Terms of Use
1. General Information
1.1 This website and app (hereinafter, collectively, the "Mobile Application namely Fauri Cash") are operated by PAKISNOVA MICROFINANCE COMPANY(PRIVATE) LIMITED, a limited liability company established and managed under the laws of the Islamic Republic of Pakistan, having its office address at Office # 410, Fifth, Floor, Gulberg Business Centre, Civic Centre, Gulberg Green, lslamabad (hereinafter, "Fauri Cash" or “We”).
1.2 The Mobile Application "Fauri Cash" is the exclusive property of Fauri Cash, which is the only one authorized to use and exploit the intellectual property rights and the rights of the individual relating to this Mobile Application, in particular the trademarks, designs, copyright and image rights, by original title or by virtue of express authorization, patent and any other intellectual property right. For any kind of query, consultation or suggestion, you (hereinafter referred to as “User” or “You”) can send us your comments by e-mail to: hello-pk@fauricash.com .
1.3 These terms and conditions (the “Conditions”) constitute a legal mandatory agreement (the “Agreement”) between Fauri Cash and the User (each as defined below). You must read and accept these terms and conditions before accessing and using the contents, tools, etc. of the Mobile Application. If you do not agree with this Terms of Use, you will not be able to use the Website. This Agreement shall come into effect upon a User creating an account on any Fauri Cash Mobile Application.
2. Acceptance of Terms
2.1 All use of PAKISNOVA products, as well as the terms of access and usage of any Fauri Cash Mobile Application are subject to the following terms and conditions. Access to or use of any PAKISNOVA’s product through PAKISNOVA’s Mobile Application constitutes User's acceptance and agreement to abide by and be bound by these conditions (whether expressly accepted or not) . By creating a user account, registering for any product on PAKISNOVA Mobile Application, User shall be deemed to have read, understood and agreed to be bound by these conditions.
2.2. Fauri Cash may modify these Conditions at any time without prior notice by posting the amended terms and conditions on its website or by updating the terms of its mobile application or other Fauri Cash Mobile Application (as the case may be). Such revised or updated terms and conditions shall become effective upon notice or uploading to the Fauricash Mobile Application, but failure to make or receive such notice shall not invalidate any such changes as continued use of Mobile Application after update signifies the acceptance of revised terms.
2.3.The User must accept these revised or updated terms and conditions in order to continue using any of Fauri Cash 's products.
2.4.If the User does not accept these Conditions, PAKISNOVA shall have the right to: (i) immediately terminate this Agreement, (ii) discontinue or suspend providing any product , (iii) deny you access to the Fauri Cash Mobile Application; and/or (iv) exercise any other reasonable remedy . Such termination of this Agreement, discontinuation or suspension of any product or denial of access shall be without prejudice to all rights, titles and interests of Fauri Cash which have arisen or accrued against you prior to such action.
2.5 Conditions of use of the Website
Both browsing the Mobile Application and the use of its contents are subject to these terms and conditions. Accessing and browsing this Mobile Application constitutes your unreserved acceptance of everything contained in the legally binding these terms and conditions and Privacy Policy. If you do not agree with the Terms of Use, you will not be able to use the Mobile Application.
3. Definitions
In this Agreement, the following capitalized terms shall have the meanings given to them as under (unless the context otherwise requires);
3.1."Applicable Law" means all regulations, decrees, statutes, rules or orders of any kind that may be in force from time to time by any government or regulatory agency and apply to the activities contemplated by this Agreement.
3.2. “Due Date” means the date on which any amounts, including any loan, interest charges and recoverability of any expenses incurred in releasing the loan become due and payable by the User to Fauri Cash.
3.3. “Finance” means any form of loan amount permitted to be provided by PAKISNOVA according to the terms of its license and the terms of any Applicable Laws, which may from time to time be made available by PAKISNOVA via Fauri Cash Mobile Application on such terms and in such amounts as shall be determined by PAKISNOVA in its discretion after a User submits an application.
3.4. “Fauri Cash” is the business or trade name used by “PAKISNOVA MICROFINANCE COMPANY (PRIVATE) LIMITED”, a non-banking finance company duly licensed by the Securities and Exchange Commission of Pakistan .
3.5. “ Fauri Cash Mobile Application” means the website, web portal, mobile application or any other user interface through which Fauricash may offer loan amount to Users.
3.6. “Operative Account” means the account maintained by the User with Fauricash for the purposes of obtaining loan. .
3.7. “User” means any person who has registered and has an active user account via any Fauricash Mobile Application (also referred to as “customer” or “you”).
3.8 “Borrower” means a User who has applied for seeking loan provide by Fauricash Mobile Application and has been approved by PAKISNOVA.
3.9 “Fauri Cash ” and the “User” shall together be referred to as the "Parties" and where the context requires individually as a "Party".
4. User License and Intellectual Property Rights
4.1.Subject to your compliance with this Agreement, PAKISNOVA grants the User a limited, non-exclusive, non-sub-licensable, revocable, non-transferrable license to: (i) access and use the "Fauri Cash" Mobile Application on its personal device solely in connection with requesting or availing any loan amount; and (ii) access and use any content, information and related materials that may be made available through the Fauri Cash Mobile Application, in each case solely for the User’s personal, non-commercial use. Any rights not expressly granted herein are reserved by PAKISNOVA.
4.3.The User hereby confirms, agrees and acknowledges that all Intellectual Property rights in the Fauri Cash Mobile Application, including know-how, software, source-code, information technology tools, artificial intelligence, and other technology used by PAKISNOVA has been developed exclusively for Fauri Cash. All rights in such Fauri Cash Mobile Applications are expressly reserved.
4.5. The User may not access, copy, reverse engineer, modify or otherwise seek to replicate or utilize Fauri Cash Mobile Application for any purpose other than to avail any loan amount in accordance with these Terms. A User may not access any Fauricash software in source-code form.
5. User Information
5.1. In order to avail any loan amount from Fauri Cash, the User must be at least eighteen (18) years old.
5.2. The User agrees to provide, and to maintain at all times, accurate, complete, and up-to-date information when creating a User account and to ensure that the User’s account remains active. If a User fails to maintain accurate, complete, and up-to-date the information, it may result in the user's account being disabled, suspended, or terminated with no prior notice. PAKISNOVA shall be entitled to immediately terminate this Agreement with a User if it considers the User’s account information to be incorrect, incomplete or outdated.
5.3. The User agrees that it shall at all times be responsible to maintain the security and secrecy of the User’s account username and password. The User agrees and understands that it is responsible for all activity that occurs under the User’s account, even as a result of loss, damage or theft of the device through which the User accesses the Fauri Cash Mobile Application.
5.4.The User agrees that PAKISNOVA may disclose User’s personal information relating to the loan amount to any of its affiliates, business partners, employees, shareholders, agents, consultants, to any third party (including credit bureaus), regulatory or governmental authorities, if in PAKISNOVA’ s opinion such disclosure is necessary for the purpose of evaluating any application made via Fauri Cash or such third Party or maintaining the Operative Account with Fauri Cash or in good faith belief that such disclosure is reasonably necessary to enforce this Agreement and/or Privacy Policy, to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud, or for any other purpose as PAKISNOVA may deem appropriate.
5.5. The User agrees that PAKISNOVA may disclose User’s personal information relating to loan amount including details of default in servicing the Operative Account to any third party (including credit bureaus) for the purpose of evaluating the User's credit worthiness or for any other lawful purpose. The User hereby expressly consents and allows PAKISNOVA to forward personal data and file credit information to licensed credit bureaus, insurance companies, mobile financial service providers/banks and other partner companies of PAKISNOVA .
5.6 For additional information regarding how Fauri Cash processes the Users’ personal data, please visit the Privacy Policy.
5.7 Cookies” are small text files transferred by a web server to users hard drive and thereafter stored on their computer. The types of information a cookie collects include the date and time users visited, their browsing history, preferences, and username. The company may use cookies to manage our users sessions and to store preferences tracking information and language selection. Cookies may use cookies to manage our users sessions and to store preferences tracking information and language selection. Cookies may be used whether customers register with us or not. That third-party websites and advertisers or internet advertising companies working on our behalf, sometimes use technology to send or serve data that appear on our Application. They automatically receive your IP address when that happens. They may also use cookies, JavaScript, web beacons, and other technologies to measure the effectiveness of their advertisements and to personalize advertising content. We cannot control or access cookies used by the third party service providers. This Privacy Policy covers only Cookies used by us, and not any Cookies used by third-parties. Therefore, we are not responsible for the information or content they may contain, nor are we responsible for the privacy practices employed therein. Please contact them directly for more information about their privacy policies. This Privacy Policy applies solely to information collected by us through the Application.
6. User Requests or Applications
6.1. PAKISNOVA may refuse an application submitted by a User requesting the provision of any loan amount (including any roll-over of existing loan obtained by a User) without assigning any reason. Nothing herein shall entitle or be deemed to grant the User any right, title or interest in or to any loan amount
6.2 After the loan application is submitted by the User, Fauri Cash will begin the verification process. Fauri Cash may checking the User’s credit report, bank account history, or other financial records to assess their creditworthiness. We may use algorithms to analyze large amounts of data and make lending decisions quickly and accurately. If the User meets Fauri Cash’s eligibility criteria and passes the verification process, the loan may be approved.
7. User Undertakings
7.1.The User represents, warrants, undertakes and covenants with PAKISNOVA that it shall repay on time, on or no later than the Due Date, all amounts due and payable by such User to PAKISNOVA in connection with any loan amount provided by PAKISNOVA , or the use of the Fauri Cash Mobile Application from time to time.
7.2.With respect to a User’s use of the Fauri Cash Mobile Application and obtaining any loan amount, the User agrees and undertakes that it will not: (i) impersonate any person or entity; (ii) stalk, threaten, or otherwise harass any person (including other Users making simultaneous use of the Service) or engage in any other activity which may constitute a crime under the Prevention of Electronic Crimes Act, 2016; (iii) violate any law, statute, rule, permit, ordinance or regulation in Pakistan; (iv) interfere with or disrupt the Services or the Fauri Cash Mobile Application or the servers or networks connected to the Fauri Cash Mobile Application; (v) post information or interact on the Fauri Cash Mobile Application or with respect to any loan amount provided by PAKISNOVA in a manner which is false, inaccurate, misleading (directly or by omission or failure to update information), defamatory, libelous, abusive, obscene, profane, offensive, harassing, or illegal; (vi) use the Fauri Cash Mobile Application for any illegal activity, including money laundering, terrorist financing or any other criminal or immoral activity; (vii) undertake any act which in any way that infringes any of PAKISNOVA ’s rights, including but not limited to: intellectual property rights, copyright, patent, trademark, trade secret or other proprietary rights or rights of publicity or privacy; (viii) post, email or otherwise transmit any malicious code, files or programs designed to interrupt, damage, destroy or limit the functionality of any computer software or hardware or telecommunications equipment or surreptitiously intercept or expropriate any system, data or personal information; (ix) forge headers or otherwise manipulate identifiers in order to disguise the origin of any information transmitted through the Fauri Cash Mobile Application; (x) “frame” or “mirror” any part of the Fauri Cash Mobile Application, without our prior written authorization or use meta tags or code or other devices containing any reference to us in order to direct any person to any other web site for any purpose; (xi) modify, adapt, translate, reverse engineer, decipher, decompile or otherwise disassemble any portion of the Fauri Cash Mobile Application or any software used on or for the Fauri Cash Mobile Application; (xii) rent, lease, lend, sell, redistribute, license or sublicense the Fauri Cash Mobile Application or access to any portion of the Fauri Cash Mobile Application; (xiii) use any robot, spider, site search/retrieval application, or other manual or automatic device or process to retrieve, index, scrape, “data mine”, or in any way reproduce or circumvent the navigational structure or presentation of the Fauri Cash or its contents; (xiv) link directly or indirectly to any other web sites (xv) transfer or sell your user account, password and/or identification to any other party; (xvi) cause any third party to engage in the restricted activities above.
8. Charges
8.1. The User agrees to pay any and all amounts, including mark up and penalties on delay payments to Fauri Cash in consideration for providing loan amount.
8.2. The User hereby confirms that it has considered the mark up charges and reimbursement of cost incurred in releasing the loan amount to Fauri Cash as specified in these Conditions and fully understands that failure to settle any amounts on their Due Date shall result in additional penalties under Applicable Law.
8.3.The mark up charges paid by a specific User for using any loan amount shall be intimated to the User via the Fauri Cash Mobile Application at the time the loan amount are offered to or used by a User.
8.4. The mark up charges paid to Fauri Cash shall be intimated to the User via display on the screen of the Fauri Cash Mobile Application after the User selects the type of Finance requested. Such charges shall be determined by Fauri Cash on the basis of individual risk profile, credit bureau scores, tenor and the amount of the Finance requested, against an application by a User requesting provision of loan amount.
8.5 The Borrower shall be given a Cooling Off period which is an exit window provided to the borrower by which they can repay the loan principle amount without any markup/ interest. However, PAKISNOVA shall be eligible to collect applicable National Database and Registration Authority Verisys cost, CIB (Rs.)cost and fund transfer cost or any other recovering cost associated in releasing the loan amount (if incurred) from such Borrower who avail the Cooling Off period.
8.6 Fauri Cash will not make any upfront deductions from the loan disbursement amount and the loan amount disbursed to the Borrower shall be equal to the loan amount approved by Fauri Cash.
8.7 The fees and charges with respect to the credit intermediation process shall be paid directly by Fauri Cash, not the Borrower.
9. Tax
9.1. All payments made by a User in relation to these Conditions do not include any taxes associated with the repayment of loan amount. In the event that taxes are required to be paid with regards to the repayment of the loan amount, the User must pay an additional amount to cover these taxes and enable payment to the relevant tax authorities.
9.2. The User agrees that the funds held in their Operative Account may be blocked or frozen at any time by PAKISNOVA if instructed by a Tax or Regulatory Authority, or if Fauri Cash deems necessary to comply with Applicable Laws or to prevent potential legal liability.
10. Payment Default or Breach
10.1. If the User fails to make payment or breaches any of the Conditions, and fails to comply with a notice served by the Company, the Company may immediately cancel all loan amount provided to the User and require immediate repayment of the all outstanding balance on the Operative Account.
10.2. Without prejudice to the aforesaid, failure by the User to comply with these Conditions shall entitle PAKISNOVA to take any one of more of the following actions;
a. immediate, temporary or permanent withdrawal, suspension or termination of the User’s right to use the Fauri Cash Mobile Application;
b. institution of legal proceedings against the User, including proceedings for recovery and reimbursement of all costs on an (including, but not limited to, reasonable administrative and legal costs) resulting from the breach;
c. disclosure of such information to law enforcement authorities as Fauri Cash considers necessary for the protection and enforcement of its legal rights.
10.3. Upon the occurrence and during the continuance of any default by the User, PAKISNOVA hereby irrevocably and unconditionally authorized by the User at any time and from time to time, without providing any further notice to the User, and to the fullest extent permitted by law, to recover the outstanding amounts through issuing auto debit instructions from any of the User's mobile-wallet account(s) held by Fauri Cash , any of its affiliates or any partner bank, without being required to seek any further directions or permission from the User.
11. Indemnity and Recovery of Costs
11.1. The User undertakes to indemnify and hold Fauri Cash, its partners, directors, employees and agents indemnified at all times against any and all actions, claims, demands, liabilities, losses, damages, costs, charges and expenses of whatever nature inclusive of any legal costs and disbursements arising out of or in connection with the use of the Fauri Cash Mobile Application, including in connection with PAKISNOVA obtaining payment of any monies due and owing from the User.
11.2. The indemnification stated here will continue to be valid and binding for a period of five (5) years following the termination of this Agreement.
12. Operative Account and Statements
12.1. Each User shall be granted an Operative Account wherein all transactions relating to the User, including the provision of loan amount availed by the User shall be maintained.
12.2. Fauri Cash shall maintain an account statement and an activity report for a User’s Operative Account, which statement and report will be accessible from the User’s Fauri Cash Mobile Application. The statement of account shall contain details of transactions carried out in a User’s Operative Account (up to a maximum limit to be determined by PAKISNOVA).
12.3 The User must verify their Operative Account statements regularly and alert Fauri Cash if there are any inaccuracies or transactions executed against their instructions.
12.4. PAKISNOVA reserves the right to correct any errors, omissions, or discrepancies in the User's Operative Account statement and will inform the User promptly of any such corrections or rectifications.
12.5. The User will receive periodic notifications, according to their preferences, of all transactions conducted in their Operative Accounts, and will be accountable for all charges associated with these additional services.
12.6. Save for a manifest error, an Operative Account statement maintained and issued by PAKISNOVA shall be conclusive evidence of all transactions carried out a User through its Operative Account.
13. Limitation of Liability
13.1.In no event shall PAKISNOVA and/or any of its agents, employees, officers, parent company, affiliates, successors, assigns, directors, and/or attorneys be liable to the User for lost profits and/or punitive or exemplary incidental consequential, special and/or damages in any action arising out of , related to: (i) this Agreement; (ii) the rights granted hereunder; (iii) any breach, termination, cancellation or non-renewal hereof; (iv) the provision of any loan amount to the User or its business; and/or (v) any act, omission, error, mistake and/or other negligence of PAKISNOVA.
13.3. Without limiting the above, PAKISNOVA shall not provide any representation or warranty of any kind, express or implied: (i) as to the continued operation for provision of the loan amount, or any information, content, and materials or products included therein; (ii) that the Fauri Cash Mobile Application, or any loan amount offered thereunder, will be available uninterrupted or error-free; (iii) as to the accuracy, reliability, or currency of any information or content provided through the Fauri Cash Mobile Application; or (iv) that the Fauri Cash Mobile Application, loan products, the content, or e-mails sent from or on behalf of Fauri Cash shall be free of viruses, scripts, trojan horses, worms, malware, time bombs, or any other harmful components.
14. Termination
14.1. PAKISNOVA may at any time and without notice terminate this Agreement, cancel or suspend any User’s right to utilize Fauri Cash Mobile Application, or to continue to provide any loan amount, entirely or partly with or without affecting the User's obligations under this Agreement.
14.2. The User may terminate this Agreement at any time by deleting its User account and removing the Fauri Cash Mobile Application from its devices.
14.3. Termination of this Agreement will not prejudice any liabilities or obligations incurred by the User prior to the date of termination. Termination by the User or PAKISNOVA will not affect the User's obligations to meet any liabilities incurred prior to such termination.
14.4. No termination of this Agreement by the User shall be effective unless the User has repaid the full amount of any outstanding balance due and payable to PAKISNOVA at the time of termination, and termination of this Agreement by shall only be effective upon the discharge of all the outstanding liabilities under these Conditions from the User to PAKISNOVA. This condition will continue until the User has repaid all amounts outstanding at the time of termination.
15. Governing Law and Dispute Resolution
15.1. This Agreement shall be governed by and construed in all respects under the laws of Islamic Republic of Pakistan.
15.2. Any disputes, controversies, disagreements, differences, or questions arising between the Parties, including the interpretation of rights and liabilities of either Party, shall be resolved through mediation first and mediator shall be mutually decided by the parties. However, if mediation fails, then parties shall resort to arbitration in accordance with the Arbitration Act, 1940, and any applicable rules for the resolution of the dispute. The arbitration shall be conducted by a sole arbitrator, to be mutually decided between the Parties, and the seat of arbitration shall be in Islamabad, Pakistan, or any other city in Pakistan deemed appropriate. The decision of the arbitrator shall be final and binding on the Parties involved.
15.3. In case of any dispute, the User must first submit any such complaints directly to the customer services desk according to grievance redressal mechanism, whose details are available on the Fauri Cash website or the Fauri Cash Mobile Application.
16. General
16.1. The User may not assign or otherwise dispose of any of the User's rights and obligations, in whole or in part, under this Agreement without PAKISNOVA’s prior approval. Fauri Cash may transfer or assign its rights and obligations under this Agreement and such transfer or assignment shall be effective upon notification of the same to the User.
16.2. These terms and conditions do not establish a joint venture, partnership, employment, or agency relationship between the User and PAKISNOVA.
16.3. If any provision of these terms and conditions are deemed illegal, invalid, or unenforceable, either in its entirety or partially, under any law enforceable in Pakistan, that provision or part thereof shall be considered null and void, and not be binding. However, the remaining terms and conditions shall remain enforceable to their full extent.
17.Notices and Change of Address
Under these Conditions, notices to the User may be delivered through short message system (SMS) to the User's mobile number post to their last known postal address. Either of these methods would fulfill the notification obligations. Additionally, any changes to these Conditions will be considered as having been notified to the User once they are updated on the Mobile Application
18. Complaints
If you have any questions or suggestions about this Conditions, please do not hesitate to contact us:
Customer service email: hello-pk@fauricash.com
Address: Office # 410, Fifth, Floor, Gulberg Business Centre, Civic Centre, Gulberg Green, lslamabad
Company website：https://www.fauricash.com/