CashNow is an application operated by Quantix Technology Projects LLC that provides short-term cash loans (the “Loan”) to fulfil your financial needs, particularly for short-term and small amounts. The Loan is an instalment loan with a term of no more than twelve (12) months. This KFS provides you with indicative information about the interest, fees and charges applicable to the Loan so that you are able to make informed financial decisions.

IMPORTANT: The Loan terms set out in this KFS represent a range of possible Loan terms that may be offered to you based on your creditworthiness, which includes but is not limited to, factors such as your salary and credit history. It is important that you review the final specific Loan terms offered to you on the CashNow application and make an informed financial decision considering your specific circumstances.

By providing your digital acceptance of the Loan on the CashNow application, you acknowledge that you have read and understood the features and benefits, applicable fees, interest charges and Terms of Use, Credit Agreement, and Privacy Policy.

Product Information

Description of the Loan

The Loan is a short-term credit provided to expatriate customers who are residents of the United Arab Emirates to be repaid in equal, fixed monthly instalments over an agreed term not exceeding 6 months

Loan Type

The Loan is a conventional loan and is not Shariah compliant.

Eligibility Criteria

In order to apply for the Loan, you must: (a) be at least 18 years old; (b) be residing and working in the UAE with a valid Emirates ID; and (c) have a valid mobile phone number registered under your name.

Loan Amount

Up to AED 8,000

Loan Period

Min. 14 days and Max. 6 months

Currency

AED (United Arab Emirate Dirham)

Loan Repayment

Your loan repayment is calculated on an Equated Monthly Instalment (EMI) basis and is fixed for the entire loan period. EMI is calculated by adding the principal loan amount and total interest and dividing this total by the loan period in months. This is done using a reducing balance method which means that as your loan balance reduces, with every Equated Monthly Instalment (EMI) payment, the interest portion of your EMI will reduce.

Repayment Schedule

The due date of your instalment(s) will fall on the same day each month based on the date of loan disbursal unless the loan period is shorter than one
month, in which case the due date will be in the exact number of days after the Loan is disbursed.

Repayment Hierarchy

Your Loan repayments will be applied to the Loan balance in the following order:

1. Late payment fees and all other charges
2. Interest component
3. Principal component

Key Fees and Charges

Processing Fee

Up to 8.5% of the loan amount (inclusive of VAT) for a loan with a loan period equal to or more than 2 months (maximum of AED 150 for 2 months, maximum of AED 200 for 3 months, and maximum of AED 350 for 6 months). For shorter period loans (less than 30 days), the processing fee is between 9% and 13% (inclusive of VAT, maximum of AED 120) but no interest is charged.

The Loan processing fee is only charged if your Loan is approved and will be automatically deducted from the Loan proceeds disbursed to you. The Loan processing fee compensates CashNow for costs associated with providing your Loan.

Interest Rate (Indicative)

Fixed interest rate starting from 0% up to 7% on reducing balance per month. The rate will remain unchanged for the loan period.

Annualized Percentage Rate (APR) (Indicative)

Starting from 70% up to 156%. APR is a reference rate, which includes applicable interest, fees and charges of the product, expressed as an annualised rate. The Loan APR is an important factor for you to evaluate the Loan. However, given that your Loan will have a term of less than six (6)months, the stated APR will be higher than the actual rate you pay over the term of your Loan.

Late Payment Fee

ED 20 (inclusive of VAT) will be charged to you if we do not receive your repayment prior to the due date. In addition to the AED 20 late fee, 0.4% of any unsettled term principal per day will be added to the late payment fee until the monthly repayment is settled fully. A cap of AED 150 applies per missed repayment, and 25% of the loan principal applies to the entire order.

Extension Fee

If you have difficulty repaying your monthly instalment, you may choose to extend the due date of your instalment for another 7/14/21/28 days which will lead to an extension of your loan tenure with no increase of interest. In order to complete an extension request, you will need to pay any interest or late fees which are already posted to the instalment with another extension fee as follows:

For orders with a loan period less than 1 month:

• 7 days extension: AED 5+ 5% of the unpaid principal (inclusive of VAT).
• 14 days extension: AED 5+ 8% of the unpaid principal (inclusive of VAT).
• 21 days extension: AED 5+ 10% of the unpaid principal (inclusive of VAT).
• 28 days extension: AED 5+ 13% of the unpaid principal (inclusive of VAT).

For orders with a Loan Period equal to or greater than 1 month:

• 7 days extension: AED 5+ 3% of the unpaid principal (inclusive of VAT).
• 14 days extension: AED 5+ 5% of the unpaid principal (inclusive of VAT).
• 21 days extension: AED 5+ 7% of the unpaid principal (inclusive of VAT).
• 28 days extension: AED 5+ 9% of the unpaid principal (inclusive of VAT).

Important Terms

Conditions under which the above charges can be changed.

We may vary the charges set out above in the future, and any such changes will be reflected in the version of this KFS posted (a) on the CashNow website, and (b) within the CashNow mobile application.

These changes may be based on a number of factors. Such factors might include behaviour on your lending products that suggests that you are becoming a higher-risk or lower-risk customer.

Other valid reasons include where there is a change in our funding costs or if there is a change (or we reasonably expect a change) in law, regulatory, or industry code requirements.

Early Settlement

Due to the nature of short-term loans, early settlement per instalment or partial payment is not allowed.

Full early settlement is not allowed before the restricted period of the original Loan duration stated in your Credit Agreement. If you need a full early settlement after the restricted period, you can contact our customer service to inquire about the total amount to pay.

Cooling Off Period

You are entitled to cancel the Loan within 5 business days of signing and submitting the Application and we cannot advance the Loan until this period expires. To cancel the loan, you must inform us within this period in the CashNow application, and if you do cancel, you will need to pay us the loan processing fee disclosed in the Credit Agreement.

You can waive your right to the cooling off period to enable us to disburse the Loan to you immediately by clicking the checkbox for the waiver of the cooling off period.

Consequences of Missing Payments

If you fail to make a payment or otherwise breach the Loan terms, this will be a default and we will be entitled, among other things, to:

(a) Cancel the Loan and demand full repayment immediately;
(b) Freeze your account with Quantix with no access to additional loans and /or commercial benefits;
(c) Report the default to the appropriate regulatory authorities including the UAE Central Bank and Al Etihad Credit Bureau and credit rating agencies, which may affect your credit rating; and
(d) Bring legal proceedings against you or pursue any other remedies available to us at law.

Changes to Your Terms and Conditions

We reserve the right to make changes to our applicable terms and conditions after you have signed them: (a) immediately where we are required to do so under Laws or applicable Regulations; or (b) by providing you with 60 days’ advance notice if the change is for one of the specified reasons set out in the relevant terms, for example, to reflect a change in industry code or market practice, a change in the way we do business (e.g. introducing new or changing existing technology or the platforms on which our services are provided), changes to our product or services features (including how we operate them), changes to our internal policies, changes which are beneficial to you or which make the terms clearer for you. We may also make changes to eligibility criteria, terms and conditions, fulfillment and scope of the benefits, rewards and loyalty programs offered in the CashNow Application. We’ll send you notice in our Application where these are managed solely by us. In other cases, (including where they are managed in part by third parties) we’ll provide you with notice where it is reasonably practicable for us to do so. We’ ll treat your non- objection or continued use of our product as your acceptance of the changes.

Interest on accrued interest

Interest on your Loan does not compound and we will not charge you any interest on accrued interest.

Contact Information

For any inquiries, assistance, or complaints, contact“Get Help” via the CashNow application.

Credit Consultation and Credit Information

You accept and authorise us to collect financial data relating to you and your financial obligations to create a credit record and credit information report. We will inform you immediately and without charge if your credit application is rejected on the basis of the credit information collected.