The term Lender used in these Terms and Conditions of Use concerns both the Members who have already made one or several loan(s) on www.babyloan.org and the Members who have never made a loan on www.babyloan.org.
By using the Website, you have access to the range of services offered by Babyloan and consequently accept by de facto to be bound by these Terms and Conditions and those of our payment solution, Mangopay. You should read and review them regularly. They can be updated or modified by Babyloan in its sole discretion and without prior notice. Babyloan can also remove or add new clauses. If you continue to use the Website after such modifications, it means you agree with the new Conditions. If you do not agree with these present or future Conditions, please do not access the Website anymore.
ABC is not involved in the fulfillment of the Loan Agreement: its sole contribution is to put the Lender in contact with the MFI and to transfer the amount of the Loan on the MFI’s bank account. ABC cannot be held responsible for the breach of the local contract or its misfeasance, and in particular the non-repayment of the Loan by the Beneficiary or the MFI. It is expressly stated that ABC only offers an account available to the MFI so that it can transfer the repayment from the Beneficiary. In no case will ABC make a collection of the due sums from the MFI in case it goes bankrupt.
The MFI Partners of Babyloan are the sole responsible for the identification and selection of the projects of microentrepreneurs they choose to post on the Website. ABC cannot be held responsible for the choice of the projects posted online, even though ABC has a right of inspection concerning the projects of micro-businesses suggested by the MFI partners. If, during a maximum period of one year and one day, the Lender has not received any repayment from the Beneficiary or the MFI, nor made a new loan or withdrawn his money, and this despite our email reminders, then ABC Microfinance considers that the Lender consents to subscribe to the option “We lend on your behalf” (see below).
By subscribing to this option, the Lender allows ABC Microfinance to lend money on his behalf, as soon as the amount of his piggybank makes it possible to do so, to the projects ABC Microfinance considers as priority project. The Lender will be informed of the selected projects by email. The Lender will be able to stop this option whenever he wants in his personal space, and to start using his piggybank again as he wants (making a loan to a project or transferring the money on his bank account). The contributions paid in the context of this option will not be repaid.
If ABC Microfinance is not able to lend on behalf of the Lender (piggybank amount lower than €12 and no repayment to come), then the money will stay in the piggybank of the Lender until he/she lends money again or withdraws the money from the platform.
If during the fulfillment of the Loan Agreement, ABC Microfinance is materially unable to contact the Lender (either because the Lender has moved and has not informed ABC or because he does not answer the messages sent by ABC Microfinance or did not enter a valid email address), the amount of the piggybank will be kept for 1 year and one day. The Lender will automatically subscribe to the option “We lend on your behalf”.
The services offered by the Website are according to the French law in force. ABC cannot be held responsible in the event of noncompliance with the legislation in force in the country of the Lender. Consequently, the Lender must check with the local authorities that they are allowed to sign the Loan Contract.
The Lender acknowledges that despite the care with which ABC chooses its MFI partners of the Website and with which it does the follow up of their situation, ABC cannot guarantee neither the solvency of the MFI nor the solvency of the Beneficiary.
The information appearing on the Project Page was collected and passed on by the MFI. The Lender acknowledges and agrees that given the geographical distance and the level of development of the Country of the Beneficiary, it is materially impossible for ABC to check the information about the Beneficiary, which are then passed on under the sole responsibility of the MFI.This also applies to the loans signed with a French or European MFI.
The Lender acknowledges and agrees that given the situation of the Country, of the MFI and of the Beneficiary, there is a risk of non-repayment of the Loan and that:
The Lender asserts that:
The Website was created to give, in the best conditions, an access to microcredit to entrepreneurs living in developing countries (or in France). The direct connection between the Beneficiary and the Lender being impossible because of technical constraints, ABC provides the connection of the Lender and with the MFI, i.e. the local microfinance institution to which the Beneficiary applied for a funding of his project.
The subject of the contract between ABC and the Lender is to connect the Lender with the MFI in order to contract the Loan Agreement and to transfer the money lent by the Babylonian to the MFI. ABC Microfinance will keep the Babylonian regularly informed by email about the progress status of the loan granted to the beneficiary by the MFI.
The Loan is materialized by the closing of the Loan Agreement with the MFI. To know the conditions of the Loan Agreement, please see the contract submitted to the Babyloanian after he chose the beneficiary and the amount of the loan.
By double-clicking or by clicking on the validation button, the Lender validates the loan and hereby accepts fully and without reserve to the Conditions the Loan Agreements and these Terms and Conditions. The Lender will receive an acknowledgement of receipt of the validation of the Loan Agreement under the form of a payment confirmation email. The computerized records stored in the ABC computer system in conditions of reasonable safety will be considered as evidence of the occurred loan and payment.
The archiving of the transaction, the Loan Agreement, and the invoice is made on a reliable and sustainable hardware corresponding to an exact and lasting copy in accordance with article 1348 of the French Civil Code. Whenever willing to, the Lender can consult the Loan Agreement concluded at distance with the MFI on their personal space on the Website.
The minimum amount a Lender can lend is €10 and they can increase this amount by €1 increments. Any given Lender cannot lend over €5,000 (five thousand euros) to any given Project.
The general conditions applicable to the Loan Agreement are as follows:
The contribution is used to cover the transaction processing costs.
For information purposes, 20% of the contribution paid is transferred as VAT. It is paid by the Lender during the closing confirmation of Loan contract.
Moreover, as explained above, there is a period between the moment the amount lend by credit card is transferred and when the money is sent to partner MFI. This period is about 15 days and does not exceed 3 months. ABC Microfinance is allowed to make the money pending to be transferred on the field work on a financial secured placement. This way, it contributes to the income of the website.
In remuneration of the service provided by ABC that facilitates the connection between the Lender and the MFI, ABC charges a fee based on the amount of the loan made by the Lender according the following price scale:
Amount of the loan Amount of the commission (including all taxes)
From 10 to € 20 2
From 21 to € 40 3
From 41 to € 60 4
From 61 to € 80 5
From 81 to € 100 6
From 101 to € 200 8
>= € 201, € 3 per additional € 100
The Lender is free, if he wants to do so, to increase the amount of the fee given by the “traditional” price list.
A €50 loan will result in the payment of a €4 fee to ABC Microfinance.
A €200 loan will result in the payment of a €8 fee to ABC Microfinance.
A €210 loan will result in the payment of a €11 fee to ABC Microfinance.
A €380 loan will result in the payment of a €14 fee to ABC Microfinance.
The annual subscription is a rate option which allows the Lender to pay the contribution to ABC Microfinance once a year, and not at each transaction. Once the Annual subscription is paid, the Lender will not pay contribution during one year. At the end of the Annual subscription validity period, the Lender will be able, whether to renew this subscription by paying again the rate, whether to pay according to traditional price list (see above).
The amount of the Annual subscription corresponds to 10% of the money the Lender has on Babyloan at a given moment, whether this money is available on his piggybank or in the field (which repayment is pending). The amount of Annual subscription is thus personalized for each Lender. The Lender is free to increase the amount of Annual subscription in order to support ABC Microfinance.
The loan offers available on the Website are proposed to the Lender provided that:
In the cases listed above - the Loan Agreement will be ipso jure broken. The Lender will be notified by email. They will have the option either to demand repayment of the Loan on their account or to choose a new beneficiary and conclude a new Loan Agreement with the MFI concerned or another MFI partner of ABC following the modalities described above.
In collaboration with its operator of online payment and in accordance with French regulations and banking standards against money laundering, ABC Microfinance has established banking movements thresholds beyond which a detailed procedure of “Know you clients” (KYC) must be established.
The first threshold is reached when the total amount of money paid by the Member is superior to €2,500 (two thousand five hundred Euros) per calendar year and/or makes one or more Repayment applications of a total amount superior to €1000 (one thousand Euros) per calendar year. So ABC Microfinance, for MANGOPAY SA, systematically asked, prior to the execution of the operation, to provide a copy of a valid official identity document containing a photograph and any supporting documents that it will consider useful if need be.
The second threshold is reached when the total amount of money paid by the Member exceeds 15,000 (fifteen thousand) Euros per calendar year. So ABC Microfinance, for MANGOPAY SA, systematically asks him/her, prior to the execution of the operation, to give his/her occupation and his/her income level (number from 1 to 6) and any supporting documentation that it considers useful if need be.
The Lender agrees that ABC Microfinance may have to set up monitoring systems which purpose is the fight against money laundering and terrorist financing.
The Lender acknowledges that MANGOPAY SA and / or ABC Microfinance can put an end or delay at any time the use of a user name, the access to an Account or the fulfillment of an action (Loan, Withdrawal, participation in a Money Pot, etc.) in the absence of any sufficient element about its purpose or its nature. He/she is informed that an operation performed as part of these may be the subject of the exercise of the right to communicate to the national financial intelligence.
The Lender may, in accordance with rules, access to all the information thus communicated provided that the right of access does not undermine the purpose of fight against money laundering and terrorist financing when the data are related to the applicant.
No prosecution and no civil action may be brought, nor any professional sanctions may be imposed against ABC Microfinance or MANGOPAY SA, their directors or employees who made good faith statements of suspicion to their national authority.
For further information or precision, the Lender shall refer to the Terms and Conditions of use of MangoPay.
Repayments are made on the Lender’s piggybank (which was created simultaneously with their user account and is available on their personal page) in periodic installments, in the form of monthly repayments, the amount of which is calculated by dividing the loan granted by the Lender by the number of months of maturity of the project supported, as indicated on the Project Page.
Please note that you have to wait several weeks to receive the first repayment. The repayments start about 2 months after the project you supported has been fully financed.
Example: if a Lender lent on March 10th, but the project has been fully financed on April 10th, then the first repayment will be credited on the Lender’s Babyloan account by the end of June, (two months after the end of the financing on April 10th).
This period corresponds to the fact that the collect of Lenders’ philanthropic Loans is sent at the end of the month to the MFI. This transfer has to be subjected to a money reception confirmation by the MFIs before being assigned to Beneficiary’s microcredit. Then, the repayment of MFIs’ monthly installments to the Lender’s piggybanks is also subject to the same control procedure and banking confirmation, which explains that the crediting dates on piggybanks can change from one month to the next.
In the eventuality of the MFI reimbursing the total amount of the loan by anticipation to Babyloan, the Lender will be informed by email and the corresponding sum will be credited on his piggybank.
The transfer of these monthly repayments corresponds, as indicated on the Loan Agreement, to the monthly transfer done by the MFI on a special account opened by ABC in a credit institution based in France. The sum transferred on this temporary account is then reallocated to the Lenders’ piggybanks who have participated in the financing of the same Beneficiary on the prorata of their participation in the financing of the Beneficiary.
The Lender will then have the possibility:
And demand an anticipated reimbursement of all the sums due to the Lender by the MFI by virtue of the Loan Agreement signed with the Lender. In such a case and on the condition that the MFI had reimbursed by anticipation, ABC will inform the Lender and they can choose from the solutions explained above regarding the repayment of the Loan.
During the completion of the loan contract, the MFI guarantees the repayment of the loan by the Beneficiary and promises to reimburse the Lender in case of default of the Beneficiary. However, the Lender must be aware that given the Country in which the MFI exercises its activity, the legal ways of recovering this debt are expensive and the probabilities of success are low. The Lender therefore acknowledges that given the situation of the Country, the MFI and the Beneficiary, there is a risk that they will not be reimbursed of the amount of the loan at the end. The motives of the Lender closing the loan are consequently philanthropic
F. The option “Babyloan lends on your behalf”
In your personal space, (“My profile”, tab “Option: we lend on your behalf”), the Lender can subscribe to the option “Babyloan lends on your behalf”.
By subscribing to this option, the Lender allows ABC Microfinance to lend on his behalf, as soon as the amount of his piggybank makes it possible to do so, and this, by allocating €30 maximum per project, to the projects corresponding to the criteria set by the Lender.
ABC cannot be held responsible in case of a failure from an MFI to which the Lender lent money through the option “Babyloan lends on your behalf”.
There are two options in the selection of preferences:
1/ The Lender checks the criteria he wishes (country, activity sectors, microentrepreneur gender). If the Lender checks several countries, the amount of the piggybank will be split between these countries, up to €30 maximum per project. If the Lender checks one (or several) country(ies) as well as one (or several) activity sector(s), these criteria are cumulative. If no projects correspond to the criteria of the Lender, the money will not be lent.
- Ex 1: if the Lender has €100, and chooses to lend in Peru and Cambodia, ABC Microfinance will lend €30 in Peru and €30 in Cambodia, and then a third loan of the same amount in Peru or Cambodia. Unless the Lender has subscribed to Annual subscription, ABC Microfinance will then deduct the contribution of €5 (see above) from the Lender’s piggybank. Thus, the Lender will have made 3 loans, and there will be €5 left on his piggybank.
- Ex2: if the Lender has €50 and chooses to lend to women in Palestine, we will only lend the money if there are projects in Palestine AND if the project holder is a woman. Otherwise, the money will be immobilized on the piggybank until projects of this type are published.
ABC Microfinance highly recommends selecting several countries if the first option is selectedin order to diversify the risk. Thus, we will be able to split the loans between different MFIs and to reduce the risk, which is borne by the Lender.
2/ The Lender allows ABC to choose the projects on his behalf. In this case, ABC will assign the money to the MFIs which have priority, by diversifying the MFIs, and thus the risk, as much as it is possible.
In both cases, the Lender will be informed by email of selected projects, and will be also able to find them in his personal space (“My money”, tab “Repayment schedule”). The projects supported in the frame of this option display a question mark ("?").
Whenever he wants, the Lender will be able to change his preferences (he will be informed that these modifications are taken into account) or to change this option in his personal space. In this case, he will be able to use his piggybank as he wants (to make a loan to a project or to transfer the money on his bank account).
As part of the option “Babyloan lends on your behalf”, the Lender has also the possibility to credit his piggybank with the amount he wants from his personal space (“My money”, tab “Option; we lend on your behalf”. In this case, the money is not directly assigned to a project. It is credited on the piggybank, waiting for a project corresponding to the preferences of the Lender.
The Lender who wants to offer a Gift Card (“the Lender offering”) acknowledges that they cannot benefit from a tax deduction applicable only to donation.
The Lender willing to offer a Gift Card to a person who may or may not be a member of the Website (“the Lender recipient”) transfers, via the Website, , between €10 and €1000, plus the commission fees received by ABC when the order is confirmed. This money, less the remuneration of ABC, will be transferred to the piggybank of the “Lender recipient” and will be then specifically allocated to the conclusion of a loan on the Website according to these Conditions.
The Lender recipient has then 31 days from the day the Gift Card was received to use it on the Website.
During the completion and the repayment of the loan, as well as in case of cancellation, the Lender will be informed by email and will have the possibility, to the express clause that the loan has been reimbursed by the MFI, to:
-either contract a new Loan Agreement;
-or ask to receive their gift token, for a minimum amount of €10.
The Recipient of the Gift Card is the only responsible for the keeping and the use of the code used to activate the Gift Card. They will be held responsible for any fraudulent use of this code. The Lender must inform without delay ABC of the loss or the accidental divulgation of this code, so that ABC can cancel it and give the Lender another code.
In the eventuality of a Gift Card not activated within 30 days, the Lender offering will be informed by email and the money will be repaid on their Babyloan piggybank, except for the remuneration, which stays the property of ABC. They will then be able to ask to be repaid by wire transfer on his bank account.
The payment of the amount of the Loan, plus the remuneration paid to ABC Microfinance can be done by using Visa or Mastercard bank cards, bank wire transfer or direct debit. The payment process is carried out during the validation of the Loan Agreement, materialized by clicking on “I accept”.
The Website is protected by a data securization system protecting as effectively as possible every important data of the payment process. The bank details are conveyed one time only during payment. Credit card payments will be carried out through the secured system of the society MangoPay, by using the SSL protocol (Secure Socket Layer) so that the information delivered is encrypted by a software and no one can access to it during its transportation on the network.
The Lender can check anytime if they are still on a secured page by looking at the address of the page and the status bar of the web browser. The beginning of an address secured by SSL protocols begin with https rather than http (letter “s” added). The address of the page displays a yellow padlock.
The Lender acknowledges and agrees that the Intellectual Property Rights accruing to the Website and the whole information available on the Website whatever their format (text, video, photo, pictures, etc.) is the exclusive property of ABC. No clause of these Conditions can be interpreted as investing the User with a right on the Intellectual Property Rights. The Lender is granted only the right to see the Editorial Content on a personal and private basis, any public display is forbidden without a prior authorization from ABC Microfinance.
In this regard, and in compliance with the French Intellectual Property code, any representation, reproduction, use or extraction as well as any other Right of intellectual property of the Content or the Website non-allowed by ABC is strictly forbidden under penalty of legal proceedings.
The offender incurs civil and legal proceedings, in particular the sentences set out under French Intellectual Property Rights, section L. 335.2 and L. 343.1.
Babyloan makes available for the Lender various diffusion tools of its Website and its Content, in particular within social networks such as Facebook, Twitter, and others, or within the blogs of the Lenders. The publication, when made by using these tools, is allowed, but only if the sources and property of Content to ABC is mentioned.
The User expressly acknowledges and agrees that they must be selective in their use of the Services and the Editorial Content and bear all the relative risks. They also agree to respect the rules and customs in effect on Internet, known as Netiquette as well as the various codes of ethics and in particular the Internet Etiquette you can find on Internet.
The creation of a User Account automatically leads to the creation of an “Account” on Leetchi, as described on the Terms and Conditions of Use of MangoPay.
To use some of the services on the Website, the Lender must create an account and respect a registration process through which they have to give their contact information.
At this occasion, the Lender:
• Asserts that all information communicated, in particular the personal information, is at any time exact, complete and updated, and to make any change necessary to this purpose. This update is particularly important because ABC Microfinance must be able to contact the Lender during the completion of the Loan Agreement. Without this update, ABC Microfinance would be materially unable to reimburse the Lender.
• Promises to keep confidential the information about the identifier and the password of their account, and accept to be held responsible for any fraudulent or inappropriate use that could be made of it,
• Acknowledges and agrees that a part of their personal information will be publicly available on the Website and that they are the sole responsible for any other information they could communicate to other Users while being connected to them or sharing with them. Please note that the photo published by the member on his personal space is public information that can be seen by every internet user as soon as the Babylonian uploads it on their profile,
• Abstains from creating an account for a third party,
• Abstains from usurping someone else’s or an entity’s identity , falsifying or concealing their identity, age or affiliation to another person or entity
Besides, while using their account, the Lender agrees to post, convey, share or make available only information or comments concerning strictly the following fields: Babyloan, the Website, microfinance, development help, solidarity, social entrepreneurship or social business, social web.
Should the Lender contravene to some or the whole of these Conditions, ABC Microfinance reserves the right to cancel unilaterally and without prior notice the account of the Lender and to forbid them to open a new account sine die without prejudice to the rights and actions of the Lender.
In compliance with the French Act n°78-17 of 6 January 1978 on Data Processing, Data Files and Individual Liberties amended by the Act of 6 August 2004, the Lender has an individual right of rectification, modification and cancellation of any of his personal data. The Lender can ask that the rectification, completion, clarification, update or cancellation of his data if they are inexact, incomplete, ambiguous, or out-of-date or when he wants to forbid the collect, the use, the communication or the conservation if these data.
In order to do so, please send a request to the Website contact email box : firstname.lastname@example.org.
ABC Microfinance informs his Clients that the treatment of these nominative and/or personal data has been subject to a statement to CNIL (French national data protection authority), with the number 1469351 of November 30th 2010.
The Lender's personal space is accessible by logging in. The Lender has to enter the email address he used to sign in and his password. In the case he forgot his password, he can ask for a new one that he will receive by email.
The personal space allows the Lender to have access to some services (transfer from his piggybank to his bank account, subscription to the options, privacy, etc.), as well as the information about his behavior on Babyloan (statistics, groups, gift cards, repayment schedule…).
In detail, the personal space is composed of 4 headings, and each one is divided into various tabs:
ABC Microfinance dedicates a lot of attention to the composition of the Content. However, ABC Microfinance does not guarantee the reliability of the information of the Content, in particular the use of hypertext links towards other online resources, which does not mean that Microfinance approves of these resources or their content.
In this regard, ABC Microfinance cannot be held responsible for the damages resulting from the use of the information of the Content by the Babylonian for any purpose.
ABC Microfinance reserves the right to moderate at any time the Editorial Content and in this regard, to make any useful modification or cancellation to the Editorial Content (including the comments posted on the Website by the Lender).
Availability of the Website
ABC Microfinance does its best to keep the Website available 24 hours a day, 7 days a week but may interrupt the access, in particular for maintenance or updating reasons, or for any other reason. ABC Microfinance cannot be held responsible of these interruptions and their consequences for the User. ABC Microfinance reserves the right to refuse to any User the access to the whole or a part of the Website unilaterally and without prior notice, in particular in case of manifest violation of these Terms and Conditions of Use. The user acknowledges that ABC Microfinance cannot be held responsible for any direct or indirect damage caused by the deletion of the User access to the website.