Key Facts Statement (KFS)
CashNow Standard Loan & Professional Loan - Fixed Interest Rate
Standard Loan and Professional Loans (the "Loan") are personal loans that are provided through the CashNow mobile application (“CashNow App”) operated by Botim Finance LLC. The loan is designed to help meet your financial needs and is structured as an installment loan with a term of no more than twelve (12) months. This KFS provides you with indicative information about the interest, fees and charges applicable to the Loan so that you are able to make informed financial decisions.
IMPORTANT: The Loan terms in this KFS show a range of possible terms that may be offered to you based on your creditworthiness. This includes factors such as your salary and credit history. Please review the final Loan terms offered to you in the CashNow App and consider your specific circumstances before making a decision.
By accepting the Loan digitally in the CashNow App, you confirm that you have read and understood the features and benefits, fees, interest charges, Terms of Use, Credit Agreement, and Privacy Policy.
1.Late payment fees and all other charges
2.Interest ; and
3.Principal component (where applicable)
1.Late payment fees and all other charges
2.Interest ; and
3.Principal component (where applicable)
(a)14 days: AED 25
(b)28 days: AED 50
(c)2 months: AED 100
(d)3 months: AED 150
(e)6 months: AED 250
The processing fee is only charged if your Loan is approved and will be automatically deducted from the Loan amount paid out to you. The processing fee covers CashNow’s costs for providing your Loan.
(a)6-month Loan Period: 2% of the Principal Amount, minimum of AED 100 and maximum of AED 350;
(b)9-month Loan Period: 3% of the Principal Amount, minimum of AED 150 and maximum of AED 500; and
(c)12-month Loan Period: 4% of the Principal Amount, minimum of AED 200 and maximum of AED 700.
The processing fee is only charged if your Loan is approved and will be automatically deducted from the Loan amount paid out to you. The processing fee covers CashNow’s costs for providing your Loan.
However, because your Loan will have a term of less than twelve (12) months, the stated APR will be higher than the actual rate you pay over the term of your Loan. Depending on your risk profile, whether you have borrowed from us before, and other factors, we may require that your first Loan from us be for a short period, such as fourteen (14) days (a Starter Loan). This short Loan period will show a higher-than-normal APR. However, as your loan will only be active for fourteen (14) days, the APR does not represent the actual interest, fees and charges you will pay.
If you have difficulty repaying your monthly extend the due date your loan with no increase interest. In order to complete an extension request, you will need to pay any interest or late fees extension fee as follows:
For orders with a loan period less than 1 month:
Other Terms
Conditions under which the above charges can be changed.
We may change the charges set out above in the future. Any changes will be shown in the version of this KFS on (a) the CashNow website, and (b) the CashNow App.
These changes may be based on several factors. For example, behaviour on your lending products that suggests you are becoming a higher-risk or lower-risk customer.
Other valid reasons include where there is a change in our funding costs or if there is a change (or we reasonably expect a change) in law, regulation, or industry code requirements.
Early Settlement
Due to the nature of short-term loans, partial payment is not allowed.
Full early settlement is not allowed before the restricted period of the original Loan duration stated in your Credit Agreement. If you need a full early settlement after the restricted period, you can contact our customer service to inquire about the total amount to pay.
Cooling Off Period
You may cancel the Loan within 5 business days of signing and submitting the CashNow App, and we cannot pay out the Loan until this period ends. To cancel the loan, you must tell us within this period in the CashNow App. No Processing Fee will be payable if you cancel your loan during the Cooling-Off Period.
You can give up your right to the cooling off period to allow us to pay out the Loan to you immediately by ticking the checkbox for the waiver of the cooling off period.
Consequences of Missing Payments
If you fail to make a payment or break the Loan terms in another way, this will be a default and we will be entitled, among other things, to:
(a) Cancel the Loan and demand full repayment immediately;
(b) Freeze your account with Botim Finance with no access to additional loans and/or commercial benefits;
(c) Report the default to the appropriate regulatory authorities including the UAE Central Bank and Al Etihad Credit Bureau and credit rating agencies, which may affect your credit rating; and
(d) Bring legal proceedings against you or pursue any other remedies available to us at law.
Changes to Your Terms and Conditions
We reserve the right to change our terms and conditions after you have signed them: (a) immediately where we are required to do so under Laws or Regulations; or (b) by giving you 60 days’ advance notice if the change is for one of the reasons set out in the relevant terms, for example, to reflect a change in industry code or market practice, a change in the way we do business (e.g. introducing new or changing existing technology or the platforms on which our services are provided), changes to our product or services features (including how we operate them), changes to our internal policies, changes which benefit you or which make the terms clearer for you. We may also change eligibility criteria, terms and conditions, fulfilment and scope of the benefits, rewards and loyalty programmes offered in the CashNow App. We’ll send you notice in the CashNow App where these are managed solely by us. In other cases (including where they are managed in part by third parties), we’ll give you notice where it is reasonably practicable for us to do so. We’ll treat your non-objection or continued use of our product as your acceptance of the changes.
Interest on accrued interest
Interest on your Loan does not compound and we will not charge you interest on accrued interest.
Contact Information
For any questions, help, or complaints, contact “Get Help” in the CashNow App.
Credit Consultation and Credit Information
You agree and authorise us to collect financial data about you and your financial obligations to create a credit record and credit information report. We will tell you immediately and without charge if your credit application is rejected based on the credit information we collected.
Additional Information:
- Our General Terms (including any associated documents) and Privacy Policy (accessible here: "Privacy Policy") must be read together with this Key Facts Statement.
- We reserve the right to amend, delete, or cancel any terms and conditions within the General Terms and this Key Facts Statement at any time, with at least sixty (60) calendar days’ notice.
- All information we provide is intended solely to help you make informed decisions and should not be treated as a recommendation or specific advice.
- You are required to submit all necessary documents, including your Emirates ID, in a format that meets our requirements.
- You may request a letter from Botim Finance setting out the current status of your loan (No Liability/Liability Letter) for a fee of AED 50 (VAT exclusive).
- The loan amount you qualify for and the interest rate offered may differ from the representative example shown above. This will depend on your credit profile and affordability assessment done by us.
- We reserve the right to amend our General Terms and Conditions for financing products (including any relevant applications and documents) by providing notice in accordance with applicable laws and regulations.
- If you fail to meet your obligations as set out in the Terms and Conditions, before or during your relationship with us, there may be consequences, including penalties.
- We may debit your account for any applicable charges, expenses, or commissions related to financing services, in line with the approved fees and charges, as communicated to you from time to time.
- For any questions, help, or complaints, you can contact our customer support team through our designated channels, branches, or official website, including the CashNow App.
- By entering into the Credit Agreement, you grant Botim Finance and Botim Money Technology LLC (Botim Money) the following authorisations in respect of your Botim Money Wallet:
- Wallet Debit Authorisation: You authorise Botim Finance and Botim Money to debit, hold or restrict funds in your Botim Money Wallet, without prior notice, to recover any overdue amounts or unpaid shortfalls under the Loan, including principal, interest, fees and other charges.
- Set-Off Rights: Botim Finance may set off, transfer or deduct overdue amounts or unpaid shortfalls from your Botim Money Wallet, any card or card currency wallet issued to you by Botim Money, and any other account, wallet or stored value facility held by you with Botim Finance or its affiliates.
- Information Sharing: You authorise Botim Money to share with Botim Finance your Botim Money Wallet balance or status information, debit attempts and details of any holds or restrictions. You also authorise Botim Finance to share with Botim Money your Loan details, repayment status and debit instructions. Such information sharing is solely for the purposes of loan servicing, collections, debit of overdue amounts or unpaid shortfalls, set-off, fraud prevention or compliance.
- Wallet Holds and Restrictions: Botim Finance and Botim Money may place a hold or restriction on funds in your Botim Money Wallet up to the amount of any overdue amount or unpaid shortfall, and may restrict transfers, withdrawals or other dealings with such funds until that amount has been repaid in full.
WARNING!
If you do not meet the monthly repayments on your loan, your account will go into arrears and incur a late payment fee, and it will affect your credit score and limit your ability to access loans in the future.
WARNING!
When you extend or restructure your loan, it may take longer to pay off. You may also pay more interest.
WARNING!
We reserve the right to decline any customer application at our sole discretion.
Electronic consent:
By proceeding with the application submission, you acknowledge and agree that:
- any electronic method of acceptance used by us in connection with our products and services (including, without limitation, use of digital or electronic signatures, indicating acceptance by ticking a check box on electronic forms or digital platforms) (“Electronic Consent”) shall constitute full and binding legal acceptance by you of any applicable terms and conditions as well as any future changes, amendments or supplements to such terms and conditions as may be applicable from time to time, as if you had accepted such terms and conditions in writing;
- all relevant laws and regulations applicable to acceptance of contracts by electronic methods will apply and you acknowledge that our records of any such form of Electronic Consent shall be binding and shall not be challenged on the basis that they are available only in electronic or digital format; and
- no certification authority or other third-party verification is necessary to validate your Electronic Consent and the lack of such certification or third-party verification will not in any way affect the enforceability of your Electronic Consent or the validity of terms and conditions between us and you.
