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 application operated by Quantix Technology Projects 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 set out in this KFS represent a range of possible Loan terms that may be offered to you based on your creditworthiness, which includes but is not limited to, factors such as your salary and credit history. It is important that you review the final specific Loan terms offered to you on the CashNow application and make an informed financial decision considering your specific circumstances.

By providing your digital acceptance of the Loan on the CashNow application, you acknowledge that you have read and understood the features and benefits, applicable fees, interest charges and Terms of Use, Credit Agreement, and Privacy Policy.

CashNow Standard Loan

CashNow Professional Loan

Description of the Loan

The Loan is a short-term cash loan provided to customers who are residents of the United Arab Emirates to be repaid in equal, fixed monthly instalments over an agreed term not exceeding 12 months.

Loan Type

The Loan is a conventional loan and is not Shariah compliant.

Eligibility Criteria

In order to apply for the Loan, you must: (a) be at least 18 years old; (b) be residing and working in the UAE with a valid Emirates ID; and (c) have a valid mobile phone number registered under your name.

Loan Amount

Up to AED 8,000

Up to AED 30,000

Loan Period

Minimum 14 days and maximum 6 months

Minimum 6 months and maximum 12 months

Currency

AED (United Arab Emirate Dirham)

Loan Repayment

Your Loan repayment is calculated on an Equated Monthly Instalment (EMI) basis and is fixed for the entire loan period. EMI is calculated by adding the principal loan amount and total interest and dividing this total by the loan period in months. This is done using a reducing balance method which means that as your loan balance reduces, with every Equated Monthly Instalment (EMI) payment, the interest portion of your EMI will reduce.

Repayment Schedule

The due date of your instalment(s) will fall on the same day each month based on the date of loan disbursal unless the loan period is shorter than one month, in which case the due date will be in the exact number of days after the Loan is disbursed.

Repayment Hierarchy

Your Loan repayments will be applied to the Loan balance in the following order:
1. Late payment fees and all other charges
2. Interest component; and
3. Principal component

Processing Fee

The following fixed processing fee shall be charged according to the term of your Loan:
(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 Loan processing fee is only charged if your Loan is approved and will be automatically deducted from the Loan proceeds disbursed to you. The Loan processing fee compensates CashNow for costs associated with providing your Loan.

The following processing fee shall be charged according to the term of your Loan:
(a) 6-month Loan Period: 2% (inclusive of VAT) of the Principal Amount, minimum of AED 100 and maximum of AED 350;
(b) 9-month Loan Period: 3% (inclusive of VAT) of the Principal Amount, minimum of AED 150 and maximum of AED 500; and
(c) 12-month Loan Period: 4% (inclusive of VAT) of the Principal Amount, minimum of AED 200 and maximum of 700 AED.
The Loan processing fee is only charged if your Loan is approved and will be automatically deducted from the Loan proceeds disbursed to you. The Loan processing fee compensates CashNow for costs associated with providing your Loan.

Interest Rate (Indicative)

Fixed interest rate starting from 0% (inclusive of VAT) up to 8% (inclusive of VAT) on reducing balance per month. The rate will remain unchanged for the loan period.

Fixed interest rate starting from 1.7% (inclusive of VAT) up to 4.9% (inclusive of VAT) on reducing balance per month. The rate will remain unchanged for the loan period.

Annualized Percentage Rate (APR) (Indicative)

Starting from 54.3% (inclusive of VAT) depending on your credit profile. APR is a reference rate, which includes applicable interest, fees and charges of the product, expressed as an annualised rate. The Loan APR is an important factor for you to evaluate the Loan. However, given that 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 Loan period, such as fourteen (14) days (a Starter Loan). This short Loan period will reflect a higher-than-normal APR – however, as your loan will only be active for fourteen (14) days, the APR is not representative of the actual interest, fees and charges you will pay.

Starting from 16% (inclusive of VAT) depending on your credit profile. APR is a reference rate, which includes applicable interest, fees and charges of the product, expressed as an annualised rate. The Loan APR is an important factor for you to evaluate the Loan.

Late Payment Fee

AED 20 (inclusive of VAT) will be charged to you if we do not receive your repayment prior to the due date. In addition to the AED 20 late fee, 0.4% (inclusive of VAT) of any unsettled principal per day will be added to the late payment fee until the monthly repayment is settled fully. A cap of AED 150 applies per missed repayment, and a cap of 25% (inclusive of VAT) of the loan principal applies to the entire order.

AED 20 (inclusive of VAT) will be charged to you if we do not receive your repayment prior to the due date. In addition to the AED 20 late fee, 0.4% (inclusive of VAT) of any unsettled principal per day will be added to the late payment fee until the monthly repayment is settled fully. A cap of AED 200 applies per missed repayment, and a cap of 25% (inclusive of VAT) of the loan principal applies to the entire order.

Early Settlement Fee

An Early Settlement fee of 1.05% (inclusive of VAT) of your Loan's outstanding balance will be charged to you if you repay your loan early in accordance with "Early Settlement" below.

Top Up (Refinance) Fee

A Top Up (Refinance) Fee (inclusive of VAT) will be payable (in place of the Processing Fee) if any part of the proceeds of the Loan will be used to payout (refinance) any pre-existing Loan. The following fixed Top Up Fee shall be charged according to the term of your Loan:
(a) 3 months: AED 100
(b) 6 months: AED 200
The Top Up (Refinance) Fee is only charged if any portion of the Loan is used to refinance an existing Loan and will be automatically deducted (together with the refinance amount) from the Loan proceeds disbursed to you.

Extension Fee

Extension Fee between 3% (inclusive of VAT) to 13% (inclusive of VAT) of outstanding principal for short-term personal loan.
If you have difficulty repaying your monthly instalment, you may choose to extend the due date of your instalment for another 7/14/21/28 days which will lead to an extension of your loan tenure with no increase of interest.
In order to complete an extension request, you will need to pay any interest or late fees which are already posted to the instalment with another extension fee as follows:For orders with a loan period less than 1 month:

Number of days extended

Extension processing fee

Extension fee (inclusive of VAT)

7 days

5% (inclusive of VAT) of unpaid principal

14 days

AED 5 +

8% (inclusive of VAT) of unpaid principal

21 days

10% (inclusive of VAT) of unpaid principal

28 days

13% (inclusive of VAT) of unpaid principal

For orders with a loan period equal to or greater than 1 month:

Number of days extended

Extension processing fee

Extension fee (inclusive of VAT)

7 days

3% (inclusive of VAT) of unpaid principal

14 days

AED 5 +

5% (inclusive of VAT) of unpaid principal

21 days

7% (inclusive of VAT) of unpaid principal

28 days

9% (inclusive of VAT) of unpaid principal

Disclosure: In addition to paying the Extension Fee above, your extended Loan will continue to accrue interest at the fixed rate in your original Loan.

Professional Loans are not eligible for extensions.

Representative Example

Loan Amount

AED 5,000

AED 30,000

Processing Fee

AED 250

AED 350

Interest Rate

4% (inclusive of VAT) fixed per month (24% (inclusive of VAT) total)

2% (inclusive of VAT) fixed per month (24% (inclusive of VAT) total)

Annualised Percentage Rate (APR)

58.80% (inclusive of VAT) APR

23.99% (inclusive of VAT) APR

Loan Period

6 months

12 months

Total Interest Amount

AED 596.98

AED 3,642.90

Total Repayment Amount

AED 5,846.98

AED 33,992.90

EMI (Equated Monthly Instalment)

AED 952.19 per month

AED 2,836.31 per month

Early Settlement Fee

If outstanding principal amount AED 3,000, Early Settlement Fee is AED 31.5 (1.05% (inclusive of VAT) )

If outstanding principal amount AED 10,000, Early Settlement Fee is AED 105 (1.05% (inclusive of VAT) )

Other Terms

Conditions under which the above charges can be changed.

We may vary the charges set out above in the future, and any such changes will be reflected in the version of this KFS posted (a) on the CashNow website, and (b) within the CashNow mobile application.

These changes may be based on a number of factors. Such factors might include behaviour on your lending products that suggests that 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, regulatory, or industry code requirements.

Early Settlement

Due to the nature of short-term loans, early settlement per instalment or 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 are entitled to cancel the Loan within 5 business days of signing and submitting the Application and we cannot advance the Loan until this period expires. To cancel the loan, you must inform us within this period in the CashNow application, and if you do cancel, you will need to pay us the loan processing fee disclosed in the Credit Agreement.

You can waive your right to the cooling off period to enable us to disburse the Loan to you immediately by clicking the checkbox for the waiver of the cooling off period.

Consequences of Missing Payments

If you fail to make a payment or otherwise breach the Loan terms, 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 Quantix 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 make changes to our applicable terms and conditions after you have signed them: (a) immediately where we are required to do so under Laws or applicable Regulations; or (b) by providing you with 60 days’ advance notice if the change is for one of the specified 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 are beneficial to you or which make the terms clearer for you. We may also make changes to eligibility criteria, terms and conditions, fulfillment and scope of the benefits, rewards and loyalty programs offered in the CashNow Application. We’ll send you notice in our Application where these are managed solely by us. In other cases, (including where they are managed in part by third parties) we’ll provide you with 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 any interest on accrued interest.

Contact Information

For any inquiries, assistance, or complaints, contact“Get Help” via the CashNow application.

Credit Consultation and Credit Information

You accept and authorise us to collect financial data relating to you and your financial obligations to create a credit record and credit information report. We will inform you immediately and without charge if your credit application is rejected on the basis of the credit information collected.

Additional Information:

Our General Terms (including any associated documents) and Privacy Policy (accessible here: “Privacy Policy”) must be read and adhered to in conjunction with this Key Facts Statement.
We reserve the absolute right to amend, delete, or cancel any terms and conditions within the General Terms and this Key Facts Statement at any time, with a minimum notice period of sixty (60) calendar days.
All information provided by us is intended solely to aid your informed decision-making and should not be construed 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.
The loan amount you are eligible 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 the 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 outlined in the Terms and Conditions, before or during your relationship with the us, there may be consequences, including but not limited to penalties.
We may debit your account for any applicable charges, expenses, or commissions related to financing services, in line with the approved and announced fees and charges, as communicated to you from time to time.
For any enquiries, assistance, or complaints, you can contact our customer support team through our designated channels, branches, or official website, including the CashNow app.

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WARNING!

If you do not meet the monthly repayments on your loan, your account will go into arrears and incur late payment fee, and it will affect your credit score and limit your ability to access loan in the future.

WARNING!

When you extend or restructure your loan, it may take longer to pay off than your previous loan. It may also result in paying more interest.

WARNING!

We reserve the right to decline any customer application in our sole discretion.

Electronic consent:

By proceeding 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, indications of 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 maybe 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 via electronic methods will apply and you acknowledge that our records as to 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;
no certification authority or other third party verification is necessary to validate your Electronic Consent and that 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.