This is a legal agreement (“Agreement”) between you and Lendio, Inc., a Delaware corporation (“Lendio”), which may be contacted at 3630 West South Jordan Pkwy. Ste. 202, South Jordan, UT 84095. By accessing the Lendio website, currently located at www.lendio.com (the “Site”), and using any of the Services (as defined below) accessible though the Site, you become a user and agree to, and are bound by, the terms and conditions of this Agreement for as long as you continue to use the Site or Services. IF YOU DO NOT AGREE TO BE BOUND BY THIS AGREEMENT, DO NOT USE THE SITE OR THE SERVICES. Your use of, or participation in, certain Services may be subject to additional terms, and such terms will be either listed in this Agreement or will be presented to you for your acceptance when you sign up to use such Services or purchase such products.
Lendio matches qualified small business owners with active banks, credit unions, and other lending sources. Through a proprietary matching technology, Lendio helps business owners to identify the business loan category and specific lender(s) that offer the best opportunity for that business owner to prepare for and acquire a business loan. Once prepared, small business owners are then introduced to the most appropriate lending source via our LenderMatch technology.
This Agreement is subject to change by Lendio in its sole discretion at any time, with or without notice. Your continued use of this Site or the Services after the posting of revisions to this Agreement will constitute your acceptance of such revisions. Please consult the end of this Agreement to determine when the Agreement was last revised.
Lendio is licencsed as set forth in the Licenses and Disclosures section, which is incorporated into this Agreement by reference.
Use of Site and Service
Links to Third-Party Websites/Dealings with Advertisers and Sponsors
Disclaimer of Warranty
Limitation of Liability
Communication and Privacy
Term and Termination
Specific Terms Controlling the BLANK Service
1. Defined Terms.
As used in this Agreement, the following words shall have the following meanings. “Lendio” includes “Lendio”, “we”, “us” and variations such as “our”. “Service” includes the products, services and software that you order, receive or access as part of the Lendio service.
2. Use of Site and Service
As a user of the Site or a user registered to use any of the Services (a “Registered User”), you agree to the following:
a. Exclusive Use. Your account is to be used only by you and only for your business needs. You may not authorize others to use your account, and you may not assign or otherwise transfer your account to any other person or entity. You acknowledge that Lendio is not responsible for third-party access to your account that results from theft or misappropriation of your user name and passwords.
b. Information Submitted. You are solely responsible for, and assume all liability regarding, (i) the information and content you provide through your use of the Site and any Services; (ii) the information and content you make available in any manner through the service; and (iii) your interaction with any and all third-parties.
c. Risk Assumption and Precautions. You assume all risk when using the Services, including but not limited to all of the risks associated with any interactions with third-parties, including but not limited to any lenders to which you are matched, referred or provided.
d. No Guarantees. Lendio may not be able to provide matches for every Registered User seeking to use its services. Further, Lendio makes no guarantees as to the number of matches or the ability to obtain business funding.
e. No False Information. You will provide accurate, true, current and complete information.
f. Legal Purpose. You will not use the Site or Services for any illegal purpose. You will only use the Site or Service in accordance with federal, state and local laws.
g. Business Purpose. You will only use the Site or Services for a bona fide business purpose. You will not use the Site or Services for personal, family or household purposes. You may not use the Site or Services to obtain information about or make decisions about anyone but yourself and/or your business.
3. Proprietary Rights
a. Ownership of Proprietary Information. You hereby acknowledge and agree that Lendio is the owner of all rights in and to the Site and Services. These proprietary rights are protected by federal, state and local laws and regulations. You are permitted to use the Site and Services only as expressly authorized by this Agreement. You may not copy, reproduce, distribute or create derivative works, reverse engineer or reverse compile any of the Site or Services or technology.
b. No Use of Confidential Information. You will not post, copy, modify, transmit, disclose, show in public, create any derivative works from, distribute, make commercial use of, or reproduce in any way any (i) confidential information or (ii) other copyrighted material, trademarks, or other proprietary information accessible via the Site or Services, without first obtaining the prior written consent of the owner of such proprietary rights.
c. License to Provided Content. By providing information or content to any account or public area of the Site or Service, you automatically grant, and you represent and warrant that you have the right to grant, to Lendio and its users, an irrevocable, perpetual, non-exclusive, fully-paid, worldwide license to use, reproduce, publicly perform, publicly display and distribute such information and content, and to prepare derivative works of, or incorporate into other works, such information and content, and to grant and authorize sub-licenses of the foregoing. From time to time, we may create, test or implement new features or services on the Site in which you may voluntarily choose to participate, in accordance with the additional terms and conditions of such features or programs. By your voluntary participation in such features or programs, you grant us the rights stated in this subsection in connection with the additional terms and conditions (if any) of such features or services.
4. User Information
b. Information Security Policy. The Lendio Information Security Policy, hereby incorporated by reference into this Agreement, explains the policy applicable to the information that is collected through the Site, received directly from you or transmitted to or from third parties.
c. Disclosure by Law. You acknowledge and agree that Lendio may disclose information you provide if required to do so by law, at the request of a third-party, or if we, in our sole discretion, believe that disclosure is reasonable to (i) comply with the law, requests or orders from law enforcement, or any legal process (whether or nor such disclosure is required by applicable law); or (ii) protect or defend Lendio’s, or a third-party’s, rights or property.
d. Use of Anonymous Information for Research. By using the Site and/or Services, you agree to allow Lendio to anonymously use the information from you and your experiences through the Services to continue Lendio’s research into successful business practices and to improve the Services.
c. Personal Information Authorization. You authorize and instruct Lendio to obtain your (i) credit information from one or more credit reporting agencies, and (ii) “non-public personal information”, “personal information”, and “highly restricted personal information” about you as defined by the Gramm-Leach Bliley Act (15 U.S.C. § 6801 et seq.) and Drivers Privacy protection Act (18 U.S.C. § 2721 et seq.), respectively, and other personal information.
Lendio offers three subscription services, each of which is explained in more detail below. Further product, subscription and services descriptions are provided through the Site and are made a part of this Agreement by reference.
a. The Freemium Subscription. This is a free subscription that occurs when you complete an unverified scorecard and will provide a maximum of one (1) lender match. You may apply directly with the lender from the lender match for a business loan product. You will also have access to Lendio customer service representatives via chat to assist you with certain questions.
b. The Lendio Plus Subscription. This subscription is a $99.00 per month subscription that offers, in addition to the services offered in the Freemium Subscription, verified scorecards and an increase in lender matches, the number of which is determined by the information provided by you and various third-parties. Lendio does not make any guarantee of the number of lender matches each customer may or will have.
c. The Lendio Premium Subscription. This subscription is a $299.00 per month subscription that offers, in addition to the services offered in the Freemium and Lendio Plus Subscriptions, telephone support, a personal case manager, assistance that is tailored to your business needs in regard to bank submissions and loan applications.
d. Credit Reports. By entering into any Lendio subscription, you authorize Lendio to receive your consumer credit report (“Report”). Any Report accessed by Lendio will remain confidential and will not be made available to you. The Report will be accessed in order to assess your ability to obtain financing for your business needs. Any Report will not be used to assess your ability to obtain a loan for personal, household or family use. Reports will be accessed through a third-party credit reporting agency. Reports will be accessed upon entering a subscription and upon renewal of such subscription.
6. Links to Third-Party Websites and Dealings with Advertisers and Sponsors
7. Disclaimer of Warranty
a. No Warranties. THIS SECTION WILL APPLY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW. LENDIO PROVIDES THE SERVICES ON AN “AS IS” AND “AS AVAILABLE” BASIS AND GRANTS NO WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE WITH RESPECT TO THE SERVICES OR THE SITE (INCLUDING ALL INFORMATION CONTAINED THEREIN), INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. LENDIO DOES NOT WARRANT THAT YOUR USE OF THE SERVICES WILL BE SECURE, UNINTERRUPTED, ALWAYS AVAILABLE, ERROR-FREE OR WILL MEET YOUR REQUIREMENTS, OR THAT ANY DEFECTS IN THE SERVICES WILL BE CORRECTED. LENDIO DISCLAIMS LIABILITY FOR, AND NO WARRANTY IS MADE WITH RESPECT TO, THE CONNECTIVITY AND AVAILABILITY OF THE SERVICES.
b. Third-Party Content. Opinions, advice, statements, offers, or other information or content made available through the Site or Services, but not directly by Lendio, are those of their respective authors, and should not necessarily be relied upon. Such authors are solely responsible for such content. LENDIO DOES NOT: (i) GUARANTEE THE ACCURACY, COMPLETENESS OR USEFULNESS OF ANY INFORMATION PROVIDED ON THE SERVICES, OR (ii) ADOPT, ENDORSE OR ACCEPT RESPONSIBILITY FOR THE ACCURACY OR RELIABILITY OF ANY OPINION, ADVICE, OR STATEMENT MADE BY ANY PARTY OTHER THAN LENDIO. UNDER NO CIRCUMSTANCES WILL LENDIO BE RESPONSIBLE FOR ANY LOSS OR DAMAGE RESULTING FROM ANYONE’S RELIANCE ON INFORMATION OR OTHER CONTENT POSTED ON THE SITE OR SERVICES, OR TRANSMITTED TO OR BY ANY USERS.
c. Beta Features. From time to time, Lendio may offer new “beta” features or tools with which its users may experiment on the Site or Services. Such features or tools are offered solely for experimental purposes and without any warranty of any kind, and may be modified or discontinued at Lendio’s sole discretion. The provisions of this Disclaimer of Warranty section apply with full force to such features or tools.
8. Limitation of Liability
a. Incidental Damages and Aggregate Liability. IN NO EVENT WILL LENDIO BE LIABLE FOR ANY INCIDENTAL, SPECIAL, CONSEQUENTIAL OR INDIRECT DAMAGES ARISING OUT OF OR RELATING TO THE USE OR INABILITY TO USE THE SERVICES, INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OR CORRUPTION OF DATA OR PROGRAMS, SERVICE INTERRUPTIONS AND PROCUREMENT OF SUBSTITUTE SERVICES, EVEN IF LENDIO KNOWS OR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. UNDER NO CIRCUMSTANCES WILL LENDIO’S AGGREGATE LIABILITY, IN ANY FORM OF ACTION WHATSOEVER IN CONNECTION WITH THIS AGREEMENT OR THE USE OF THE SERVICES OR SITE, EXCEED THE PRICE PAID BY YOU FOR YOUR ACCOUNT OR SUBSCRIPTION, OR, IF YOU HAVE NOT PAID LENDIO FOR THE USE OF ANY SERVICES, THE AMOUNT OF US$25.00 OR ITS EQUIVALENT.
b. No Liability for non-Lendio Actions. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT WILL LENDIO BE LIABLE FOR ANY DAMAGES WHATSOEVER, WHETHER DIRECT, INDIRECT, GENERAL, SPECIAL, COMPENSATORY, CONSEQUENTIAL, AND/OR INCIDENTAL, ARISING OUT OF OR RELATING TO THE CONDUCT OF YOU OR ANYONE ELSE IN CONNECTION WITH THE USE OF THE SERVICES.
c. Information Verification. Lendio and its contractors may use various ways of verifying information that users have provided. However, none of those ways are perfect, and you agree that Lendio and its contractors will have no liability to you arising from any incorrectly verified information.
You agree to indemnify, defend and hold harmless Lendio, its officers, directors, employees, agents and third parties, for any losses, costs, liabilities and expenses (including reasonable attorneys’ fees) relating to or arising out of (i) your use of or inability to use the Site or Services, (ii) any user postings made by you, (iii) your violation of any terms of this Agreement or your violation of any rights of a third-party, or (iv) your violation of any applicable laws, rules or regulations. Lendio reserves the right, at its own cost, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will fully cooperate with Lendio in asserting any available defenses.
10. Communication and Privacy
11. Term and Termination
This agreement will become effective upon your acceptance of the Agreement by your use of the Site or Services and will remain in effect in perpetuity unless terminated hereunder. Either you or Lendio may terminate your account at any time, for any reason or no reason, without explanation, effective upon written notice to the other party. Lendio reserves the right to immediately suspend or terminate your access to any of the Services, without notice, for any reason or no reason. We also reserve the right to remove your account information or data from our Services and any other records at any time at our sole discretion. In the event your access to any of the Services is suspended due to the breach of this Agreement, you agree that all fees then paid to Lendio by you will be nonrefundable and all outstanding or pending payments will immediately be due. You may terminate your account by following the steps in the applicable section under “Cancellations” below.
a. Cancellation At Any Time With No Refund. Except as otherwise stated in this section, you may cancel your registration or subscription to any Service at any time during the term of such registration or subscription or any renewal period by accessing the “Account Settings” page on your membership home page, clicking on ”Subscriptions” and clicking on “Cancel This Subscription,” and providing the information requested. In such case your subscription will terminate at the end of the subscription term for which you have paid, and you will not receive any refund for any unused days of such subscription term. Please see the Cancellation Policy for more information.
b. 3-Day Cancellation. You, the buyer, may cancel the Agreement, without any penalty or obligation, at any time prior to midnight of the third business day following the date of this Agreement, excluding Sundays and holidays. To cancel this Agreement, follow the instructions under the previous section, “Cancellation At Any Time with No Refund.” The day that you submit a completed subscription form will be the date of this Agreement. Any refunds under this 3-day cancellation policy will be made within ten (10) days after Lendio’s receipt of your cancellation notice.
c. Cancellation As a Result of Death or Disability. If by reason of death or disability you are unable to receive all Services for which you contracted, you or your estate may elect to be relieved of the obligation to make payments for the services other than those received before death or the onset of the disability.
i. “Disability” means a condition which precludes you from physically using the Services during the term of disability, and the condition is verified in writing by a physician designated and remunerated by you. Written verification from the physician must be presented to Lendio.
In order to provide continuous service, Lendio automatically renews all paid subscriptions for the Services on the date such subscriptions expire. Such renewals are generally for the same duration as the original subscription (for example, a 1-month subscription will renew on a monthly basis). In addition, we sometimes offer special promotions that have renewal periods of different duration than the original subscription term. We always communicate renewal periods to you upon confirmation of your subscription and in the body of any special promotions that have renewal periods of different duration than the original subscription term. By entering into this Agreement, you acknowledge that your account will be subject to the above-described automatic renewals. In all cases, if you do not wish your account to renew automatically, please follow the directions set out under “Cancellation At Any Time With No Refund” above.
14. Specific Terms Controlling the Case Manager Services
Use of the Case Manager Services shall be subject to the additional terms and conditions found here.
15. General Provisions
a. Controlling Law and Jurisdiction. You agree that Utah law (without giving effect to its conflicts of law principles) will govern this Agreement, the Site and the Services and that any dispute arising out of or relating to this Agreement, the Stie or the Services will be subject to the exclusive jurisdiction and venue of the federal and state courts in the Central District of Utah. You acknowledge and agree that any violation of this Agreement may cause Lendio irreparable harm, and therefore agree that Lendio will be entitled to seek extraordinary relief in court, including but not limited to temporary restraining orders, preliminary injunctions and permanent injunctions without the necessity of posting a bond or other security, in addition to and without prejudice to any other rights or remedies that Lendio may have for a breach of this Agreement.
c. Securities Statements. WE MAKE NO REPRESENTATIONS, WARRANTIES OR OTHER GUARANTESS OF ANY KIND AS TO THE ACCURACY, COMPLETENESS OR TIMELINESS OF ANY PRICE QUOTES, NOR DO WE MAKE ANY REPRESENTATIONS, WARRANTES OR OTHER GUARANTESS OF ANY KIND AS TO THE PRESENT OR FUTURE VALUE OR SUITABILITY OF ANY SALE, TRADE OR OTHER TRANSACTION INVOVLING ANY PARTICULAR SECURITY OR ANY OTHER INVESTMENT OF ANY KIND. You understand that we are not a broker or dealer in securities, and not an investment or financial advisor. You are solely responsible for your investment research. Prior to undertaking any securities transaction, you should consult a broker or other financial advisor with respect to the price, suitability, value or other aspects of any stock, mutual fund, security or other investment.
16. Revision Date
This Agreement was last revised on February 16, 2011.