent modifications. Your continued use of the Website shall be deemed your conclusive acceptance of the Agreement then in effect.
It is really important that the registration information associated with your account is accurate and up-to-date. If you ever forget your password or for example, you fall victim to a hacker, having accurate registration information is usually the only way for us to assist you with your account. In order to utilize our Services, you are required to register at our Website and agree to the terms of this Agreement.
To register, you will need to select a password and user name, which shall consist of an email address you provide and/or a screen name (“User ID”). You will also need to provide us with your name, address, cell phone number, work telephone number, a description of the asset(s) you are seeking to collateralize, as well as the type of asset and type of loan you are seeking. If you register at our Website, you agree to provide us with accurate and complete registration information, and to inform us immediately of any updates or other changes to such information. You may not enter, select or use a false name or an email address owned or controlled by another person with the intent to impersonate that person, or use as a User ID a name subject to any rights of a person other than yourself without appropriate authorization. Failure to comply with the terms of this paragraph shall constitute a material breach of this Agreement, which may result in immediate termination of your account. In addition, we reserve the right to refuse registration of, or cancel a User ID in our sole discretion.
You will comply with all laws applicable to your activities on the Website and with this Agreement.
DESCRIPTION OF SERVICES
We are regulated by NYC Department of Consumer Affairs under the Collateral Loan Brokers Law, Article 5 of the New York General Business Law. Loanzy is licensed by the City of New York under the Collateral Loan Brokers Law, Article 5 of the New York General Business Law, license number 2012915-DCA.
Loanzy offers borrowers a one-stop destination to secure short-term liquidity via various types of alternative loans, including personal asset loans. Loanzy takes physical possession of your personal asset (collateral) during the term of the loan. Our typical borrowers are entrepreneurs seeking to fill a short-term (typically six months) liquidity need. Our borrowers provide collateral with a personal asset (e.g., luxury watches, jewelry, cars, fine art, fine wines, etc.) and Loanzy, in its sole discretion, shall provide a loan based on 40%-70% of the appraised value of the applicable asset. The rate of interest we charge can range from 2.99%-3.99% per month depending on the value of the asset and the duration of the loan. There is no credit check as the loan is securitized by the asset and not by the credit profile of the borrower. The process from application to receiving the loan can take just a matter of days. Loanzy is the underwriter of all of its loans (collectively, the “Services”).
Notwithstanding the foregoing, we do not and cannot warrant that the description of our Services or other content contained on the Website are entirely accurate, complete, reliable, current, or error-free.
Our Services are offered to customers whose assets are stored in New York. We lend fixed sums of money on a secured basis at a fixed interest rate over a fixed period of time. Any loan is subject to our approving your application. In addition to agreeing to the terms hereof, you will also need to execute a formal Loan Agreement with Loanzy. The Loan Agreement contains other information that we are obligated to provide, including the term of the loan, the interest rate/APR, repayment terms, and any and all default terms.
You agree to this Agreement, if you send us assets to be collateralized. If you do not agree to this Agreement, then you are not permitted to ship any assets to us. We can coordinate shipping the asset(s) to us. By using our approved shipping services, you expressly authorize us to act as your proxy in order to ship the applicable asset to and from our hand-selected storage premises for the purposes of further valuation by our appraisers in accordance with the terms of this Agreement. Notwithstanding this, it is your responsibility to ensure that any and all assets shipped to us are securely and appropriately packaged. You hereby agree that Loanzy is not responsible for any damage to assets transmitted in packaging that is not suitable irrespective of whether you use a Loanzy-approved shipping vendor. Loanzy shall provide insurance coverage for loss or damage to the property in transit provided that you use one of our approved shipping vendors; provided however, Loanzy only agrees to insure each asset up to market replacement value of each asset as determined by Loanzy, in its sole discretion, subject to the terms and limitations of this Agreement. In the event you choose a non Loanzy-approved shipping vendor, you shall be solely responsible for payment of any insurance coverage. It is also your sole responsibility to obtain and retain a receipt from the applicable shipping vendor and provide Loanzy with a copy of same. This receipt is a prerequisite to submitting any insurance claim. You must also ensure that you can produce pictures of the shipped assets as well as at least one document per asset which will prove that: (i) you own the asset; (ii) will demonstrate the worth of the asset; and (iii) will show the then current replacement value of the applicable asset. Please note that it is your responsibility to keep safe all documentation relating to the asset(s) that would be useful in support of any insurance claim including, but not limited to, any purchase receipts, shipping receipts, certificates, appraisals, insurance documents or photographs.
You agree that Loanzy is not liable in any way if its insurers refuse any insurance claims in relation to the applicable asset(s). Upon receipt of the asset(s), Loanzy representatives will inspect the asset(s), ensure that the asset(s) compares to what you represented, appraise the asset(s) according to accepted industry standards and on the assumption that the description of the asset(s) you provided to Loanzy is completely accurate. In the event the asset(s) varies from the description of the asset(s) you had originally provided to Loanzy, Loanzy may, in its sole discretion, decline to extend you credit or may extend you credit in an amount that is higher or lower than what was initially indicated. In this regard, any offer we make to you is not final and is subject to our being able to formally identify you, the asset(s) and the executions of a formal Agreement with Loanzy.
In the event the asset(s) being collateralized is gold, in order to determine the carat and quality of the gold, we will have our experts determine the authenticity of the gold, including testing the gold using either acid or an electronic test. You hereby accept and acknowledge that the process of appraising such items may result in tarnishing, staining and/or scratching the asset(s).
In the event you opt to not accept our final extension of credit or if we are unable to extend you credit against your asset(s), we will transmit the asset(s) back to you. In the event any insurance claim arises out of any loss or damage suffered in shipping your asset(s) back to you, the replacement value(s) claimed will be according to our appraisal of the asset(s). Any unclaimed items after a period of 30 days, without prior agreement with Loanzy, for any reason may be removed from storage and disposed of at Loanzy’s sole discretion without any recourse, financially or otherwise to Loanzy.
You have to be at least eighteen (18) years old to utilize our Services. We do not knowingly gather or solicit information from such users. If you are under the age of eighteen (18), you do not have permission to utilize our Services in any manner whatsoever.
LICENSE GRANT/USE OF SITE
When you register at our Website, you are giving us permission to make our Services available to you in all the ways you would expect us to. We never aim to do anything with our Services that surprises you. At the Websites, you will find information related to our Services. Loanzy hereby grants to you a limited, nonexclusive, nontransferable and revocable license to use the Website and associated content in accordance with this Agreement. Loanzy may terminate this license at any time for any reason.
INTELLECTUAL PROPERTY AND PROPRIETARY RIGHTS
The content, organization, graphics, images, photos, design, compilation, magnetic translation, digital conversion, software, services and other matters related to the Website are protected under applicable copyrights, trademarks and other proprietary (including, but not limited to, intellectual property) rights. The copying, redistribution or publication by you of any part of the Website is strictly prohibited. You do not acquire ownership rights to any content, document, software, Services or other materials viewed at or through the Website. The posting of information or material at the Website by Loanzy does not constitute a waiver of any right in such information and/or materials.
The “Loanzy” name and brand, together with all Loanzy logos, and all titles, characters, names, graphics, and button icons are service marks, trademarks, and/or trade dress of Loanzy or otherwise proprietary to Loanzy and may not be used by you for any reason other than as expressly permitted hereunder. All other trademarks, service marks, product names, and company names or logos appearing on the Website are the property of their respective owners and you do not acquire any ownership rights in such marks, logos, or names by using the Website.
Loanzy has posted copyrighted images on the Website in order to make your online experience more enjoyable. There may be occasions where our registered users might post images on the Website, whether on our registration form, or blog section. In such limited instances, Loanzy has adopted the following policy towards copyright infringement in accordance with the Digital Millennium Copyright Act (the “DMCA”). The address of Loanzy’s Designated Agent for copyright takedown notices (“Designated Agent”) is listed below. You may submit a notice under the DMCA using our copyright notice form. If, for whatever reason, you believe that content residing or accessible on or through the Website infringes a copyright, please send a notice of copyright infringement identifying the work or material being infringed and the material that is claimed to be infringing, including its location, with sufficient detail so that we are capable of finding it and verifying its existence. Please also include your contact information (the “Notifying Party”), including name, address, telephone number, and email address, as well as a statement that the Notifying Party has a good faith belief that the material is not authorized by the copyright owner, its agent or law. Please know that pursuant to the DMCA, a statement that the information provided in the notice is accurate and that the Notifying Party is authorized to make the complaint on behalf of the copyright owner is made under penalty of perjury. You will also need to include a physical or electronic signature of a person authorized to act on behalf of the owner of the copyright that has been allegedly infringed. Please also note that the information provided in a notice of copyright infringement may be forwarded to the individual or entity who posted the allegedly infringing content if other than Loanzy. After removing material pursuant to a valid DMCA notice, Loanzy will immediately notify such individual or entity responsible for the allegedly infringing material that it has removed or disabled access to the material. Loanzy will terminate, under appropriate circumstances, the accounts of users who are repeat copyright infringers, and reserves the right, in its sole discretion, to terminate any user for actual or apparent copyright infringement. If you believe you are the wrongful subject of a DMCA notification, you may file a counter-notification with Loanzy by providing the following information to the Designated Agent at the address below. Please include your name, address, telephone number, and email address. A statement that you consent to the exclusive jurisdiction of the American Arbitration Association (“AAA”) located in New York County, New York, and that you will accept service of process from the person who provided the original DMCA notification or an agent of such person. Please also include the following statement: “I swear, under penalty of perjury, that I have a good faith belief that the material was removed or disabled as a result of a mistake or misidentification of the material to be removed or disabled.” Lastly, do not forget to sign the statement. Upon receipt of a valid counter-notification, we will forward it to the Notifying Party who submitted the original DMCA notification. The original Notifying Party (or the copyright holder he or she represents) will then have ten (10) days to notify us that he or she has filed legal action relating to the allegedly infringing material. If we do not receive any such notification within ten (10) days, we may restore the material to the Website.
LINKS TO THIRD PARTY WEBSITES
The Website may contain links to the Internet websites of other third parties (“Third Party Websites”). Loanzy is not responsible for the accessibility of these Third Party Websites, their resources, content, products and/or services. Furthermore, Loanzy is not responsible for (nor does it endorse) any of the content, advertising, products and/or services, or other materials available on or through any Third Party Websites. Under no circumstances shall Loanzy be held responsible or liable, directly or indirectly, for any loss or damage caused, or alleged to have been caused, by use of, or reliance on, any content, Services available on or through such Third Party Websites.
You agree to release, indemnify and hold Loanzy, its parents, subsidiaries and affiliates, and each of their respective members, officers, directors, employees, agents, co-branders and/or other partners, harmless from and against any and all claims, expenses (including reasonable attorneys’ fees, costs and settlement costs), damages, suits, costs, demands and/or judgments whatsoever, made by any third party due to or arising out of: (i) your use of the Website; (ii) your breach of the terms of this Agreement; and/or (iii) your violation of any rights of another individual and/or entity. The provisions of this paragraph are for the benefit of Loanzy, its subsidiaries and/or affiliates, and each of their respective officers, directors, employees, agents, shareholders, licensors, suppliers and/or attorneys. Each of these individuals and entities shall have the right to assert and enforce these provisions directly against you on its own behalf.
DISCLAIMER OF WARRANTIES
THE WEBSITE AND/OR ANY SERVICES THAT YOU MAY UTILIZE VIA THE ARE PROVIDED TO YOU ON AN “AS IS” AND “AS AVAILABLE” BASIS. ALL WARRANTIES, EXPRESS AND IMPLIED, ARE DISCLAIMED TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW (INCLUDING, BUT NOT LIMITED TO, THE DISCLAIMER OF ANY WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT OF INTELLECTUAL PROPERTY AND/OR FITNESS FOR A PARTICULAR PURPOSE). IN PARTICULAR, BUT NOT AS A LIMITATION THEREOF, LOANZY MAKES NO WARRANTY THAT: (I) THE WEBSITE AND/OR ANY OF LOANZY’S SERVICES WILL MEET YOUR REQUIREMENTS: (II) THE WEBSITE AND/OR SERVICES THAT YOU MAY UTILIZE VIA THE WEBSITE WILL BE UNINTERRUPTED, TIMELY, SECURE OR ERROR-FREE; OR (III) THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE WEBSITE AND/OR ANY SERVICES THAT YOU MAY UTILIZE VIA THE WEBSITE WILL BE ACCURATE OR RELIABLE. THE WEBSITE AND/OR ANY SERVICES THAT YOU MAY UTILIZE VIA THE WEBSITE MAY CONTAIN BUGS, ERRORS, PROBLEMS OR OTHER LIMITATIONS. WE WILL NOT BE LIABLE FOR THE AVAILABILITY OF THE UNDERLYING INTERNET CONNECTION ASSOCIATED WITH THE WEBSITE. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM LOANZY THROUGH OR FROM THE WEBSITE AND/OR ANY SERVICES THAT YOU MAY UTILIZE VIA THE WEBSITE SHALL CREATE ANY WARRANTY NOT EXPRESSLY STATED IN THIS AGREEMENT.
LIMITATION OF LIABILITY
YOU EXPRESSLY UNDERSTAND AND AGREE THAT LOANZY SHALL NOT BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL,
SPECIAL, CONSEQUENTIAL AND/OR EXEMPLARY DAMAGES INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES (EVEN IF LOANZY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), TO THE FULLEST EXTENT PERMISSIBLE BY LAW FOR: (I) THE USE OR THE INABILITY TO USE THE WEBSITE AND/OR ANY SERVICES; (II) THE FAILURE TO QUALIFY FOR A LOAN; (III) THE COST OF PROCUREMENT OF SUBSTITUTE SERVICES RESULTING FROM ANY PROBLEM(S) WITH THE DATA, INFORMATION AND/OR SERVICES UTLIZED OR OBTAINED FROM LOANZY, IF ANY, OR TRANSACTIONS ENTERED INTO, THROUGH OR FROM THE WEBSITE AND THIS AGREEMENT; (IV) THE UNAUTHORIZED ACCESS TO, OR ALTERATION OF, THE DATA SUBMITTED TO LOANZY BY YOU; (V) ANY MATTER RELATING TO THE EXTENSION OF CREDIT; AND (VI) ANY OTHER MATTER RELATING TO ANY OTHER SERVICES, IF ANY, MADE AVAILABLE ON THE WEBSITE OR BY LOANZY. THIS LIMITATION APPLIES TO ALL CAUSES OF ACTION, IN THE AGGREGATE INCLUDING, BUT NOT LIMITED TO, BREACH OF CONTRACT, BREACH OF WARRANTY, NEGLIGENCE, STRICT LIABILITY, MISREPRESENTATIONS, AND ANY AND ALL OTHER TORTS. YOU HEREBY RELEASE LOANZY FROM ANY AND ALL OBLIGATIONS, LIABILITIES, AND CLAIMS IN EXCESS OF THE LIMITATION STATED HEREIN. IF APPLICABLE LAW DOES NOT PERMIT SUCH LIMITATION, THE MAXIMUM LIABILITY OF LOANZY TO YOU UNDER ANY AND ALL CIRCUMSTANCES WILL BE EQUAL TO THE AMOUNTS YOU PAID, IF ANY, FOR SERVICES UTILIZED FROM LOANZY. YOU HEREBY RELEASE LOANZY FROM ANY AND ALL OBLIGATIONS, LIABILITIES AND CLAIMS IN EXCESS OF THE LIMITATIONS SET FORTH IN THIS PARAGRAPGH. THE NEGATION OF DAMAGES SET FORTH ABOVE IS A FUNDAMENTAL ELEMENT OF THE BASIS OF THE BARGAIN BETWEEN YOU AND LOANZY. THE WEBSITE AND THE SERVICES, TO THE EXTENT SUCH SERVICES ARE EXTENDED TO YOU WOULD NOT BE PROVIDED TO YOU WITHOUT SUCH LIMITATIONS.
You shall be responsible for obtaining and maintaining all telephone and computer hardware, and any and all other equipment needed for access to, and use of, the Website and all charges related thereto. Any attempt to damage, destroy, tamper with or vandalize the Website, or otherwise interfere with the operation of the Website is a violation of criminal and civil law and Loanzy will diligently pursue any and all remedies in this regard against any offending individual or entity to the fullest extent permissible by law.
This Agreement shall be treated as though it were executed and performed in the State of New York and shall be governed by and construed in accordance with the laws of the State of New York (without regard to conflict of law principles). Any dispute relating in any way to the Services, your visit to or participation on the Websites shall be submitted to confidential arbitration in New York, New York, except that, to the extent you have in any manner violated or threatened to violate our intellectual property rights, we may seek injunctive or other appropriate relief in any state or federal court in the State of New York, and you consent to exclusive jurisdiction and venue in such courts. Arbitration under this Agreement shall be conducted under the rules then prevailing of the American Arbitration Association. The arbitrator’s award shall be binding and may be entered as a judgment in any court of competent jurisdiction. To the fullest extent permitted by applicable law, no arbitration under this Agreement shall be joined to an arbitration involving any other party subject to this Agreement, whether through class arbitration involving any other party subject to this Agreement, whether through class arbitration proceedings or otherwise. Should any part of this Agreement be held invalid or unenforceable, that portion shall be construed consistent with applicable law and the remaining portions shall remain in full force and effect. To the extent that anything in or associated with the Website is in conflict or inconsistent with this Agreement, this Agreement shall take precedence. Our failure to enforce any provision of the Agreement shall not be deemed a waiver of such provision nor of the right to enforce such provision. Any cause of action or claim that you may have with respect to the Website must be commenced within one (1) year after the claim or cause of action arises or such claim or cause of action shall be time barred. Loanzy may assign its rights and duties under this Agreement to any party at any time without notice to you. If any part of this Agreement is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of the Agreement.
ELECTRONIC SIGNATURES AND ELECTRONIC RECORDS
By submitting your information and agreeing to the terms of this Agreement, you understand and affirm that you are agreeing to be bound by this Agreement and all other agreements and terms and conditions found on the Website by using your electronic signature and that your electronic signature is as legally binding as a physical signature on paper. Furthermore, you are agreeing that you will use an electronic signature to accept electronic records regarding the Services, including, but not limited to, this Agreement. You further agree and consent: (i) to receive agreements, surveys, and other information that may be provided or otherwise available to you electronically. Included in those agreements may be disclosures required by federal, state, and local laws and regulations, where allowed by such laws; (ii) to be bound by the terms and conditions of the agreements, applications, and other information provided to you by us electronically; (iii) to use and receive electronic records and electronic signatures in conducting business with us, including agreeing to the terms of this Agreement; (iv) that to electronically receive agreements, applications, and other information, you will need a compatible operating system, web browser, and email application, and you will need access to a printer or the ability to download information to keep copies of such documents for my records. The operating systems, web browsers, and email applications identified herein are compatible. You furthermore understand that you are indicating that you have the capability to access the agreements, surveys and other information and download or prints copies for your records; (v) for customer service or technical assistance regarding electronic records or electronic signatures, you may contact us by e-mail at email@example.com; (vi) you may obtain a paper copy of the agreements, surveys, and other information at anytime by contacting us by email at firstname.lastname@example.org. We will not charge a fee for any paper copy.
YOU ACKNOWLEDGE THAT YOU HAVE READ AND FULLY UNDERSTAND THIS AGREEMENT AND THAT BY USING THE WEBSITE AND/OR OUR SERVICES YOU AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS. YOU FURTHER AGREE THAT THIS AGREEMENT IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO.
You can also contact us via the address below:
844.807.9740 – Toll Free
212.401.4030 – Main Number
3 West 57th Street, 10th Floor
New York, NY 10019
Copyright © 2015, Loanzey Inc. d/b/a Loanzy. All Rights Reserved.