Halo Social Loan Agreement (Example)
BY ELECTRONICALLY SIGNING THIS SOCIAL LOAN AGREEMENT, YOU REPRESENT THAT YOU HAVE READ AND UNDERSTAND THIS SOCIAL LOAN AGREEMENT AND AGREE TO BE BOUND BY THE TERMS AND CONDITIONS OF THIS SOCIAL LOAN AGREEMENT. THE FOLLOWING TERMS, TOGETHER WITH YOUR LOAN REQUEST IN THE HALO APP, IS A BINDING AGREEMENT (THE "SOCIAL LOAN AGREEMENT") BETWEEN THE BORROWER AND BACKER LISTED BELOW.
Borrower Name: L******* F*****
Borrower Email: a***************@y****.com
Backer Name: G********* P*******
Backer Email: Gemail@example.com
Loan Issue Date: February 3, 2023 Loan Amount ($): $250.00
Repayment Time Frame (weeks): 24 weeks
Bi-Weekly Payment Amount ($): $21.88
Number of Payments: 12 Payments
Backer Fee Rate (%): 5%
1. Promise to Repay. Borrower agrees to repay the Loan Amount and pay the fixed Backer Fee (calculated by multiplying the Backer Fee Rate listed above by the Loan Amount) (collectively, the "Total Repayment Amount") to Backer during the Repayment Time Frame listed above.
2. Payments. Payments in the amount of $262.50 will be made by Borrower to Backer on a bi-weekly basis following the Loan Issue Date, starting on Feb 3rd, 2023, until the Total Repayment Amount is fully repaid (each date, a "Payment Due Date"). The last payment might be a slightly different amount to adjust for rounding. Payments will be automatically withdrawn from the Borrower’s linked bank account as designated in The Halo App. Backer will receive 12 payments of $21.88.
3. Prepayments. Borrower may pay off the remaining Total Repayment Amount before the end of the Repayment Time Frame, in its entirety, without penalty, through the "Pay Now" option in The Halo App. However, partial prepayments may not be made in the current version of The Halo App.
4. Payment Grace Period.. Following the initialization of a loan by the Backer and the receipt of the first bi-weekly payment by the Backer, Borrower may opt for one 14 calendar days grace period following the next Payment Due Date to make the next bi weekly payment.
5. Use of Funds. Borrower confirms that Borrower is a resident of the United States and the proceeds of the social loan will not be used for any of the following purposes: (i) purchasing any securities; (ii) funding any illegal activity; (iii) gambling or gaming; or (iv)purchasing of any obscene material or conduct.
6. Failure to Pay. A "Failure to Pay" includes the following: (i) Borrower fails to pay any amount due under this Social Loan Agreement on a Payment Due Date; (ii) files any bankruptcy or insolvency proceedings or makes any assignment for the benefit of creditors; (iii) commits fraud or makes any material misrepresentation in this Social Loan Agreement (including the related loan request through The Halo App); or (iv) fails to abide by the terms of this Social Loan Agreement. Upon the occurrence of a Failure to Pay, all provided Borrower contact information may be passed along to Backer. Backer may exercise all remedies available to Backer under applicable law, including requiring Borrower to immediately pay all amounts due under this Social Loan Agreement.
7. Changes. Any changes to this Social Loan Agreement, excluding the extending of the Repayment Time Frame due to the grace period, must be in writing signed by the Borrower and the Backer. Notices will be mailed electronically to the addresses provided.
8. Entire Agreement. This Social Loan Agreement represents the entire agreement between the Borrower and the Backer with respect to the subject matter of this agreement. Neither the Borrower nor the Backer have relied on any representations not contained or referred to in this Social Loan Agreement.