Terms and Conditions of Use of the Instant Credit Platform
Last update: March 2019
Instant Credit is an intermediation system whereby the user, through the “Instant Credit” online platform, may request a Loan to certain Lenders or to other Third-party Intermediary, which collaborate to the Instant Credit network, which, at their free discretion, may grant or reject the Loan, in order to finance a purchase in a Merchant or any other financial intermediation service that Instant Credit platform may offer to the user (the “Service”) (the terms referred to hereby shall bear the meaning provided in section 2.1 below).
The Instant Credit platform is owned by LSP Finance, S.L.U (“LSP”), a company with registered office at Avenida Diagonal, no. 407, 4º 1ª, Barcelona, and holder of tax identification number B-66681602. It is registered in Barcelona Mercantile Registry in Volume 45221, Folio 130, Page 480835, 1st Entry and is registered under number 629/2016, Section 2, in the National Registry of Companies engaged in intermediation of loan agreements of the National Consumer Institute provided in Law 2/2009, of March 31, regulating the contracting with consumers of loans or mortgage credits and of intermediation services for the conclusion of loan or credit agreements.
By using the Service, you undertake to comply with and are bound by these terms and conditions of use (the “Terms and Conditions of Use”). Please read them carefully.
Status of User
- The use of the Service confers on you the status of user (the “User”). Although in certain circumstances the User may be required to expressly accept these Terms and Conditions of Use, the use of the Service implies the full acceptance without waiver of the Terms and Conditions of Use according to the last version published by LSP. If you do not agree with these Terms and Conditions of Use, you should refrain from using the Service.
- For the User’s convenience, this document can be printed and downloaded and stored in PDF. The User may also consult at all times the most recent version of the Terms and Conditions of Use by visiting the following website www.instantcredit.net.
- The Terms and Conditions of Use may be modified by LSP at any time, the User being solely liable for verifying its content. Please check the Terms and Conditions of Use regularly in order to ensure that you are informed of any modification which may have been performed. In the event of a discrepancy between earlier versions of the Terms and Conditions of Use and their updated versions, the latter shall prevail.
- Without prejudice to any other warranties and representations which the Merchant and/or the Financing Entities may request from the User, by accepting the Terms and Conditions of Use and the use of the Instant Credit platform and/or of the Service, the User declares (i) that they are of legal age, (ii) that they are the holder of a debit and/or credit card in force, accepted by a banking institution, and (iii) that they have the necessary legal capacity to be bound by this agreement and to use the Service in accordance with these Terms and Conditions of Use, which they know, understand and accept in their entirety.
Operation of the Service
- LSP offers to the User, by means of the “Instant Credit” online platform, a free intermediation service which offers the User the possibility of financing a purchase from a Merchant or obtaining a credit line, through the granting, where relevant, of a Loan by a Lender. LSP acts as a mere intermediary in the process of requesting the Loan, not being in any event a party to the contractual relationship between the User and the Lender nor between the User and the Merchant.The following terms shall bear the meaning specified below:“Merchant/s” means the electronic store which has an application, website or virtual store which is affiliated at any given time to the Instant Credit network which includes the Service among its payment options.“Lender/s” means one of the credit institutions, credit financial institutions or other entities legally authorised for this purpose to provide consumer finance, which are affiliated at any given time to the Instant Credit Network. The Lender may through the Service accept or reject a Loan application at their discretion.
“Loan/s” means the amount which a Lender, subject to the prior acceptance of the Loan application, shall pay, either to the Merchant in payment of the price of a purchase, or to the User that has applied for a credit line and which the User will be obliged to repay to the Lender under the contract signed between both parties.
- LSP, at its discretion, shall send the Loan applications which may be made by Users to one or more Lenders or, if applicable, to other intermediary involved in the granting of loans sector (the “Third-party Intermediary”) which shall carry out, assuming full responsibility, the necessary measures in order to assess the User’s solvency by means of information obtained from their credit history and risk positions and the grant of the finance requested by the User. The Lenders reserve the right to pre-accept or reject the request made by the User. LSP shall award the grant of the aforementioned finance to one of the Financing Entities that has pre-accepted such loan application of the User.
- From then onwards, the process up to the granting of the Loan shall be as follows: (i) the User must choose in how many installments they wish to finance the purchase; (ii) the User must complete the Loan application on the Instant Credit platform which LSP shall send to the Lenders or, if applicable, to the Third-party Intermediary; (iii) The User will fill in the details of the credit or debit card that they wish to use for the payment of the Loan installments and from which the Lender that preliminarily approves the operation will retain or collect, directly or, as the case may be, through LSP or the Third-party Intermediary, the amount of the first payment or validation of the card (as a prior condition to the final authorisation of the Loan; (iv) the User will be provided with the pre-contractual information legally required to continue or not with the Loan contracting; (v) the User must accept the general and special conditions for contracting the Loan with the Lender which will be subsequently sent to them by electronic mail in a durable medium; and (vi) where relevant, if so provided in the general and special conditions for contracting the Loan with the Lender, the User must pay the first of the installments by which they have chosen to finance the purchase.
- Following the acceptance and formalization of the Loan, the Lender shall pay the amount of the purchase to the Merchant (if the Loan is linked to any transaction of the User in a Merchant), such amount being the amount of the Loan which the Lender shall grant to the User, who must repay it in accordance with the schedule of payments and under the terms established in the general and special conditions of each Lender. In any event, LSP reserves the right to cancel the Loan application if it has reasonable grounds to believe that a User’s intentions are fraudulent.
- In the event that the User withdraws from his purchase from the Merchant within the legal term, for the purposes of which the Lender and the Merchant can comply with the provisions to resolve the “credit agreement linked” to said purchase in the Law 16/2011 of Consumer Credit Contracts and Law 22/2007 on Distance Marketing of Financial Services and other applicable regulations, the User consents and authorizes the Merchant to notify LSP of said withdrawal, so that LSP, in turn, can as an intermediary, notify this withdrawal to the Lender.
- Since LSP acts as a mere intermediary in the Loan application process, any consultation, doubt or claim relating to the Loan granted must be addressed directly to the Lender or, if applicable, to the Third-party Intermediary, with which the User has contracted the Loan through the Service, and, in addition, any consultation, doubt or claim in relation to the products or services acquired in the Merchant, must be addressed directly to the Merchant in question. Without prejudice to the foregoing, the User may address any consultation, complaint or claim which may arise in relation to the Service or the Instant Credit platform to the Customer Service Department of LSP, by electronic mail to email@example.com.
- LSP does not in any event offer to the User nor should the User consider that the use of the Service or of the Instant Credit platform means that LSP has compared, confirmed or recommended a Loan, a Lender or its contractual conditions. The User understands that the Loan, which they may contract through the Service, it could not be the one which offers the User the best conditions on the market. Consequently, since LSP does not grant any warranty in relation to the suitability of a Loan, a Lender or its contractual conditions, it is the sole responsibility of the User to assess the suitability and advisability of using the Service to finance a purchase from the Merchants through the Lenders.
- If the User is redirected the Third-party Intermediaries, the functioning of the Services operations related to the granting of the Loan described in this clause will not be applicable, but will be subject to the terms and conditions of the Third-party Intermediary, which must be
accepted by the User, and which LSP advises the User to read carefully in advance.
- The entire content accessible through the Service, including, by way of example but not limited to, copyright, rights similar or related to copyright or the sui generis relating to databases, patents, utility models, industrial designs, graphics, source code, texts, images, photographs, trademarks, trade names, logotypes, slogans, domain names, social profiles, interfaces, musical and/or audiovisual works, trade secrets and know-how, irrespective of whether they have been registered, the registration thereof has been applied for or are not registered (the “Content”), are the property of LSP or have been assigned to it by third parties by a license for the exploitation thereof, and are protected by the relevant intellectual and industrial property laws applicable, including competition laws.
- Unless specified otherwise, the User may not reproduce, distribute, transform or make public any Content. Even if expressly authorized, any use of the Content must comply with these Terms and Conditions of Use.
Limitation of liability
- The aim of LSP is that the content accessible through the Service is adequate and correct at all times. If it is aware of the existence of errors in the content of the Service, LSP shall endeavour to correct them as soon as possible. However, LSP does not assume any kind of obligation or responsibility in relation to the accuracy of the content accessible through the Service.
- LSP reserves the right to update or eliminate any content of the Service, and to limit or refuse access to the Service to any User, on a temporary or permanent basis.
- LSP does not guarantee the availability and continuity of operation of the Service. When it is reasonably possible, LSP shall warn of interruptions in the operation thereof. LSP does not assume any responsibility for the loss and damage of any kind which may arise from the unavailability, lack of continuity or the incorrect operation of the Service.
In relation to the former, the user understands that the delivery of the service involves different steps and procedures, which may delay the payment process and actual payment for the product in the Merchant. Therefore, since the User accepts that the use of the Service may, in certain circumstances, deprive them of the possibility to obtain or complete on time in order to avail of certain offers or opportunities offered by the Merchant over which LSP has no control (such as one-off offers limited in time or purchase of products limited to a number of units), it is the responsibility of the User to assess in each case the advisability of using the Service in order to request the financing of such purchases.
- The Service may include links to contents belonging to external third parties independent from LSP such as, for example, the web pages or documentation of a different nature belonging to the Merchants, to the Lenders or to the Third-party Intermediaries, including, inter alia, the contracts or the special conditions of the Loans of the Financing Entities, as well as, inter alia, the terms and conditions of sale of the various Merchants (the “Contents of Third Parties”). LSP includes these links in order to offer to Users the possibility of accessing the Contents of Third Parties which it considers may be of interest to them or which are necessary for the adequate provision of the Service. Since the Contents of Third Parties are beyond the control of LSP, it does not assume any kind of responsibility in relation to their content. Therefore, the fact that the Service includes links to Contents of Third Parties does not mean under any circumstance that LSP has approved or that it is in agreement with the content or the information published in them. Consequently, LSP does not assume any kind of obligation or responsibility in relation to the content or the information accessible in the Contents of Third Parties and, therefore, the User shall be solely responsible when accessing such Contents of Third Parties.
- Part of the content accessible through the Service and the Instant Credit platform and, in particular, the information relating to the Loans of the Lenders or the Third-party Intermediary are merely informative and/or are not the responsibility of LSP but rather of the respective mentioned entities. LSP is not obliged, in any event, to show that the information and/or Contents of Third Parties accessible through the Service are true, accurate, suitable, complete and up to date. Consequently, the User accepts that the use of the Service will be at their sole risk. LSP does not grant any warranty, express or implied, relating to the Service or the conditions of the Loans, including, merely by way of illustration, warranties of merchantability, suitability or fitness for a particular purpose. Insofar as the legislation so permits, LSP does not assume any kind of responsibility for the decisions adopted by the User on the basis of the information provided through the Service, nor for the direct or indirect damage which they may suffer as a result of actions based on the use of the Service or the information contained therein.
- Nevertheless, LSP does not assume any kind of responsibility for the damage which may be caused to the hardware, software and/or data of the User by any virus or malicious content or software accessible through the Service and/or the Instant Credit platform. Consequently, the User is solely responsible for installing in their equipment the necessary tools for detecting and preventing their equipment, hardware, software and/or data from suffering any kind of damage.
- In case of redirection of the User to a Third-party Intermediary, LSP will not assume any responsibility arising from the Service and, in particular, from the contracting of any Loan or credit line between the User, the Third-party Intermediary and the financing entity that collaborates with the Third-party Intermediary and who grants de loan or credit line to the User.
- However, none of the above exclusions and limitation of liability is intended to limit the liability of LSP in the event of a breach of any obligation imposed by the national legislation applicable, nor to exclude the responsibility of LSP in cases in which it cannot be excluded under such legislation.
Rights conferred on the User
- Without prejudice of the provisions of these Terms and Conditions, the User is informed that, in any event, is entitled to exercise the rights which, in their capacity as user or consumer, may be derived from the legislation applicable (in particular, Law 16/2011 of Consumer Credit Contracts and Law 22/2007 on Distance Marketing of Financial Services ) on the subject are conferred on them, as well as any other rights which may be conferred on them under the contracts and/or the terms and conditions which they may have signed with the Merchant and/or with the Lender, in relation to the purchase of the products and services and/or the financing thereof, over which LSP has no control and in relation to which it does not assume any obligation or responsibility.
The User’s liability
- The User shall be fully liable in the event of a breach of any of the obligations to which they are subject under these Terms and Conditions of Use or of the law in relation to the use of the Service and the Instant Credit platform and, in particular, as regards its relations with LSP, the Merchants and the Financing Entities.
Nullity and unenforceability of clauses
- If any clause included in these Terms and Conditions of Use is declared void or unenforceable, in whole or in part, such nullity or unenforceability shall only affect such provision or the part thereof which is void or unenforceable. The rest of the Terms and Conditions of Use remaining in existence, such provision, or the portion thereof affected, being deemed not to have been inserted.
- The User can contact LSP at any time by sending an email to the address firstname.lastname@example.org.
Legislation applicable and jurisdiction
- These Terms and Conditions of Use shall be governed by Spanish law.
- These Terms and Conditions are governed by the Spanish law. The parties are submitted, at their option, for the resolution of conflicts and renouncing any other jurisdiction, to the courts and tribunals of the User’s domicile.