Updated May 17, 2018
- Loan Terms – All loans are secured against cryptocurrencies that CBC accepts as collateral. Terms are;
3 Months –15% APR
6 Months – 13% APR
12 Months – 10% APR
18 Months – 9% APR
24 Months – 8% APR
- Loan Qualification – To qualify for a loan, you must have cryptocurrencies to use as collateral. CBC requires that you have an official government identification and complete the loan application, providing personal details on the person or company taking the loan. Once this information is verified and approved your loan will be immediately issued.
- Applicant Information -If you provide false information and are in violation of any of the Agreement terms, CBC has the right to terminate your account.
- Right to Verify Information-The Company reserves the right to verify the accuracy of all information provided by loan applicants. We also reserve the right to determine in our sole discretion whether an applicant is using, or has used, the Services of CBC illegally or in violation of any order, writ, injunction or decree of any court or governmental instrumentality, for purposes of fraud or deception, or otherwise in a manner inconsistent with the Company’s Terms and Conditions or any agreement between the Company and such applicant. The Company may conduct a review at any time – before, during or after funding a loan. You agree to respond promptly to the Company’s requests for information in connection with any such review by the Company.
- Use of Funds -You agree that the loan will not be used in violation of any local, state, federal or international laws; and you fully confirm that all information provided to CBC is accurate and truthful.
- AML&KYC – You agree to comply with all of CBC’s Anti-Money Laundering guidelines and provide CBC any and all information requested from you in order that CBC can complete a detailed Know Your Client file for your account.
- Loan Fees – The Company charges aOne (1%)origination fee to issue your loan, which is based on the total loan amount. This fee will be deducted from your loan proceeds.
- Loan Payments -You agree to make your loan payments on time by the agreed repayment method agreed with CBC.
- Interest Only Repayments – You have the option of only paying interest payments on your loan for the duration of your loan except for the last month of your loan term. The last month’s payment will be a balloon payment, which consists of: the last month’s interest payment and the total amount of principal borrowed.
- Principal and Interest Repayments:You have the option of paying both your monthly principle payment along with your interest payment. Your last payment paid in full will end your loan term with CBC. Your submitted collateral will be returned to you the same day as your loan is verified as paid in full by CBC.
- Collection of Delinquent Loans -If you fail to pay principal and/or interest on the date on which the loan falls due, you will be considered in default. Late payments will negatively impact your CBC rating. Should your loan become 90 days past due (“Defaulted”) the loan will be sent to CBC’s Law Firm (“Arbitrator”), an independent, international arbitration firm.
- Return of your Collateral – Your submitted collateral will be delivered back to you, minus any Delinquent Fees, if any occurred during the duration of your loan term.
- Prepayments – You may prepay a loan in full or in part at any time. However, all interest on the principal that would have been occurred during the loan term must be paid in full regardless if making a prepayment.
- Late Charges – If the amount of any outstanding payment is not made by the date due, you will pay a late charge equal to the greater of $25 or 5% of the late payment.
- Cancellation – You may not cancel this agreement.
- Arbitration for Defaulted Loans – You acknowledge and agree that by submitting to arbitration you voluntarily waiving my right to trial in favor of binding arbitration. You understand that an arbitration award is final and cannot be appealed and that I cannot withdraw my consent to arbitration for any reason. I further understand, acknowledge, and agree that if an arbitration award is issued in favor of the lenders, the lenders will have certain information regarding my identity in order to pursue collections of the amount owed plus any collection costs. collection costs include reasonable attorney fees and court costs and costs of execution.