Part A - Terms
“Borrower”, “Member” and “Client” refers to the person applying to borrow cash.
“INSTABUXX® ”, “We”, “Lender”, “Agent” and “Our” refers to INSTABUXX®
“Term” refers to days specified on the application from by the borrower, Includes weekends.
“Application Form” refers to the online application form located at ‘https://www.instabuxx.com/apply/‘
Part B - Borrowers Obligations
1. The borrower (s), as herein, hereby agrees under contract to borrow the principle cash sum “Amount” selected in the Application Form which is to be paid in full (principle, interests, defaults and any fee(s)) according to the application within the days specified.
2. The Borrower agrees to make payments on the due date(s) and in the manner prescribed to him either by email or WhatsApp or phone text or phone call(s).
3. The borrower is to immediately advise INSTABUXX of any changes in residential address or employment or Bank Related Issues.
4. Should the borrower resign from, or be terminated by their employer, any entitlements with their employer shall, in the first instance, be directed to INSTABUXX to meet associated debt obligations.
Part C - Interest Rate
5. Interest will be calculated at 10% fixed + 2.75% per day and is represented by the interest specified on the Application Form.
6. Borrower(s) accepts and agrees to pay the full interest applied for the term(s) and all other accumulated interests as a result of default as specified in Part D.
7. Borrow acknowledges that CDB interests will be settled with all compounded accumulated interests that form the basis of the CDB data as stipulated in Part E of this agreement.
Part D - Default
8. An act of default will be deemed to have taken place under the following circumstances:
a) The borrower fails to repay any component of principle or interest within 6 hours after the Due DATE and time elapses.
b) The borrower provides false or misleading information or data in relation to this agreement.
c) The borrower becomes insolvent or is declared bankrupt.
9. Should the borrower suffer an act of default, as defined above,
a) The Total Payable as specified in the Application form becomes the new loan amount and all interests specified in Part C – Clause 5 applies.
b) If the borrower does not pay the defaulted loan to a point where the number of days is twice the number of days applied for, the total payable at that time becomes the new loan amount and all interests specified in Part C – Clause 5 applies.
c) during such a condition described by the preceding sub-clause (b) of this clause, all monies owing to INSTABUXX becomes due and payable on demand and all clauses in Part F applies.
d) under condition prescribed in sub-clause b) and/or c) of this clause, Instabuxx will INITIATE DEBT RECOVERY MEASURES which may include enforcement and engagement of any enforcement agency or individual at any cost, where arranged for by INSTABUXX or charged by the enforcement party as service fee for the enforcement exercise(s).
10. As per Clause 8, the borrower may incur enforcement expenses should the loan fall into default as defined under Clause 9 sub-clause a), b), c) and d).
11. Such expenses and costs include associated expenses reasonably incurred by INSTABUXX when exercising its right of enforcement and/or all other expenses and damages incurred by INSTABUXX as a direct or indirect result of the borrower breaching the terms and conditions contained herein.
12a. Such expenses, as referred to in Clause 11, may be added to your existing loan balance at any time and at the discretion of INSTABUXX. Accordingly, the loan balance becomes due and payable on demand.
12b. INSTABUXX has the right to device any means of fund recovery at its sole discretion.
Part E - Credit information - Authority to obtain and provide personal, financial and
13. The borrower authorizes INSTABUXX to:
a) Obtain a credit report containing personal financial & credit information in relation to the borrower from a Credit Agency;
b) Utilize the credit report to assist in the assessment of any loan or credit application by the borrower.
c) Exchange personal financial and credit information in relation to the borrower with other credit providers including details of loans obtained from INSTABUXX; and
d) Inform a Credit Reporting Agency in line with Part F of any default in repayment of the credit provided to the borrower(s).
Part F - Credit & Data Bureau (CDB)
14. The Borrower’ herein agrees that his/her name and ALL Particulars used in the Applications form including any additional information in the attachments that form part of the loan application will be entered into CDB under the following conditions:
a) The Borrow fails to pay the agreed amount including default interests as specified in Part D – Clause 9 a) before the next term and continuously defaults as prescribed.
b) CDB will be updated every term to Reflect the accumulated or compounded interest which is payable for name to be cleared from CDB records.
Part G - Indemnity by Borrower
15. It is acknowledged that the borrower certifies that the information contained within this agreement is true and correct in every particular.
Part H - Borrower's Acknowledgement & Agreement
16. The borrower acknowledges and agrees that:
(a) S/he has fully read and understands the terms and conditions set out in the leading Clauses
(b) by putting their Signature on the Application Form, they sign this contract and are aware that they are legally bound by the said terms and conditions contained herein.
(c) even without putting a signature according to sub-clause (b) of this clause, by ticking the checkbox labelled “I agree to the terms and conditions”, the borrower agrees to be bound by the terms and conditions contained herein.
(d) the date when the Application Form is submitted is considered the date when the borrower agrees to these terms and conditions as specified in sub-clause (b) within this clause.
(e) a member or a known client who requests funds through: a phone call, a sms, WhatsApp, Facebook, Messenger, email, or by any other means including verbally, also acknowledges these agreement(s) and is equally bound by the agreement(s) specified herein and by requesting funds, if funded, are subject to all these agreement(s). By accepting funds they accept to be bound by these terms and conditions and the date the funds are received becomes the date when borrower agrees to these terms and conditions.