Terms and Conditions - شركة لون للتمويل

User Registration Agreement

Loan for Finance is a licensed financial technology company in Saudi Arabia, regulated and supervised by the Saudi Central Bank, specializing in providing micro-consumer financing solutions through an integrated digital system, compliant with Islamic law.

User Registration Agreement for the Lon Finance Platform (Terms and Conditions)

introduction:

These terms and conditions (“Terms”) have been prepared and designed to provide clear guidelines and legally binding terms regarding the services provided to you by Loon Finance Company, a closed joint-stock company under the laws of the Kingdom of Saudi Arabia trading under the trademark “Loon” (hereinafter referred to as “Loon,” “we,” “us,” or “the Company”). These Terms govern your use of the Loon mobile application (“Loon”) for microfinance consumer services and the Loon website (“Loon Site”), your relationship with the Company, and any other services made available to you through the use of the Loon platform from time to time (“Services”). This document will be available in Arabic and English. These Terms are presented to you for your review and acceptance before you consent to complete the login and registration process (hereinafter referred to as “Registration”) by the Company. Registration is a prerequisite for using the Loon Platform, the Loon Website, and the Services. Registration requires the Company to conduct “Know Your Customer” (KYC) checks to verify you as an authorized user of the Services. This will only be done once you have indicated your acceptance of the Terms. Please read these Terms carefully before completing registration, as the Terms affect your rights and obligations under the laws of the Kingdom of Saudi Arabia. If you do not agree to these Terms, please refrain from using the Loon Website or the Loon Platform. By registering on the Loon Platform, you acknowledge that you have read, understood, and agree to be bound by these Terms.

Definitions:

The following words and phrases will have the following meanings:

Term	Definition
Color	Loan Finance Company.
Account	The electronic cash account opened by the customer on the Loan platform to use the microfinance service.
APP	The Loan platform application or mobile-based services application.
Application	The registration form that the customer must complete to create an account on the Loan platform.
SAMA	The Saudi Central Bank.
SIMAH	Bureau
Fees	The service fees charged by Loan for the various services provided by the Loan platform.
Credit	The electronic cash available in the customer’s creditor account.
Credit Account	The account opened with the partner to organize all payments and hold them on behalf of the customer.
Color Brand	This is the trademark of Loan Finance Company, which specializes in providing microfinance consumer products through electronic channels and is licensed by the Saudi Central Bank.
Color Platform Service	This is an electronic platform provided by Loan, through which registered customers can obtain loans and repay loans in accordance with the license of the Saudi Central Bank.
Color Platform Customer Service Center	“Live Chat” means the customer service center where customers may contact customer service representatives during business hours to report any technical issues they encounter while using the “Lon” platform service. This service allows “Lon” to respond to such issues or address any other customer inquiries.
Distributor/Agent	Means the person appointed by “Lon” to provide services related to the “Lon” platform.
Distributor Services	Means the services and functions performed by distributors/agents in connection with the “Lon” platform, including subscription receipts, service activation, facilitating customer acquisition, onboarding customers to use the platform, recharge vouchers, and other services.
Electronic Account	Means the customer’s “Lon” platform account, which refers to the digital platform created and maintained by “Lon” for the exclusive benefit of the customer upon registration and acceptance of the terms and conditions provided by “Lon” from time to time.
Electronic Cash	Means the cash amount in the customer’s account, effectively equal to the cash amount held in the customer’s credit account.
SAR	Means the Saudi Riyal.
KYC	Refers to the “Know Your Customer” process and the customer’s personal identification details, authenticated in accordance with the requirements of the Central Bank of Saudi Arabia and other government agencies.
Lending	Refers to the microlending service provided to Loon platform customers on a case-by-case basis. Loon’s decision regarding customers’ eligibility for microloans will be at Loon’s sole discretion and in accordance with the qualification criteria and procedures specified by Loon.
Money Laundering	Refers to all prohibited activities under the laws of the Kingdom of Saudi Arabia.
SIM Card	The card containing relevant customer information, issued by a mobile telecommunications operator in the Kingdom of Saudi Arabia, enables the customer to benefit from and access the Loon platform service and other services provided by Loon.
Activation Code	Means the 6-digit PIN code issued to the customer upon registration for the Loon platform service. The 6-digit PIN code is used to activate the customer’s account.