Last updated: January 2025
These Terms & Conditions, the Privacy Policy at www.shareeqneo.com and the Loan Agreement (the "Agreement") to be made between you ("you" or "Borrower") and Shareeq Neo LLC., a company incorporated and existing under the laws of the Qatar Financial Centre under Company Registration No. 01201, having its principal place of business at 9th Floor, Office No. 1, Fintech Circle, QFC Tower 1, Doha, Qatar, authorized to participate in the Express Regulatory Sandbox pursuant to approval for entry issued by the Qatar Central Bank on 25 March ("Lender" or "us" or "we") constitute entire agreement between you and us and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings between you and us, whether written or oral, relating to its subject matter.
By using www.shareeqneo.com, including any of its sub-domains (the "Website"), you acknowledge that you have read, understood, and agreed to be bound by these Terms & Conditions below, whether or not you are a registered member of the Website.
The Lender has agreed to lend to the Borrower the amount stipulated in the Agreement, in Qatari Riyal (the "Loan" or the "Personal Loan").
The Borrower undertakes to use the Loan, or any portion thereof, for legitimate and legal purposes only, and shall not use the Loan for any purpose, or in any endeavour, which is against Qatari laws, rules, and regulations.
The Loan shall have a term of not more than the limited period of time lapsing on a date stipulated in the Agreement and commencing on a date on which the Loan in full or any portion thereof is credited to the Borrower's account (the "Loan Term").
The expiration of the Loan Term shall be on the date stipulated in the Agreement (the "Repayment Date"). If you are unable to repay the Loan in full by the Due Date, we may at our sole discretion approve a request from you for the extension of the Repayment Date subject to the payment of the relevant accrued interest. You can extend your Loan for up to [∙] days (the "Extended Repayment Date").
The Loan shall be advanced to the Borrower via bank transfer or via licensed payment service provider to the Borrower's bank account or e-wallet and the advancing of Loan shall be subject to the Borrower's compliance with all the terms and conditions herein as required by the Lender.
The Borrower shall repay the Loan, including all applicable fees, charges, and/or interests, in full, on or before Repayment Date or the Extended Repayment Date (as may be applicable) in accordance with the loan repayment schedule, as set forth in the Agreement, without need of any further notice or demand from the Lender in accordance with these Terms & Conditions and pursuant to the Agreement. The Lender may grant the Borrower a grace period of three (3) days in the event that the Borrower fails to repay the Loan or any part thereof within the Repayment Date or the Extended Repayment Date (as may be applicable). All payments to be made by the Borrower under these Terms and Conditions and the Agreement (the "Payment") shall be paid to the Lender not later than 7:00pm to the Repayment Date of the Payment. Any Payment made by the Borrower after such time shall be considered as Payment made for the next working day and shall be subject to applicable fees and charges.
The Borrower shall not prepay all or any part of the outstanding Loan along with the interest accrued thereupon not pursuant to the loan repayment schedule except with the prior written consent of the Lender and subject to payment of the prepayment fees.
The Borrower shall, at his/her own account, pay all reasonable costs, charges, fees, and/or expenses incurred in connection with the advancing of the Loan under the Agreement, and under any other documentation and/or any amendment of the Agreement, which total reasonable costs, charges, fees, and/or expenses to be borne by the Borrower may include a service fee, processing fee, and other legal fees.
For the use of the Loan, the Borrower pays the Lender interest, hereinafter referred to as the "Interest", the amount of which is calculated by the Lender by multiplying the disbursed and unpaid amount of the Loan by the Interest Rate (as defined below), and the number of days of actual use of the Loan, divided by the assumed three hundred and sixty-five (365) days of the year.
The Borrower agrees to pay the Lender Interest on the Loan, or the balance thereof, if applicable, at the fixed rate of twelve percent ([12 %]) per annum (the "Interest Rate").
The Interest shall accrue [daily] and be repaid by the Borrower in accordance with the loan repayment schedule, as set forth in the Agreement. All accrued and unpaid Interest shall be repaid in full on the Repayment Date or the Extended Repayment Date (as may be applicable) or on the date of prepayment of the Loan. The Interest Rate shall not be compounded with the Loan.
The Borrower agrees to pay Default Interest Rate late payment fee if the Borrower fails to repay outstanding Loan or any portion thereof along with any accrued Interest and any fees and charges in relation to the Loan pursuant to the loan repayment schedule, or upon termination of the Agreement.
The Default Interest Rate late payment fee shall be calculated as follows:
due loan amount * eight percent (8 %) / 365 * overdue days, where
The Borrower shall notify the Lender promptly in writing of any change in his employment office, home address, and contact information and as may be required by the Lender, any other information previously provided to the Lender in connection with the Loan. In the event that the Borrower fails to notify the Lender on any of his changed-particulars as referred herein, the Lender shall continue to send all notices to the Borrower's last known address pursuant to the record held by the Lender and such notices sent by the Lender shall be deemed as good faith and compliant with the applicable laws and/or regulation for the purposes of notification.
All messages or communications (including approval of the Loan) shall be sent according to the Borrower's contact details, including email address and/or phone number ("Borrower's Contact Details") held in record by the Lender. It is agreed that once the message or communication is sent to the Borrower's Contact Details, the Lender shall bear no responsibility for its security, confidentiality, or any acts of any respective service providers (email service provider, mobile operator), nor shall the Lender be held responsible for any acts of the Borrower's Contact Details.
In order for the Lender to render prompt and accurate service, the Borrower irrevocably authorizes the Lender to record, without the Lender being necessarily obliged to do so, any and all telephone conversations between the Borrower and the Lender, regardless of who initiated the telephone conversation.
Such irrevocable authorization to record includes, but is not limited to, recording of instructions, statements, complaints, inquiries by the Borrower, and information regarding the Loan and reminders by the Lender. The Lender may use the recorder telephone conversation as proof of the Borrower's acceptance to any offer or additional or revision of terms made through telephone. The Lender may also use such recordings for any legal purpose, particularly as evidence in any judicial or administrative hearing or proceeding.
The Lender shall not be responsible for any losses or damages which the Borrower or any other person(s) may suffer or incur due to any delay or refusal of the Lender to grant or to continue to grant the whole or part of the Loan to the Borrower and the Lender shall not be obliged to give any reason for such delay or refusal.
Without prejudice to the foregoing, and to the extent not contrary to applicable law, the Lender shall not in any case be responsible for or liable to the Borrower for any losses or damages which the Borrower may suffer in respect of any revision of the amount, suspension or termination of the Loan, changes to any of these Terms and Conditions or any other exercise of the Lender's rights under these Terms and Conditions, at law or in equity.
The Borrower irrevocably and unconditionally consents to the Lender, and any officer of the Lender, to disclose any customer information relating to the Borrower or any information whatsoever relating to the Borrower as the Lender shall consider appropriate to any person to whom disclosure is permitted or required by any statutory provision or law or to any other person wherever situate for any purpose whatsoever and it is hereby agreed that the Lender and any officer of the Lender may disclose the foregoing information to the fullest extent permitted by any statutory provision or law.
The rights conferred on the Lender herein shall be in addition to and shall not be in any way prejudiced or affected by any other agreement, expressed or implied, between the Borrower and the Lender in relation to any information referred to herein nor shall any such other agreement be in any way prejudiced or affected by any provision herein. This consent and provision shall survive the termination of Agreement, and/or the termination of any relationship between the Borrower and the Lender, for any reason whatsoever.
a. The Borrower warrants and represents that all information, declarations, representations, and warranties made or given by him or as evidenced by any documents given to the Lender in connection with the Loan and all particulars indicated in the Agreement relating thereto are and will continue to be true, complete and correct in all respects and will be complied with at all times.
b. No litigation, arbitration or administrative proceedings is taking place or pending or threatened against the Borrower or its assets, and no tax liability claim is taking place or pending or threatened against the Borrower or its assets.
c. The Borrower confirms that the Lender is entitled to rely on the said information, declarations, representations and warranties in granting the Loan and that he shall immediately upon request furnish the Lender with all such documents, statements, information and explanation as may be reasonably required by the Lender from time to time regarding his affairs, state or condition, financial or otherwise, that may affect the Lender's decision in granting or in continuing to grant the Loan to the Borrower.
d. Loan Eligibility
Loans offered by the Lender are available only to individuals who have reached the age of majority as defined by the applicable laws of their jurisdiction, and in no case to individuals under the age of eighteen (18) years.
By applying for a Loan, the applicant represents and warrants that they are not a minor and are legally eligible to enter into binding financial agreements. The Lender reserves the right to reject any Loan application that does not comply with these eligibility requirements.