Terms & conditions

Welcome to our LendLoanInvest.co.uk website. If you continue to browse this site you are agreeing to be bound by our Website Use Terms and Conditions as set out below.

Terms of Use

These Terms of Use ("ToU", "Terms" or "Agreement") set out the terms and conditions which govern your use of: (a) our LendLoanInvest.co.uk website regardless of the device you are using; and (b) our LendLoanInvest app, which is available for use on a mobile or handheld device (such as a smart phone or tablet) ("the Site").

1. Introduction

1.1 The Site is a platform to provide a market for Lenders and Borrowers. The ToU govern the relationship between Us and You and other Members except in relation to lending, which is governed by the Loan Agreement.

1.2 This Agreement sets out the Terms of Use applicable to use of the Site owned and operated by us.

1.3 We recommend that Members exercise care, common sense and good judgment when dealing with any other Member on the Site. Members should never borrow more than they can realistically repay, and they should not lend more than they can afford. Members should review the helpful information, How It Works, FAQs and Guidelines before participating on the Site

1.4 Words to which We have given a particular meaning begin with a capital letter. These words and meanings are set out in or at the end of this Agreement within Schedule 2

1.5 Clause, Schedule and paragraph headings shall not affect the interpretation of this Agreement.

1.6 A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality) and that person's personal representatives, successors and permitted assigns.

1.7 The Schedules form part of this agreement and shall have effect as if set out in full in the body of this Agreement. Any reference to this agreement includes the Schedules.

1.8 A reference to a company shall include any company, corporation or other body corporate, wherever and however incorporated or established.

1.9 Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular.

1.10 Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

1.11 A reference to any party shall include that party's personal representatives, successors and permitted assigns.

1.12 A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.

1.13 A reference to a statute or statutory provision shall include all subordinate legislation made from time to time.

1.14 A reference to writing or written includes faxes but not email.

1.15 Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

1.16 Any reference to an English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than England, be deemed to include a reference to that which most nearly approximates to the English legal term in that jurisdiction.

1.17 A reference to "this agreement" or "this Agreement" or to any other agreement or document referred to in this agreement is a reference to this agreement or such other document or agreement as varied or novated (in each case, other than in breach of the provisions of this agreement) from time to time.

1.18 References to clauses and Schedules are to the clauses and Schedules of this agreement and references to paragraphs are to paragraphs of the relevant Schedule.

1.19 Any words following the terms including, include, in particular or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms

2. Parties

2.1 The Parties to this Agreement are:

2.1.1 Madiston plc, registered in England Number 05441652 at 41 Ashley Road, Walton on Thames, Surrey, KT12 1HG ("Madiston, Us, We, Our, LLI")

2.1.2 You ("You, Your, Member")

3. Registration

3.1 To register on the Site You must meet the Membership Criteria as set out in clause 4 below and complete the Registration Process.

3.2 By registering on the Site You are confirming that you have read and understand the Risk Warnings and accept these Terms.

3.3 As part of the Lender registration process, You must give Us details of Your UK Bank Account that must be able to accept and pay direct debit payments

4. Membership Criteria

4.1 To become a Member You must meet the Membership Criteria which are that You:

4.1.1 are an individual (not a business whether incorporated or unincorporated);

4.1.2 be at least 18 years old;

4.1.3 be resident in the UK (excluding the Channel Isles or the Isle of Man); and

4.1.4 hold a UK Bank current account in Your own name.

4.2 To become a Lender, You must also:

4.2.1 only ever lend Your own, and not other's money; and

4.2.2 not lend money as a business activity.

4.3 If you meet the Membership Criteria You can register with Us as a Member. As part of this process We may and You consent to allow Us to:

4.3.1 as a Lender make identity and/or anti money laundering verifications;

4.3.2 as a Borrower make identity and fraud checks and obtain a credit reference for You from the credit reference agency or agencies We use;

4.3.3 You will specify a unique username and password – "Login Credentials".

4.4 When the above steps in Clause 4.3 are completed We will register You as a Member and set up Your Profile and Account.

4.5 You shall not:

4.5.1 register more than once or register on behalf of an individual or entity other than Yourself;

4.5.2 incorrectly state Your age, Your residence or any other information;

4.5.3 create a false identity on the Site or use or attempt to use another's account.

4.6 We shall have absolute discretion as to whether or not We accept a particular user of the Site to become a Member.

5. Loan Agreement and the Site

5.1 We are not parties to Loan Agreements which are between Lenders and Borrowers.

5.2 We operate this Site as a venue to connect Members, Borrowers and Lenders, in a virtual marketplace.

6. Modification of Terms

6.1 We reserve the right to change these Terms, and/or the Services provided for any reason at any time.

6.2 Such changes shall be published on the Site and shall become effective 7 days after publication. If You continue to use the Site after such changes have become effective You will have accepted the changes.

7. Site Availability, Use and Change

7.1 Your right to use the Site is dependent on its availability.

7.2 We may restrict the Services available on the Site if necessary for reasons including, but not limited to:

7.2.1 limit capacities;

7.2.2 server security;

7.2.3 technical measures; or

7.2.4 maintenance activities.

7.3 We reserve the right to change any and all content, software and other items used or contained in the Site or offered through the use of the Site at any time without notice.

7.4 The Information does not constitute any form of advice, recommendation or endorsement by Us, and is not intended to be relied upon by You or any third party as the sole basis for making (or refraining from making) any specific decision.

7.5 We will use reasonable skill and care in the supply of the Site and Information to You but We cannot guarantee, warrant or represent that it is complete, accurate, up-to-date, fit for a particular purpose, of merchantable quality or error- or virus-free or that its operation will be continuous and uninterrupted.

7.6 If You download any of the Member Content and the Site Content, it is at Your own discretion and You will be exclusively responsible for any damage to Your computer or any data loss that results from such action.

7.7 If you are using our LendLoanInvest app, which is available for use on a mobile or handheld device (such as a smart phone or tablet), it is your responsibility to download and install the latest version of the LendLoanInvest app to your device as soon as practicable after we have made it available as updates to the app may provide you with improved functionality, stability or security.

8. Use of Site – General Principles

8.1 We will act fairly, reasonably and responsibly in Our dealings with You.

8.2 We will not discriminate against any Member because of their race, gender, disability, ethnic background or sexuality.

8.3 We will reasonably endeavour to correct mistakes and handle complaints promptly in accordance with any agreed time periods.

8.4 You represent, warrant and undertake that any information that You upload, transmit, store, share, enter or post to the Site:

8.4.1 shall be appropriately categorised and be truthful, accurate, clear and complete;

8.4.2 will not violate or infringe any of the rules set out herein, the rights of any third party, including copyright, trademark, privacy, publicity or other personal or proprietary rights;

8.4.3 will not contain interactive material or automated scripts, or contain information that You did not create or is libellous, defamatory or otherwise unlawful, pornographic, obscene, of a sexual nature, harmful, misleading, vulgar, threatening, abusive, inflammatory, harassing, hateful, or racially, ethnically or otherwise objectionable or which might cause offence or damage to the public, other Members, the Site or Us.

8.5 You are solely responsible for Your Member Content. We may review the Site and may delete or remove Member Content or Site Content in Our own absolute discretion and without any notice.

8.6 You are solely responsible for creating backup copies of any Member Content at Your cost and expense.

8.7 When You post Member Content, You authorise Us to make copies of it as We deem necessary for the correct operation of the Site. By posting Member Content, You grant Us an irrevocable, perpetual, non-exclusive, transferable, fully paid, worldwide licence to use, copy, publicly perform, reformat, translate, summarise (in whole or part) and distribute it for any purpose in connection with the Site or its promotion thereof, to prepare derivative works of, or incorporate into other works and to grant sublicenses of such Member Content. If You choose to remove Your Member Content, which You may remove at any time, the license granted above will automatically expire, however You acknowledge that We may retain archived copies of Your Member Content.

8.8 You agree to indemnify and hold each other Member, Us, Our subsidiaries and affiliates, and each of Madiston's directors, officers, agents, contractors, partners and employees, harmless from and against any loss, liability, claim, demand, damages, costs and expenses, including reasonable lawyer's and legal fees, arising out of or in connection with any of Your Member Content, Your use of the Site, Your conduct in connection with the Site or with other users of the Site, or any violation of this Agreement or of any law or the rights of any third party.

8.9 When using the Site You shall not:

8.9.1 collect contact information, email addresses or other personal or financial information of Members or other users from the Site by any means;

8.9.2 attempt to make contact with Members for the purposes of offering to lend or borrow outside the Site;

8.9.3 advertise, solicit business, or promote any product or service, or publicise competitive products or services, in a Loan Request, a Question, an Answer, in the blog or forum or any other part of the Site without our written prior consent;

8.9.4 use the Site in any unlawful manner, endanger, damage or disturb the functioning of the Site, or the servers where it is hosted, or attempt to access data You are not allowed to access;

8.9.5 transfer, introduce or enter data that may contain software viruses or worms or any other code, script, files or programs designed to interfere with, limit or damage the Site or the function of its hardware, software or communications equipment or interfere with the proper working of the Site or any transaction being conducted on the Site; or

8.9.6 use any “deep-link”, “page-scrape”, “robot”, “spider” or other automatic device, program, script, algorithm, methodology or mechanism, or any similar or equivalent manual process, to access, acquire, copy or monitor any portion of the Site or any content, or in any way reproduce or circumvent the navigational structure or presentation of the Site or any content, to obtain or attempt to obtain any materials, documents or information through any means not purposely made available through the Site or to interfere with the proper working of the Site or any transaction being conducted on the Site; or

8.9.7 include a link to the Site in any other Site, computer or network without Our prior written consent, and we reserve the right to bar any such activity and remove you as a Member if we reasonably suspect that you are undertaking any such activity. You will be liable to us for any costs and expenses we incur as a result of you undertaking any such activity.

8.10 You are solely responsible for Your interactions with other Members. We reserve the right, but have no obligation, to monitor disputes between You and other users and or Members.

9. Termination of Membership

9.1 If You, in Our reasonable opinion, breach any provision of these Terms then in addition to any other remedy available to Us, We may immediately and with no prior notification do one or more of the following:

9.1.1 terminate Your Membership;

9.1.2 temporarily restrict Your use of the Site;

9.1.3 permanently restrict Your use of the Site;

9.1.4 delete content from the Site;

9.2 We may terminate this Agreement immediately if You:

9.2.1 have lied to Us;

9.2.2 breached any of the Terms of this Agreement;

9.2.3 made a voluntary arrangement with any other party;

9.2.4 become bankrupt;

9.2.5 if We become aware or reasonably suspect that You are engaged in, or may be the victim of, any fraudulent activity; or

9.2.6 died.

9.3 This does not affect Your responsibility to continue to repay any Loans.

9.4 In the case of suspected fraudulent activity We will pass on information to the appropriate authorities. This does not affect Our right of blocking or terminating Membership as set out above.

9.5 If We terminate Your membership, We will send You the amount credited to Your Account at that time to Your Bank Account, or by cheque to Your last known place of residence. This will not affect Your obligation to repay any Loans.

9.6 Once all Your Loans are repaid You may terminate this Agreement any time by giving Us a written notification or by sending an email to admin@lendloaninvest.co.uk. This email address is being protected from spambots. We will continue to maintain records to the extent that We are required by law to do so.

10. Your Account

10.1 To lend or borrow through the Site You must log in using Your Login Credentials.

10.2 When You enter Your Login Credentials correctly, We assume that You are the person using the Site and making transactions and You will be liable for them to the extent of these Terms and any Loan Agreement.

10.3 You must keep Your Login Credentials secret (as well as other codes that protect access to Your Bank Account) and make sure that they are not stored on Your workstation in a way that enables others to impersonate You, or write them down without disguising them.

10.4 If You disclose Your Login Credentials to any person or entity whom You employ or otherwise retain, appoint or authorise to access to Your Account, You are also responsible and liable for any access, use or misuse or disclosure of Your Login Credentials by such person or entity.

10.5 We can refuse to act on any instruction that We believe:

10.5.1 was unclear;

10.5.2 was not given by You;

10.5.3 might cause Us to breach a legal or other duty; or

10.5.4 if We think Madiston, LLI or the Site is being used for an illegal purpose.

10.6 You must tell Us as soon as possible if You think that someone else knows Your Login Credentials (or other codes that protect access to Your Bank Account) or can use the Site by impersonating You. Until such time as You tell Us You will be responsible for any instruction which We receive and act on, even if it was not given by You; and We will not be responsible for any unauthorised access to confidential information about You stored on the Site.

10.7 We will do all that We reasonably can to prevent unauthorised access to Your Account. As long as You have not broken the other terms contained in this Clause 3, We will accept liability for any loss or damage to You resulting directly from any unauthorised access to Your Account.

10.8 Your Account on the Site will show, amongst other things:

10.8.1 the amount credited to Your Account;

10.8.2 the amount You: have borrowed (if any); and/or have offered to lend (if any); and/or have lent (if any); through the Site;

10.8.3 details of repayments made and/or expected against any Loan;

10.8.4 a statement of deposits and withdrawals;

10.8.5 certain personal details;

10.8.6 information about the Site.

11. Charges and Fees

11.1 As a Borrower, each time You receive a Loan resulting from a successful Loan Request to borrow money using the Site You agree to pay to Us a flat fee, a contribution towards the RSF and/or a percentage fee applying on the date of the Loan as set out in the Fees Section.

11.2 As a Lender, each time You lend money to a Borrower via the Site You agree to pay to Us and We may deduct a flat fee, and if You have selected a product covered by the Reserve Scheme, we may deduct a monthly fee for the Reserve Scheme and/or monthly a percentage of the Principal outstanding to You under Your Loan Agreements. The amounts of such flat fees, percentage fees and Reserve Scheme fees are those applying on the date of the Loan as set out in the Fees Section.

11.3 In relation to use of the Secondary Market, as a seller of a Loan, You agree to pay to Us a flat fee and a percentage fee of the sale proceeds as are applying on the date of sale as set out in the Fees Section (the "Sale Fee").

11.4 We may waive or reduce the charges and fees referred to this clause from time to time for promotional purposes or as We see fit.

11.5 If You are a Borrower and are late in paying the full amount of any instalment, We may charge a Failed Direct Debit Fee as applying at the time as set out in the Fees Section.

11.6 If You as a Borrower are in Arrears or in Default, and a Debt Collection Agency has been appointed you agree that the Debt Collection Agency can charge You administration fees for the work they do in attempting to collect the repayments. The fee will be based on a percentage of the amount that is overdue to Your Lenders, including any interest that accrues on overdue amounts. The actual percentages and fees are those applying at the time as set out in the Fees Section.

11.7 You are responsible for any related telecommunications or broadband charges, digital television subscription or other charges for the time You spend accessing the Site via the Internet or any wireless, 4G, 3G, GPRS, television or other relevant network.

11.8 We reserve the right to increase any fees at any time, but only after first publishing the increased fees for at least seven days on the Site prior to the change being made.

12. Records

12.1 The records kept on the Site shall be conclusive of the facts and matters they purport to record.

13. Payments

13.1 All amounts are stated in, and all deposits, withdrawals and payments will be made in Great British Pounds Sterling (GBP) and will be made via the Site payment systems – Direct Debit and or Credit, Bank Transfer, Faster Payments or PayPal (or any alternatives that may be made available from time to time).

13.2 We will transfer funds to You when You request a withdrawal, deposit or disbursal. We reserve the right to request verification for any deposit, disbursal or withdrawal instructions. If You refuse to send verification information via email or instant messaging, We reserve the right to refund a deposit and terminate Your Account or suspend a disbursal or withdrawal.

13.3 We may suspend a withdrawal if the source of the funds is suspected to be fraudulent. Any funds received from an Account via a fraudulent deposit (e.g. stolen credit card) will be reversed immediately. If a fraudulent payment is discovered when a withdrawal has already been processed, You will be required to return the funds to Your Account and/or face Membership termination and/or legal proceedings.

13.4 Should any dispute arise regarding payments, you agree with any other Member to abide by the Dispute Resolution Procedure.

13.5 You agree to reimburse Us or a Member as appropriate if We detect an erroneous or duplicate transaction, or We receive a charge-back from Your credit card issuer or PayPal for any reason and We may seek reimbursement by charging Your Account, deducting amounts from future payments owed, charging Your credit card, or by pursuing whatever lawful means available and necessary for Us to secure repayment ("Charge Back").

13.6 Failure to pay for reimbursements of Charge Back is cause for Us to terminate Your Membership.

13.7 All payments between Lenders and Borrowers will be made through the Members' Account.

13.8 We may charge a fee for making certain payments, such fees as applying at the time as set out in the Fees Section.

13.9 All payments initiated by Members shall carry the unique reference provided for identification. Failure to do so may interrupt processing, may result in Our inability to match funds to Members and/or the loss of funds.

14. Lending

14.1 To lend via the Site You must comply with these Terms and the Loan Agreement and amongst other things:

14.1.1 deposit the total amount that You wish to lend into the Members' Account by bank transfer or direct debit from Your Bank Account or via PayPal;

14.1.2 quote Your unique Username as a reference.

14.2 All deposits You make with Your username included will be recorded as a credit to Your Account.

14.3 You can login to Your Account and either:

14.3.1 Use the amounts in further Bids; or

14.3.2 Request their withdrawal to Your Bank Account.

14.4 We will provide on the Site:

14.4.1 The information supplied by the credit reference agency we use in relation to a particular Borrower will be summarised by Us and published on the Site in the Borrower's Loan Request detail in the form of the Credit Stars;

14.4.2 Information provided by the Borrower relating to whether or not the Borrower is able to afford to repay the total loan amount requested;

14.4.3 Member Content included by the Borrower in his or her Loan Request.

14.5 As a Lender you may, if available, choose to use the EasyLend or AutoLend Facility and/or choose a Lending Product. The higher the return on the Lending Product, the higher the risk relative to the other Lending Products. 

14.6 By choosing a Lending Product or using the EasyLend or AutoLend Facility, you agree that we may make Bids to Borrowers on your behalf in respect of all monies standing to the credit of your Account and which you have allocated to the specific Lending Product or EasyLend or AutoLend Facility, provided that the relevant parameters of your chosen Lending Product or EasyLend or AutoLend Facility, as applicable, are met.  Once the relevant parameters are met, We will automatically match your Bids with Loan Requests.

14.7 The rate linked to the Lending Product you select is the annualised expected rate, once your Bids have been matched and the corresponding Loan Agreements have been drawn down, which assumes:

14.7.1 You do not use the early repayment function in accordance with clause 16;

14.7.2 Your money is not repaid early, in part or in full; and

14.7.3   Full re-investment of all repayments at the same rate and term.

14.8 Bids are automatically matched by time so that Bids will be made in order of when the Lender credited their account.

14.9 Instead of matching you to a new Loan, We are irrevocably authorised to match you to a Borrower with an existing Loan by way of procuring one or more loan assignments (including any further re-assignments), at our absolute discretion.  Such assignments and re-assignments allow us to operate the early repayment service referred to at clause 16.

14.10 When you choose a Lending Product, you may be assigned or matched with all or part of a Loan which has a term that differs from the Lending Product you chose.  In cases where the term is longer than the term of the Lending Product you selected, we will use our best efforts to transfer the Loan to another Lender at the end of the term you selected. You should be aware however that our ability to do so will be subject to there being funds available on the Site that match the relevant parameters.  If there are insufficient funds available on the Site, your money will be returned to you as and when the Borrower repays their Loan, which may take longer than the term you selected. In cases where the term is shorter than the term you selected, your investment may be repaid early. If this happens, the sum paid back to you will be dealt with in accordance with the re-investment settings you have selected in your Account.

14.11 We shall not advise you or make any personal recommendation as to choosing a Lending Product. You are solely responsible for making your own independent appraisal and investigation of the risks of the investment. If you require specialist advice, you should consult your own appropriately qualified advisers.

14.12 We shall not be responsible for the suitability of any Lending Product for you or any purpose for which you subscribe for it. We make no representations or warranties as to the suitability, credit worthiness or ability to repay of any Borrower.

14.13 You should consider carefully the terms of the risk disclosure information found on the Site at the risks before choosing a Lending Product or activating the EasyLend or AutoLend facility.

14.14 We may determine, at our absolute discretion, when our Site or any part of it is open and may close the Site or any part of it at any time.

14.15 When a Loan Request is fully-funded, it is open to be accepted, or declined, along with the corresponding successful or part successful Bids, by the Borrower at any time. When a fully-funded Loan Request duration expires, it is open to be accepted, or declined, along with the corresponding successful or part successful Bids, by the Borrower for 48 hours.

14.9 Once a Bid has been accepted, you will be bound by the terms and conditions of the resulting Loan Agreement. You will not be able to amend, cancel or withdraw from that Loan otherwise than in accordance with these terms.

14.16 We will hold in Your Account the amounts You wish to allocate to a Lending Product or to the EasyLend or AutoLend Facility, including amounts You have lent or have used to purchase Loans but have not yet been disbursed to any Borrower or Lender (as applicable) through the Site. These amounts will be recorded as a credit to Your Account which You can see by logging in to Your Accounts and are held by Us on trust. The perpetuity period of any trust created pursuant to these Terms and Conditions shall be 125 years.

14.17 You can request through Your Account the transfer of any amount You hold in Your Account to Your Bank Account at any time, other than amounts that are the subject of matched Bids and have not yet been disbursed to the Borrower and any accrued, but uncharged, fees. If a Loan Agreement is found to be void under these Terms the amount You have lent under that Loan Agreement will show in Your Account as being available to You to select a Lending Product (or to use the EasyLend or AutoLend Facility (as applicable)) or transfer to Your Bank Account as You see fit.

14.18 If Your Account has funds in it and there has been no activity on the account for 18 months, at Our discretion We will transfer those funds to Your Bank Account, or pay those funds to You by means of a cheque to Your last known place of residence.

15. Borrowing

15.1 To borrow via the Site You must comply with these Terms and the Loan Agreement and amongst other things You must have:

15.1.1 received a minimum credit score; and

15.1.2 successfully set up a direct debit to pay to the Members' Account the amounts that you have agreed to repay in the Loan Agreement(s).

15.2 Your credit score will be based on an initial quotation credit reference search which uses a minimum of information to assess your credit rating.

15.3 If You want to borrow through the Loan Requests, You will have the opportunity to post a Loan Request specifying Your borrowing requirement.  You will be provided with an indicative interest rate at which you can borrow. 

15.4 You undertake, warrant and represent that Your Member Content, and in particular each statement that You make in any Loan Request, is true, accurate and complete in each and every respect. If this is not the case then We reserve the right to refer the matter to the relevant credit reference and fraud agencies.

15.5 You agree that we can provide access to the Member Content to Lenders to enable to determine if they wish to lend to You.

15.6 In the course of posting and accepting a Loan Request, You must enter the details of Your Bank Account and set up a direct debit from that account to the Members' Account, which is to be used to make the repayments due from You to the Lender under each Loan Agreement You enter into.

15.7 By posting and accepting a Loan Request, You agree to a full credit search by the credit reference agencies we use.  The interest rate of the proposed Loan will be based on the results of this search and the personal information you have supplied to us. 

15.8 You agree to continue to provide up to date details of Your Bank Account to Us.

15.9 Lenders may post Bids in relation to Your Loan Request. If there are sufficient Bids to fully fund the total loan amount that You have requested in Your Loan Request, You may accept or part accept or decline the Bids at any time. You will have 48 hours after the expiry of the Loan Request to accept or part accept, or decline the Bids made. If You accept or part accept any Bids, and (if any of Your Lenders is a CC Licensee electronically counter-sign the corresponding credit agreements), Loan Agreements will be formed automatically between You and each Lender who posted a Bid that You accepted or part accepted.

15.10 If Your Loan Request does not receive sufficient Bids to fully fund Your borrowing requirement within the duration of that Loan Request, then You may terminate the Loan Request by clicking "Decline" or You may modify the Loan Request profile words and extend its duration by a number of days.

15.11 Once You accept the Bids, We will transfer the total amount You have borrowed, less Our fees and a contribution to the RSF, to Your Bank Account, subject to the information in Your Loan Request not being inaccurate or deficient in any respect (if We discover that it was, then the Loan Agreement will be void and We will seek to recover the Loan money paid and report this information to credit reference and fraud agencies).

15.12 As a Borrower, You make Your repayments due under Loan Agreements by direct debit to the Members' Account, which results in an initial credit for the Loan to Your Account, and then a series of repayment instalment debits to Your Account and corresponding credits in each relevant Lender's Account.

16. Loan Agreement

16.1 When a Borrower accepts a Loan that is offered on the Site that Borrower is accepting each individual Bid, or a part amount of such Bid. For each Bid accepted there will be its corresponding Loan Agreement between the Borrower and the Lender who has made such Bid. This means You will not be given the opportunity to review the Loan Agreement or the Loan Agreement terms and conditions after You have made a Loan Request or Bid, as the case may be. By accepting these Terms and Conditions You are accepting that:

16.1.1 the Loan Agreement terms and conditions will be incorporated into every Loan Agreement;

16.1.2 the Site processes Borrowers' direct debit payments in relation to the repayment of amounts under each Loan Agreement;

16.1.3 each Lender sub-contracts to the Debt Collection Agency the collection of any missed payments due from Borrowers in accordance with the Default Procedure as set out on the Site.

16.2 Each time Bids are accepted, details of the amount lent or borrowed will be recorded in Your Account, including the number of Loan Agreements that make up Your total lending or borrowing. The identity of each Member will not be disclosed to any other Member, except where it is necessary to do so as part of any regulatory issues or court or other enforcement proceedings for recovery of debt under any Loan Agreement.

16.3 You agree that we may pass on any of Your relevant personal information to a credit reference agency including but not limited to any amounts borrowed, the repayment schedule and details of late repayment.

16.4 As a Borrower, if You wish to repay a loan earlier than the Repayment Plan envisages or if You wish to You change the Repayment Plan, We may charge a fee, partly paid to Lenders in compensation for the change in their Loan Agreement. The details of such fees are those applying at the time as set out in the Fees Section of the Site.

16.5 As a Borrower, if You miss paying a Loan Repayment Instalment in full, or find Yourself in financial difficulties and You believe You cannot afford to repay the full amount due under any of Your Loan Agreements, You should contact Us as soon as possible by email to admin@lendloaninvest.co.uk . We will do the following:

16.5.1 explain the procedures We will apply and Your options;

16.5.2 tell You if Your Account will be passed to the Debt Collection Agency.

16.6 As a Borrower, You should tell Madiston, LLI or the Debt Collection Agency, as the case may be, when Your circumstances change in a way that may adversely impact Your ability to repay the full amount due under any of Your Loan Agreements.

16.7 As a Borrower, if Your relationship with Madiston, LLI or the Debt Collection Agency has broken down, this will be included in the information supplied to the credit reference agencies. You should be aware that this may have serious consequences for Your ability to get credit in the future.

16.8 If you are a Borrower and fail to pay the full amount of each repayment when it is due and payable in relation to any Loan Agreement such that a total value of three months of Arrears have accumulated you agree to each relevant Lender assigning to Debt Collection Agency his or her right title and Interest in each Loan Agreement with You on the 28th consecutive day after receiving in Your Account notice of the Your failure to pay the equivalent of 90 consecutive days' of repayments provided that the Lender, by notice in writing to the Managing Director of Debt Collection Agency prior to the expiry of the 28 day notice period, may either decline to proceed with the assignment, or commence good faith negotiations with Debt Collection Agency .

16.9 Upon assignment of the debt to Debt Collection Agency, the Debt Collection Agency will commence actions to recover the outstanding debt and any sums recovered by Debt Collection Agency will be returned to the relevant Lender subject to deduction of a due proportion of the costs of recovery represented by that Lender's original loan to the entire amount loaned.

16A Early repayments

16A.1. If, as a Lender, you want to get access to the money you have lent before it has been repaid, you must request the amount you wish to be repaid.  This will automatically trigger access the Secondary Market where your interests in a Qualifying Loan can be sold to other Members who are, or intend to be, Lenders. A Qualifying Loan is any Loan, except where:

16A.1.1 such Loan is a revolving credit loan or a loan with a variable term and/or variable rate interest rate;

16A.1.2 an instalment repayment is due and/or will be processed in relation to such Loan during the period a Loan is, or is to be, listed on the Secondary Market;

16A.1.3 there is, or will be at any time during the period a Loan is, or is to be, listed on the Secondary Market, only one instalment repayment due to be made on such Loan;

16A.1.4 an interest payment or a repayment instalment is currently overdue or late;

16A.1.5 fewer than 2 monthly repayment instalments have been made by the Borrower on such Loan;

16A.1.6 any of the circumstances set out in Clause 4.5 of the Loan Agreement relevant to such Loan has occurred;

16A.1.7 a payment under the RSF has been made in respect of such Loan; or

16A.1.8 we so determine, having taken into account all due considerations of which we are aware.

16A.2 When you request an early repayment, you are deemed to have nominated to sell Loans on the Secondary Market by the value of the difference between the amount requested and the amount standing to the credit of your Account.  Such Loans will be listed on the Site for sale until they are sold or you withdraw your request for early repayment. 

16A.3 If a Loan is sold on the Secondary Market, the sale proceeds will be transferred to your Account from the buyer's Account after deduction of the Sale Fee (see clause 11.3A).

16A.4 On completion of the transfer referred to in clause 16A.3, the selling Lender unconditionally, irrevocably and absolutely assigns to the incoming Lender all its rights, title, interest and benefits in and to the Loan Agreement to which the Sale Fee relates. We will then notify the Borrower of the assignment on behalf of you and the incoming Lender accordingly, and the incoming Lender shall become the Lender with respect to that Loan Agreement.

17. Complaints and Dispute Resolution

17.1 If You wish to complain about Us, the Site, a Member or an LLI employee or You have a dispute with Us, another Member or an LLI employee You should email Your complaint to admin@lendloaninvest.co.uk giving Your name or username and brief details of Your complaint or dispute. Our Customer Service staff will normally acknowledge Your email with an email by close of business the following Business day.

17.2 Our Customer Service staff will then investigate the complaint or dispute and respond to You by email within 5 Business days, but possibly by the next Business day, in an effort to settle the complaint or dispute, offering suggestions for a suitable remedy, if appropriate.

17.3 If the complaint or dispute is not or cannot be resolved by close of business on the Business Day after the complaint is received, We will email You the steps We intend to take to settle the complaint or dispute. If You are not happy with Our plan, You should specify why You are not happy and state Your requirements by email to the Customer Services Manager, who will respond by email within a further five Business Days.

17.4 If You are not satisfied with the response from the Customer Services Manager, You can email admin@lendloaninvest.co.uk, enclosing the responses already given to You. Your email will then be referred to the Chief Executive, who will respond by email within a further five Business Days.

17.5 Within four weeks after receiving a complaint or dispute, We will send You either a final response reasonably endeavouring to settle the issue, or a response which explains why We are not in a position to resolve the issue indicating any further plan. Complaints or disputes that cannot be settled within 8 weeks after the date of the first notification to Us of the complaint or dispute may then be referred to the Financial Ombudsman Service.

18. Property, Copyright and Ownership

18.1 The contents of the Site are protected by copyright.

18.2 Copying, changing, distributing or storing information or other data, requires Our prior written agreement.

18.3 All trademarks and intellectual property rights, including those of third parties, mentioned in the Site are the property of their owners. It cannot be concluded that brands or trademarks mentioned in the Site are Ours or are not protected by third parties' rights.

18.4 You shall not post third party copyright material on the Site.

18.5 All rights for material developed and published by Us remains solely with Us. Copying or using such texts or data in other electronic or printed publications is not allowed without Our prior written agreement.

18.6 All Information is Our proprietary information.

19. Third Party Websites

19.1 On the Site We may make links to other websites. The availability of such third party sites, services or material does not constitute any form of recommendation, advice or endorsement of any such third party sites by Us and We make no warranty as to the availability, Services, information provided or goods offered on or by these sites. We have no control over the content of such websites and therefore You cannot rely on their accuracy or completeness and We are not responsible for their availability or content.

20. Indemnity

20.1 Subject to You being liable for the infringement, You agree to indemnify Us of all claims You or third parties may make against Us for any infringement of such third party's rights through any contents You may have entered on the Site. You will bear all costs associated with Our legal defence, including court and lawyers' expenses.

21. Limitation of Liability

21.1 Our liability is restricted to damage caused intentionally and by gross negligence as far as it does not concern the violation of an obligation that is essential to this Agreement or damage to life, body or health. The same applies to the liability of Our representatives. Except for intentional and gross negligence, liability shall be restricted to the damage that is typically foreseeable at the time this Agreement is concluded.

21.2 You agree that We are not liable for:-

21.2.1 direct, indirect or consequential damage or loss caused by circumstances beyond Our own reasonable control;

21.2.2 indirect or consequential damage or loss;

21.2.3 any malfunction or non availability of the Site;

21.2.4 any error or inaccuracy in processing data on the Site;

21.2.5 websites to which reference is made through links on the Site;

21.2.6 for the contents and information entered by Members;

21.2.7 failures within the service network not caused by Us;

21.2.8 taxation resulting from Your transactions on the Site;

21.2.9 any negligence, breach of contract, misrepresentation or wilful misconduct in relation to the use of the Site (other than Our own).

22. Taxation

22.1 If any taxes apply to You as a result of You executing transactions on the Site You must account for them to Your relevant taxation authority.

23. Validity of the Agreement

23.1 Should individual provisions of these Terms be or become void or ineffective and/or conflict with legal provisions, then this will not affect the validity of any other Terms.

23.2 Any provisions of these Terms deemed to be ineffective shall be replaced by the Parties to this Agreement by provisions that best meet the economic purpose of the ineffective provisions in a legally effective way. This shall correspondingly apply to any missing provisions.

24. Entire Agreement

24.1 This Agreement together with the Bid Terms, Forum Terms and Schedules constitutes the entire agreement and understanding between Us and You regarding the subject matter contained herein. This Agreement supersedes any and all prior agreements between Us and You regarding Your right to use the Site.

25. Written Form, Applicable Law and Jurisdiction

25.1 All notices in connection with the use of the Site must be made in writing or by sending an email.

25.2 You agree that all documents and notices that We shall send to You may be delivered electronically to You via Your Account or email. You will also receive by email to Your email address from time to time a prompt to refer You to Your Account.

25.3 We shall make annual statements available to Lenders and Borrower electronically and reserve the right to charge an administration fee of £20 for a paper copy of such statements or for statements covering a period for which We would not normally provide a statement.

25.4 These Terms are subject to the laws of England and Wales. England shall be the exclusive place of jurisdiction for all claims arising from the use of the Site.

    26. Privacy Policy

26.1 The Privacy Policy for the Site is contained in Schedule 1 of this Agreement and You agree to the terms of the Privacy Policy

Schedule 1

Privacy Policy

Introduction

The protection of Your information is very important to Us. We understand that You have the right to privacy and that You expect Us to keep Your information safe and secure. In general We do not share non-public information about You with third parties without Your consent, except as explained in the rest of this policy.

Personal Data

We Respect Your Privacy

1. Our privacy policy relates only to information that We obtain from You. If You visit a Website operated by a third party through a link included on this Website, Your information might be used differently by the operator of the linked Website.
2. Personal Data is information that identifies You and/or is specific to You. The Site respects Your privacy and the confidentiality of Your Personal Data in compliance with the data protection laws. This policy exists to help You understand how the Site, as Data Controller, uses and protects Your Personal Data.
3. We shall take appropriate organisational and technical measures for protecting Personal Data, and We shall store Personal Data only as long as necessary for the correct function of the Site and legal requirements.
4. Before we provide services, goods or financing to you, we undertake checks for the purposes of preventing fraud and money laundering, and to verify your identity. These checks require us to process Personal Data about you. The Personal Data you have provided, we have collected from you, or we have received from third parties will be used to prevent fraud and money laundering, and to verify your identity.
5. We obtain Personal Data: at registration, from Your Profile, from any Loan Requests that You create, Bids that You make, and from other organisations such as employers, credit reference agencies and anti-fraud organisations. Examples of stored Personal Data may be:
   • Your name, address, email address
   • landline and mobile telephone numbers
   • gender
   • birth date
   • information You complete in relation to Our client surveys
   • information included in any documents You complete or online services to which You subscribe
   • financial information
   • employment details and
   • bank account details
6. We and fraud prevention agencies may also enable law enforcement agencies to access and use your Personal Data to detect, investigate and prevent crime.
7. We process your Personal Data on the basis that we have a legitimate interest in preventing fraud and money laundering, and to verify identity, in order to protect our business and to comply with laws that apply to us. Such processing is also a contractual requirement of the services or financing you have requested.
8. Fraud prevention agencies can hold your Personal Data for different periods of time, and if you are considered to pose a fraud or money laundering risk, your data can be held for up to six years.
9. In addition to Personal Data, other information that We collect includes certain information about your computer and/or your mobile or handheld device (such as a smart phone or tablet), including where available your:
   • IP address
   • operating system
   • type of browser and
   • web pages visited
This information is used for maintaining the Site, identifying trends in usage, improving the Site's security, improving products and services and for monitoring purposes.
10. Other uses of Personal Data include validating and verifying information;
    • Debt Collection Agency
    • CIFAS
    • to process any application made by You
    • updating Your records
    • to administer Your Account
    • to comply with Our statutory and regulatory obligations
    • assess lending risks
    • identify and prevent fraud, money laundering and other crimes
    • report to regulators
    • inform You on lending or borrowing
    • improve Our products or Services or
    • for statistical analysis and market research
11. We will keep Personal Data confidential and only give it to others as strictly necessary for exercising rights and meeting obligations resulting from legitimate use of the Site or pursuing Our legitimate business goals.
12. Examples of those to whom We pass Personal Data are agencies for law enforcement and fraud prevention, credit reference agencies, reputable debt collectors and anti money laundering organisations.
13. Not used.
14. We and other organisations, including law enforcement agencies, may also access and use this information to prevent fraud and money laundering, for example, when:
    • checking details on applications for credit or credit-related services
    • managing credit and credit related account or facilities
    • recovering debt
    • checking details on proposals and claims for all types of insurance
    • checking details of job applicants or employees
15. We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.
16. Other examples of when We pass on Your Personal Data are:
    • if You ask Us to
    • for the operation of the Site, e.g. when making or receiving payments
    • to inform credit reference agencies regarding Your borrowing account
    • to investigate, prevent or detect fraud or to share information with anti fraud organisations
    • to file a default or trace debtors
    • checking details in relation to anti money laundering issues
    • to regulatory or taxation authorities
    • if We are required to by law.
17. We will not disclose Personal Data to other Members unless necessary to enforce a Loan Agreement. If You receive others' Personal Data, You may only use it in correspondence with Us about the issue.
18. When processing Loan Requests, Loan Agreements or Your Account, the Site will show certain transaction data (e.g. username, amount, Interest rate but certainly not Your name, or other identifying data.
19. Any credit reference agency that is searched to obtain a credit reference on You, will keep a record of such search, and other lenders may use it to assess applications they receive from You in the future.
20. We will give You at least 14 days notice before We file a default on Your credit reference.
21. We reserve the right to appoint an Internet service provider to host the Site on Our behalf which may be situated outside the European Economic Area. By agreeing to the ToU You consent to any transfer of Your personal information outside the European Economic Area. This may be necessary for Us to achieve the purposes set out above.
22. We may use technology to track the patterns of behaviour of visitors to the Site. This can include using a "cookie" which would be stored on Your browser. You have a right to refuse this and if You don't want this to happen, then You should modify Your browser to prevent this happening.
    
    CREDIT REFERENCE AGENCIES
23. In order to process your application, we will perform credit and identity checks on you with one or more credit reference agencies (“CRAs”).
    
    To do this, we will supply your personal information to CRAs and they will give us information about you. This will include information from your credit application and about your financial situation and financial history. CRAs will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.
    
    We will use this information to:
    • Assess your creditworthiness and whether you can afford to take the product;
    • Verify the accuracy of the data you have provided to us;
    • Prevent criminal activity, fraud and money laundering;
    • Manage your account(s);
    • Trace and recover debts; and
    • Ensure any offers provided to you are appropriate to your circumstances.
    
    We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs.
    
    When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders.
    
    If you are making a joint application, or tell us that you have a spouse or financial associate, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.
    
    The identities of the CRAs, their role also as fraud prevention agencies, the data they hold, the ways in which they use and share personal information, data retention periods and your data protection rights with the CRAs are explained in more detail at each of the three CRA sites: Callcredit https://www.callcredit.co.uk/crain; Equifax https://www.equifax.co.uk/crain; Experian https://www.experian.co.uk/crain/index.html.
    
    CONSEQUENCES OF PROCESSING
24. If we, or a fraud prevention agency, determine that you pose a fraud or money laundering risk, we may refuse to provide the services or financing you have requested, or to employ you, or we may stop providing existing services to you.
25. A record of any fraud or money laundering risk will be retained by the fraud prevention agencies, and may result in others refusing to provide services, financing or employment to you. If you have any questions about this, please contact us.
    
    DATA TRANSFERS
26. Whenever fraud prevention agencies transfer your Personal Data outside of the European Economic Area, they impose contractual obligations on the recipients of that data to protect your Personal Data to the standard required in the European Economic Area. They may also require the recipient to subscribe to ‘international frameworks’ intended to enable secure data sharing.
    
    YOUR RIGHTS
27. Your Personal Data is protected by legal rights, which include your rights to object to our processing of your Personal Data; request that your Personal Data is erased or corrected; request access to your Personal Data.
28. For more information or to exercise your data protection rights, please contact us.
29. You also have a right to complain to the Information Commissioner’s Office which regulates the processing of Personal Data.
    
    COOKIES
30. Cookies are small text files stored on Your PC when You visit the Site and can be used in order for the Site to run effectively or to identify Your PC whenever You return to the Site.

We use a number of different cookies on Our Site. For further information on Cookies We recommend You visit http://www.aboutcookies.org for detailed guidance.

The list below describe the cookies We use on this Site and what We use them for. Currently We operate an 'implied consent' policy which means that We assume You are happy with this usage. If You are not happy, then You should either not use this Site, or You should delete the cookies having visited the Site, or You should browse the Site using Your browser's anonymous usage setting (called "Incognito" in Chrome, "InPrivate" for Internet Explorer, "Private Browsing" in Firefox and Safari etc.)

First Party Cookie

These are cookies that are set by this Site directly.

Google Analytics: We use Google Analytics to collect information about visitor behaviour on the Site. Google Analytics stores information about what pages You visit, how long You are on the Site, how You got here and what You click on. This Analytics data is collected via a JavaScript tag in the pages of the Site and is not tied to personally identifiable information. We therefore do not collect or store Your personal information (e.g. Your name or address) so this information cannot be used to identify who You are.

You can find out more about Google's position on privacy as regards its analytics service at http://www.google.co.uk/intl/en/analytics/privacyoverview.html

Joomla: The Site runs the popular Joomla CMS and cookies are used to store basic data on Your interactions with Joomla, and whether You have logged into Joomla. We use a session cookie to remember Your log-in for You if You are a registered user and We deem these as being strictly necessary to the working of the Site. If these are disabled then various functionality on the Site will be broken.

More information on session cookies and what they are used for at http://www.allaboutcookies.org/cookies/session-cookies-used-for.html

Third Party Cookies

These are cookies set on Your machine by external websites whose services are used on this Site. Cookies of this type are the sharing buttons across the Site allow visitors to share content onto social networks. Cookies are currently set by Facebook, Twitter and LinkedIn. In order to implement these buttons, and connect them to the relevant social networks and external sites, there are scripts from domains outside of the Site. You should be aware that these sites are likely to be collecting information about what You are doing all around the internet, including on this Site.

You should check the respective policies of each of these sites to see how exactly they use Your information and to find out how to opt out, or delete, such information.

We and Our advertisers may use cookies and other techniques for passively collecting demographic information, personalising Your use of the Site or recognising Your computer when You revisit the Site. Advertisers use cookies for recording clicks on adverts. This assists them in displaying relevant adverts. We may combine cookies information with Personal Data.

The Site may contain links transferring You to other websites. Such websites may not be within Our control, and therefore other privacy policies may apply to such sites. We recommend that You take care when You visit another website and supply Personal Data.

We reserve the right to transfer Personal Data to a legal successor who acquires the right to use such information in case the Site is sold or assigned.

We reserve the right to modify the data protection measures and the Privacy Policy should it become necessary. We shall notify You of such changes by email.

Under the Data Protection Act 1998, You have a right to access, view, correct, or remove any Personal Data We, credit reference agencies and fraud prevention agencies hold about You. You should email Us at admin@lendloaninvest.co.uk . We will meet Your request in a reasonable period of time and after proof of Your identity provided that We do not infringe any legal provisions by doing so. We will first inform You of any fee that might be payable, and You have confirmed to Us that You wish to proceed. 

Schedule 2

Definitions