Terms of Use

These Terms of Use went into effect on April 5, 2016. The Terms apply to both Borrowers and Lenders and cover the relationship between Borrowers, Lenders (collectively "Site users," "users" or "you") and Lendoor, Inc. ("Lendoor," "we," "us," and/or "our"), setting forth the legally binding terms for your use of the website located at www.lendoor.com (including all the areas of the website) and any successor websites, including any services, software, and applications made available through such website (collectively, the "Site," or "Service"). You can see the previous version of the Terms by clicking here.

1. Welcome

We are one of the first peer-to-peer crowdlending websites that allows you to ask your social network for a loan, while providing you template promissory notes (aka "Notes") to formalize your relationship with your social-network-discovered lender. As always, when you are at the forefront of something it's important to explain how your idea works - especially when it comes to explaining each party's legal rights and what their duties and obligations are to each other and to this website. We call this our Terms of Use and this document explains it all. When you use Lendoor, you're agreeing to be legally bound by all the rules on this document. Because this is a legal document we express much of it in legal language. With that said, we've tried our best to provide everybody clear and simple explanations of what everything means - this is why we have provided the every-day explanations as headers above the legalese. These explanations, however, are just that, explanations, and not part of the official legal terms.

Welcome to Lendoor. By using our Site and Service, you acknowledge and agree to be bound by these Terms of Use (the "Terms"), including our Privacy Policy, which is incorporated into these Terms - please see our Privacy Policy for more information about how we collect, use, and share information on the Service. These Terms address your rights and obligations with respect to the Service and describe your appropriate use of the Service, including any pertinent restrictions. It is also possible that during your use of the Service, you may enter into agreements that will provide you with rights and obligations not covered by these Terms. It is your responsibility to keep copies of all relevant agreements you enter into through our Site by downloading them or printing them out. You are solely responsible for the compliance with and the enforcement of the terms of those agreements.

Lendoor reserves the right, at its sole discretion, to change these terms from time to time. If we make any material changes to these terms, however, we'll let you know either via email or by notifying you on the Site. Updated versions of the terms only apply proactively (in other words, no Terms of Use will ever apply retroactively). Indeed the updated Terms will give the exact date they go into effect. If you continue to use Lendoor after a change, this means that you have accepted to be legally bound to the new Terms.

You further agree to be bound by all other terms and conditions we communicate to you or that we post on our Service. These along with the Terms and the Privacy Policy set out the conditions upon which you are offered access to and the use of our Service.

2. Lendoor's Service Generally

Lendoor provides users an online platform that allows individuals in need of a loan to use their social capital to crowdfund their loans through their social networks. Lendooor is not a party to any loan executed through our website, but instead we simply facilitate the transaction between you and your friends and family and improve what could be an awkward transaction by providing template loan agreements to memorialize the loan and a third-party payment processing to manage the repayment process. While we help make the loan process easier, it is important for you to understand that if you execute a loan agreement through our website, you are entering into a direct legal agreement between you and your friend or family member. There are risks associated with any loan, including the loans between friends and family executed through Lendoor. By using our Service, you recognize and accept these risks and understand that Lendoor is not a party to any loan you may enter into through Lendoor and that you are responsible for enforcing your rights and performing your obligations under any loan you execute.

a. An Outline

Lendoor's Service is an online crowdlending platform that acts as an intermediary to facilitate the execution of direct personal peer-to-peer loans ("Loans") between a Borrower and one or more Lenders that the Borrower is connected to through his or her online social media networks. The Lendoor Service includes the ability of users to track interest accrual, receive notices regarding Loans that he or she is a party to, and to repay the Loans. All Loans executed through the Service shall be personal, direct loans between natural persons, and shall be for any legal purpose.

b. Lendoor is a Third-Party Facilitator, Not a Lender or Financial Institution.

You understand and acknowledge that Lendoor is not a lender, a financial institution, a broker-dealer or an investment advisor. Lendoor does not underwrite or provide security, assurances or guarantees with respect to any Loans executed through our Service. Lendoor does not handle the transfer of money related to an executed Loan; any moneys transferred in order to fund Loans and any payments made pursuant to any executed Loans shall be done through our banking software provider SynapsePay's partner bank(s). By entering into this agreement, you agree to the terms of service of SynapsePay found here which are incorporated herein by reference.

c. You Accept All Financial Risks.

Lendoor only provides the Service. You accept all responsibility for financial risks associated with the execution of a Loan through the Service. You also accept full responsibility for any collections activities that may be necessary as a result of any Loan executed through the Service, including any related costs such as court filings, attorneys' fees, and other litigations or unrelated expenses associated with seeking repayment of a Loan executed through the Service. Lendoor disclaims all responsibility for financial risks resulting from your use of our Service. Lendoor advises you and you understand that you should consult an attorney before agreeing to these terms by using this Service, or executing a Loan through this Service.

d. Additional Risks Related to Creditworthiness and Background Checks.

During the process of determining whether a Lender wants to pledge to fund a loan, it is the Lender's sole responsibility to conduct his/her own background check, examination, or other screening to determine a Borrowers identity, and creditworthiness. LENDOOR DOES NOT DETERMINE THE IDENTITY OR CREDITWORTHINESS OF BORROWERS ON THE SERVICE. Moreover, Lendoor does not control and cannot guarantee the truth or accuracy of any content, representations, or other information posted on the Service by any users. You acknowledge and accept that Lendoor cannot determine the ability or intent of any Borrower to repay a Loan. All Loans are direct agreements between Borrowers and Lenders. Lendoor is not a party to any Loan executed through its Service.

e. Your Acceptance Of These Risks.

When using our Service, you agree to assume all the risks described above. In the event you have a dispute of any kind with one or more other users of the Service, you release Lendoor (and our affiliates and subsidiaries, and our and their respective officers, directors, employees and agents) from claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with such disputes.

f. Changes to the Service.

Lendoor has the right in its sole discretion and, at any time and without prior notice, (1) to perform maintenance to the Service due to technology improvements or bugs, and (2) to update, modify, or discontinue, temporarily or permanently, the Service (or any part thereof). You agree that Lendoor will not be liable to you or to any third party for any modification, update, or discontinuation of the Service.

3. About Creating an Account

Lendoor's platform is limited to US-based Borrowers and Lenders. To sign up for an account on Lendoor, you must be a US resident that is 18 years old or over. And you're responsible for your account and all the activity on it.

You don't need to register for an account to view and browse the Lendoor Site. But to actively engage on the Site as a Borrower or Lender, you'll need to register an account with Lendoor, choose an account name, and select a password. By creating an account, you represent and warrant that the information you give us is accurate and complete and that you will maintain and update such information to keep it current and accurate. Correspondingly you agree not to impersonate anyone else, give false or misleading information or use your account to be offensive or to violate anyone's rights. You further agree that your use of the Service is not to facilitate transactions that are illegal. If for any reason Lendoor determines that you have failed to follow these rules, we may cancel your account at any time, and if necessary bring a lawsuit against you for any damages caused by your inaccurate or false information.

In creating a Lendoor account you acknowledge that you are responsible for all the activity on your account, and for keeping your password confidential. If you find out that your account has been accessed or used without your permission, you must report it to support@lendoor.com immediately.

As a Lender, in order to view the loan campaign you have been invited to visit on Lendoor's website and to lend through Lendoor, you need to be a U.S. citizen who is at least 18 years old (or the age of majority, as determined by the laws in the state in which you reside, whichever is older). As a Borrower, in order to borrow through Lendoor you must be a U.S. citizen who is at least 18 years old (or the age of majority, as determined by the laws in the state in which you reside, whichever is older). You also must plan to use the proceeds from your loan campaign for a legal purpose. You also positively affirm that you can afford the estimated monthly repayments and service fee, and that you intend to pay your lenders back on time and per schedule.

4. Things You Simply Cannot Do

Behave yourself. There are a number of things that you shouldn't do - lie, break laws, abuse people, steal data, hack other people's computers, and a whole lot more. This section simply asks that you don't do this bad stuff. Lendoor expects all of its users (Borrowers and Lenders alike) to behave like responsible members of society while using its website. What you do on your own time is none of our business. But what you do on our Site is very literally our business.

You may not do any of the following while accessing or using the Services: (i) access, tamper with, or use non-public areas of the Services, Lendoor's computer systems, or the technical delivery systems of Lendoor's providers; (ii) probe, scan, or test the vulnerability of any system or network or breach or circumvent any security or authentication measures; (iii) access or search or attempt to access or search the Services by any means (automated or otherwise) other than through our currently available, published interfaces that are provided by Lendoor (and only under those terms and conditions), unless you have been allowed to do so in a separate agreement with Lendoor (iv) forge any TCP/IP packet header or any part of the header information in any email or posting, or use the Services to send altered, deceptive or false source-identifying information; (v) interfere with, or disrupt, (or attempt to do so), the access of any user, host or network, including, without limitation, sending a virus, overloading, flooding, spamming, mail-bombing the Services, or by scripting the creation of Content in such a manner as to interfere with or create an undue burden on the Services; (vi) use any robot, spider, crawler, scraper or other automated means or interface not provided by us to access the Services or to extract data; (vii) reverse engineer any aspect of the Services or do anything that might discover source code or bypass or circumvent measures employed to prevent or limit access to any area, content or code of the Services; (viii) take any action that infringes or violates other people's rights, violates the law, or breaches any contract or legal duty you have toward anyone; (ix) post information you know, or reasonably should know to be false, misleading, or inaccurate or do anything deceptive or fraudulent; or (x) issue an offer that is illegal, violates any of Lendoor's policies, rules, or guidelines, or violate any applicable law, statute, ordinance, or regulation.

We reserve the right (but will not have an obligation) to suspend or terminate users. If we have reason to suspect, or learn that anyone is violating these Terms, we may investigate and/or take legal action as necessary. We reserve the right to investigate and take appropriate legal action, including without limitation, cooperating with and assisting law enforcement or government agencies in any resulting investigations of illegal conduct.

We also reserve the right to access, read, preserve, and disclose any information as we reasonably believe is necessary to (i) satisfy any applicable law, regulation, legal process or governmental request; (ii) enforce the Terms, including investigation of potential violations hereof; (iii) detect, prevent, or otherwise address fraud, security or technical issues; (iv) respond to user support requests; or (v) protect the rights, property or safety of Lendoor, our users and the public. Lendoor does not disclose personally identifying information to third parties except in accordance with our Privacy Policy.

5. How a Loan campaign through Lendoor works

You want to crowdfund a loan. How does it work? There is certain information that you, the Borrower must provide your social media friends and family; your potential Lenders. And just as important, you have to agree to the promises below so that everyone involved in the loan campaign (you, the Lender and us) can feel comfortable that everything is done right. There is a lot you are agreeing to, so read carefully.

A. Borrower Warranties, Representations and Obligations:

When a Borrower creates a Loan Campaign, the Borrower agrees to the following responsibilities, warranties and obligations regarding a proposed loan campaign through Lendoor's platform:

Borrower warrants that he or she has the financial ability and resources to take on the Loan and to repay the Loan according to the terms of the executed Note(s).

Borrower warrants that he or she is the person he or she claims to be and that Borrower has the legal authority to enter into a Loan.

Borrower agrees not to use the Lendoor site for any unlawful purposes.

Borrower warrants that all statements and information provided to Lendoor, Lender and otherwise related to its proposed loan campaign are true and correct.

Borrower acknowledges that he or she has had the opportunity to review these terms of use with his or her attorney. Borrower acknowledges that if Borrower borrows money through the Service without consulting an attorney, then Borrower has voluntarily chosen not to seek independent legal counsel.

Borrower acknowledges that if its loan campaign is fully funded by Lenders, the loan campaign will result in a Loan from Lenders with terms described in the standard Note agreement, and that the Borrower is responsible to repay the Loan according to the terms of the underlying Notes.

Borrower warrants that he or she has a prior existing relationship through his or her social media accounts with all Lenders that the loan campaign is being proposed.

B. Loan campaign Process

In preparing its loan campaign through the Lendoor platform, Borrower must set forth the parameters of its loan campaign, including (a) the amount of money the Borrower is seeking for his or her Loan (between $50,000 and $5,000), (b) the interest rate the Borrower is willing to pay upon the principal of the Loan (with a maximum rate of 8%), and (c) the length of time the Borrower has to repay the principal and interest associated with the Loan (between 36 months and 3 months).

The loan campaign shall be available for Lender funding for a thirty (30) day period. The Borrower understands and acknowledges that there is no guarantee that its loan campaign will be funded. In the event that the Borrower's proposed loan campaign is not funded, all monies shall be returned to Lenders, and Borrower's Loan shall not be executed. Failure to fully fund a loan campaign does not preclude Borrower from future use of the Lendoor website to try the same loan campaign again or to propose another loan campaign. Borrower can immediately propose the same or a different loan campaign.

All payments of Lender pledges that are made through Lendoor are handled by our banking software provider SynapsePay's partner bank(s). Money pledged toward a Borrower's loan campaign shall be transferred from Lender's bank account into a pooled account earmarked for the benefit of the Borrower in an FDIC insured bank. Once in the pooled account, the money will either be released into Borrower's bank account (if the loan campaign is successful) or returned to the Lender(s) in full if the loan campaign fails to reach its goal within the 30 day campaign period.

Borrower may cancel the loan campaign at any time before the funding period closes. In the event that Borrower cancels the loan campaign, no debt will be issued and all funds committed by Lenders will be returned to Lenders. Borrower, however, will be required to pay Lendoor a $100 cancelation fee.

If the target amount of the loan campaign is reached on or before the deadline specified in the loan campaign, the loan campaign will be automatically closed and the loan campaign amount (less facilitator fee) shell be send to the Borrower's bank account within 2 business days. At the time the funds are transferred to Borrower's bank account, Lenders shall receive electronic notice via email that the Loan is fully funded and the Lender has a binding Note with Borrower. The Note(s) shall be executed simultaneously with the closing of the campaign.

Borrower shall then be responsible for making monthly payments on the Notes. Lendoor will facilitate the repayment process through Lendoor's banking software provider SynapsePay's partner bank(s), pursuant to the payment schedule of the Note. Borrower must make monthly payments until the Note principal and interest are fully repaid to Lenders. BORROWER SHALL PROVIDE AN ACH DEBIT AUTHORIZATION FORM THAT WILL ALLOW LENDOOR TO DRAFT MONEY FROM THE BORROWERS BANK EACH MONTH.

C. Default

Borrower acknowledges and agrees that in the event that Borrower fails to pay Lenders under the terms of its Notes executed under its loan campaign this constitutes default under the Notes. If Borrower fails to cure its default in accordance with the terms of its underlying Notes, then the Lender reserves the right, but not the obligation, to pursue its rights in court or send Borrower's account to a third-party collection agency in accordance with the terms of the underlying Note. If Borrower's Note(s) are sent to a third-party collection agency, Borrower agrees to pay the costs of Lenders or any third-party collection agency, including filing fees, attorneys' fees, or other reasonable expenses associated with the collection of Borrower's Notes. LENDOOR IS NOT A COLLECTION AGENCY AND SHALL NOT COLLECT THE DEBT UNDER THE NOTES. LENDOOR SHALL NOT BE OBLIGATED TO SEND ANY DEFAULT NOTES TO COLLECTION.

6. How Lending Through Lendoor Works

This section goes over the details of pledging to a Loan Campaign - things like how money gets collected, whether pledges can be changed or canceled, and how Borrowers can contact Lenders. It also establishes what obligations, representations and warranties the Lenders must make to lend through Lendoor. If you plan to pledge into any loan campaign through Lendoor, this section explicitly applies to you. You shall be referred to as a "Lender" below.

These are the terms that apply when you're lending:

A. Lender Warranties, Representations and Obligations:

Lender warrants that he or she can withstand the complete loss of any such loan.

The Lender agrees not to use the Lendoor site for any unlawful purposes and also agrees to not be a bad actor in any way.

The Lender warrants that he or she has is connected to Borrower through social media and has a prior existing relationship with Borrower.

The Lender warrants that all statements and information provided to Lendoor, and Borrower are true and correct.

Lender warrants that he or she has read all Borrower statements and summary of loan campaign, and all Lendoor disclaimers related to Lender's use of this Site.

Lender acknowledges that he or she has had the opportunity to review these terms of use with his or her attorney. Lender acknowledges that if Lender pledges money through the Service without consulting an attorney, then Lender has voluntarily chosen not to seek independent legal counsel.

Lender acknowledges that lending through the Lendoor platform is risky and there is no guarantee that Lender will ever receive any or all of its money back. Indeed, Lender recognizes that there is a chance that Lender could lose the entire amount of its loan.

B. Lending Process

All payments of Lender pledges that are made through Lendoor are handled by Londoor's banking software provider SynapsePay's partner bank(s). Money pledged toward a Borrower's loan campaign shall be transfered from Lender's bank account into a pooled account earmarked for the benefit of the Borrower in an FDIC insured bank. Once in the pooled account, the money will either be released into Borrower's bank account (if the loan campaign is successful) or returned to the Lender(s) in full if the loan campaign fails to reach its goal within the 30 day campaign period.

C. Pledge Cancelations

Once a Lender makes a pledge, the Lender may not cancel that pledge. However, in the event a Borrow posts information on the Lendoor Site regarding a material negative change related to the Borrower or Borrower's loan campaign, each Lender will be given the opportunity to cancel or reconfirm the pledge. If Lender does not reconfirm his/her pledge by the loan campaign deadline, Lendoor will cancel the pledge and Lender's pledge will be returned in full.

D. Default

All rights and obligations of the Lender and the Borrower are described in the Note. The Note is a direct legal agreement between Borrowers and Lenders. In case of default the Lender has the rights to pursue his/her rights with all legal means LENDOOR IS NOT A COLLECTION AGENCY AND SHALL NOT COLLECT THE DEBT. LENDOOR SHALL NOT BE OBLIGATED TO SEND ANY DEFAULT DEBT TO COLLECTION.

7. Handling of Money

You have pledged to lend in a loan campaign. Who handles your money? Where does your money go? And what happens if the loan campaign doesn't reach its goal? Is Lendoor responsible for handling my money? Or you are a borrower and your Loan fully funds. How do you repay your Lenders? Do you send your money directly to the Lender or to Lendoor? Does Lendoor handle your money? There are a lot of questions regarding how the money is handled. In short, all money will be handled by Lendoor's banking software provider SynapsePay's partner bank(s). Lender money, once pledged, is kept earmarked and placed in a pooled account with an FDIC insured bank until the loan campaign reaches its funding goal, at which point all pledges are transferred to the Borrower. If the loan campaign fails to reach its funding goal, the Lenders will get a full refund of their money. If the Loan is executed, Borrower shall repay the Lenders by making payments using Lendoor's banking software provider SynapsePay's partner bank(s). Lendoor's platform may be used to monitor loan amortization and payments, and authorize pre-payments, but in no event does Lendoor handle your money.

All payments of pledges that are made through Lendoor are handled by Lendoor's banking software provider SynapsePay's partner bank(s). Money pledged toward a Borrower's loan campaign shall be transferred from potential Lender's bank account into a pooled account earmarked for the benefit of the Borrower in an FDIC insured bank. Once in the pooled account, the money will either be released into Borrower's bank account (if the loan campaign is successful) or returned to the Lender(s) in full if the loan campaign fails to reach its goal within the 30 day campaign period.

In the event a Loan is executed between Borrower and Lender(s), then Borrower shall repay Lender(s) by making monthly payments at the amounts agreed to in the Note through SynapsePay's partner bank(s), via the Lendoor Site.

You acknowledge that Lendoor's banking software provider SynapsePay's partner bank(s) and not Lendoor is the party responsible for handling your monies. By entering into this agreement, you agree to the terms of service of SynapsePay found here which are incorporated herein by reference. You understand that SynapsePay is its own entity separate from Lendoor, and Lendoor isn't responsible for SynapsePay's performance and has no authority to control SynapsePay. Lendoor disclaims any responsibility for or liability resulting from SynapsePay's actions or failure to act in any way related to SynapsePay's performance pursuant to a Loan funded through the Service.

8. Communications.

Communications between users begin when the Borrower sends notices to his or her social media contacts to invite them to pledge an amount in support of the Borrower's loan campaign. Once the initial communication has begun, we want to keep the lines of communication open. Launching a loan campaign and pledging to lend in such a loan campaign are big decisions for Borrowers and Lenders. It is important when making these decisions that the parties are able to communicate with one another and ask questions. Lendoor understands this and provides its users with an easy way to communicate through the Site. We provide two avenues for Borrower-Lender communication; the public Town Hall and the private Lendoor Messaging. Below is an outline of how the communication process works.

Borrowers may only communicate the existence of their loan campaign to their social media contacts. They can use any means necessary to communicate with social media contacts, but Borrowers are not allowed to communicate the existence of their Loan campaign to person they do not have a prior relationship with and cannot request a contact become a Lender unless they are connected on social media.

During the time a loan campaign is on its Site, Lendoor will provide a messaging board (Town Hall Tab) through which Lenders can communicate with Borrower about the loan campaign. These communications between Lenders and Borrowers are visible to all potential Lenders with access to the loan campaign. After the loan campaign closes, the Town Hall will continue to provide the ability to the Borrower to post updates. The Q&A section will be disabled to avoid "public shaming" of Borrowers in the unfortunate case of default. Borrowers and Lenders are allowed to discuss the loan campaign outside of the Lendoor Service.

It is Borrower's decision whether to keep all communications public during a live campaign.

Lendoor also provides a private means of communications between users; Lendoor Messaging. Lendoor Messaging will continue to be available between users after the closing of a campaign.

Notwithstanding the foregoing, Borrower may distribute a notice limited to people they know, a statement that the Borrower is conducting a loan campaign through Lendoor and with a link directing the potential Lender to Lendoor's Site.

9. Stuff We Do and Stuff We Don't Do and Aren't Responsible For

Lendoor is simply an intermediary that provides a lending platform for individuals to raise funds and Lenders to provide credit to those individuals. We are not in the business of verifying Borrower or Lender content. Yes, we are here to help facilitate the Borrower-Lender process, but only by providing the platform, not by getting involved.

Lendoor is an intermediary platform that does not include any verification, advice or consulting services as to content provided by users - Borrowers and Lenders alike.

Lendoor does not hold, manage, possess or otherwise handle Lender funds, nor is Lendoor affiliated with a Borrower whose loan campaigns appear on Lendoor's Site.

Lendoor shall not hold a financial interest in any Borrower loan campaign on the Lendoor's website.

Lendoor reserves the right to cancel a loan campaign at any time without cause. If Lendoor cancels a loan campaign because Borrower is in violation of these Terms or any other agreement with Lendoor, then Borrower must pay $100 termination fee to Lendoor.

Users are responsible for investigating the accuracy and completeness of any content posted by users that they rely on. Furthermore, users agree that their use of any user content is at their sole risk and Lendoor is not responsible for their reliance on any such content. Users are solely responsible for the accuracy and completeness of content they provide to the Lendoor platform.

Particularly, but without limitation, it is understood that Lendoor is not responsible for investigating any of the following:

We aren't liable for any damages or losses related to your use of the Service. We don't become involved in disputes between Borrowers and Lenders, or between users and any third party relating to the use of the Services.

When you use the Service, you release Lendoor from claims, damages, and demands of every kind - known or unknown, suspected or unsuspected, disclosed or undisclosed - arising out of or in any way related to such disputes and the Services. Again, all content you access through the Service is at your own risk. You're solely responsible for any resulting damage or loss to any party.

10. What we Charge

While creating a Borrower or Lender account on Lendoor is free, we do need to make some money for facilitating the process of lending and borrowing. Below is how that works.

A. Fees for Borrowers

Creating an account on Lendoor is free. If you create and launch a loan campaign that is successfully funded, we collect a facilitator fee in the amount of 2% of the total loan campaign amount.

If the Borrower launches a campaign, but decides for any reason to cancel it before the campaign closes successfully or expires unfunded, the Borrower will be charged a $100 fee.

Borrower is responsible for paying a service fee for using Lendoor's platform to manage their loan repayment. The service fee is 50 cents per lender per month (capped at $25 per month). This fee will be the only loan service fee the Borrower would have to pay. The borrower will not have to pay a separate processing fee to Lendoor's banking software provider SynapsePay. We reserve the right to change that fee if the fees charged by our banking software provider increase.

B. Fees for Lenders

There are no fees for lenders. Furthermore, if Lender pledges money in a campaign that does not fund successfully, Lender's money will be returned in full and no fee will be charged.

C. General

At no time will we collect any fees without giving you a chance to review and accept them. If our fees ever change, we'll announce that on our Site and via email.

11. Other Websites

We can only control what happens on Lendoor. If you follow a link to another website, what happens there is between you and them - not us.

The content that Borrowers and Lenders provide Lendoor may contain links to other websites. If you access a third-party website, you do so at your own risk. Lendoor doesn't control or endorse those sites.

Furthermore, Lendoor partners with other companies for payment processing. When you pledge in a loan campaign in or launch a loan campaign, you're also agreeing to the payment processor's Terms of Use.

12. Intellectual Property

A. Your Content

We don't own the content you post on Lendoor. But by posting content on our website, you're giving us permission to use that content in whatever way we want or need in order to run the site, or illustrate to third parties what's going on with the website. A lot of our use of your content will be for marketing and advertising purposes. In short, by posting content on our website you're telling us that you're responsible for the content, and you're giving us permission to use it. You should also read our Privacy Policy to ensure that you fully understand how we might use posted content.

Lendoor doesn't own content you post or submit to our website. But by posting content you grant us a license over your content in order to perform our Service. By way of an example, when you post content on our website, you agree to these terms:

You grant to us, and others acting on our behalf, the worldwide, non-exclusive, perpetual, irrevocable, royalty-free, sublicensable, transferable right to use, exercise, commercialize, and exploit the copyright, publicity, trademark, and other rights with respect to your Content.

When we use your content, we can make certain changes (we can edit or translate it). And you grant us the right to do the following: edit, modify, reformat, excerpt, delete, or translate any of your Content.

You agree that you will not submit content you don't hold the authority to submit (you either own the copyright or you have permission to submit it). Your Content will not contain material that is subject to a third-party copyright, or some other third-party proprietary rights, without the express permission from the material's owner, or you are somehow otherwise legally entitled to use the material and you have the authority to give Lendoor all the rights outlined herein.

You agree that you will pay all royalties and other amounts that may be owed to any person or entity based on your use of the Content you submit to Lendoor. This includes any amounts owed that is based upon Lendoor's hosting of that Content.

You promise that any of our use of your Content will not violate anyone's rights, including copyrights. More specifically, if Lendoor or its users make use of your Content in any ways acceptable under this agreement, you promise that this use will not infringe or violate the rights of any third party, including without limitation any privacy, publicity, contract, or any other intellectual property or proprietary rights.

You are responsible for the content you submit. We're not responsible for mistakes in your content. And we will not be liable for any errors or omissions in any content.

If you provide any comments, suggestions, or other feedback regarding our website you grant Lendoor a license to use such comments, suggestions and feedback on a non-exclusive, worldwide, fully paid, perpetual, irrevocable basis. This license includes the right to disclose, modify, reproduce, license, distribute, commercialize and otherwise freely use such comments suggestion and feedback without any restriction.

B. Our Content

Lendoor has worked hard to create a website that is a great platform to use. Behind that work is a lot of content we have created and used. Our content on the site is protected in various ways. Yes we give you the right to use our content for certain limited purposes explained below, but you can't use it for anything commercial without getting our permission first.

Our content is protected in many ways, including copyrights, trademarks, service marks, trade secrets, and other rights and laws. You agree to respect all legal notices, information, and restrictions contained in any content accessed through the Site. You also agree not to change, translate, or otherwise create derivative works based off our content.

You have a limited, revocable, non-exclusive, non-transferrable license to use the website and our content solely for legally permitted activities related to our Service as outlined in these Terms.

You are also granted a limited license to reproduce content from the Service for personal use. This license is limited to Lendoor's own content and user-generated content. This license is non-exclusive, non-sublicensable, and non-transferable on a worldwide basis. If you want to use any of our content in any way that is for a commercial purpose, you need prior written permission from Lendoor or the relevant copyright holder. We define a "commercial purpose" as your use of our content in any way for your financial gain.

13. Dealing with Copyright Issues

We are subject to the Digital Millennium Copyright Act and it is our intent to comply with its requirements - as should all websites. Please let us know if you believe that you have a copyright issue and we'll work hard to solve the problem.

All Internet websites are subject to the Digital Millennium Copyright Act ("DMCA"), which is a set of legal requirements that covers allegations of copyright infringement. We comply with the DMCA, and respond to notices of alleged infringement that comply with the DMCA. As a result, we reserve the right to unilaterally delete or otherwise disable or eliminate content that we are notified may be infringing an existing copyright. Moreover, we reserve the right to terminate the accounts of any repeat infringers. This decision is made at our sole discretion.

Any notices of potential copyright infringement must be sent to our designated agent for notice of alleged copyright infringement through the below contact details:

Lendoor, Inc.
Attn: Copyright Agent
The Yard
85 Delancey Street, Floor 2
New York, NY10002

14. Removing an Account

You have the ability to delete your account at any time. But we want you to know that deleting your account does not delete the content you posted on the website - that stays with us. Also, full disclosure, we reserve the right to delete or otherwise remove your account as well.

You have the ability to terminate your account at any time for any reason. Correspondingly, Lendoor can terminate or delete your account or otherwise suspend your access to the Site at any time and for any reason. Lendoor also has the right to remove or modify your content, at any time subject only to Lendoor's reasonable discretion. Lendoor's decision to terminate your Account and your access to our website can be done with or without cause and without notice.

You acknowledge and understand that these Terms survive termination of your account, including our rights regarding any content you submitted to the website before your account was terminated. Following termination of your account, however, your license to use Lendoor Content automatically terminates, and Lendoor has no obligation to provide you with use of the Site. You agree that even upon termination of your account, you are responsible for any fees, indemnification and other liabilities or obligations arising from or in connection with your use of the platform.

15. Lendoor's Rights & Powers

To provide our users with safe and functioning Service, we need to have the ability to control what happens on our Site. This section explains that we reserve the right to make decisions to protect the functioning and integrity of our website. We understand these are important powers and we only use them when we have to do so.

Lendoor has the power to make changes to our website and Service at any time without notice or liability. We also have the right to decide who can and cannot use Lendoor's Service. It is solely our right to decide whether we cancel accounts or decline to offer our Service. Similarly, we reserve the right to change our eligibility criteria at any time. We have the right to cancel any loan pledge to any loan campaign, at any time and for any reason. We have the right to reject, cancel, interrupt, remove, or suspend any loan campaign at any time and for any reason. And we are not liable for any damages as a result of any of these actions. Lendoor is not required to provide reasons for any of the above actions in this section.

16. As-is Services

Although we do our best to provide you with great services, it is not possible to guarantee that our services will always work as we intend. We provide you our website as-is, without warranties.

You acknowledge and accept that your use of our Services are at your own risk. You understand and acknowledge that we provide our Services to you "as is" and “as available” and without any warranties, express or implied.


17. Indemnification

You agree to defend Lendoor in the event that you do anything on Lendoor's Site that results in us getting sued.

You agree to defend, indemnify, and hold Lendoor harmless from and against any and all claims, suits, and/or causes of action for losses, liabilities or damages (including reasonable attorney's fees) suffered by Lendoor arising out of or related to: (1) your breach of any of these Terms; (2) any false or misleading statements you make while using our Services; or (3) any intentional or negligent act you perform related to our Services. We reserve the right to assume the exclusive defense and control of any matter subject to this indemnification clause. You agree that you'll cooperate and help us in asserting any defenses.

18. Limitation of Liability

You agree that we're not liable for any damages you may suffer that result from your use of Lendoor (beyond what is stated below).


19. The Law that Applies & Solving Disputes

In the event that we get into a dispute, that dispute must be handled in New York under New York State law.

Before the courts are used to solve a dispute, we encourage you to contact us if you have an issue. In the event that a dispute between us results in litigation, these Terms (and all of our other rules, policies, or guidelines) will be governed by and construed in accordance with the laws of the State of New York and the United States, without giving effect to any principles of conflicts of law. You agree that any action arising out of or relating to these Terms, or your use or non-use of our Services, shall be filed only in the state or federal courts located in New York County in the State of New York.

20. All that other Stuff

These Terms control how our Services work. They are the final word. Lawyer's call the below "Boilerplate", but please keep reading as this covers the rest of the agreement. Thanks so much for your time, and for using Lendoor.

These Terms and any materials referenced within them embody the entire agreement and understanding between you and Lendoor with respect to the Services. They supersede all prior proposals, understandings, agreements, correspondence, arrangements and contemporaneous oral agreements relating to the subject matter of our Services. If a court in any final, unappealable proceeding holds any provision of these Terms or its application to any person or circumstance invalid, illegal or unenforceable, the remainder of these Terms, shall not be affected, and shall be valid, legal and enforceable to the fullest extent permitted by law. The failure of either you or Lendoor to exercise any right provided for in these Terms won't be deemed a waiver of compliance of any provision of these Terms.

You cannot assign these Terms, transfer them, or sublicense them unless you get Lendoor's prior written consent. Lendoor, however, has the right to assign, transfer, or delegate any of its rights and obligations under these Terms without your consent. Lendoor will provide any notice required under these Terms via email, written notice, or by conspicuously posting the notice on our Site.

The End.

April 5th, 2016