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Terms & Conditions – Yokinbanc

  1. We are Yokin Sdn Bhd (Registration No. 201201000019 (973543-H), Licensed No. (WL5358/14/01-11/160228) (collectively referred to as “Yokin”, “YokinBanc”, “we”, “us” and/or “our”), which owns and operates YokinBanc, including the Yokin Website and Apps (“Site”). Through its subsidiary, Yokin Sdn Bhd, YokinBanc provides financial planning services to our customers.
  1. These Terms and Conditions govern the formation, management and termination of a legal agreement between you and us for your use of the “Website”, namely yokinbanc.my (including any updated website and subpages), and our “Services”, as defined in Clause 3 herein (including any updated Terms and Conditions from time to time, whereby all such updated Terms and Conditions shall automatically apply to you without any notice):-

(a) by providing your Personal Data (as described in <PDPA>) (“PDPA Notice”) or by viewing the Website, whichever is applicable, you hereby irrevocably, unconditionally and absolutely accept the following Terms and Conditions as stipulated herein and hereby give your express consent to our processing of your Personal Data in accordance with the <PDPA> (“Acceptance”);

(b) this Agreement shall remain valid and effective for a period commencing from the date of Acceptance until the cessation of your use of the Website or termination of our Services in accordance with these Terms and Conditions.

  1. We provide the Services on the Website as follows: –

(a) make your Personal Data available to licensed moneylenders (“Merchants”) who have been issued the requisite licence under the Moneylenders Act 1951 and/or its regulations (“the Act”), at the sole cost and expense of the Merchant;

(b) display the list of Merchants on the Website, provided that all Merchants shall hold valid and requisite licences from time to time;

(c) provide you with the necessary details of the Merchants for your application for the lending of money.

We hereby expressly state that we DO NOT PROVIDE any advice, recommendations and/or suggestions regarding the Merchants and we DO NOT MAKE any offer of money lending to you, notwithstanding anything stated on the Website which may be implied, assumed or interpreted as us providing any such advice, recommendations and/or suggestions.

  1. We expressly state that:-

(a) we DO NOT GUARANTEE the absolute accuracy, veracity and/or any desired outcome or result whatsoever upon your application for money lending to the respective Merchants;

(b) we DO NOT FACILITATE the application for moneylending between the Merchants and you, save for those matters specifically mentioned herein within the scope of our Services;

(c) we DO NOT CONTROL, MANIPULATE, APPROVE, AND/OR REGULATE any application for moneylending between the Merchants and you;

**(d) we DISCLAIM ANY LIABILITY OR RESPONSIBILITY AND SHALL NOT BE RESPONSIBLE OR LIABLE FOR ANY CLAIMS, DEMANDS, DAMAGES, OR LIABILITIES WHATSOEVER, WHETHER DIRECTLY OR INDIRECTLY, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, ARISING FROM OR IN CONNECTION WITH YOUR APPLICATION, COMMUNICATIONS OR OTHERWISE ANY DEALINGS WITH THE MERCHANTS;

(e) IN ADDITION TO AND WITHOUT PREJUDICE TO THE DISCLAIMER STATED HEREINABOVE, WE SHALL NOT HAVE ANY LIABILITY (WHETHER IN CONTRACT, TORT, NEGLIGENCE, MISREPRESENTATION, RESTITUTION OR UNDER ANY OTHER LIABILITY) IN RELATION TO YOUR USE, INABILITY TO USE OR DELAY IN USE OF THE WEBSITE AND/OR OUR SERVICES AS A RESULT OF USING THE WEBSITE AND/OR OUR SERVICES FOR ANY: (A) INDIRECT OR CONSEQUENTIAL LOSSES, DAMAGES, COSTS OR EXPENSES; (B) LOSS OF ACTUAL OR ANTICIPATED PROFITS; (C) LOSS OF CONTRACTS; (D) LOSS OF USE OF MONEY; (E) LOSS OF ANTICIPATED SAVINGS; (F) LOSS OF REVENUE;

(G) LOSS OF GOODWILL; (H) LOSS OF REPUTATION; (I) LOSS OF BUSINESS; (J) LOSS OF OPPORTUNITY; OR (K) LOSS OF, DAMAGE TO OR CORRUPTION OF DATA; WHETHER OR NOT SUCH LOSSES WERE REASONABLY FORESEEABLE OR WE HAD BEEN ADVISED OF THE POSSIBILITY OF YOU INCURRING SUCH LOSSES. FOR THE AVOIDANCE OF DOUBT, THE FOREGOING SUB-CLAUSES (B) TO (K) APPLY WHETHER SUCH LOSSES ARE DIRECT, INDIRECT, CONSEQUENTIAL OR OTHERWISE.

  1. You hereby represent, warrant, undertake and confirm that:

(a) you are eighteen (18) years of age;

(b) our provision of Services does not, in any manner, directly or indirectly, result in or constitute the commission of any offence or liability under the provisions of the Act;

(c) you shall not misuse the Website by committing or encouraging any criminal offence, transmitting or distributing any virus, including but not limited to a Trojan horse, worm or logic bomb, or posting any other materials on the Website which are malicious, technologically harmful, in breach of confidence or in any way offensive or obscene, corrupt data, cause annoyance to other users, infringe upon the rights or proprietary rights of any other person, or send any unsolicited advertising or promotional material;

(d) entering into these Terms and Conditions shall not breach, infringe or violate the Act or any other applicable laws or any law enforceable against you in your country of origin or residence;

(e) save as otherwise provided herein, all actions, conditions and matters required to be taken, fulfilled and completed (including, without limitation, obtaining any necessary consents or licences or making any required filing or registration) to enable you to lawfully enter into, exercise your rights and perform and comply with your obligations under these Terms and Conditions, and to ensure that those obligations are legally binding and enforceable, have been taken, fulfilled and completed;

(f) your entry into, exercise of your rights and/or performance of or compliance with your obligations under these Terms and Conditions do not and will not violate or exceed any power or restriction granted or imposed by (i) any law, regulation, authorisation, directive or order (whether or not having the force of law) to which you are subject; (ii) your constitutive documents, where applicable; or (iii) any agreement or arrangement to which you are a party or which is binding on you or your assets; and

(g) save as otherwise disclosed, you are not engaged in and are not aware of any pending or threatened litigation, governmental investigation or proceedings which may have a material adverse effect on your ability to enter into these Terms and Conditions and fulfil your obligations hereunder.

  1. You agree to defend, indemnify and hold harmless us and our subsidiaries, agents, licensors, managers and other affiliated companies, and their employees, contractors, agents, officers and directors, from and against any claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to solicitors’ fees) arising from:

(i) your use of and access to the Website and/or our Services, including any other data or content transmitted or received by you;

(ii) your violation of any term of these Terms and Conditions, including without limitation your breach of any of the representations and warranties above; (iii) your violation of any third-party right, including without limitation any right of privacy, intellectual property rights and any rights relating to payment gateways; (iv) your violation of any applicable laws; or (v) any content submitted through your account, including without limitation any misleading, false or inaccurate information.

  1. If we determine that you are suspicious of or liable to breach, or cause any breach of, any of these Terms and Conditions, the Act or any applicable laws, at our absolute discretion, we reserve the absolute right to prevent, block, refuse or deny you access to or use of the Website or the Services whatsoever. In such circumstances, you confirm that you shall have no claims, demands, liabilities or otherwise against us arising from our foregoing acts, whereupon both parties shall have no claims against each other, save for any antecedent breach caused by you, if any.
  1. General

(a) These Terms and Conditions shall be construed in accordance with and governed by the laws of Malaysia.

(b) If any provision of these Terms and Conditions is or may become illegal or void under any written law, or is found by any court or administrative body of competent jurisdiction to be illegal, void, invalid, prohibited or unenforceable, then:-

  1. such provision shall be ineffective to the extent of such illegality, voidness, invalidity, prohibition or unenforceability;
  2. the remaining provisions of this Agreement shall remain in full force and effect;

iii. the parties shall use their respective best endeavours to negotiate and agree upon a substitute provision which is valid and enforceable and which achieves, to the greatest extent possible, the economic, legal and commercial objectives of such illegal, void, invalid, prohibited or unenforceable term, condition, stipulation, provision, covenant or undertaking.

(c) No failure or delay in the exercise, or partial exercise, of any right or remedy, or the exercise of any other right or remedy, shall affect or impair any such right or remedy.

(d) These Terms and Conditions shall be binding on the parties and their respective successors in title.

(e) The parties acknowledge and agree that these Terms and Conditions and/or any other documents pertaining hereto may be signed, executed, acknowledged, issued and/or executed by electronic means and shall, in any proceedings, be admissible in evidence and be presumed valid unless evidence to the contrary is introduced.

  1. DISBURSEMENT TERMS

(a) Merchants will disburse the Facility amount approved by the Merchants to the Customer after deducting all applicable fees, if any. The Facility amount will be disbursed into the Customer’s bank account registered and maintained by the Customer using the email address registered with YokinBanc.

(b) The Customer will be informed if there are any changes to the method of disbursement of the Facility amount.

  1. PREPAYMENT / EARLY SETTLEMENT AND IBRA’ (REBATE)

(a) If the Customer wishes to fully settle the Facility before the Facility tenure ends, the Customer shall provide the Merchants with one (1) month’s prior written notice, unless otherwise stated in these T&C or the Key Contract Terms.

(b) Merchants may grant ibra’ (rebate), if any, on the remaining loan amount based on the Customer’s full settlement in the following situations:

(c) Redemption or prepayment of the Facility;

(d) Rescheduling of the Facility;

(e) Default by the Customer; or

(f) Termination or cancellation of the Facility before its maturity.

  1. LATE PAYMENT CHARGES

(a) The Customer hereby agrees that Merchants shall have the right to impose and demand late payment charges from the Customer if the Customer fails to do the following:

(b) Pay all outstanding periodic instalments and the total amount agreed to be paid by the Customer to Merchants on their respective due dates; and/or

(c) Pay all outstanding periodic instalments upon the expiry or termination of the Facility.

(d) The late payment charges will be calculated according to the rate stated below:

Overdue amount X 8% / 365 * overdue days

Note:

  1. Late payment charges will not be compounded.
  2. Total late payment charges will not exceed the outstanding principal.

12. COSTS AND EXPENSES
(a) All costs, charges and expenses incurred by Merchants relating to, arising from or incidental to the Facility shall be paid by the Customer when due.

(b) All stamp duties and legal fees payable (evaluated on a lawyer-and-client basis) or incurred by Merchants:

  1. related to or incidental to the provision of the Facility; and/or
  2. related to the enforcement of its rights under the Facility, shall be paid by the Customer upon demand.

13. INDEMNITY
The Customer expressly releases Merchants from any liability relating to any mistake or omission in the disbursement of the Facility and also any indirect or incidental losses or damages arising in relation to the Customer.

(a) Merchants shall have the right to reject the Customer’s application or refuse to grant the Facility to the Customer without providing any reason for such refusal, and Merchants shall not be liable for any loss resulting from such refusal.

(b) Merchants shall not be liable for any losses, damages, costs or expenses that may be suffered or incurred by the Customer as a result of the disbursement of the Facility.

  1. FORCE MAJEURE

Merchants shall not be required to perform its obligations if it is prohibited from doing so, directly or indirectly, as a result of any natural disaster, riot, public unrest, terrorist act, labour strike, lockout, fire, flood, accident, machine or computer failure, computer system failure or any other event beyond the reasonable control of Merchants.

  1. OTHER CONDITIONS

(a) The Facility is subject to these T&C and our Privacy Notice. When applying for this Facility, the Customer shall read carefully and understand these T&C and the Privacy Notice.

(b) By applying for the Facility, the Customer agrees to these T&C and the Privacy Notice, including granting consent to the use of his/her Personal Information (as set out in the Privacy Notice). In addition, the Customer consents to CTOS Data System Sdn Bhd (“CTOS”) and Experian Information Services (Malaysia) Sdn Bhd (“Experian”), a registered credit reporting agency under the Credit Reporting Agencies Act 2010 (“CRA”), conducting any credit/trade, CCRIS and DCHEQUE checks on the Customer at any time for as long as the Customer is applying for or has this Facility with Merchants, and consents to the disclosure to Merchants of any Credit Information (as defined in the CRA) relating to the Customer by CTOS, Experian or any source deemed appropriate to the Customer’s credit history in relation to the Customer’s application for or use of the Facility.

(c) Merchants shall be entitled to disclose, and the Customer hereby irrevocably consents to and covenants to such disclosure by Merchants of, any information about the Customer and/or the Facility to the Central Credit Reference Information System under Bank Negara Malaysia, credit information organisations and/or other authorities or bodies established by Bank Negara Malaysia, credit reporting agencies and any other authority having jurisdiction over Merchants, Merchants’ branches, related corporations, associates, subsidiaries, affiliates, assignees, proposed assignees, agents and/or any other parties engaged by Merchants to enable or assist Merchants to exercise or enforce Merchants’ rights hereunder and/or any other party whomsoever as Merchants may, at its sole and absolute discretion, deem fit.

(d) Merchants may exercise any of its rights, powers and/or remedies available to Merchants as Merchants considers appropriate, in addition to any other rights and remedies provided to Merchants by law. In the event Merchants does not take any action when it has the right to do so, this shall not mean that Merchants has:

  1. agreed to the Customer’s breaches;
  2. forfeited its rights; or

III. is prohibited from taking any action thereafter.

(e) Where Merchants has clearly waived a Customer’s breach, such waiver shall not affect the enforcement of Merchants’ rights, powers and remedies in respect of any other breaches committed by the Customer, whether occurring before or after the waiver.

(f) Merchants shall have the right at any time, by notifying the Customer through email, website announcements, applications or short messaging notifications at least twenty-one (21) days before the effective date, to add, change, sever, modify, replace or amend all or any part of these T&C or to terminate the Facility entirely.

(g) Merchants shall be entitled, at any time or from time to time, to assign, transfer or effect a sub-participation of all or any of its rights and/or obligations hereunder, or any part thereof, for any purpose or reason whatsoever, to such person or persons and in such manner and on such terms as it may, in its absolute discretion, think fit without the prior consent of the Customer. The Customer is hereby prohibited from assigning or transferring its rights, interests or obligations under these T&C, or any part thereof, to any person.