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Terms & Conditions

1. We are Magnificent Parade Sdn Bhd (Registration no. 201801018808), Licensed no.  (WL7348/14/01-2/160124) (collectively as "Magnificent”, “Kreditku", "we", "us" and/or "our") which  own and operate Kreditku which includes them Magnificent apps (“Site”) Kreditku via  its subsidiary, Magnificent Parade Sdn Bhd provides financial planning services to our customers.

2. These Terms and Conditions states the formation, management and termination of a legal agreement  between us and you for you to use the "apps", namely,  www.kreditku.com.my (which includes any updated apps and subpages) and our "Services", as  defined in Clause 3 herein below (which includes any updated Terms and Conditions from time to time,  wherein all such updated Terms and Conditions shall automatically be applicable onto you without  any notice):-

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

 

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

3. We provide the Services on the Website as follow: - 
 

  • a) make available your Personal Data to the licensed moneylenders ("Merchants") who have been issued the requisite licence under Moneylenders Act 1951 and/or its regulations ("the Act") at the sole costs and expenses of the Merchant; 
     

  • b) display the list of Merchants on the Website Provided That all the Merchants shall have been issued with the valid and requisite licence up to date from time to time; 

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

 

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

 

4. We expressly state that: - 

 

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

 

b) we DO NOT FACILITATE the application of money lending between the Merchants and you saved for those mentioned herein in our scope of Services; 

 

c) we DO NOT CONTROL, MANIPULATE, APPROVE, AND/OR REGULATE any of the application of 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 EITHER DIRECTLY OR INDIRECTLY, TO THE EXTENT PERMITTED BY THE APPLICABLE LAWS, ARISING FROM OR DUE TO 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 LIABILITY) IN RELATION TO YOUR USE OR 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.

 


5. You hereby represent warrant undertake and confirm that: 

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

 

b) our provision of Services does not in any manner, directly or indirectly, fall under any commission of crimes or liability under provisions of the Act; 

 

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

 

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

 

e) save as otherwise provided herein, all actions, conditions and things required to be taken, fulfilled and done (including without limitation the obtaining of any necessary consents or licence or the making of any filing or registration) in order to enable it/he lawfully to 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 done; 

 f) your entry into, exercise of its 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, authorization, directive or order (whether or not having the force of law) to which it is subject; (ii) its constitutive documents, where applicable; or (iii) any agreement or arrangement to which it is a party or which is binding on it or its assets; and

 

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

 

 

6. 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 and all 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, rights of intellectual properties, and any rights of payment gateway; (iv) your violation of any applicable laws, (v) any content that is submitted via your account including without limitation misleading, false, or inaccurate information.

 

7. If we find you are suspicious or liable to breach or cause any breach any of these Terms and Conditions or the Act or any applicable laws at our absolute discretion, we reserve the absolute rights to prevent, block, refuse or deny you from using the Website or the Services whatsoever, wherein you confirm that you shall have no claims, demands, notice, liabilities, or whatsoever against us for our foregoing said acts, whereupon both of us shall have no claims against each other save for any antecedent breach caused by you, if any.

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8. 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:-


i. such provisions shall be ineffective to the extent of such illegality, voidness, invalidity, prohibition or unenforceability;


ii. 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 a substitute provision which is valid and enforceable and 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 the partial exercise of any right or remedy or the exercise of any other right or remedy shall affect of impair any such right or remedy.

 

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

 

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



9. DISBURSEMENT TERMS

a) Merchants will disburse the Facility amount as approved by Merchants to the Customer after deducting all fees, and charges, if any. The Facility amount will be disbursed into the Customer’s bank account registered and maintained by the Customer via the e-mail address registered with Magnificent Parade Sdn Bhd.

 

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

10. PREPAYMENT / EARLY SETTLEMENT AND REBATE

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

 

b) Merchants may grant rebate if any, on the remaining loan amount based on the full settlement by the Customer 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.

11. LATE PAYMENT CHARGES

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

 

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

 

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

 

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

 

    due amount X 8% / 365 * overdue days

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i. Late payment charges will not be compounded.

 

ii. Total late payment charges will not be more than the outstanding principal.

12. COSTS AND EXPENSES

a) All costs, charges and expenses incurred by Merchants relating to or arising from or incidental to the Facility have to be paid by the Customer when due.

 

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

 

i. related to or incidental to the provision of the Facility; and/or

 

ii. related to enforcement of its rights under the Facility, are to be paid by the Customer upon demand.

13. INDEMNITY

The Customer expressly releases Merchants from any liability related to any mistake or omissioninthedisbursementoftheFacilityandalsoanylossesordamagesindirectly,incidental,arising,inrelationtotheCustomer.

 

a) Merchants has the right to reject the Customer’s application or refuse to grant the Facility to the Customer without giving any reason for the refusal and Merchants is not to be made liable for any loss resulting from the refusal.

 

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

14. FORCE MAJEURE

Merchants is not required to undertake its obligations if it is prohibited from doing so as a direct orindirectresultofanynaturaldisasters,riots,publicunrests,terroristacts,laborstrikes,lockout,fires, floods, accidents, machine or computer failures / computer system or anything out of thereasonable controlofMerchants.

15. OTHER CONDITIONS

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

 

b) By applying for the Facility, the Customer is agreeing to these T&C and the Privacy Notice, including granting consent to the use of his 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 covenants to the disclosure by Merchants of any information pertaining to the Customer and/or the Facility to the Central Credit Reference Information System under Bank Negara Malaysia, credit information organisations and/or other authority or body 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 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, it will not mean that Merchants has:

i. agreed to the Customer’s breaches;

 

ii. forfeited its rights; or

 

iii. ​is prohibited from taking any actions thereafter.

e) Where Merchants has clearly waived a Customer’s breach, it will not affect any enforcement of Merchants rights, powers and remedies for any other breaches committed by the Customer, whether it happens before or after the waiver.

 

f) Merchants has the right at any time by notifying the Customer through emails, website announcements, application, short messaging notifications at least twenty one (21) days before the effective date to add, change, sever, modify, replace or amend all or any parts 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 or transfer or effect a sub- participation of all or any of its rights and/or obligations hereunder or any part hereof for any purpose or reason whatsoever to such person or persons 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 and interests or obligations under this T&C or any part hereof to any person.

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