Terms and conditions

LoanBee is a product of Weza Ventures ; a company incorporated in Kenya

Definitions of terms

mobile money : refers to a form of e-wallet provided by mobile network providers in Kenya

SMS : refers to Short Message Service, a service provided by mobile networks to mobile users

Privacy Policy : refers to how Weza ventures will handle any personal data you have provided to us

Mobile Network Operator : refers to an organization providing network resources and is registered under Communications Authority of Kenya

Default : refers to failure of paying a loan within the stipulated time

Credit Reference Bureau : refers to an organization that provides financial credit rating of individuals

Loan : refers to money borrowed by a borrower and to be paid sometime in the future with interest

Interest : refers to money paid on top of the borrowed loan

app : refers to mobile application

Acceptance of terms and conditions

By downloading the app and registering for the service you are deemed to have agreed to the terms and conditions and the privacy policy of LoanBee

Intellectual property rights

The App, Site and its original content, features, and functionality are owned by Weza Ventures and are protected by international copyright, trademark, patent, trade secret and other intellectual property or proprietary rights laws. Nothing in the terms grants you a license to use any trademark design right or copyright owned or controlled by Weza Ventures or any other third party except as expressed in the terms provided.

Use of the services

LoanBee offers the service to people over the age of 18 and above. LoanBee has the right to verify your details with service providers such as the network providers and credit referencing bureaus. We also reserve the right to decline your loan application offer.

Personal information

By agreeing to use LoanBee you authorize access of the personal information listed under our privacy policy. This includes but not limited to SMS, call logs, your credit reference bureau data, National ID information, phone make, phone GPS coordinates,email, phone operating system, facebook data

Interest and fees

Interest payable for the loans will be shown in the app. Any other fee outside the interest fee will be notified to the app users either via the app service or SMS. The interest fee will be particular to each client

Default on loan

A default is a loan that has taken longer than the stipulated time. On nearing a possibility to default, LoanBee clients will be given notifications to repay. In case a default occurs the client will be reported to Credit Reference Bureaus .This means you won't be in a position to get a loan from any other organizations such as banks. You will also be barred from getting a LoanBee from us unless you repay the loan.

Variation and termination

Weza Ventures may limit suspend or stop providing services to you if you fail to comply with these terms (such as defaulting on a loan) or if you use the service in a way that causes legal liability. Weza Ventures may also suspend providing the service if we are investigating service misconduct by you. If we suspended or terminate the service we will give you a notice. In some cases the suspension or termination may be given without notice

Exclusion of liability

Weza Ventures shall not be liable (whether under contract or tort) for :

  • losses from breach of these terms
  • loss of data stored in device
  • loss of lost opportunity or profits

Indemnity

You hereby indemnify to the fullest extent LoanBee from and against any and/or all liabilities, costs, demands, causes of action, damages and expenses arising in any way related to your breach of any of the provisions of these terms.

Communication between us

To communicate with us send an email to support@loanbee.co On receiving the email we will notify you on receiving your email or with a reply to your request if your email requires such.

Entire agreement

This Agreement constitutes the entire agreement between the Parties hereto concerning the subject matter hereof and supersedes any prior or contemporaneous agreements and understandings concerning the subject matter hereof.

Dispute resolution

Any dispute, controversy or claims arising out of or relating to this Agreement or the breach, termination or invalidity thereof shall be settled by a joint Board of the Parties, or a representative Joint Board of the Parties.
Alternatively, any dispute, controversy or claims arising out of or relating to this Agreement or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with the provisions of the Arbitration Act of 1995.

Governing law

These terms and conditions are in accordance and governed by the laws of Kenya

Privacy policy

Your Personal information is used in accordance with our privacy policy. Upon downloading the application you will have agreed to our terms and conditions and the privacy policy. Read our privacy policy to find out the rest of the terms that apply to you.