Terms and Conditions

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  • This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall be applicable to the Platinum Credit Ltd (hereinafter referred to as PCL) mobile lending platform.
  • These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

DEFINITIONS

  • In these Terms and Conditions, the following words and expressions bear the following meanings:
    • PCL means Platinum Credit Limited;
    • Credit Reference Bureau means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;
    • Borrower means the person at whose request PCL will advance a loan facility;
    • Call Centre means PCL’s call center;
    • Equipment includes your mobile phone handset and/ or other equipment which when used together enables you to access the online lending platform;
    • LBF means Log Book Finance;
      • LBF Quickcash is an overdraft loan product that allows you to borrow an additional loan amount equivalent to your instalment amount to the maximum of Ugx. 3,000,000 with the intention of clearing your instalment
    • Products means the various loan facilities offered by PCL;
    • Request means a request and/or instruction received by PCL from you or purportedly from you through the system and upon which request PCL is authorized to act;
    • Services shall include any form of financial services or products that PCL may offer you pursuant to this Agreement and as you may from time to time subscribe to and “service” shall be construed accordingly;
    • Security agreement constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be effective security overall and every part of the secured asset;
    • Secured asset is the asset over which the loan facility is secured;
    • SMS means a short message service consisting of a text message transmitted from one mobile to another;
    • System means PCL’s electronic lending platform and communications software

PCL for the purposes of these services;

  • Transaction fees includes the facility fee, roll over fee, loan administration fee and any other charges payable for the use of the services as published by PCL on PCL’s website or by such other means as PCL shall in its sole discretion determine. Transaction fees are subject to change at any time at PCL’s sole
  • We, our and us means PCL and includes the successors and assigns of the PCL;
  • You and your means the borrower and includes the personal representatives of the Borrower;
  • USSD T&C’s means these USSD Terms and Conditions.
  • The word borrower shall include both the masculine and the feminine gender as well as the juristic persons;
  • Words importing the singular meaning where the context so admits include the plural meaning and vice
  • Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this
  • Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
  • Thereafter, you will be required to register on our system.
  • By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official
    • Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
  • By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or
  • The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
  • By accepting these Terms and Conditions, you authorize PCL to access your credit history from a registered Credit Reference
  • These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or
  • Our system requires that you register by creating an account with us to be able to access our various products;
  • You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers which you choose and all other activities that occur on your
  • By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;
  • You hereby agree and authorize PCL to obtain and procure your personal information contained in the NIRA from the Government of Uganda and you further agree and consent to the disclosure and provision of such personal information by the Government of Uganda to
  • You hereby authorize PCL to access any information available to assess your request, and also gives PCL permission to register details of your conduct of your loan account with any Credit Reference Bureau, and you waive any claim you may have against PCL in respect of such disclosure.
  • PCL reserves the right to request for further information from you pertaining to your application for PCL services or products. Failure to provide such information within the time required by PCL may result in PCL declining to your request for a loan
  • If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;
  • Upon successful registration, you are advised to read and familiarize yourself with the terms and conditions of each product as you shall be bound by the said terms and conditions of each
  • You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
    • Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
    • Commissions at such rates as PCL may determine from time to time;
    • Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and
  • All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by If any taxes are payable in connection with the payment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.
  • You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our
  • You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our
  • You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our
  • You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized PCL shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.
  • You shall immediately inform PCL through the Call Centre through 0200300500 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization however PCL shall not be liable for the said unauthorized
  • PCL shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable by reason of the failure of your equipment or any other circumstance not within PCL’s control including, without limitation, force majeure or error, interruption, delay or non- availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications
  • PCL will not be liable for any losses or damages suffered by you as a result of or in connection with:
    • Failure, malfunction, interruption or unavailability of your equipment;
    • Any fraudulent or illegal use of the online lending platform or equipment;
    • Your failure to comply with these Terms and Conditions and any documentation or information provided by PCL in regards to use of our
  • All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the
  • You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.
  • All requests received from your equipment will be presumed to be executed by
  • You hereby irrevocably authorize PCL to act on all requests received by PCL from you through the system and to hold you liable in respect
  • PCL reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, PCL believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary;
  • PCL shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any requests on which PCL may act if PCL has in good faith acted in the belief that such instructions have been sent by
  • PCL may, in its absolute discretion, decline to act on your request in accordance with the whole or any part of your request pending further inquiry or further confirmation (whether written or otherwise) from
  • You agree to and shall release from and indemnify PCL against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to PCL having acted in accordance with the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon
  • You acknowledge that PCL shall not be liable for any transaction, any activity or any incident on your equipment whether or not occasioned by your negligence.
  • PCL is authorized to effect such orders in respect of your loan account as may be required by any court order or competent authority or agency under the applicable
  • In the event of any conflict between any terms of any request received by PCL from you and these Terms and Conditions, these Terms and Conditions shall prevail.

 LBF QUICKCASH

    • The loan
      • Loan facilities borrowed under this product will be hinged on a pre-existing LBF loan product facility and secured on a pre-existing security asset, until the pre-existing LBF loan product facility and the LBF Quickcash loan facility are fully
      • In case of default of the LBF Quickcash loan; the pre-existing LBF loan product facility shall be deemed to be in arrears and normal collection processes as stipulated shall
      • The maximum loan amount under this product is Ugx 3,000,000.
      • A 10% processing upfront fee shall be charged on the
      • There shall be a roll over interest charged at 10% on the 7th day in arrears, 10% on the 32nd day in arrears, 10% on the 67th day in arrears and a further 10% on the 92nd day in arrears where the loan amount remains
      • PCL reserves the right to amend the initial notice with the Registrar of Security Rights to capture the Quickcash loan amount advanced via

10.1.2 The loan term

  • The maximum loan term for the LBF Quickcash loan is 1

10.1.3 The security asset

  • Where a motor vehicle has been provided as security asset, you undertake to:
    • Allow PCL to register a caveat on the logbook with Uganda Revenue Authority for the duration of the loan as a representation of their interest in the motor vehicle.
    • Keep and maintain the vehicle in good order and condition (fair wear and tear only excepted) and will be fully responsible for any loss thereof or damage thereto however
    • Keep the vehicle insured at all times. PCL shall be entitled to the full benefit of the Insurance Policy thereof including claims that might at any time be outstanding. Any monies received by virtue of such insurance shall at the discretion of PCL be applied in replacing or restoring any loss or damage in respect of which the same shall be received or in or towards liquidation of the amount for the time being due by you to PCL under this
    • To renew the Insurance Policy 7 days before expiry thereof. Failure to which PCL shall make its own arrangements to have the asset comprehensively insured to safeguard our financial interest in the asset.
    • Not use the motor vehicle nor permit it to be used for any purpose not permitted by the terms and conditions of the Insurance Policy nor permit to be done any act or thing by reason of which such Insurance Policy may be
    • Not take, or permit to be taken, the motor vehicle out of the Republic of
      • Where you intend to take the said motor vehicle out of the Republic of Uganda, you will be required to notify PCL in writing through our       email info@platinumcredit.co.ug and you will further be required to obtain a COMESA Yellow Card Insurance Cover at your own cost.
    • Punctually pay all licenses, duties, fees, and registration charges as and when they fall
    • Endorse PCL as the principal beneficiary of any dues arising from an insurance claim relating to the motor vehicle used as
    • You should ensure that the tracking device of the motor vehicle used as security is not tampered with/and or damaged and:
      • In the event that the vehicle will not be in use for any period of the loan and within not less than one month from obtaining the facility, notify PCL of the specific dates, and arrange to have the said Motor Vehicle to be held at an approved yard.
    • Should the tracking device develop a technical fault within the course of this loan agreement, PCL and the tracking company service provider will contact you. It’s your responsibility to cooperate with PCL and the service provider to ensure that the vehicle is submitted to the service provider for issue resolution, and restoration of the transmission signal to normal In the event that you fail to cooperate, PCL will institute repossession procedures of the affected motor vehicle after 24 hours from notification, for storage at a designated yard, at your cost.
  • Upon full payment of the loan and related charges PCL shall decaveat the motor vehicle logbook that was provided by the borrower and shall return the documents of the security asset provided by you.
  • This agreement is governed by all the terms and conditions of the Security Interest in Movable Property Act, 2019 Laws of the Republic of Uganda.
  • PCL is also at liberty to discount on or trade in the debt arising from this loan without making any further reference to

10.3  CIVIL SERVANTS LOAN PRODUCT

  • The Loan
    • At your request, PCL agrees to make available to you the advised loan amount on the terms and conditions set out in this
    • You have the right to repay the principal amount of the loan within three business days from the date of disbursement upon payment of administration costs. This repayment must be done at Platinum Credit (U) Ltd’s Stanbic Bank Account 9030005697890 (Forest Mall Branch) and/or on our Mobile Money-Airtel Money Business number 230011 or Mtn Marchant code: PCLU
    • You acknowledge and accept the terms and conditions upon which payment of the loan amount shall be made by Platinum

10.3.2 Interest

  • The monthly interest charged on your loan shall be as per the rate schedule below:

1-2months – [20%], 2-5months – [15%], 6-8months – [10%], 9-15months – [7.5%], 16-20months – [ 6.5%], 21-24months – [6%], 25-30 months – [5.5%], 31-36Months –  [5%], 37-41Months – [4.5%], 42-60 Months – [3.97%], 61-84Months –  [3.7%]

  • In the event of early settlement, loan administration fees for the entire loan term will be charged in full. PCL shall charge interest accrued up to the date of settlement plus a 30% early settlement fee on the outstanding balance.
  • Interest shall be calculated monthly. The interest shall apply to the initial capital sum at a flat rate. If the borrower fails to pay any amount which the borrower owes Platinum Credit (U) Limited in terms of this agreement on the due date of such amount, Platinum Credit (U) Limited shall be entitled to charge a default penalty fee at a rate of 3% of the arrears.

10.3.2.4   Due to market conditions, PCL may increase the interest charge by giving you one calendar months’ notice in advance

10.3.1 Payment

  • You must repay the loan in the installments as advised.
  • You agree that PCL shall recover the monthly installments in full from the borrower’s employer by way of a deduction on his or her payroll.
  • You hereby give the employer the right to deduct monies owing to PCL from any unpaid wages or any other remuneration credits payable to you if you leave the service of your employer for any reason before the total amount repayable under this agreement has been paid.
  • No cash should be handed to an employee of PCL or third party. PCL shall not take ANY responsibility for money paid to any of its employees or third parties. All cash deposits should be made to Platinum Credit (U) limited Account No: 9030005697890, Stanbic bank, Forest Mall Branch or through our MobileMoney-AirtelMoney Business number 230011: Mtn Marchant code: PCLU
  • If payment is made by cheque or banker’s cheque or electronic funds transfer, the payment is deemed to have been received on the date funds are cleared, and not on the date the cheque is deposited or electronic funds transfer

10.3.2 Insurance

  • As a responsible lender, PCL has the right to insure the loan in case of death or disability on the part of the

10.3.3 Breach

  • In the event:-
    • Any failure by you to pay any amount which is owing to this agreement in full and on the dates you have to, or
    • Any other breach by you of the terms of this agreement;
    • Any claim that you have failed to carry out his/her duties under this agreement; then the full balance due under this agreement together with any roll over interest and all other charges and expenses owing to PCL by you shall become immediately due and payable to PCL without affecting any of Platinum Credit’s rights under this agreement. PCL shall be entitled to terminate this agreement and claim/or recover from you any damages/losses it, may have suffered as a
    • In the event of a default by you in making payment PCL shall have the right to use any money paid by you to first pay legal and other costs, then interest and then the actual loan
  • PCL reserves the right to engage third party debt collectors to recover any total outstanding balance at your
  • The amount owing by you to PCL at any time may be shown by a statement in which PCL’s Officer has worked out and has stated as amount owing. The statement will be a proof of the amount owed to PCL by you and will be able to be used in any legal proceeding and will be accepted by the court on its own as correct unless the Borrower proves that it is incorrect.

10.3.4 General

  • PCL will give at the Borrowers request a statement setting out all deductions from his/her salary, outstanding balance and any amount payable in
  • It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the
  • It is hereby understood and agreed that by signing this contract, the Borrower:
    • Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
    • consents to PCL processing the data as per its internal company policy;
    • has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
    • is at liberty to exercise its rights as a data subject and as is provided by the Data Protection & Privacy Act of 2019, Laws of Uganda;
  • PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Uganda.
  • For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at info@platinumcredit.co.ug.
  • Kindly access our website on https://platinumcredit.co.ug to view our Data Privacy
  • You may contact the Call Centre through 0200300500 to report any disputes, claims or complaints;
  • Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our email on info@platinumcredit.co.ug.
  • This agreement shall be governed and construed in accordance with the laws of the Republic of Uganda.