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Loan Broker Terms

BORROWELL INC. LOAN BROKER AGREEMENT

By accepting the terms and conditions set out herein, you are entering into this Loan Broker Agreement (as amended, supplemented, replaced, extended, renewed, restated or otherwise modified from time to time, the “Agreement”) on the same date on which you applied for a loan through www.borrowell.com with Borrowell Inc. (the “Loan Broker”, “we”, “us” or “our”) with its place of business located at 33 Yonge Street, Suite 1301 Toronto, Ontario M5E 1G4

This Agreement outlines the terms and conditions of your agreement with us and discloses a range of what will ultimately be the origination fee that you will direct the Lender to pay to us on your behalf for the origination of any Loan we arrange on your behalf. If we are able to arrange a loan for you, we will amend and restate this Agreement by giving you precise details as to the Origination Fee. If you choose to accept such loan offer, only then will you have the obligation to us to pay the Origination Fee.

For Ontario residents only, for your rights under the Consumer Protection Act, 2002 please see the “Clauses Required Under the Consumer Protection Act, 2002” section of this Agreement. The defined terms used in this Agreement are found in the “Definitions” section of this Agreement. By electronically agreeing and consenting to this Agreement, you are accepting the terms and conditions of this Agreement, and you agree to receive this Agreement in electronic form only.

TERMS AND CONDITIONS

  1. Definitions

In this Agreement:

“Agreement” has the meaning specified in the introductory paragraph of this Agreement.

“Application Date” has the meaning specified in the introductory paragraph of this Agreement.

“Application Loan Amount” means the loan amount contained in your application and is found in the “Your Loan” section of this Agreement.

“Date of Advance”, has the meaning specified in the “Your Loan” section of this Agreement.

“Estimated Date of Advance”, has the meaning specified in the “Your Loan” section of this Agreement.

“Lender” means Borrowell Fund Inc. or any other third party investors or lenders who may from time to time grant loans.

“Loan” means the fixed interest rate loan provided by the Lender to you.

“Loan Broker”, “we”, “us” or “our” has the meaning specified in the introductory paragraph of this Agreement, and is the loan broker retained by you to assist in the origination of your Loan.

“Origination Fee” has the meaning specified in the “Your Loan” section of this Agreement.

“Personal Information” has the meaning found in the “Privacy” section of this Agreement.

“You” and “your” refer to the loan applicant under this Agreement.

  1. Introduction

This Agreement sets out the terms and conditions upon which we have agreed to assist you in arranging, negotiating, facilitating and originating your Loan. You are required to comply with the terms and conditions of this Agreement and are responsible for and promise to direct the Lender to pay the Origination Fee to us on your behalf.

  1. Description of Our Services

As your loan broker, we will assist you in obtaining and originating a Loan from the Lender (the “Service”). The Service will commence on the Application Date and be completed on the Date of Advance (or a date earlier than the Date of Advance if you are informed that you are not eligible for a loan) and we will (as required): (i) analyze and process your loan application to determine the maximum loan that you can afford to repay; (ii) educate you in the financing process and advise you about the different types of loans that are available; (iii) assist you in understanding any credit problems; (iv) maintain regular contact with you and the Lender between the Application Date and the Date of Advance (or a date earlier than the Date of Advance if you are informed that you are not eligible for a loan) to apprise each party of the status of the application; (v) if you are granted a Loan, provide you with an initial disclosure statement and loan agreement in order for us and the Lender to comply with applicable law; (vi) help you in ensuring that your loan application is complete by collecting financial information (notice of assessments, bank statements, pay stubs) and other related documents that are part of the application process, or that are needed to assist you in obtaining and originating your Loan and to comply with applicable law; and (vii) contact consumer reporting agencies and conduct fraud checks in order to help us determine your eligibility for a Loan and to verify your identity.

  1. Your Loan

You are currently applying for a loan through our website (www.borrowell.com) for the amount submitted in your application to us (the “Application Loan Amount”) and we will assist you in obtaining such amount from the Lender. For the Service we provide you in arranging your Loan, we will charge a brokerage fee (the “Origination Fee”), which you are responsible for paying to us only in the event that you accept a loan offer from the Lender and receive your Loan. The Origination Fee will be between 1% and 5% of the amount of your Application Loan Amount. If your actual Loan amount is different than the Application Loan Amount, then the dollar amount of the Origination Fee, which is based on a percentage of the Loan amount, may increase if the Loan amount increases, or decreases if the Loan amount decreases. If we present you with any Loan offer(s) from the Lender, such offer(s) will be valid for seven (7) days. If you accept a Loan offer and proceed with your application, you will then have a further seven (7) days in which to complete the verifications required by the Lender in order to finalize such Loan offer. If the Lender approves your Loan offer, you will be provided with your loan agreement to sign electronically within two (2) days of receipt. We expect you will receive your Loan within two (2) business days of you signing your loan agreement (the “Estimated Date of Advance”). Depending on how your application for a Loan progresses, including the time it takes for you to provide us with the required information, you may receive your loan earlier or later than the Estimated Date of Advance.

If you are approved for a loan and have complied with all the terms and conditions of this Agreement, including providing all required information to us, we will provide you with an updated and amended version of this Agreement. The updated and amended version of this Agreement will set out specifically: i) the exact amount of the Loan you have been approved for and which you have accepted; ii) the Origination Fee to be paid by you, expressed as a percentage of your Loan amount and as a dollar amount; and iii) the updated date we expect you will receive your Loan on (the “Date of Advance”).

  1. Payment of the Origination Fee

You will only be required to pay the Origination Fee to us upon receiving and obtaining your Loan. You acknowledge and agree that you will direct the Lender to pay us the Origination Fee on the Date of Advance by deducting the amount of the Origination Fee from the Loan amount. You understand and acknowledge that the Lender may at its option increase the Loan amount by the amount of the Origination Fee to permit you to receive the full loan amount you have requested from the Lender.

  1. Privacy

Your personal information will be collected, used, disclosed and otherwise managed in accordance with the Borrowell Privacy Policy available at www.borrowell.com; a short summary of which is set out below.

When you apply for a loan, we collect information about you including your name, contact information (such as mailing address and email address), date of birth, purpose of the loan, income, information about your rent or mortgage payments, credit related information and your social insurance number if you choose to provide it (“Personal Information”). This information is provided to Lender and used by us and/or Lender to assess your application, determine your eligibility for a loan, and as otherwise set out in the Privacy Policy.

As part of the process of granting credit, we obtain your consent to obtain a credit check from a consumer reporting agency in order to help determine your eligibility for a loan. We also exchange Personal Information with credit bureaus and credit reporting agencies as necessary at the time of your application and throughout the term of your Agreement in order to review and verify your ongoing creditworthiness, and manage and assess our risks. You are not required to provide your social insurance number in order to apply for a loan or enter into this Agreement. However, if you choose to provide your SIN, we use it to assist us in identifying you with credit reporting agencies.

We may transfer (or otherwise make available) Personal Information to our affiliates and other third parties who provide services on our behalf. Your Personal Information may be maintained and processed by us, our affiliates and other third party service providers in the US or other jurisdictions. In the event Personal Information is transferred to the US or other foreign jurisdiction, it will be subject to the laws of that jurisdiction and may be disclosed to or accessed by the courts, law enforcement and governmental authorities in accordance with those laws. Our service providers are given the information they need to perform their designated functions, and we do not authorize them to use or disclose Personal Information for their own marketing or other purposes.

We have implemented reasonable administrative, technical and physical measures in an effort to safeguard the Personal Information in our custody and control against theft, loss and unauthorized access, use, modification and disclosure. We restrict access to your Personal Information on a need-to-know basis and limit access to employees who require access to fulfil their job requirements. We have Personal Information retention processes designed to retain Personal Information of our customers for no longer than necessary for the purposes stated above or to otherwise meet legal requirements.

If you have signed up to receive marketing communications from us, you can opt-out by clicking on the unsubscribe link in our electronic communications or by contacting us as set out below.

Please contact our Privacy Officer at [email protected] or by mail at Privacy Officer, Borrowell Inc., 200-160 John Street, Toronto, Ontario, M5V 2E5 if you have any questions or comments about our Privacy Policy, to access, update, and/or correct inaccuracies in your Personal Information, or if you otherwise have a question or complaint about the manner in which we or our service providers treat your Personal Information.

  1. No Third Party

You hereby confirm that this Loan is for your own benefit, and will not be used by, or for the benefit of anyone, other than you.

  1. Assignment

We may sell, assign or transfer our rights and obligations under this Agreement at any time to a third party. If we do, we may disclose any information about you, your loan application, including any financial information contained in support of your application, and your Loan, provided to us or the Lender, to a proposed purchaser or assignee of this Agreement. You may not assign any of your rights or obligations under this Agreement.

  1. Notices

You agree and consent to us sending information regarding this Agreement and other communications by email or other electronic form, alternatively by ordinary mail at the most recent address that we have for you in our records, if so requested in writing. Information regarding this Agreement or other communication we send by (i) email or other electronic form will be deemed to have been received by you on the day that we send it; or (ii) regular mail will be deemed to have been received by you in accordance with applicable law, unless there is a postal strike or other disruption affecting mail. In the case of a postal disruption, you must contact us to meet your obligations under this Agreement. The Loan Broker’s records will be conclusive proof of the information contained in such email, electronic form or ordinary mail. You must immediately notify us of any change in your address and other contact information. If you receive communications by email, you must immediately notify us of any change in your email address.

  1. Waiver

If we fail to exercise, or delay in exercising, any of the rights that we have under this Agreement or if, on any occasion, we waive the rights that we have under this Agreement, it shall not be considered a waiver of any of our rights at any other time or on any other occasion.

  1. Severability

If any portion of this Agreement is declared or deemed, for any reason, to be invalid or unenforceable, then the remaining portions of this Agreement shall not be affected and shall remain in full force and effect.

  1. Choice of Law

This Agreement will be interpreted in accordance with the applicable laws of the province or territory in which you reside on the Application Date. In the event of a dispute, you agree that the courts in the province or territory where you reside on the Application Date will have exclusive jurisdiction over any dispute arising in connection with this Agreement.

  1. Liability

We are not liable to you for damages (including special, indirect and consequential damages) that may arise in connection, directly or indirectly, with this Agreement. This limitation applies to any act or omission of us, the Lender and their respective affiliates, agents or suppliers, whether or not the act or omission would otherwise give rise to a cause of action in contract, tort, statute or any other doctrine of law.

  1. Currency

All references to dollar amounts in this Agreement are expressed in Canadian dollars.

  1. Changes to this Agreement

We may make changes to this Agreement by giving you subsequent notice of each change, unless advance notice is required by applicable law.

  1. Interpretation

The headings to each section of this Agreement are added for convenience only and do not change the meaning of any section of this Agreement. When used in this Agreement, the term “including” means “including, but not limited to.” Unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender include both genders.

  1. Contact Information

You may make inquiries about this Agreement please contact us at:

Borrowell Inc. 33 Yonge Street, Suite 1301 Toronto, ON, M5E 1G4 Tel: 1-888-285-2084.

Email: [email protected]

  1. Entire Agreement

This Agreement constitutes the entire Agreement and replaces and supersedes any prior agreement between you and us and sets out all the promises, terms, conditions, understandings and agreements between you and us pertaining to the subject matter of this Agreement.

  1. Clauses Required Under the Consumer Protection Act, 2002

The following clause applies to residents of the Province of Ontario.

Your Rights under the Consumer Protection Act, 2002

You may cancel this agreement at any time during the period that ends ten (10) days after the day you receive a written copy of the agreement. You do not need to give the loan broker a reason for cancelling during this 10-day period.

In addition, there are grounds that allow you to cancel this agreement. You may also have other rights, duties and remedies at law. For more information, you may contact the Ministry of Consumer and Business Services.

To cancel this agreement, you must give notice of cancellation to the loan broker, at the address set out in the agreement, by any means that allows you to prove the date on which you gave notice. If no address is set out in the agreement, use any address of the loan broker that is on record with the Government of Ontario or the Government of Canada or is known by you.

It is an offence for the loan broker to require or accept payment or security for payment before you receive the credit or the loan of money that the loan broker is assisting you to obtain. If, before you receive the credit or the loan of money, the loan broker requires or accepts payment, or security for payment, from you, you may, within one (1) year after the date of providing the payment or security, demand that it be returned.

If you cancel this agreement, the loan broker has fifteen (15) days to refund any payment you have made and return to you all goods delivered under a trade-in arrangement (or refund an amount equal to the trade-in allowance).