Terms of Service

1. About Paybackly

Paybackly is a technology platform that facilitates interest-free personal loans between individuals who know each other. We provide the tools to create loan agreements, transfer funds, and collect repayments via Direct Debit.

Paybackly is not a lender, bank, or financial institution. We do not provide credit, make lending decisions, or guarantee repayment. All loans are private agreements between individual users. By using Paybackly, you accept these terms in full.

2. Eligibility

To use Paybackly you must:

• Be at least 18 years old.
• Be a UK resident with a valid UK bank account.
• Successfully complete identity verification.
• Provide accurate, truthful personal information.
• Not be subject to any bankruptcy order or debt relief order.

You may only hold one Paybackly account. Creating multiple accounts to circumvent limits or restrictions is prohibited and will result in permanent suspension.

3. Identity Verification

All users must verify their identity using a valid government-issued photo ID (passport or driving licence) and a live selfie via our provider, Stripe Identity. We reserve the right to reject or suspend accounts where verification fails or where we suspect the information provided is false.

4. Service Fee

Paybackly charges borrowers a one-time service fee of 3% of the loan amount (minimum £1.00). This fee is spread equally across all repayment installments. No interest is ever charged. The lender receives back exactly the amount they lent.

5. Borrowing Limits

New verified users start with a borrowing limit of £500. This limit increases as you successfully repay loans on time:

• New: Up to £500
• Bronze: Up to £1,000 (after completing 1+ loans on time)
• Silver: Up to £2,000 (after completing 3+ loans on time)
• Gold: Up to £5,000 (after completing 6+ loans on time)

Missed or late payments may reduce your limit. Paybackly reserves the right to adjust limits at any time based on payment behaviour.

6. Loan Agreements

When a loan is created and accepted on Paybackly, both parties enter into a binding agreement. By accepting a loan:

• The lender agrees to transfer the specified amount to the borrower and authorises Paybackly to share their bank transfer details.
• The borrower commits to repaying the full amount plus the service fee on the agreed schedule via Direct Debit.
• Both parties acknowledge the terms shown at the time of creating or accepting the loan.

Loan terms (amount, duration, installments) cannot be changed after a loan is accepted.

7. Fund Transfers

After a loan is accepted, the lender is responsible for transferring the funds directly to the borrower using the bank details provided by Paybackly. Paybackly facilitates this process but does not hold or transfer funds on behalf of users. The lender must send the transfer promptly after accepting the loan.

8. Direct Debit

By setting up a Direct Debit mandate through Paybackly (via GoCardless), you authorise us to collect repayment installments from your bank account on the scheduled dates. You are protected by the Direct Debit Guarantee, which entitles you to a full and immediate refund from your bank if an error is made.

9. Missed Payments

If a scheduled payment fails:

• Both the borrower and lender will be notified immediately.
• The borrower's borrowing limit may be reduced.
• Paybackly may attempt to retry the payment collection.
• Persistent non-payment may result in account suspension and referral for debt recovery.

Paybackly does not act as a debt collector and cannot guarantee recovery of unpaid amounts. Lenders should only lend to people they trust and amounts they can afford to lose.

10. Prohibited Use

You must not use Paybackly to:

• Launder money or facilitate illegal activity.
• Create fictitious loans between accounts you control.
• Provide false identity information.
• Use someone else's bank account without their express consent.
• Circumvent borrowing limits through multiple accounts or arrangements.

11. Account Suspension & Termination

We reserve the right to suspend or permanently terminate accounts that violate these terms, provide false information, engage in fraudulent activity, or pose a risk to other users. Outstanding loan obligations remain enforceable regardless of account status.

12. Limitation of Liability

Paybackly provides a technology platform only. We are not liable for:

• Losses arising from non-payment by a borrower.
• Disputes between users about loan terms.
• Third-party service failures (banking systems, payment processors).
• Loss of access due to forgotten credentials.

Our total liability to you in any circumstances shall not exceed the service fees paid by you to Paybackly in the 12 months preceding the claim.

13. Governing Law

These terms are governed by the laws of England and Wales. Any disputes shall be subject to the exclusive jurisdiction of the courts of England and Wales.

14. Changes to These Terms

We may update these terms from time to time. We will notify you of material changes by email or in-app notification at least 14 days before they take effect. Continued use of Paybackly after that date constitutes acceptance.

15. Contact

For questions about these terms, email us at support@paybackly.online.