Credit Builder Program Terms & Conditions
These Credit Builder Program Terms & Conditions (“Program Terms”) govern your participation in the Credit Builder Program (the “Program”) as specified in your Borrowell Credit Builder Agreement for your installment loan. The Program is considered a “Service” under the Borrowell Terms of Use.
1. What is it?
The Program is a subscription-based program that provides access to a collection of Borrowell products and services including but not limited to:
Cash back rewards;
Credit education; and
Other products and services that Borrowell may introduce from time to time
2. Eligibility
To participate, you must be a registered user of Borrowell and have the Credit Builder product. Your eligibility will be specified in your Borrowell Credit Builder Agreement for your installment loan. This Program is only available in conjunction with Credit Builder and is not offered separately.
3. Cash back rewards
The Program allows members to earn cash back rewards on select financial products offered in the Borrowell Marketplace by third party partners (“Third Party Partners”). The list of eligible products and corresponding cash back reward amounts can be found here or through your Credit Builder dashboard. This list will disclose the amount of cash back available for eligible financial products, including any other limits, conditions and exclusions. These products and corresponding details are subject to change from time to time and shall be updated on the website, with the last revised date listed. All changes shall be effective upon posting and shall supersede any prior versions.
To earn cash back you must meet all of the following conditions: (1) your Credit Builder account must be in good standing and you made your first payment; (2) you must successfully acquire the financial product (e.g. be approved for a credit card or fund your loan); and (3) you must provide a valid email address that you own and are able to receive email at.
Whether you are entitled to receive cash back, including whether you have met the criteria, will be determined by Borrowell in its discretion. Borrowell reserves the right to review information made available to it and to request additional information and proof from you or its Third Party Partners as part of its verification process to determine whether you are entitled to earn cash back. Failure to cooperate may result in a delay or failure in the processing of your rewards. By participating in the Program, you consent to Borrowell and the provider of the financial product you are seeking cash back rewards in connection to sharing information, including personal information and whether you successfully acquired the financial product, in order to determine compliance with the Program Terms.
Rewards can be redeemed for a cash payment, digital third-party gift card or any other rewards determined by Borrowell from time to time. Subject to these Program Terms, after you have earned the rewards, the rewards will (i) in the case of cash back rewards, be deposited into the bank account you set up Credit Builder payments to come out of; (ii) in the case of a digital third-party gift card, be sent to the email address we have on file under your Credit Builder loan agreement; and (iii) in the case of other rewards, be distributed in a manner to be determined by Borrowell. The aforementioned disbursements will occur within a certain period of time following the completion of the required activity and verification of product acquisition by Borrowell. The minimum payment amount for rewards is twenty dollars ($20). Balances below this threshold will remain in your account for future payment once the threshold is exceeded. If Borrowell is unable to deposit or distribute your reward for any reason outside of Borrowell’s control, the payment amount will be returned to your account. It is your responsibility to contact Borrowell to provide updated information for us to successfully deposit or distribute your reward.
The rewards cannot be combined with any other Borrowell offerings or services, unless expressly indicated by Borrowell. All cash transferred will be in CAD dollars only. You are responsible for ensuring that your rewards are properly calculated and reflected in your bank account or gift card. Any claim for rewards not deposited or distributed properly or accurately must be received by Borrowell within ninety (90) days of the date of approval for the product by contacting [email protected]. Once rewards are redeemed, it cannot be reversed.
Without limiting Borrowell’s rights or remedies, Borrowell may in its sole discretion modify, suspend or terminate your use of the Program or your ability to earn or redeem cash back offers or refuse to provide you with Borrowell cash back, for any reason, including (without limitation) if there is or Borrowell suspects any of the following: (i) there is fraud (including if Borrowell determines that cash back was fraudulently or improperly earned), (ii) you have breached these Program Terms; (iii) you have violated any law or (iv) you have otherwise misused the Program, or other Borrowell services.
Participating in the Program does not increase your likelihood of approval for financial products. Approval is at the sole discretion of the Third Party Partner. The eligible financial products are provided by the Third Party Partners, not by Borrowell or its affiliates. As such, Borrowell shall not be liable for the third party financial products (“Third Party Products”) or any loss caused or alleged to be caused by such Third Party Products. Third Party Products are subject to change and cancellation by the relevant Third Party Partner and may have restrictions and other terms imposed by the Third Party Partner which will be made available for you to review and accept when you apply. ALL DISCLAIMERS OF WARRANTIES AND LIMITATIONS OF LIABILITY IN THE BORROWELL TERMS OF USE APPLY TO OUR OFFERING OF OR MAKING AVAILABLE OF THE THIRD PARTY PRODUCTS AND THIRD PARTY PRODUCT SITES.
When you provide us with information and data when you apply for or receive any Third Party Products, you hereby consent to our transfer of such information and data to the relevant Third Party Partner, to enable them to provide the Third Party Product to you, and to process and share such information and data required for Borrowell’s own purposes, such as verifying if you successfully obtained a product.
4. Credit Education
You are granted a limited, non-transferable, non-exclusive license to access the credit education content. You may only use this access for personal educational purposes. You agree not to reproduce, distribute, or otherwise use these materials for commercial purposes.
The credit education does not constitute legal, financial or investment advice. Any decisions you make based on the content are your sole responsibility. You should consult a qualified professional before making any financial decisions. The credit education is designed to provide financial education and general guidance. Borrowell makes no guarantees regarding the specific financial results you may achieve as a result of the content. Personal financial matters depend on individual actions, decisions and external factors beyond Borrowell’s control.
We reserve the right to modify, update or discontinue the credit education or any part of it at any time, with or without notice. We reserve the right to terminate your access to the credit education if we determine, at our sole discretion, that you have violated any of these Program Terms.
5. Cancellation
If you cancel Credit Builder or otherwise no longer hold the product, you will no longer have access to the Program. Any rewards you earned up to the date of cancellation will be distributed to you in accordance with Section 3 (Cash back rewards). If you wish to withdraw your participation in the Program you must cancel your Credit Builder.
6. Amendments
Subject to applicable law, Borrowell may, at any time, and at Borrowell’s discretion, with or without notice to you, and without liability to you, make changes to or terminate the Program. By way of example, Borrowell could, from time to time: (i) change the cash back amount you can earn for eligible products; (ii) change or impose new minimum thresholds and other conditions and requirements on cash back and redemption; (iii) change the products that are eligible for cash back; (iv) change the credit education content or (v) add or remove a product or service to the Program. Updates will be reflected in these Program Terms. You should check these Program Terms periodically for changes. Your continued use of Credit Builder constitutes your acceptance to be bound by any such changes. In the event you do not agree to the changes, you may cancel your Credit Builder in accordance with Section 5 (Cancellation).
7. Warranty Disclaimer
The Program, including offers by Third Party Partners, is being provided “as is” and without warranties or conditions of any kind, either express or implied, including, without limitation, implied warranties and conditions of merchantability, fitness for a particular purpose, and non-infringement. Borrowell makes no warranty as to the quality, accuracy, completeness, reliability or validity of the Program including, without limitation, any product descriptions, cash back offers, recommendations, content or other information displayed, uploaded or distributed in connection with the Program. Borrowell does not warrant, endorse, guarantee, provide any conditions or representations, or assume any responsibility for any product or service advertised or offered by any third party or Third Party Partner through the Borrowell website and/or app or in respect to any website that can be reached from a link on the website and app, and Borrowell shall not be a party to any transaction that you may enter into with any Third Party Partner.
8. Limitation of Liability
THE LAWS OF CERTAIN JURISDICTIONS, INCLUDING IN THE PROVINCE OF QUEBEC, DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LEGAL WARRANTIES, LIABILITY OR CERTAIN DAMAGES OR LIMITATIONS OF REPRESENTATIONS MADE CONCERNING GOODS OR SERVICES. IF THESE LAWS APPLY TO YOU, SOME OR ALL OF THE BELOW EXCLUSIONS OR LIMITATIONS MAY NOT APPLY TO YOU. IN SUCH CASE, EXCLUSIONS/LIMITATIONS WILL APPLY TO THE GREATEST EXTENT CONSISTENT WITH APPLICABLE LAW.
To the maximum extent permitted by applicable law, in no event shall Borrowell be liable for any special, incidental, consequential, statutory, exemplary, punitive or other indirect damages arising from your participation in the Program, including but not limited to the loss of cash back, errors or omissions provided in connection with the Program such as promotional offers or cash back calculations and disqualification and cancellation or suspension of your participation in the Program.
9. Indemnity
You agree to indemnify, defend, and hold harmless Borrowell, its subsidiaries, affiliates, members, officers, employees, agents, and licensors from and against any and all claims, losses, damages, liabilities, and expenses (including legal fees) arising out of or in connection with your participation in the Program or any violation of these Program Terms.
10. Applicable Law
EXCEPT IN THE PROVINCE OF QUEBEC, these Program Terms shall be governed by and construed in accordance with the laws of the Province of Ontario, excluding conflicts of law provisions, and of the federal laws of Canada applicable therein. In the event of any dispute or proceeding, you and Borrowell agree to attorn to the exclusive jurisdiction of the Courts in the City of Toronto, Ontario.
11. Privacy
Your privacy is important to us. Borrowell will collect, use and disclose your personal information in accordance with our Privacy Policy.
12. Contact Us
If you have questions regarding these Program Terms you may contact us at [email protected], or by mailing us at 1 University Ave, 3rd Floor, Toronto, Ontario, M5J 2P1.