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As an investor, your money is not protected by the Financial Services Compensation Scheme (FSCS). There are circumstances where you will lose some or all your money.
Find out more on our Investing Risks page.

As a borrower, not making repayments on time will negatively impact your credit score.
Find out more on our Borrowing Risks page.

Find out more on our Investing Risks and Borrowing Risks pages.

Terms of Use


  1. Introduction

    1. Leap is a trading name of Signia Money Limited, a privately-owned UK company, which owns and operates a peer-to-peer investing platform called the Leap MarketPlace (the "MarketPlace") available on marketplace.leaplending.co.uk and www.leaplending.co.uk (the "Websites") to bring together Investors and Borrowers.

    2. This document governs the relationship between Leap and Leap Members. The relationship between Investors and Borrowers is also governed by this document except in relation to investing, which is regulated by a Loan Agreement.

    3. Leap is not a party to any Loan Agreement between Investors and Borrowers. Leap's function is to operate the MarketPlace as a credit intermediary.

    4. In these Terms of Use "we", "us" and "our" means Leap and "you" and "your" mean the Leap Member (acting as a Borrower and/or an Investor as the context requires). Other words to which we have given a particular meaning begin with a capital letter. These words and meanings are set out in clause 19 of these Terms of Use.

    5. By agreeing to these Terms of Use and/or by continued use of the Leap MarketPlace, you are bound by the entirety of these Terms of Use (as amended from time to time: see clause 6) and any other document that is incorporated by reference into these Terms of Use. If there is any inconsistency between these Terms of Use and any document incorporated by reference, these Terms of Use will prevail.

    6. Leap is not authorised to give advice or make recommendations in relation to investing or borrowing and does not perform any advisory or management functions on behalf of Investors or Borrowers. Nothing on the MarketPlace should be construed as advice or a recommendation to invest or borrow. Investors and Borrowers are to exercise their own discretion and are at your own risk in deciding whether or not to borrow or invest via the MarketPlace. Leap does not give debt advice and it is for borrowers to decide for themselves if debt consolidation and/or borrowing via Leap is appropriate for their needs.

    7. Leap intends to rely upon the written terms set out in this document. If you require any changes, please make sure you ask for these to be put in writing. In that way, we can avoid any problems surrounding what Leap and you are expected to do.

  2. Who can Use and Register with Leap?

    1. Investors and Borrowers must meet the "Leap Standards" in order to register with Leap. This means that:

      1. you must be an individual, at least 18 years old for an Investor and at least 21 years old for a Borrower, living in the United Kingdom;

      2. you must have a current account in your own name with a bank in the United Kingdom.

    2. Additionally, Investors must:

      1. only ever invest your own money;

      2. not hold a Consumer Credit Licence, Interim Permission or Authorisation, not be a credit broker and not invest or lend money to other persons in the course of any business.

    3. If you meet the Leap Standards in clause 2.1 (and additionally if you are an Investor, clause 2.2) above, you can register with us as a Leap Member. As part of this process we may:

      1. make identity, fraud and credit checks;

      2. carry out Anti-Money Laundering checks;

    4. If we are unable to complete any steps in 2.3, your application to be a Leap Member will not be continued.

  3. Using Leap

    1. Registration

      1. In order to invest or borrow on the MarketPlace, we will require you first to register with us as a Leap Member in order to create your "Leap Members Account".

      2. You agree

        1. to provide accurate registration information, including but not limited to your correct name, date of birth, email address, mobile telephone number and current address. You agree to inform us promptly of any changes in such information.

        2. to provide us with any additional information which we may require.

        3. that any information provided to us, is accurate and complete. If you provide us with inaccurate or incomplete information, any Loan Agreement(s) may be void or voidable and we may report the failure to provide accurate information to Credit Reference Agencies and Fraud Prevention Agencies.

      3. You agree to provide us with the sort code and account number of the UK bank current account from which you authorise Leap to collect payments under any payment authority, and to which Leap will make any payments due to you (your "Nominated Bank Account").

      4. You authorise us, at any time, to use any means that we consider necessary to verify your identity with any third party providers of information.

    2. Confirmation, Passwords and Security

      1. As part of our registration process, we will:

        1. require you to authenticate your email address, via an email we will send to you;

        2. require you to authenticate your mobile phone number, via an SMS message we will send to you;

        3. require you to choose a password.

      2. You must keep your password secret and make sure that it is not stored on your computer or other device in a way that enables others to impersonate you. In addition, for the avoidance of doubt, if you disclose your password to any person or entity, you are also responsible and liable for any access, use, misuse or disclosure of your password or information on your Account or the MarketPlace by any person or entity directly or indirectly as a result of your disclosure.

      3. Each time you enter the secure area of the MarketPlace we will check your identity by asking for your email address and password. If the correct email and password are entered, we will assume that you are the person giving instructions and making transactions and you will be liable for them, except to the extent provided for in section 3.2.4 and 3.2.5.

      4. You must tell us as soon as possible if you think that someone else knows your password or can use the MarketPlace by impersonating you. Until you tell us:

        1. you will be responsible for any instruction which we receive and act on, even if it was not given by you;

        2. we will not be responsible for any unauthorised access to confidential information about you on the MarketPlace, unless we are at fault.

      5. We will do all that we reasonably can to prevent unauthorised access to the MarketPlace. As long as you have not broken the other terms contained in clause 3 of these Terms of Use, we will accept liability for any loss or damage to you resulting directly from any unauthorised access to Leap MarketPlace reasonably attributable to us (but see clause 12 below for limits on our liability).

      6. You will not disguise or interfere in any way with the IP address of the computer you are using to access the MarketPlace or otherwise take steps to prevent us from correctly identifying the actual IP address of the computer you are using whilst accessing the MarketPlace.

    3. General Terms of Use and Instructions from You

      1. To invest or borrow through the MarketPlace you must log on to the MarketPlace using your email and password to access your Account.

      2. We can refuse to act on any instruction that we believe:

        1. was unclear;

        2. was not given by you;

        3. might cause us to breach a legal or other duty; or

        4. suggests the MarketPlace is being used for an illegal purpose.

      3. Each time a Loan Offer(s) and Loan Request(s) are matched, resulting in Loan Agreement(s), details of the amount invested or borrowed will be recorded in your Account, including the number of Loan Agreement(s) that make up your total investing or borrowing.

      4. The Leap Account ID of each Investor or Borrower will appear in the Offer to Borrower and the Notification of Loan sent to the Borrower and the Investor respectively. The identity of each Leap Member will not be disclosed to any other Leap Member, except where it is necessary to do so as part of court or other enforcement proceedings for the recovery under any Loan Agreement(s).

      5. You are solely responsible for your interactions with other Leap Members. We reserve the right, but have no obligation, to monitor disputes between you and other users.

      6. You agree not to:

        1. register at Leap more than once; register at Leap on behalf of an individual other than yourself; or register at Leap on behalf of any entity without that entity's prior written authorisation;

        2. impersonate any person or entity, or falsely state or otherwise misrepresent yourself, your age, your financial employment or personal circumstances or your affiliation with any person or entity;

        3. use or attempt to use another's Leap Members Account, service or system without authorisation from us, or create a false identity on the MarketPlace;

        4. solicit personal information from anyone under 18 or solicit passwords or personally identifying information for commercial or unlawful purposes;

        5. transact on the MarketPlace on the basis of any alteration (other than a change agreed in writing with Leap) to these Terms of Use, the Loan Agreement(s) or any other terms or conditions contained on the MarketPlace.

      7. In addition, you undertake not to (by using the MarketPlace, including blog(s) or discussion board(s) or otherwise):

        1. harvest or collect email addresses or other financial, personal or contact information of Members or other users from the MarketPlace by electronic or other means for the purposes of sending unsolicited communications or inviting any person to invest or borrow outside the MarketPlace;

        2. use the MarketPlace in any unlawful manner or in any other manner that could damage, disable, overload or impair the MarketPlace or the servers on which it is hosted;

        3. use automated scripts to collect information from or otherwise interact with the MarketPlace;

        4. upload, post, publish, display, transmit, share, store or otherwise make available on the Websites any content that we may deem:

          1. to be misleading, harmful, threatening, unlawful, libellous, defamatory, infringing of any intellectual property rights, abusive, inflammatory, harassing, vulgar, obscene, fraudulent, invasive of privacy or publicity rights, hateful, or racially, ethnically or otherwise objectionable;

          2. to contain software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment;

          3. to be unsolicited or unauthorised advertising, solicitations, promotional materials, "junk mail", "spam", "chain letters", "pyramid schemes", or any other form of solicitation;

          4. to be the private information of any third party, including, without limitation, addresses, phone numbers, email addresses, National Insurance numbers or other identifiers, credit card numbers and/or debit card numbers;

          5. to be an attempt to promote or market any goods or services for your own financial benefit;

        5. invite any person to invest or borrow money outside the MarketPlace or to transact on the basis of any change (other than a change agreed in writing with Leap) to these Terms of Use, the Loan Agreement(s) or any other terms or conditions contained on the MarketPlace.

    4. Agency

      1. When using the MarketPlace to invest or borrow, you appoint Leap as your agent and Leap undertakes to:

        1. communicate your orders to invest or borrow;

        2. receive communications of acceptance of your orders to invest or borrow;

        3. receive repayments due under a Loan Agreement from the borrower;

        4. make payments due under a Loan Agreement to the Investor (insofar as funds are made available to Leap by the Borrower);

        5. take steps to procure the payment of a debt under a Loan Agreement, including debt collections activities on behalf of the Investor. This may also include Leap appointing a Collections Agency to recover the debt; and

        6. exercise or enforce the Investor's rights under a Loan Agreement on the Investor's behalf.

    5. Leap Accounts

      1. As part of the registration process, a Borrower Account or a Lender Account will be opened in your name, depending on whether you wish to borrow or invest.

      2. For Investors, we will hold in the Leap Trust Client Account the amounts you have deposited with Leap, including amounts you have invested but have not yet been disbursed to any Borrower(s) through the MarketPlace. Deposited funds will be recorded as an increase in the balance of your Lender Account which you can see by logging on to the MarketPlace. These amounts are held by us on trust.

      3. All payments by Investors to Borrowers will be made through the Leap Trust Client Account.

      4. As a Borrower, you make your repayments due under Loan Agreement(s) by direct debit to the Leap Trust Client Account, which results in a decrease to your Borrower Account balance, and then an increase in the balance of each relevant Investor's Lender Account.

      5. If you are an Investor, you can request through the MarketPlace the transfer of any amount outstanding in the balance of your Lender Account to your Nominated Bank Account at any time, other than amounts that are the subject of matched Loan Offers and have not yet been disbursed to the Borrower and any accrued, but uncharged, fees.

      6. As an Investor, if a Loan Agreement is found to be voidable (e.g. after additional checks) you agree that Leap may terminate the Loan Agreement on your behalf and if so, the amount you have lent under that Loan Agreement will show in your Lender Account as being available for you to reoffer on the MarketPlace, or for you to transfer to your Nominated Bank Account, as you see fit.

      7. If your Lender Account has funds in it and there has been no activity on the account for 6 months, at our discretion we may transfer those funds to your Nominated Bank Account.

    6. Statements of Account

      1. Leap will provide an electronic statement of all your activity on the MarketPlace, including the amounts you have borrowed or invested. This is available for you to view at any time by logging on to your Account.

      2. We reserve the right to charge £10 for providing hard copies of these statements.

      3. Your Account will also show all your activity on the MarketPlace.

    7. Parties and Prohibition on dealings between Connected Parties via Leap

      1. You understand and agree that you will not invest in or borrow from the MarketPlace or Leap. Investments and borrowings are between Leap Members who use the MarketPlace.

      2. Leap will act as a credit intermediary between you and other Leap Members who are willing to lend to, or borrow from you. Leap does not provide loans.

      3. You may not knowingly invest in or borrow from a Connected Party through the MarketPlace. A Connected Party is as defined in Section 993 of the Income Tax Act 2007. A person (A) is connected with another person (B) if that A is the B's spouse, registered civil partner, relative or relative of the spouse or registered civil partner. Trustees are also deemed to be connected to settlors, and people in business partnerships are similarly connected, as are their spouses, registered civil partners and relatives. For full details please refer to section 993 of the Income Tax Act 2007 currently available to view on legislation.gov.uk at www.legislation.gov.uk/ukpga/2007/3/section/993

    8. Charges for accessing the Leap MarketPlace

      1. You are responsible for any telecommunications charges, digital television subscription or other charges for the time you spend accessing the MarketPlace via the Internet or any wireless, television or other relevant network.

    9. Your Member Content

      1. You represent, warrant and undertake that none of your Member Content will violate or infringe upon the rights of any third party, including copyright, trademark, privacy, publicity or other personal or proprietary rights; or contain libellous, defamatory or otherwise unlawful material.

      2. You are solely responsible for your Member Content. You may not post, transmit, or share Member Content on the MarketPlace that you did not create or that you do not have permission to display, publish or post. You understand and agree that we may, but are not obligated to, review the MarketPlace and may delete or remove (without notice) any Leap Content or Member Content at our sole discretion, for any reason or no reason, including without limitation Member Content that in our absolute discretion violates any provision(s) of these Leap Terms of Use. You are solely responsible at your sole cost and expense for creating backup copies and replacing any Member Content.

      3. When you post your Member Content, you authorise and direct us to make such copies thereof as we deem necessary in order to facilitate the publication, display and storage of the Member Content on the MarketPlace. By posting Member Content to any part of the MarketPlace, you automatically grant, and you represent and warrant that you have the right to grant, to us an irrevocable, perpetual, nonexclusive, transferable, fully paid, worldwide license (with the right to sublicense) to use, copy, publicly perform, publicly display, reformat, translate, excerpt (in whole or in part) and distribute such Member Content for any purpose on or in connection with the Websites, including any blog or discussion board(s) or the promotion thereof, to prepare derivative works of, or incorporate into other works, such Member Content, and to grant and authorise sublicenses of the foregoing. You may remove your Member Content from the MarketPlace at any time. If you choose to remove your member Content, the license granted above will automatically expire, however you acknowledge that we may retain archived copies of your Member Content.

      4. You agree to indemnify and hold each other Leap Member, us, our subsidiaries and affiliates, and each of Leap's directors, officers, agents, contractors, partners and employees, harmless from and against any loss, liability, claim, demand, damages, costs and expenses, including reasonable legal fees, arising out of or in connection with any of your Member Content, your use of the MarketPlace, your conduct in connection with the MarketPlace or with other users of the MarketPlace, or any violation of these Leap Terms of Use, or of any law, or the rights of any third party.

    10. Cookies

      1. Leap uses cookies to improve the performance of the Leap MarketPlace and give you a better experience. Our Cookie Policy explains what types of cookie we use, why and how to identify and delete them. A link to this policy can be found at all times in the footer of the Websites.

      2. Please note that by deleting our cookies or disabling future cookies you may not be able to access certain areas or features of the MarketPlace.

  4. Additional conditions for Investors using Leap

    1. Investor Warnings

      1. You understand and agree that by using the Leap MarketPlace you may lose money and accept that you are fully responsible for any such loss. Please read these Terms of Use in full for the limits on Leap's liability.

      2. Leap accepts no responsibility for repayment of Loan Agreements by Borrowers to Investors. Return of your investment is not guaranteed.

      3. Leap does not guarantee that your Loan Offer will be accepted by Borrower(s).

      4. You understand and agree that if you wish to access your investment before the end of the term you have offered to invest for you must follow the procedure in clause 4.7, if you are eligible to do so under that clause.

      5. You understand and agree that you are liable for any taxes arising from your investments via Leap. Leap will not perform any tax liability calculations on your behalf and you should seek professional advice on this, however an income statement indicating the total interest paid into your Lender Account will be available via the MarketPlace.

      6. You understand and agree that the Matching Process excludes the possibility of you choosing which borrowers you invest in.

      7. You understand and agree that through the matching process, you could be matched with suitable loan applications or with loans being sold by other investors via the secondary market.

         

      8. You understand and agree that Leap will assess on your behalf the affordability and creditworthiness of the Borrower. All Borrowers are subject to comprehensive checks before being approved and matched to lenders. This includes credit checks with Credit Reference Agencies, identity checks and creditworthiness and affordability assessments taking into account income and expenses.

      9. You understand and agree that Loan Agreements entered into via the MarketPlace are unsecured and are made on the Loan Agreement Terms.

      10. You understand and agree that in the event of a missed payment, Leap may take the steps set out below in clause 4.5.5 and in our Arrears Policy on your behalf and that this may include the assignment to a Leap subsidiary of your rights, title and interest in and to any and all of your disputed and or unpaid Loan Agreement(s), so that such Loan Agreement(s) may be subject to legal proceedings against the Borrower(s) for recovery of the amounts outstanding.

      11. Please contact Leap for information regarding Default rates and return on your investment. Default rates will also be made available on Leap website. You understand that expected future Default rates will be assumed to be on the basis that Borrowers represent the conditions required in clause 4.1.8 in order to be accepted by Leap and pass the relevant checks. Further, you understand that past performance is not a reliable indicator of future results and forecasts are not a reliable indicator of future performance.

      12. You understand and agree that in the event that Leap ceases to trade, Loans will be dealt with in accordance with our Wind Down Policy available on request.

      13. Leap is not covered by the Financial Services Compensation Scheme. However, you may be entitled to compensation from this scheme if the bank or financial institution holding money for Leap on your behalf becomes insolvent. Please see www.fscs.org.uk or contact us for further information.

    2. Leap activities on behalf of Investors

      1. In addition to clause 3.4 above, you appoint Leap:

        1. to execute on your behalf any agreements or deeds in relation to offers to invest including, without limitation, a Loan Agreement documenting the terms of a loan facility and any Transfer Agreement in relation to it;

        2. to make available prospective Loan Agreements for individuals;

        3. to make provision for the sending and receipt of communications concerning such Loan and or Transfer Agreements;

        4. to facilitate and assist in the lending process, including assisting in the entering of agreements by Borrowers with Investors, assisting in the assessment of affordability and credit worthiness by contacting Credit Reference Agencies and Fraud Prevention Agencies;

        5. to investigate debt which is disputed by a Borrower under a Loan Agreement on your behalf;

        6. to negotiate, receive and accept a reasonable offer of settlement on your behalf with a Borrower in arrears and or pursuant to a dispute under a Loan Agreement; and

        7. to take the steps set out in clause 4.5.5 below and in Leap’s Arrears Policy on your behalf in the event of a missed payment.

      2. You agree that all notices and communications given to you by a Borrower may be sent to Leap on your behalf.

    3. Investment/Lending options

      1. There is one way to invest/lend via MarketPlace.

        1. The “Investment” option is a Loan Offer where the Investor chooses an amount to invest and Leap suggests an Interest Rate available at the time you choose to invest; you can also choose a Minimum Desired Rate. The actual Rate will never be less than the Minimum Desired Rate if you choose a Minimum Desired Rate. Interest is calculated on a monthly basis, based on the principal outstanding. This is an amortising investment. Repayments including principal and interest will be made on a monthly basis throughout the term of the investment, which are recorded as credits to the Investor's Lender Account. Unless otherwise agreed, payments will usually be transferred to Investors within 5 working days of receipt of payment from the Borrower.

          1. Interest will be calculated based on the outstanding principal of your investment.

          2. Repayments will be made on the successful receipt of funds from a Borrower, or, in the event of a missed payment, when a successful recovery has been made by Leap, on the Investors behalf.

          3. The investment will be matched to borrowers at a certain Rate suggested by Leap, at, or above, the Minimum Desired Rate.

        2. For all investment options above, any repayment of interest is contingent on the successful creation of Loan Agreement(s) between the Borrower and the Investor.

        3. The Rate at which you select to lend when you make a Loan Offer is the annualised expected rate of return published on our website assuming reinvestment of all principal and interest, no missed payments and no early termination of Loan Agreement(s).

    4. Procedure for investing via the Leap MarketPlace

      1. If you decide to invest via the MarketPlace, you must first create a Loan Offer then pay the total amount you wish to invest into the Leap Trust Client Account by bank transfer or debit card payment from your Nominated Bank Account. You must always state the Unique Transfer Reference which will be provided by us. All payments you make with the Unique Transfer Reference and Nominated Bank Account will be recorded on the MarketPlace as a credit to your Lender Account.

      2. The Leap Trust Client Account will at all times be a segregated account held by one of the major UK high street banks. It is currently held by Barclays Bank plc. This ensures that should Leap cease to trade, the money held in this account will not be considered to be part of Leap's assets.

      3. If you pay into your Lender account by bank transfer, Leap will have to confirm your funds as received into the Leap Trust Client Account before your Loan Offer is matched.

      4. By creating a Loan Offer, you are offering to enter into multiple Loan Agreement(s) with Borrower(s). In order to diversify your investment, each Loan Agreement will be for a principal of £0.01. By way of example, if you offer to invest £500, you are agreeing to enter into 50,000 different Loan Agreements for £0.01 each.

      5. Unless we agree an alternative approach with you in writing, each time you offer to invest using the Leap MarketPlace you are agreeing to invest that money to at least 5 different Borrowers with each Borrower being the subject of a separate Loan Agreement and each Borrower not receiving more than 20% of your Loan Offer.

      6. You nominate Leap as your representative to assign or transfer where necessary on your behalf the benefit of all or part of any Loan Agreement(s).

      7. During registration as a Leap Member and before you can invest, you will be presented with the Loan Agreement Terms, which you must accept to proceed with the Loan Offer. Once you have accepted the Loan Agreement Terms, your Loan Offer(s) are open to being matched with a Borrower's Loan Request. In the event of any amendments to the Loan Agreement Terms, you will be asked to accept the amended terms before you can make any further Loan Offers. Please see clause 3.4 and 4.2 in relation to the activities Leap will take on your behalf in relation to a Loan Offer.

      8. You will not be asked to confirm your Loan Offer once it has been matched with a Borrower's Loan Request. Leap will make offer(s) to Borrower(s) on your behalf by sending the Offer to Borrower to the Borrower(s) for acceptance. The Offer to Borrower will identify your Account ID and the Loan Agreement number(s).

      9. Loan Agreement(s) will be formed if and when the Borrower clicks to accept the Offer to Borrower and this will form a binding contract between you and the Borrower for each separate Loan Agreement on the Loan Agreement Terms. No interest will be earned by you until this time. You will not receive a copy of the Offer to Borrower, as this will also detail other Loan Agreements entered into by the Borrower which do not concern you. The Loan Agreements entered into by you, will be notified to you by a Notification of Loan available to view in your Lender Account.

      10. Once the Borrower has accepted the Offer to Borrower, the money invested will be deducted from the Leap Trust Client Account and used to pay out the Loan(s) in accordance with the Loan Agreement Terms. This will also be recorded as a credit to the relevant Borrower's Account.

      11. Leap will perform the matching of your Loan Offer(s) to Loan Request(s) automatically through the MarketPlace. This matching process will exclude the possibility of you specifically choosing which borrowers you would like to invest in.

    5. Loan Agreements and Missed Payments

      1. You accept that the Loan Agreement Terms will be incorporated into each Loan Agreement.

      2. You agree that Leap may charge the Borrower the fees set out in the Loan Agreement Terms to cover our role and costs in providing intermediary services, in particular the Borrowing Fee. You agree that these fees will be retained by Leap.

      3. You agree that in the event of a missed payment under a Loan Agreement, Leap may take the steps set out in our Arrears Policy, available on request, on your behalf to recover the debt.

      4. You accept that Leap processes the Borrowers' standing order or direct debit payments in relation to the repayment of amounts under each Loan Agreement.

      5. You agree that in the event of a missed payment under a Loan Agreement, Leap will take the following steps on your behalf. If the circumstances require, Leap may adapt the following process, if an alternative approach is likely to be in your best interests, or if the law so requires. Leap may recover any sums owed to it, including its reasonable costs of pursuing the debt on your behalf, out of any amount received.

        1. If the Borrower fails to make any payment due in full and on time, Leap will contact them by phone, text, email and internal message, in accordance with the approach set out in Leap's Arrears Policy, to try to establish the reason for the missed payment and collect payment.

        2. Once a payment has been missed and remains outstanding, Leap may treat the Loan as having defaulted. This is referred to as placing the Loan in default. If this occurs Leap will send the Borrower a Notice of Default demanding payment of any arrears on or before a date set out that notice and or stating the nature of the breach. Leap will normally only place a Loan in default once four payments have been missed and remain outstanding. However, Leap may deviate from this approach if a Borrower is in significant breach of the Loan Agreement Terms and or any of the circumstances in clause 11.8 of the Loan Agreement Terms apply.

        3. Once two payments have been missed and remain outstanding, Leap will send the Borrower a Notice of Sums in Arrears in accordance with Financial Conduct Authority rules. These will be sent at regular intervals of not more than 6 months thereafter until the Borrower ceases to be in arrears.

        4. In the event that contact remains limited or unsuccessful following the sending of a Notice of Sums in Arrears, or if the Loan has been placed in default, Leap may, at any time thereafter provided the Loan Agreement remains in arrears, engage a Debt Collections Agency to pursue the debt on your behalf and you agree and authorise us to do this. Leap will inform the Borrower in writing if the services of a professional Debt Collection Agency will be used to recover their missed payments. Alternatively, Leap may continue to chase the debt internally in accordance with the approach set out in the Arrears Policy.

        5. Once a Loan has been placed in default or if clauses 11.7 or 11.8 of the Loan Agreement Terms apply, Leap will notify you of this fact and that the Loan Agreement will then be assigned to a Leap subsidiary ("the Relevant Subsidiary") to hold as legal owner on trust for you. You agree to such assignment in order that legal proceedings may be commenced against the Borrower for the full amount outstanding. This is necessary so that all of the Loan Agreements under a single Loan Request can be litigated or settled at the same time in one action. Leap, on behalf of the Relevant Subsidiary, will then investigate the debt and the likelihood of recovery and take such steps as are necessary to recover it, including selling it to a third party. If appropriate, Leap may instruct solicitors to commence legal action against the Borrower. The Relevant Subsidiary will repay you your share of any sums recovered in that action or as a result of such sale, less the costs of recovery and any collections charges, which where possible will be added to the debt claimed, so as not to reduce the amount you will receive.

        6. Once a loan has been placed in default, to register this with a Credit Reference Agency. Leap will not normally do this until there has been a failure to deal with a Default Notice. However, Leap may deviate from this approach if a Borrower is in significant breach of the Loan Agreement Terms and or any of the circumstances in clause 11.8 of the Loan Agreement Terms apply. A Borrower will be usually given prior notification of a default being registered on their credit file, but this may not always be possible.

        7. You authorise Leap to act in a fair and equitable manner when taking steps in order to recover the debt, including agreeing a payment arrangement or selling the debt to a third party.

        8. Leap will update you from time to time on the progress of any investigation, collections or recovery action taken on your behalf. Such updates will be available to view in your Leap Members Lender Account.

      6. Return of your investment

        1. Return of your investment is not guaranteed.

        2. The Borrower will make monthly repayments to the Leap Trust Client Account.

        3. All repayments credited to your Lender Account will be made without the deduction of any taxes. It is your responsibility to account for any such taxes, including income tax: please see clause 4.1.5 above.

        4. Monthly repayments will be credited to your Lender Account on a specified day of each month: please see clause 4.3.1.1.

        5. Your repayments will be automatically reinvested either at Leap suggested rate or the Minimum Desired Rate depending on the option you chose when you created your Loan Offer. All reinvestments will be matched with new loans or existing loans sold through the secondary market.

        6. If you have decided not to automatically reinvest the repayments, you can log on to your Lender Account and request these amounts to be paid into your Nominated Bank Account.

        7. In the event of Leap ceasing trading, a run-off plan will be implemented as required by the FCA and set out in our Wind Down Policy.

      7. Terminating your investment and selling on the Secondary Market

        1. Leap allows you to get your investment back early provided the loan(s) has been active for at least 12 months, by placing all or part of it for sale through an investor liquidity mechanism. The return of your money is not guaranteed and requires the availability of Investor(s) creating New Loan Offer(s) and your Loan Agreement(s) not being delinquent. Only loan Agreements which have at least three months left to maturity can be offered for sale.

        2. Subject to clause 4.7.1 above, You may list your Loan Agreement(s) for new Investor(s) to purchase by way of an "Offer to Sell".

        3. You will be asked to select a value to sell. The selling price of the Loan Agreement(s) at the time of sale will be the outstanding principal value of that Loan Agreement plus any accrued interest up to that time.

        4. This accrued interest will be deducted from the buyer interest earnings and show as negative interest. The summary page will show these cash movements in and out of your investor's account.

        5. On the next repayment date for that loan Agreement, the buyer will receive the entire accrued interest for that month. The buyer will then be left with the difference between the negative interest and the interest for the full month. This means that both you and the buyer receive interest for each day you held the loan Agreement for.

        6. The accrued interest is updated at the end of each day, so the sale price increases each day until the borrower makes their monthly repayment.

        7. If only part of the overall loan portfolio is being sold, Leap will select loan Agreements with interest rates which are closest to the current Leap rates. Leap will also prioritise loan Agreements with shorter maturity dates.

        8. You will not have any possibility to specifically select the Loan Agreement(s) that you want to sell.

        9. The system will not allow the sale of Loan Agreement(s) which have previously been, or are currently, delinquent.

        10. Once you click to sell, you agree to sell the rights, title and interest in the Loan Agreement(s) which are the subject of the Offer, resulting in a Transfer Agreement between you and the purchasing Investor(s). Please see clause 12.4 of the Loan Agreement Terms for the legal consequences of this.

        11. Leap will accept an offer to buy Loan Agreement(s) from an Investor on your behalf.

        12. The Transfer Agreement will complete upon receipt of funds into the Leap Trust Client Account. This will show as a credit to your Lender Account.

        13. On completion of fund transfer from the relevant Investor to the Leap Trust Client Account, you permanently transfer all your rights, title and interest in the Loan Agreement(s) to the purchasing Investor(s).

        14. Leap will notify you in your Lender Account once your Loan Agreement(s) are sold. A copy of the Transfer Agreement will be available in your Lender Account.

        15. As long as a loan Agreement hasn't sold, you are allowed to ask for the cancellation of the transaction. You can also re-offer a loan for sale at any time.

  5. Additional conditions for Borrowers using Leap

    1. General

      1. The provision by the Investor(s) of Loan(s) is not guaranteed and is subject to approval. As part of the approval process the information you provide on the application form will be considered and Credit Reference Agencies and Fraud Prevention Agencies may be contacted in accordance with these Terms of Use.

      2. If you provide inaccurate or incomplete information to us as part of your application, the Loan Agreement(s) may be void or voidable and the failure to provide accurate information may be reported to credit reference and fraud agencies. In these circumstances Leap may terminate the Loan Agreement(s) affected on behalf of the Investor(s) and we will seek immediate repayment of any outstanding balance.

      3. You can serve documents and notices on the Investors by post to Leap's registered office address above or by email to support@leaplending.co.uk

    2. Borrowing Fee and other Leap Fees

      1. Each time you make a successful Loan Request to borrow money using the MarketPlace we will charge you a Borrowing Fee. We will always show the specific Borrowing Fee that will apply in the Loan Agreement(s) (so you have the right not to proceed with a Loan Agreement if you do not want to pay the Borrowing Fee). Borrowing fees will be paid on a monthly basis. Borrowing Fees are variable, and we may also waive, reduce or increase Borrowing Fees from time to time for:

        1. promotional purposes;

        2. objectively justified business reasons; or

        3. any other reason as we see fit at any time.

      2. Each time you make a successful Loan Request to borrow money using the MarketPlace we will charge you an Administrative Fee. We will always show the specific Administrative Fee that will apply in the Loan Agreement(s) (so you have the right not to proceed with a Loan Agreement if you do not want to pay the Administrative Fee). Leap will deduct the Administrative Fee from the amount that will be disbursed to you. (i.e. you will receive the total amount you have borrowed less the Administrative Fee) Administrative Fees are variable, and we may also waive, reduce or increase Administrative Fees from time to time for:

        1. promotional purposes;

        2. objectively justified business reasons; or

        3. any other reason as we see fit at any time.

      3. Other fees charged by Leap are set out in the Loan Agreement(s), for example late payment fees and collection fees. Please see the Loan Agreement Terms for further information.

    3. Borrowing Options

      1. There is currently only one borrowing option available via Leap:

        1. The Refinance option is for debt consolidation purposes. You should make a Loan Request for the amount you would require to settle the combined outstanding balance owed to your existing Creditors whom you wish to pay off. Please obtain settlement figures from your existing Creditors if you are in any doubt as the amount required to settle with them. If your Loan Request is approved and fully matched to Investor(s), Leap will disburse the funds to you in accordance with the Loan Agreement Terms. There is a Rate Reduction Scheme under which you may be eligible from Leap if you reduce your overall indebtedness every three months; see clause 5.13 below.

    4. Procedure for borrowing via Leap

      1. Once registered with Leap, the stages in applying for loan(s) via Leap are as follows:

        1. Quotation. This is an illustration of the terms that may be available to you if you make a successful Loan Request. Please refer to clause 5.5 below for further details.

        2. Loan Request/Application. You will submit an application for the amount you would like to borrow via Leap. You will then be credit checked. Please refer to clauses 5.6 to 5.8 below for further details.

        3. Loan Agreement Terms. Once your application has been credit checked and approved, you will be asked to agree to the Loan Agreement Terms. Your Loan Agreement(s) with the Investors who agree to offer you Loan(s) to fund your Loan Request will be subject to these terms. Please see clause 5.9 below for further details.

        4. Matching Process. Leap will match your Loan Request with Investor(s) willing to fund your Loan Request.

        5. Offer to Borrower and Agreement formation. You will then be sent the Offer to Borrower so that you can review the Loans offered by each individual Lender and click to agree to form the contracts. Please see clause 5.10 below for further details.

        6. Disbursement of funds. The loans will be paid out. Please see clause 5.11 below.

      2. Quotation

        1. You understand and agree that any quotation given to you on the Leap website is only an estimate of the potential borrowings you could obtain via Leap. In order to obtain Loan(s) you must make a successful Loan Request.

      3. Loan Request and the application process

        1. If you decide to borrow using the MarketPlace, you must make a Loan Request. In your Loan Request you will be asked to select an amount you would like to borrow.

        2. By creating a Loan Request, you are requesting to enter into Loan Agreement(s) with Investor(s) in order to fund the amount of your Loan Request.

        3. Each Loan Agreement will be for the sum of £0.01. By way of example, if you wish to borrow £500, you agree to enter into 50,000 separate Loan Agreements for £0.01, with one or more Investor(s) who will be matched to you by Leap. You will make one consecutive monthly repayment via Leap to cover all Loan Agreements(s) funding your Loan Request.

      4. Other information required as part of the application process

        1. We will credit check you at this point. Please see clause 5.12 below.

        2. After you have submitted your Loan Request, you will be required to sign and return a standing order form authorising Leap to set up a standing order from your Nominated Bank Account or set up a direct debit as instructed by Leap from time to time.

      5. Decision on your application

        1. We will inform you whether or not we can arrange loans on your behalf instantly and/or via an email asking you to log in to your Leap Members Account for the decision.

      6. Loan Agreement Terms

        1. You will then be presented with a copy of the Loan Agreement Terms to agree before your application is progressed to the stage of matching your Loan Request to Leap Investors willing to fund it.

        2. You accept that the Loan Agreement Terms will be incorporated into each Loan Agreement as applicable to that Loan Agreement.

        3. You will be asked to agree the Loan Agreement Terms before your Loan Request can proceed to the Matching Process.

        4. Once you have agreed the Loan Agreement Terms your Loan Request will enter the Matching Process to be matched with Investors willing to fund it, as available.

      7. Offer to Borrower and Agreement Formation

        1. The Offer to Borrower will be sent to you after the Matching Process. This will identify the Investor(s) (by their Account ID only) which have been matched to your Loan Request and the individual Loan Agreement(s) proposed as a result.

        2. By clicking to accept the Offer to Borrower you will enter into separate Loan Agreement(s) with each Investor, as set out in the Offer to Borrower on the Loan Agreement Terms.

        3. You will be provided with your repayment date at the time you are sent the Offer to Borrower. You will be able to change your repayment date 3 months after your first repayment.

        4. If your repayment falls on a week-end or a bank holiday, your repayment will be due on the following business day.

      8. Disbursement of funds

        1. The loan funds will then be transferred as set out in the Loan Agreement Terms.

      9. Credit Reference Agencies ("CRAs")

        1. Leap will ask CRAs to provide a credit report and an affordability report in relation to you.

        2. When CRAs receive a search from Leap they may place a search footprint on your credit file that may be seen by other lenders. The CRAs may supply to Leap both public (including the electoral register) and shared credit and fraud prevention information.

        3. Leap will make checks on behalf of the Investors such as; assessing this application for credit and verifying identities to prevent and detect crime and money laundering. Leap may also make periodic searches at CRAs and Fraud Prevention Agencies (FPAs).

        4. Please contact us at support@leaplending.co.uk if you want to receive details of the relevant FPAs and/or CRAs.

        5. Information on applications will be sent to CRAs and will be recorded by them.

        6. Where you borrow via the MarketPlace, Leap will give details of your Loan Agreement(s) and how you manage it/them to CRAs. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt and, in some cases, the length of time that the debt remains outstanding. This information may be supplied to other organisations by CRAs and FPAs to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for 6 years after they are closed, whether settled by you or defaulted.

        7. Leap will ensure that you are given prior notice of a Default being registered on your credit reference file. You will also be given notice if a decision is taken to commence court action.

        8. If you give false or inaccurate information and there are reasonable grounds to suspect fraud or fraud is in fact identified, Leap may record this and may also pass this information to FPAs and other organisations involved in crime and fraud prevention.

        9. If you are making a joint application or during the application process advise that you have a spouse or financial associate, your records will be linked together so you must be sure that you have their agreement to disclose information about them. CRAs also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.

      10. Dynamic Rate

        1. Borrowers who are approved for Refinance Loans are eligible to have a periodic rate reduction from Leap through our Dynamic Rate scheme.

        2. The rate reduction will be applicable quarterly if you meet the following condition:

          1. At every measurement period, if the debt is not more than 5% above the original amount, a reduction will take place.

        3. If the debt has increased by more than 5% above the original amount, the rate being charged will not change.

        4. You agree that we will perform a credit check to ascertain this. This credit check will not leave a footprint on your credit file.

        5. The size of the rate reduction over the life of the loan is the minimum of: Borrower rate minus (lender rate + 2%) or 5%.

        6. This rate reduction will be divided by the number of rate reduction reviews, and this will be the amount the rate can be reduced by at each quarterly review.

        7. Once your rate is reduced under the Dynamic Rate Scheme, it will not be increased.

        8. The total amount which you could save under the rate reduction scheme will be available to view in your Borrowers Account.

  6. Variations

    1. We may vary the terms of the Leap Terms of Use from time to time to accommodate:

      1. Leap Members' feedback;

      2. changes required by third party service providers;

      3. improvements in the Leap MarketPlace;

      4. changes in applicable law, rules, regulations, market conventions;

      5. decisions or orders of any court, ombudsman, arbitrator, regulator or any undertakings given in one of these contexts;

      6. any other objectively justified business reason.

    2. We will publish these changes on the MarketPlace. We will always try to give at least 30 days' notice ("the notice period") by email or on the MarketPlace before making the change.

    3. You agree that your continued use of the MarketPlace after the notice period constitutes your acceptance of the change. You may end your Leap Membership at any time subject to these Terms of Use and the terms of any Loan Agreements you have entered into.

    4. If we make a change to these Terms of Use between the time you make an offer to invest or borrow through the MarketPlace and the time that offer is accepted, the offer and any loan made further to it will be subject to these Terms of Use as they were before we made that change.

  7. Termination of Leap Membership

    1. Once all your Loans are repaid or your investments are at an end (i.e. you have no live Loan Agreements or Loan Offers), you may terminate your Leap Membership by sending us an email to support@leaplending.co.uk and you will no longer be able to access the MarketPlace. However, we and any relevant Collections Agency will continue to maintain records to the extent that we are required by law to do so. You may not terminate your Leap Membership until you have no Loan Agreements in force and no Loan Offers outstanding. You may take steps to sell your investments (see clause 4.7 above) or repay your Loans early (see clause 9 of the Loan Agreement Terms) in order to do this.

    2. We may terminate your Leap Membership if you:

      1. have lied to or misled us;

      2. seriously or repeatedly breach these Terms of Use;

      3. seriously or repeatedly breach the terms of any Loan Agreement;

      4. become bankrupt or make a voluntary arrangement with anyone you owe money to; or

      5. upon your death.

    3. We may either terminate or suspend your registration immediately and without notice if we are aware or reasonably suspect that you are engaged in, or may be the victim of, any fraudulent or criminal activity. We will then notify you of any such termination or suspension as soon as is reasonably practicable, to the extent we are permitted to do so by applicable law.

    4. Termination of the Borrower's Leap Membership will not affect the Borrower's obligation to repay the amount owed under the Loan Agreement(s).

    5. On termination of the Investor's Leap Membership we will send the Investor the amount recorded as the account balance in his or her Lender Account at that time to his or her Nominated Bank Account.

  8. Communications with You

    1. All communications with you will be in English.

    2. Leap may send you messages to your Leap Members Account and or via email, post or text message. This will include notifications about your loan application, repayments or balance if you are a Borrower and information about your balance and account status if you are an Investor.

    3. When you register on Leap you are offered the option to receive our occasional updates. These messages notify you about new features on the site, ask your opinion, and tell you about services you might not be using yet. We only send these messages when there is something worthwhile to tell you about. If you decide you no longer want to receive these messages, you can change your contact preferences in your Leap Members Account.

    4. Leap will also send you security notifications (e.g. changes to your account password or contact details) and verification notifications when certain actions are performed (e.g. withdrawal requests). These preferences can also be changed in your Leap Members Account.

  9. Use of your Personal Information

    1. When you apply via the MarketPlace for a loan, Leap may check the following records about you (and others where applicable):

      1. Leap's own records;

      2. Third party providers of information such as electoral register and others to verify your identity;

      3. those at credit reference agencies (CRAs);

      4. those at fraud prevention agencies (FPAs).

    2. We as data controller may use your Personal Information:

      1. for statistical analysis;

      2. to develop and improve our products;

      3. to update your records;

      4. to identify which of our, products might interest you;

      5. to assess investing and insurance risks;

      6. to identify, prevent, detect or tackle fraud, money laundering and other crime; to carry out regulatory checks; and or

      7. keeping you informed about your investing or borrowing and for market research.

    3. If false or inaccurate information is provided and fraud is identified, details may be passed to Fraud Prevention Agencies. Law enforcement agencies may access and use this information. We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:

      1. checking details on applications for credit and credit-related or other facilities;

      2. managing credit and credit-related accounts or facilities;

      3. recovering debt;

      4. checking details on proposals and claims for all types of insurance; and or

      5. checking details of job applicants and employees.

    4. We and other organisations may access and use from other countries the information recorded by Fraud Prevention Agencies.

    5. We will keep your Personal Information confidential and only give it to others:

      1. for the purposes we explained when you applied to us;

      2. if you ask us to or give us your permission to do so;

      3. including a Credit Reference Agency to check your identity and to prevent fraud (they will also keep a record of your request and use it whenever anyone applies to be authenticated in your name);

      4. if you are a Borrower, to tell Credit Reference Agencies that you have an account and how you run that account;

      5. including our agents and subcontractors, when acting for us or for Investors, to use for the purpose of operating the MarketPlace and obtaining payment;

      6. to investigate, prevent or detect fraud or carry out checks against money laundering;

      7. to share information via an organisation which provides a centralised application matching service which it collects from and about mortgage and/or credit applications, for the purpose of preventing and detecting fraud;

      8. to trace debtors and recover debt;

      9. to meet our obligations to any relevant regulatory authority or taxing authority;

      10. if we have to by law, the law allows it, or it is in the public interest; and or

      11. if all or some of the assets which we use to operate the MarketPlace are acquired by a third party, we may transfer personal data we then hold to that party so that the acquirer can continue to operate the MarketPlace.

    6. We reserve the right to amend our privacy policy from time to time and such amendments will be posted on the MarketPlace.

    7. We may check your details with a Fraud Prevention Agency or agencies, and if you give us false or inaccurate information and we suspect fraud, we will record this. We and other organisations (including law enforcement agencies) may use, search and access these records from the UK and other countries (e.g. offshore operations of UK businesses) to:

      1. help make decisions about credit and credit related services, for you;

      2. help make decisions on motor, household, credit, life and other insurance proposals and insurance claims, for you and members of your household;

      3. trace debtors, recover debt, prevent fraud, and to manage your accounts or insurance policies;

      4. check your identity to prevent money laundering, unless you furnish us with other satisfactory proof of identity; and or to

      5. check details of job applicants and employees.

    8. We may transfer your Personal Information abroad to countries whose data protection laws are less strict than in the UK. If so, we will ensure the information is held securely to standards as least as good as those in the UK and only used for the purposes set out in this clause.

    9. Under the Data Protection Act 1998, you have a right to access certain personal records we, credit reference agencies and fraud prevention agencies hold about you. This is called a "Subject Access Request", which you can make by writing to us at support@leaplending.co.uk. A fee of £10 will be payable for each Subject Access Request made by you.

    10. We will not disclose your Personal Information to any other Leap Members unless it is necessary to enforce any of your Loan Agreements to obtain repayment. If you receive such information, you are not permitted to use it directly, other than in communication with us about your Loan Agreements.

    11. You agree that, in the course of operating the MarketPlace including the provision of services to you in accordance with these Terms of Use, we will need to send to Investors and their assignees or the Borrower, as the case may be, certain transactional data (for example, Account ID, loan amount and repayment details) but not your full name, post code address or payment details. We will not be liable for any use or misuse of the transactional data by others, but you must inform us of any misuse of the MarketPlace of which you are aware.

    12. When a visitor requests any web page from our web site or the MarketPlace, our web servers automatically obtain that visitor's requested page and IP address. The domain name and IP address reveal nothing personal about you other than the IP address from which you have accessed our site. We use this information to examine our traffic in aggregate, to investigate abuse of our web site or the Leap MarketPlace and its users, and/or to cooperate with law enforcement. We do not disseminate this information to third parties except in aggregate.

  10. Protecting Leap Information

    1. Leap Information is owned by us or our licensors (for example, CRAs). Any use of Leap Information otherwise than in accordance with these Terms of Use entitles us to cancel your Leap Membership.

      1. You may display Leap Information on a computer screen or take a reasonable number of copies for your records or store the Leap Information in electronic form on your computer, provided that such copies and any stored Leap Information is only used for your own personal and non-commercial purposes;

      2. You may not reproduce, modify or in any other way commercially exploit any of the Leap Information. In particular, but without limiting the generality of the previous sentence, you may not do any of the following without our prior written consent (which may be withheld for any reason):

        1. redistribute any of the Websites’ information;

        2. remove any copyright, trade mark or other notice included with the Websites' information;

    2. You will not access or use the Websites except for the intended purpose and will not attempt to hack, make unauthorised alterations to or introduce any kind of malicious code to the Websites or Leap by any means.

    3. Unless given prior approval from Leap or as otherwise permitted by law, you will not:

      1. reverse engineer or decompile (whether in whole or part) any software available through the Websites; and or

      2. make copies, modify, reproduce, transmit, alter or distribute all or any part of the Websites or any material or information contained on them.

  11. Links and Tools

    1. None of the content on the Websites can be relied upon by you or any third party as a guarantee of any particular result, nor does any such content constitute any form of advice, recommendation or endorsement by us, and it is not intended to be relied upon by you as the basis for making (or refraining from making) any specific decision.

    2. You download the content on the Websites at your own discretion and will be exclusively responsible for any damage to your computer or any lost data that results from you downloading any such content.

    3. The content on the Websites, including Leap blog(s) and discussion boards are provided "as is" and we disclaim any and all representations and warranties, whether express or implied, including without limitation implied warranties of title, merchantability, fitness for a particular purpose or non-infringement, except as required by law. We cannot guarantee and do not promise any specific results from use of the MarketPlace or any content on it.

    4. We do not represent or warrant that software, content or materials on the Websites are accurate, complete, reliable, current or error free or that the MarketPlace or its servers, or any software applications are free of viruses or other harmful components. Therefore, you should exercise caution in the use and downloading of any such software, content or materials and use industry- recognised software to detect and disinfect viruses. Without limiting the foregoing, you understand and agree that you download or otherwise obtain content, material, data or software (including any mobile client) from or through the Websites, including Leap blog(s), and discussion boards(s) at your own discretion and risk and that you will be solely responsible for your use thereof and any damage to your device or computer system, loss of data or other harm of any kind that may result.

    5. We reserve the right to change any and all content, software and other items used or contained in the Websites and or offered through the MarketPlace at any time without notice.

    6. You may not include a link to the Websites in any other site, computer or network without our prior written consent and licence.

  12. Liability

    1. Except as otherwise expressly stated in these Terms of Use, we shall only be liable for foreseeable loss or damage arising directly out of our own breaches of these Terms of Use, negligence or wilful misconduct.

    2. If you have invested money at Leap while holding a Consumer Credit Licence, an Interim Permission or Authorisation granted by Office of Fair Trading or the Financial Conduct Authority in the UK, then you are in breach of these Terms of Use and our liability to you on any basis whatsoever shall not exceed the total amount of revenue earned by Leap in respect of transactions entered into by you via MarketPlace.

    3. We shall not be liable for any loss or damage arising out of or in connection with:

      1. any error or inaccuracy in the data entered by you or any other Leap Member;

      2. any negligence, breach of contract, misrepresentation or wilful misconduct in relation to the Loan Agreements or other uses of the Websites (other than our own).

    4. We shall not be liable for:

      1. any indirect, special or consequential loss or damage, including loss or damage arising out of or in connection with lost data, lost profits, damage to goodwill or business interruption;

      2. increased costs and/or expenses; or

      3. any delay or failure to perform obligations under these Terms of Use due to circumstances beyond our own reasonable control.

    5. We will not be liable to you for any loss of profits other than (and subject to the other provisions of this clause 13) any loss of interest which a borrower has agreed to pay you on a loan and which you suffer as a result of our negligence or breach of these Terms of Use.

    6. We will not be liable to you for any loss that you may incur as a result of your fraud, breach of these Terms of Use or negligence, or any misuse of your password unless that misuse results from our negligence or breach of these Terms of Use.

    7. We will have no liability for not confirming that your Leap Members Account is open or providing you with your Account ID when you open your account.

    8. We will have no liability for not exercising reasonable skill and care in determining your Credit Rating.

    9. Our liability for not exercising reasonable skill and care in determining the Credit Rating of someone to whom you invest money through Leap will be limited to the amount invested.

    10. Our liability for providing inaccurate information to any law enforcement or Fraud Prevention Agency will be unlimited.

    11. We will have no liability for not displaying on the MarketPlace, for withdrawing or for not matching with any prospective investor or borrower, any offer to invest or borrow which you submit to us.

    12. We will have no liability for not matching any offer you make to invest or borrow.

    13. Our liability for failing to pay any sum properly due to you will be limited to that sum.

    14. Our liability for overcharging you will be limited to the excess over the amount we should have charged.

    15. Our liability for any breach of section 13 or the Data Protection Act 1998 will be unlimited.

    16. We will not be liable for any loss or damage that you may suffer because of any:

      1. act of God;

      2. power cut;

      3. trade or labour dispute,

      4. act, failure or omission of any government or authority;

      5. obstruction or failure of telecommunication services; and or

      6. any other delay or failure caused by a third party.

    17. In such an event described in clause 13.16, we reserve the right to cancel or suspend our services without incurring any liability.

    18. We will not be liable for any loss or damage that you may suffer because of any negligence or failure to perform by any other person who is party to Terms & Conditions equivalent to these Terms of Use (as they may be amended from time to time).

    19. We may at any time, without notice to you, set off any liability owed to us or to another Leap Member by you, including (without limitation) in relation to any Leap Members Account in your name or which we believe to be under your control, against any funds held in another Leap Members Account in your name or which we believe to be under your control.

    20. Nothing in these Terms of Use shall exclude or limit the liability of either you or us for death or personal injury caused by our own negligent or fraudulent acts or omissions.

    21. You will be liable to us for foreseeable loss and damage we suffer as a result of:

      1. your breach of these Terms of Use and or any Loan Agreement entered into by you via Leap MarketPlace;

      2. your fraudulent misuse of the MarketPlace; and or

      3. misuse of your password for which you are responsible, either deliberately or negligently.

    22. You may be liable to us in other circumstances

      1. as the law provides; and or

      2. in accordance with these Terms of Use.

  13. General

    1. These Terms of Use are governed by English Law and nonexclusive jurisdiction of English courts, unless you live in Scotland, Northern Ireland, the Channel Islands in which case we are required to commence legal proceedings in your local courts.

    2. Any failure to enforce a breach of any clause or provision of these Terms of Use and/or the terms of the Loan Agreement(s) shall not be considered as a waiver of that right and will not prevent the enforcement of any subsequent breach of any other provision.

    3. If any term, clause or provision of these Terms of Use, or the terms of a Loan Agreement is found to be illegal or unenforceable and it is not fundamental to these agreements with you, it will not render the remainder of these Terms of Use, or the terms of that Loan Agreement unenforceable or invalid.

    4. You are entitled to request a paper copy of a Loan Agreement.

    5. We may at our discretion serve documents and notices on you, by post at your last known address, on you personally or by email.

    6. The records kept in the MarketPlace shall be relied upon by Leap as evidence of the facts and matters they purport to record.

    7. "Leap", and related design, are trademarks of Signia Money Limited.

    8. If we do not strictly apply our rights under the Leap Terms of Use at any time, that will not prevent us from doing so later.

    9. We provide our Members with the following customer support:

      1. by telephone on 0203 664 8625

      2. by email at support@leaplending.co.uk

      3. by internal message through the MarketPlace

  14. System Complaints and Dispute Resolution

    1. If you want to make a complaint about the Loan Agreement or Leap you can email complaints@leaplending.co.uk with brief details of your complaint and your account reference. Leap will acknowledge your complaint within one business day. Leap will then investigate and send you an initial response. This should take no longer than five business days. If you are not satisfied by Leap's response, you may contact the Customer Services Manager who will respond by email within a further five business days.

    2. If you are not satisfied with the response from the Customer Services Manager you can email complaints@leaplending.co.uk, enclosing responses already given to you. Your email will then be referred to the Chief Executive Officer, who will respond within a final five business days.

    3. Within four weeks after receiving a complaint, we will send you either a final response or a response that explains why we are not in a position to resolve the complaint and/or indicates when we will make further contact. Complaints that cannot be settled within eight weeks of the date of complaint may ultimately be referred to the Financial Ombudsman Service. You also have the right to make a complaint directly to the Financial Ombudsman Service. Their address is South Quay Plaza, 183 Marsh Wall, London E14 9SR, and their website is at http://www.financial-ombudsman.org.uk. In addition, the European Commission's Online Dispute Resolution platform is at http://ec.europa.eu/consumers/odr.

    4. We agree to:

      1. act fairly, reasonably and responsibly in our dealings with you;

      2. not discriminate against any Leap Member because of their race, sex, disability, ethnic background or sexuality; and

      3. correct mistakes and handle complaints promptly in accordance with any agreed time periods.

  15. Monitoring and compliance

    1. The Legal and Regulatory Status for Leap is:

      1. a company incorporated in England & Wales under company registration number 07401825, having its registered office at Signia Money Ltd, FKS House, 40-44 Newman Street, London W1T 1QD;

      2. the holder of an interim permission from the FCA No.655370;

      3. registered with the Office of the Information Commissioner (registration number ZA005679)

  16. Intellectual property

    1. Leap, the MarketPlace and the Leap logo are trademarks of Signia Money Ltd. Signia Money Ltd is the sole owner of the same. You will not make any unauthorised use of the Leap trademarks and any unauthorised use may result in prosecution.

    2. leaplending.co.uk is the uniform resource locator ('URL') of our Company. You will not make any use of this URL (or any other URL owned by us) on another website or digital platform without our prior written consent.

    3. You agree to assign to Leap any intellectual property rights (including copyright) in any Loan Agreements entered into by you via the MarketPlace (including, for the avoidance of doubt, Loan Agreements purchased on the Secondary Market). Leap owns all rights in any price data and related content on the MarketPlace. Your registration with and use of MarketPlace confers no rights whatsoever to the content and related intellectual property rights contained in MarketPlace. You agree not to monitor, use or copy our web pages or any content on the MarketPlace, including without limitation any price data. Any unauthorised use or reproduction may be prosecuted.

    4. Any data licensed to Leap from third parties is provided for use on the MarketPlace only and may not be used for any commercial purposes without the consent of such third parties.

  17. Assignment

    1. You may not assign any part of this Agreement without Leap's written consent.

    2. Leap may assign this Agreement to third parties, including subsidiaries without notice to you provided there is no detriment to you as a result.

    3. The Borrower agrees that the Investor(s) may assign any right, title and interest in a Loan Agreement to any third party. Full details of the assignment terms in relation to a Loan Agreement are contained in clause 14 of the Loan Agreement Terms.

  18. Leap MarketPlace Access

    1. These Terms of Use apply to you however you access the MarketPlace.

    2. You agree to accept any other Leap terms and conditions giving you access to the MarketPlace, including those relating to any Leap mobile telephone application or for a licence to a Leap Application Programming Interface ('API'), provided notice of such other terms is agreed to in advance. Any such terms and conditions are incorporated by reference into these Terms of Use.

  19. Definitions

    1. "Account ID" means your unique identification number that will be used on Loan Agreements and other confidential documents to identify you that identify your Borrower or Lender Account.

    2. "Administrative Fee" means the fee payable by the Borrower to Leap in respect of a Loan Agreement to cover the costs of setting up Loan Agreements.

    3. "Arrears Policy" is the Leap policy for dealing with Loans that are in late payment and/or default, as amended from time to time.

    4. "Borrower" means a Leap Member who is looking to borrow or borrows money on the MarketPlace;

    5. "Borrower Account" means the Leap Members Account held in the Borrower's name for the recording of transactions relating to funds borrowed.

    6. "Borrowing Fee" means the fee payable by the Borrower to Leap in respect of a Loan Agreement to cover the cost of administering Loan Agreements.

    7. "Collections Agency" means our internal collection team and/or other Collections Agencies as we may use at any time;

    8. "Connected Party" has the meaning set out in clause 3.7.3.

    9. "Consumer Credit Licence, Interim Permission or Authorisation" refers to a permission to carry on a consumer credit business granted by either the Office of Fair Trading or the Financial Conduct Authority.

    10. "Cookie Policy" is the Leap Cookie Policy available on the Websites

    11. "Credit Reference Agency" ("CRA") means an agency providing and receiving credit information to/from Leap.

    12. "Creditor" means any financial institution that has provided you with credit.

    13. "Credit Line" means any credit source extended to you by a Creditor.

    14. "Credit Rating" means a credit rating supplied by a CRA that we may use from time to time in relation to a Leap Member for use in connection with the Leap MarketPlace;

    15. "Default" means a failure to make a payment for an instalment for three consecutive months or an on-going trend of failed instalments. We will always give at least 28 days' notice if we are putting your account into default unless we are taking court action.

    16. "Deposit" means cleared funds credited to the Investor's Leap Lenders Account and paid into the Leap Trust Client Account via debit card payment or bank transfer from the Investor's Nominated Bank Account.

    17. "Dynamic Rate" refers to the periodic rate reduction made to the Borrower’s initial rate under a Refinance Loan, as set out in clause 5.13.

    18. "Fraud Prevention Agency" ("FPA") means an agency providing and receiving information regarding fraud to/from Leap.

    19. "Investor" means a Leap Member who invests money under a Loan Agreement and, for the purposes of enforcing a Loan Agreement, includes any person to whom an Investor has transferred his or her rights under that Loan Agreement. The term "Investor" can be used interchangeably with the term "Lender".

    20. “Investor liquidity mechanism” refers to the marketplace for the sale of Loan Agreements from one Investor to another (see clause 4.7).

    21. "Late Payment Fee" means the sum of £10 which Leap may charge each time a Borrower misses a Scheduled Repayment Date.

    22. "Leap" is a trading name of Signia Money Limited, whose details are provided in clause 15

    23. "Leap Content" means any information posted by us on the Websites, including any associated blogs or message boards etc.

    24. "Leap Information" means Member Content and Leap Content accessible on the Websites.

    25. "Leap Member" refers to an individual who has completed the registration process in clause 2 and chosen his or her own password.

    26. "Leap Membership" refers to the membership to the MarketPlace of a Leap Member governed by these Terms of Use.

    27. "Leap Members Account" means the portion of the database that records the information we hold for you at any time, either as a Borrower Account or a Lender Account and identified by your Account ID.

    28. "Leap Standards" means conditions as set out in clause 2.1, and additionally if you are an Investor in clause 2.2, which you have to satisfy to be registered as a Leap Member;

    29. "Leap Trust Client Account" means the segregated Leap Client account nominated by Leap to hold Lenders and Borrowers' money on trust, as varied from time to time. 

    30. "Lender" means an Investor.

    31. "Lender Account" means the Leap Members Account held in the Lender's name for the recording of transactions relating to funds invested.

    32. "Loan" means the loan available pursuant to a Loan Agreement.

    33. "Loan Offer" means the amount you wish to invest pursuant to the lending option chosen: see clause 4.3.

    34. "Loan Agreement" means a fixed sum loan agreement pursuant to article 36H of the Financial Services and Markets Act 2000 (Regulated Activities) Order entered into between a Leap Investor and a Leap Borrower facilitated on the Leap MarketPlace. Loan Agreements are for £0.01 each and are made on the Loan Agreement Terms.

    35. "Loan Agreement Terms" are the standard legal terms and conditions which apply to all Loan Agreements.

    36. "Loan Type" means one of the types of loans described in section 5.3 above.

    37. "Loan Request" means the application a Borrower makes on the MarketPlace detailing the requested amount, Loan Type and duration of loan.

    38. "Loan Year" means the period of time between an anniversary of the commencement of the Loan and the subsequent anniversary.

    39. "MarketPlace" means the internet platform which we operate for the purpose of matching Loan Offers and Loan Requests on marketplace.leaplending.co.uk.

    40. "Matching Process" means the automated matching process by which Leap match Loan Offers and Loan Requests in order to form Loan Agreements.

    41. "Matching Range" means the range of Rates that we will match your Loan Offer to, between your Minimum Desired Rate and the maximum Rate, as we will change from time to time.

    42. "Member Content" means any content posted by you on the Websites or the MarketPlace, including any associated blogs or message boards etc.

    43. "Minimum Desired Rate" is the minimum Rate requested when making a Loan Offer.

    44. "Named Delegate" means any individual who is authorised to carry out all activities relating to the Leap Members Account on behalf of a registered business or company.

    45. "Nominated Bank Account" means the current account you have with a United Kingdom bank from which you authorise us to collect payments under any payment authority, and to which we will make any payments due to you.

    46. "Nominated Credit Lines" means the unsecured Credit Lines a Borrower has with any financial institution that he/she wishes to terminate using funds from Loan Agreement(s) with Investor(s)

    47. "Notification of Loan" is the notification sent to the Investor’s Leap Members Account of a Loan Agreement(s) entered into by Leap on the Investor's behalf.

    48. "Offer to Borrower" refers to the Loan Offers sent to the Borrower which identify each individual Loan Agreement (including the Account ID of the parties and the Loan Agreement Number) offered pursuant to a Loan Request and which, if accepted by the Borrower clicking the "I Accept" button will result in the conclusion of each individual Loan.

    49. "Offer to Sell" means an offer by an Investor to sell Loan Agreement(s) through the Investor liquidity mechanism.

    50. "Personal Information" means the information we obtain about you from you, from our enquiries and from other organisations, such as CRA's and FPA's. Examples of Personal Information include (1) information from application and assessment forms; (2) your requests and instructions; (3) details and analysis of how you meet your obligations under this agreement or other agreements you have with us; and (4) other information we get from our dealing s with and in relation to you.

    51. "Quotation" refers to the illustration of terms which may be available to a prospective Borrower upon the registration of the Borrower Account as set out in clause 5.1 above.

    52. "Rate" means a rate of interest.

    53. "Refinance Loan" refers to the Loan Type set out in clause 5.3.1.1.

    54. "Scheduled Repayment Date" means the monthly loan repayment date selected by the Borrower from the options provided by Leap at the time of the Offer to Borrower.

    55. "Terms of Use" refers to these Terms of Use, as amended from time to time.

    56. "Transfer Agreement" refers to an agreement to sell Loan Agreement(s) through the investor liquidity mechanism.

    57. "Unique Transfer Reference" refers to the alphanumeric characters provided to you when you wish to deposit money.

    58. "Wind Down Policy" is the Leap policy for dealing with the business in the event that Leap was to fail or become insolvent, as amended from time to time.

    59. "Websites" means any website connected to the primary domain "leaplending.co.uk", or a subdomain thereof, including, but not limited to "www.leaplending.co.uk" and "marketplace.leaplending.co.uk".

Help & Support

 
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Still have questions? Get in touch with our support team for help or more information.

Our office hours are Monday to Friday 9am to 5:30pm

Call us:

020 3664 8625

Postal address:

Leap,
FKS House, 40-44 Newman Street,
London, W1T 1QD

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