Terms & Conditions

DEFINITIONS

For the purposes of this agreement, unless stated otherwise, the following terms shall have the meanings defined below:

1. The Company: Refers to Pak Paisa.

2. You, I, He, She: Refers to the primary Credit Applicant (e.g., student, employee, or any other eligible applicant).

3. Service Providers: Includes all affiliates, networking agents, employees, and other agents engaged by Pak Paisa to deliver lending services.

4. Establishment: Refers to a company or organization that has signed a formal service agreement with Pak Paisa to facilitate the provision of loans to its members or employees.

5. Credit Applicant: Refers to the individual applying for a loan, who must have attained the age of 18 years (legal majority) on the date of application.

PAK PAISA APP

1. Access to Services

1.1. The Pak Paisa App (hereafter referred to as the "App") provides access to loans based on prior arrangements with the establishment to which you are affiliated.

1.2. The App offers collateral-free loan solutions using an AI-powered platform.

2. Loan Charges

2.1. Pak Paisa charges profit, fees, and other transaction-related costs on the loans provided. Details of these charges will be shared during the loan application process.

3. Responsibilities and Rights

3.1. The Applicant/Customer has sole responsibility for ensuring the accuracy of the information provided during the loan application.

3.2. Applicants must meet all predetermined criteria, including eligibility and repayment capacity, to apply for loans.

4. Transaction Rules

4.1. All transactions must be conducted digitally through the App. Cash transactions are strictly prohibited.

4.2. Pak Paisa reserves the right to reject any loan application that does not meet the required standards or contains incomplete or inaccurate information.

Onboarding Criteria for Applicants

1. Age Requirement

a. Applicants must be at least 18 years old.

2. Identification Documents

a. Must possess a valid Computerized National Identity Card (CNIC).

3. Additional Requirements Based on Status

a. Students:

i. Must provide a valid student ID card in addition to their CNIC.

b. Employees:

i. Must be currently employed.

ii. Must present an employment card or a recent letter from the employer confirming active employment.

iii. Must have been in the current job for at least six months.

4. Mobile Number Registration

a. The applicant’s mobile number must be registered in their name.

5. Sanctions Compliance

a. The applicant must not appear on the following sanctions lists:

i. U.S. Office of Foreign Assets Control (OFAC)

ii. United Nations Security Council (UNSC)

Your Responsibilities

1. Reporting Unauthorized Access

a. Notify Pak Paisa immediately if you suspect your account has been accessed without your consent, your password has been fraudulently used, or your phone has been stolen. Pak Paisa will block the account and halt future transactions upon notification.

2. Account Security

a. Take reasonable precautions to secure access to the App.

b. Do not allow any third party to use or access the App under any circumstances.

3. Loan Application and Disbursement

a. Ensure that all loan applications and disbursements are verified and authenticated by you personally.

b. Verify and authenticate the beneficiary’s wallet or bank account details, ensuring the account is registered in your name. Loans cannot be disbursed to third-party accounts.

4. Preventive Measures

a. Exercise caution and use reliable tools to detect and prevent viruses or other harmful software.

5. Compliance with Laws and Regulations

a. Avoid using the App in any manner that violates legal or regulatory requirements.

6. Repayment of Excess Funds

a. Agree to repay or reimburse any extra amount transferred to your account due to system errors, human errors, or technical glitches.

b. Pak Paisa reserves the right to recover such excess amounts with or without prior notice.

7. Penalties from Regulatory Authorities

a. Accept full responsibility for any penalties imposed by regulatory authorities related to your use of the App.

8. Accuracy of Information

a. Ensure that all information provided to Pak Paisa is accurate and truthful at all times.

Changes and Updates 

You are required to promptly report any changes to Pak Paisa, including but not limited to:

o Changes in contact details (e.g., phone number, email address).

o Changes in employment status (e.g., job termination or a new employer).

Right to Amend Terms and Conditions

Pak Paisa reserves the right to update or modify these Terms and Conditions at its sole discretion, with or without prior notice. This includes, but is not limited to:

o Adding new provisions.

o Modifying, revising, or varying existing provisions.

o Amending, withdrawing, or deleting any clause in part or in whole. o Updating charges, fees, or other financial obligations related to the use of the App.

Notice of Changes

Any significant changes to the Terms and Conditions will be communicated through appropriate channels, such as updates on the App, email notifications, or other reasonable means.

User Acknowledgment

By continuing to use the App after changes are implemented, you acknowledge and agree to the updated Terms and Conditions.

Review of Updates

You are encouraged to regularly review the Terms and Conditions to stay informed about any updates or modifications.

Undertakings by the Applicant

1. Proper Use of the App

a. You agree not to use or permit the use of the App for any illegal, unauthorized, or improper purposes.

b. You undertake to comply with all applicable laws, rules, and regulations while using the App.

2. Acknowledgment of Software Limitations

a. You acknowledge that the App is built on complex software that may not be entirely free from defects, errors, or bugs.

b. You agree not to hold Pak Paisa responsible for:

i. Backend errors or system malfunctions.

ii. Issues related to the operation, availability, or performance of the systems used to access the App.

3. Compliance with Terms, Policies, and Regulations

a. You undertake to adhere strictly to these Terms and Conditions at all times.

b. You confirm that the provision of services through the App is subject to:

i. Pak Paisa's internal policies, which may be updated periodically.

ii. Relevant circulars, notifications, and directives issued by regulatory authorities.

4. Data Collection and Credit Bureau Interaction

a. For the provision of services, you acknowledge and agree that Pak Paisa may:

i. Collect information from credit bureaus regarding your credit history.

ii. Share information about your transactions and credit history with credit bureaus.

5. Debt Collection and Information Disclosure

a. In the event of a default, Pak Paisa reserves the right to engage a debt collection agency.

b. Pak Paisa may disclose, use, and share your information with the agency or other relevant parties for the recovery of funds.

c. Such information may include, but is not limited to:

i. Personal details: Full name, email addresses (official and personal), gender, date of birth, mobile number, and photograph.

ii. Professional details: Employer information and business/profession details.

iii. Financial details: Bank account information, salary slips, bank statements, and data from eCIBs.

iv. Compliance-related data: Information required for Know Your Customer (KYC) processes and other regulatory requirements.

By using the App, you accept and agree to these undertakings as binding. You also consent to the collection, use, and disclosure of your information as described above.

Furthermore, by applying for a loan using the App, you authorize Pak Paisa to obtain credit, financial and other financially-related information as required from credit agencies, financial organizations, and from other sources including your device information for the underwriting process. Pak Paisa is hereby authorized to retain the application for record keeping and based on the results of the credit, identity, and payment checks; either issue a decision to grant or deny my application.

Applicant’s Consent

By submitting my Credit Application through the Pak Paisa App, I acknowledge and agree to the following terms:

1. Credit Approval and Authorization

a. The decision to approve a Credit Application and determine a credit limit or loan amount is final and rests solely at the discretion of Pak Paisa.

2. Monitoring and Recording of Communications

a. If my Credit Application is approved, I authorize Pak Paisa to monitor and/or record my telephone conversations with its representatives for quality assurance, training, and dispute resolution purposes.

3. Creation and Use of Personal Information File

a. I understand that a personal information file containing my credit and other personal data will be created to evaluate my credit application and to monitor my credit status after the loan is approved and disbursed.

b. This file will only be accessible to Pak Paisa employees whose job responsibilities involve the assessment of creditworthiness, processing of credit applications, monitoring of accounts, payment processing, and other functions related to the object of the file.

4. Correction and Access Rights

a. I understand that I may request access to my personal information file or request corrections by submitting a written request to Pak Paisa.

5. Data Sharing and Third-Party Disclosure

a. I consent to Pak Paisa sharing my personal information with credit reporting agencies, regulatory authorities, or third-party service providers as required for evaluating my application, monitoring my account, or fulfilling legal obligations.

6. Ongoing Monitoring

a. I authorize Pak Paisa to conduct periodic reviews of my credit status throughout the duration of my loan, including accessing updated credit reports from credit bureaus, as required.

7. Data Retention and Protection

a. I acknowledge that Pak Paisa will retain my personal information for as long as necessary to fulfill the purposes outlined above or as required by applicable laws and regulations. I further understand that Pak Paisa will employ reasonable safeguards to protect my personal data from unauthorized access or misuse.

8. Consent Revocation

a. I understand that I may revoke this consent by providing written notice to Pak Paisa; however, such revocation may limit or affect Pak Paisa’s ability to evaluate or manage my credit application or account.

ELECTRONIC SIGNATURE CONSENT

By submitting my Loan Application through the Pak Paisa App, I agree to the following terms:

1. Consent to Electronic Communications

a. If my Loan Application is approved, I consent to receiving all disclosures, communications, notices, and other information electronically from Pak Paisa, as required under applicable law or otherwise outlined in the terms and conditions.

2. Scope of Consent

a. My consent applies to any transactions undertaken with Pak Paisa, including communications from its representatives or agents. This includes, but is not limited to:

i. All disclosures and notices required by applicable law, both prior to and after my loan is issued.

ii. Loan agreements and related documents.

iii. Billing statements and account updates.

iv. Adverse action notices.

v. Any other communications or information related to my transactions with Pak Paisa or my use of the Pak Paisa App.

3. Duration of Consent

a. This consent will remain effective from the time I apply for the loan until my account with Pak Paisa is terminated.

b. Even after account termination, my consent will continue until all necessary disclosures related to my account have been provided.

4. Access and Delivery

a. I understand that all electronic communications will be delivered through the App, my registered email address, or other electronic methods specified by Pak Paisa. It is my responsibility to maintain accurate and up-to-date contact information with Pak Paisa.

5. Right to Withdraw Consent

a. I may withdraw my electronic signature consent at any time by providing written notice to Pak Paisa. However, I acknowledge that withdrawing consent may limit Pak Paisa’s ability to provide services or process my loan application or account.

6. Acknowledgment of Electronic Signature

a. I understand that by providing my electronic signature, I am agreeing to the same terms and conditions as if I had physically signed the documents. My electronic signature has the same legal effect as a handwritten signature under applicable law.

Legal Effect of Electronic Signature

1. Equivalence to Paper Form

a. An electronic signature provided through digital means holds the same legal effect and enforceability as a physical, handwritten signature.

b. Any disclosures, agreements, or communications provided electronically are legally valid and binding as if provided in paper form.

2. Delivery and Receipt

a. Disclosures, communications, or notices sent via email, text message, or other electronic channels will be considered delivered once successfully transmitted to the applicant's registered device or contact information.

3. Authorization Through Actions

a. By clicking buttons or checking boxes labelled “Apply,” “Accept and Checkout,” “Submit,” “Confirm,” “Verify,” “I Agree,” or performing similar actions, the applicant provides their electronic signature.

b. Such actions confirm the applicant’s agreement to the terms, conditions, and obligations outlined in any loan agreement, privacy consent, or related documents issued by Pak Paisa.

4. Waiver of Defenses

a. The applicant waives any defenses to the enforceability of any loan agreement, privacy consents, or electronic disclosures provided by Pak Paisa.

b. This waiver includes defenses based on the electronic nature of the agreement or the method by which the electronic signature was obtained.

INDEMNITY

The applicant agrees to fully indemnify, defend, and hold harmless Pak Paisa, its affiliates, representatives, agents, and employees, to the fullest extent permitted by law, from and against any and all claims, liabilities, damages, losses, costs, or expenses (including reasonable legal fees) arising directly or indirectly from:

1. Use of the App

a. Any actions, omissions, or decisions made by the applicant while using the Pak Paisa App.

2. Violation of Terms

a. Any breach by the applicant of the terms and conditions, agreements, or policies governing the use of the Pak Paisa App.

3. Third-Party Claims

a. Any claims brought by third parties resulting from the applicant’s use of the App or any associated services.

4. Unlawful or Unauthorized Use

a. Any unlawful, unauthorized, or fraudulent use of the App by the applicant or any other party using the applicant’s account or credentials. This indemnity applies regardless of whether the claim arises out of contract, tort, negligence, strict liability, or otherwise.