1.1. These terms and conditions (the “Agreement”) govern the relationship between Primer Finance (“we,” “us,” “our,” or the “Company”) and the borrower (“you” or “your”) regarding the provision of collateralized loans.
1.2. By using Primer Finance’s services, you agree to be bound by these terms and conditions. If you do not accept these terms, you must not use our services.
2.1. To be eligible for a loan with Primer Finance, you must meet the following criteria:a) Be of legal age in your jurisdiction. For individuals, this typically means being 18 years or older. For businesses, you must be a legal entity registered and operating in compliance with applicable laws.b) Possess the legal capacity to enter into a contract. If you are acting on behalf of a business, you must have the proper authority to bind the business to this Agreement.c) Provide accurate and up-to-date information during the loan application process. This includes personal identification details, financial records, and any other relevant documentation requested by Primer Finance.
2.2. Primer Finance reserves the right to verify your identity and creditworthiness before approving a loan application. We may use third-party agencies to conduct credit checks and background verification.
3. Loan Application Process
3.1. To apply for a loan with Primer Finance, you must submit a complete application through our online platform or in person at our offices. The application must include, but is not limited to:a) Personal information: Full legal name, residential address, contact information, and social security number or equivalent identification details.b) Business information (if applicable): Legal business name, registered address, contact information, Tax ID or registration number, and business documentation.c) Financial details: Income, assets, liabilities, credit history, and any other relevant financial information.
3.2. You agree that all information provided in your loan application is accurate, complete, and up-to-date. Any false or misleading information may result in the immediate termination of the loan agreement and may be reported to relevant authorities.
3.3. Primer Finance will assess your loan application based on its internal criteria and may approve or deny your request at its sole discretion. The loan approval process may take a reasonable amount of time, and we will communicate the decision to you as soon as possible.
3.4. Primer Finance may request additional information or documentation during the application process for further assessment.
3.5. The loan agreement will be provided to you upon approval, detailing the terms of the loan, including the loan amount, interest rate, collateral requirements, repayment schedule, and any associated fees.
4. Loan Terms
4.1. The terms of each loan, as specified in the loan agreement, will be based on factors such as:a) Loan amount: The amount of money you are eligible to borrow from Primer Finance.b) Interest rate: The annual percentage rate (APR) applied to the outstanding loan balance. The interest rate may be fixed or variable and will be detailed in the loan agreement.c) Collateral requirements: You agree to provide eligible collateral as security for the loan, which may include real estate, vehicles, financial assets, or other valuable property. The collateral’s value and acceptability will be determined by Primer Finance.d) Repayment schedule: The loan agreement will outline the specific dates and amounts of scheduled repayments.e) Loan term: The duration of the loan, expressed in months or years, during which you must repay the loan in full.f) Late payment charges: If you fail to make timely repayments, Primer Finance may apply late payment charges in accordance with the loan agreement.
4.2. You must carefully review and understand the loan agreement before accepting the loan. If you have any questions or concerns, you should seek independent legal advice.
5.1. As security for the loan, you agree to provide eligible collateral in accordance with Primer Finance’s collateral requirements. The collateral must be owned by you or your business and be free from any liens or encumbrances.
5.2. The value of the collateral will be appraised by an independent valuation expert chosen by Primer Finance. The appraised value will determine the maximum loan amount you are eligible to receive.
5.3. You understand that failure to provide the agreed collateral or maintain its value may result in loan default and the possible liquidation of the collateral to recover outstanding amounts.
5.4. In the event of collateral liquidation, Primer Finance will follow a transparent and fair process, adhering to applicable laws and regulations.
5.5. Primer Finance may require additional collateral or adjustment of collateral requirements during the loan term to account for changes in circumstances.
6. Interest and Fees
6.1. The interest rate and any applicable fees will be detailed in the loan agreement.
6.2. You are responsible for paying all applicable interest and fees as specified in the loan agreement.
6.3. Interest and fees may be subject to change based on changes in market conditions or regulatory requirements.
7.1. You must adhere to the repayment schedule outlined in the loan agreement. Failure to make timely payments may result in default and additional charges.
7.2. Primer Finance reserves the right to pursue all available legal remedies to recover outstanding loan amounts in the event of default.
7.3. If you anticipate any difficulty in making a scheduled repayment, you must notify Primer Finance as early as possible to explore potential alternatives or modifications to the repayment plan.
7.4. Primer Finance may allow you to make partial or early repayments on the loan, subject to any applicable fees or penalties specified in the loan agreement.
8. Loan Prepayment
8.1. You have the option to prepay the loan in full or in part before the agreed-upon maturity date.
8.2. Prepayment may be subject to additional fees or penalties, as specified in the loan agreement.
8.3. Primer Finance may apply any prepayments towards outstanding interest and fees before reducing the principal loan balance.
9.1. Primer Finance may terminate the loan agreement if you breach any of its terms and conditions.
9.2. In the event of termination, you must settle all outstanding loan amounts, interest, fees, and any applicable penalties immediately.
10. Loan Renewal and Refinancing
10.1. Primer Finance may offer loan renewal or refinancing options at its discretion, subject to eligibility and prevailing market conditions.
10.2. Loan renewal or refinancing may involve new terms and conditions, and you must agree to them before proceeding.
11.1. You agree to maintain adequate insurance coverage for any collateral provided, as required by Primer Finance. The insurance policy must name Primer Finance as the loss payee or lienholder, as applicable.
12.1. The loan agreement is non-transferable, and you may not assign or transfer any of your rights or obligations under this Agreement to a third party without the prior written consent of Primer Finance.
13. Governing Law
13.1. This Agreement is governed by the laws of [Panama], and any disputes arising from it will be subject to the exclusive jurisdiction of the courts in [Panama].
14.1. You agree to receive communications and notices related to the loan agreement electronically, including emails, messages through the Primer Finance platform, and website notifications.
14.2. It is your responsibility to keep your contact information up-to-date with Primer Finance.
15. Amendments to Terms and Conditions
15.1. Primer Finance reserves the right to modify these terms and conditions at any time.
15.2. Any changes will be communicated to you, and your continued use of our services after such modifications constitutes your acceptance of the revised terms.
17. Entire Agreement
17.1. This Agreement constitutes the entire understanding between you and Primer Finance regarding the loan and supersedes any previous oral or written agreements.