1.1 These terms apply to the Cash Advance Service offered by Wollit Ltd.
1.2 Wollit Ltd (“Wollit”, “we” or “us”) (company number: 10687003), with registered office at 35 Ballards Lane, London, United Kingdom, N3 1XW, is authorised and regulated by the Financial Conduct Authority, Firm Reference Number: 781247, with permissions to enter into regulated credit agreements as lender (excluding high-cost short-term credit, bill of sale agreement, and home collected credit agreement), to exercise/have the right to exercise a lender’s rights and duties under such agreements and to undertake credit broking.
1.3 Wollit is the provider of Wollit Services under the Wollit Terms, and Wollit Pro Services under the Wollit Pro Terms, via the Wollit app (the “App”).
2.1 If you subscribe to the Wollit Pro Services, and you are interested in obtaining credit, you may apply to Wollit for the Cash Advance Service (as defined below) through the App.
2.2 We provide low-value cash loans of between £50 and £250, free of interest and charges, over periods of up to 35 days, as the loan is repayable on your next monthly payday (the “Cash Advance Service”). Each individual loan taken out with us will be a separate “Cash Advance”.
2.3 Applications for each Cash Advance are made directly to Wollit through the App and in accordance with these terms.
2.4 Being a Wollit Pro Services user does not guarantee that you will be approved in respect of any specific Cash Advance application you may make to us.
2.5 If your application for a Cash Advance is declined, this will not affect your use of any other Wollit Pro Services or the Wollit Services.
2.6 If your application for a Cash Advance is approved by us, you will be required to enter into a regulated consumer credit agreement with Wollit. The credit agreement, and pre-contract information will be provided to you for your consideration and acceptance prior to entering into the credit agreement for a Cash Advance. These terms govern the process of making an application to use the Cash Advance Service; the terms of the Cash Advance itself are as detailed in your credit agreement and pre-contract information and in the event of any conflict the terms of the latter shall prevail. As a customer of Wollit and user of the Cash Advance Service, once you have repaid a Cash Advance, you may apply for further Cash Advances with us in accordance with these terms.
3.1 In order to apply for the Cash Advance Service, you must:
3.1.1 be 18 years or over;
3.1.2 be resident in the UK;
3.1.3 hold a personal bank account in the UK;
3.1.4 already subscribe for the Wollit Pro Services through the App;
3.2 In order to assess whether you are eligible to apply to use the Cash Advance Service, we will verify your identity and may undertake a credit check with one or more credit reference agencies by way of a 'soft' credit search. This credit check will not affect your credit score or appear on your credit report. More information can be found in our privacy notice (see section 10 below).
3.3 By completing the application to use the Cash Advance Service, you confirm that the information you have provided is accurate and complete.
3.4 Wollit may reject your application if any information provided in the application is found to be incorrect or incomplete, or if Wollit has been unable to complete identity verification checks to its satisfaction.
3.5 Notwithstanding clause 3.4 above, Wollit reserves the right to reject your application for the Cash Advance Service in its discretion, without giving any reasons for doing so.
3.6 In addition all Cash Advances approvals are subject to status and you meeting our underwriting criteria, including us being satisfied that the credit is affordable for you.
3.7 We will undertake a search against your credit record with one or more credit reference agencies when you apply for a Cash Advance. In addition we will report your repayment performance to such agencies. This will be recorded on your credit record and may affect your credit score if you fail to make your repayments in full and on time. Please see section 6 below for more information.
4.1 If you make a Cash Advance request directly to Wollit through the App, you will be asked as part of the application process to choose a loan amount and choose your repayment date from the options provided which should reflect the date of your next payday which will be the repayment date for the loan.
4.2 If a Cash Advance request is declined, we will inform you of the reason(s) for this within a reasonable time, including whether the decline decision is based on information we have obtained from a credit reference agency, in which case we will provide you with details of that agency.
4.3 If a Cash Advance request is approved, we will inform you of the maximum amount you are eligible to borrow. The maximum loan amount we offer will be based on the outcome of the checks and assessments we undertake, including under clauses 4.5 and 4.6 below.
4.4 Once the credit agreement has been signed by us and by you, we will promptly pay the Cash Advance directly into your nominated bank account.
4.5 You may be prohibited from requesting a Cash Advance or your Cash Advance request may be declined if:
4.5.1 Any amount under an existing Cash Advance is outstanding;
4.5.2 Less than 14 days have elapsed since your most recent Cash Advance was repaid in full;
4.5.3 Less than 5 days have elapsed since you subscribed for the Wollit Pro Services through the App;
4.5.4 We do not have an existing read-only connection to your Personal Account (as defined below);
4.5.5 You do not have an active continuous payment authority for us to collect repayments from your bank;
4.5.6 You have previously fallen into arrears under any previous Cash Advance;
4.5.7 You have been declined for a Cash Advance in the previous 30 days;
4.5.8 You fail our underwriting or affordability requirements; or
4.5.9 Your Wollit Health Score (as provided under the Wollit Services and defined under the Wollit Terms) is less than 400.
5.1 In order to make your repayment under any Cash Advance, you will be required to provide us with a continuous payment authority (CPA) so that the repayment can be collected from your bank. A CPA is a recurring payment made on your chosen debit card that you authorise to be taken as a means of paying your repayment. Unlike a direct debit, a CPA is not covered by any guarantee.
5.2 Further information in regard to our use of the CPA will be provided in the credit agreement and pre-contract information provided to you prior to taking out a Cash Advance.
6.1 Any late or missed payments in respect of a Cash Advance will be reported to one or more credit reference agencies, which may affect your credit score and your ability to request future Cash Advances, and may make it more difficult for you to obtain credit from other providers.
6.2 Further information in regard to consequences for missing or making late repayment in respect of a Cash Advance, and the actions we may take in respect of this, will be provided in the credit agreement and pre-contract information provided to you prior to taking out a Cash Advance.
7.1 We use Open Banking technology as part of our creditworthiness and affordability assessment, so that we can base our lending decisions on your real-time financial situation.
7.2 In order to determine whether a Cash Advance is affordable, Wollit requires a read-only connection to your main personal bank account held in the UK (“Personal Account”). Your Personal Account should be the account you consider to be your main account, being the account your income is paid into, and the account you use for your day to day spending. If your Personal Account is no longer your main personal banking account in the UK, you must inform us of your new Personal Account as soon as reasonably possible in order for us to continue to provide the Cash Advance Service.
7.3 When you applied for the Wollit Services, you agreed that we may and provided your explicit consent and instruction for us (and our supplier Truelayer Limited (“Truelayer”)) as your agent and representative to access, retrieve and use your Personal Account data in order to:
7.3.1 view and monitor your Personal Account balances and transactions;
7.3.2 make and store a copy of your Personal Account data; and
7.3.3 if you applied for a Cash Advance, analyse the transactions, balances and use of your Personal Account to assess your creditworthiness and the affordability of any Cash Advance, in order for us to make any lending decisions
7.4 In the interests of security, we will periodically ask you to renew your consent. You may also withdraw your consent for our read-only access to your Personal Account at anytime. However, if you withdraw or fail to renew your consent when requested, you will no longer be eligible for a Cash Advance.
7.5 We will be not able to control your Personal Account, make payments or transfer funds to third parties or otherwise operate any other functionality in respect of your Personal Account. We will not at any point process or store your internet banking access details.
7.6 We do not check the accuracy of the Personal Accounts information you provide to us and we rely on your Personal Account providers to ensure that the Personal Accounts information provided to us is up to date and accurate.
7.7 Wollit is not endorsed or sponsored by the providers of your Personal Account.
8.1 You must:
8.1.1 Notify us promptly if there is any change to your personal or contact details or application information, including: your name; your address, your Personal Account; your mobile number; your email address; or your status as a UK resident.
8.1.2 Only use the App and Cash Advance Service for your own personal use.
8.1.3 Not use the App or Cash Advance Service for any unlawful activity, for any unlawful purpose, or in any manner inconsistent with these terms, or act fraudulently or maliciously, in any manner that may cause offence or harm to any person, or which may infringe the intellectual property or other rights of Wollit or any third party.
8.1.4 Not do anything that may disable, modify or harm the App or the Cash Advance Service.
9.1 Access to the Cash Advance Service is available through the App.
9.2 You must not allow any other person to access the Cash Advance Service on your behalf. You must treat your access and authentication details as confidential, and you must not disclose these to any other person.
9.3 If you believe your App account has been compromised or do not recognise activity on your account, you should contact us as soon as possible using the email address provided at 17.1.
9.4 We have the right to disable any App user, identification code or password, whether chosen by you or allocated by us, at any time, if in our opinion you have failed to comply with any of the provisions of the terms of this clause 9.
11.1 All copyright, trademarks and any other intellectual property rights in all logos, designs, text, images, software and all other materials and content in relation to the Cash Advance Service (collectively the “Content”) are owned by Wollit or appear with the permission of the relevant owner.
11.2 When we provide you with access to the Cash Advance Service, this is on a licence-basis for your own personal use only, and all intellectual property rights in the Content remain with us.
11.3 You may also view and make copies of relevant documents, pages, images or other materials in relation to the Cash Advance Service for the purposes of applying for or using the Cash Advance Service.
11.4 You may not duplicate, reproduce, copy, publish, modify, create derivate works from the Content, or reverse engineer or reverse compile any of the technology associated with the Content.
11.5 Additionally, you agree that you will not (i) remove or alter any author, trademark or other proprietary notice displayed on our App (or printed pages produced from our App); and (ii) make any other modifications to any documents obtained from our App other than in connection with completing information required to transact business with Wollit.
12.1 If you do not have an existing Cash Advance or a pending application for a Cash Advance, you may cancel your access to the Cash Advance Service at any time. If you cancel your access to the Cash Advance Service you will be unable to make any requests for a Cash Advance.
12.2 If you obtain a Cash Advance, you have 14 days in which to change your mind. This is explained in the credit agreement under 'Your right to Withdraw'. If you exercise this right you must repay the money you have borrowed under the agreement within 30 days of notifying us of your withdrawal.
13.1 If you do not have an existing Cash Advance or a pending application for a Cash Advance:
13.1.1 and you have not used the Cash Advance Service for 3 months, your access via the App to the Cash Advance Service may be deactivated. If you wish to obtain a further Cash Advance after this point you will need to reapply for the Cash Advance Service and will be subject to our eligibility requirements as set out in clause 3 above.
13.1.2 we may end, restrict or suspend our provision of the Cash Advance Service to you if we provide you with at least 30 days’ notice.
13.2 Notwithstanding clause 13.1 above, we may immediately end, restrict or suspend our provision of the Cash Advance Service to you without notice if:
13.2.1 You materially breach (or we reasonably suspect that you have materially breached) any of these terms, the Wollit Terms or the Wollit Pro Terms; or
13.2.2 You fail to maintain active consent for the read-only connection to your Personal Account.
13.3 Termination of these terms for any reason will not affect your use of the Wollit Services or other Wollit Pro Services (unless such termination is based on your breach of the Wollit Terms or Wollit Pro Terms) or any liability you may have to Wollit under a Cash Advance, and you will still be subject to the terms of the credit agreement in respect of any existing Cash Advance.
13.4 If we terminate your use of the App or Cash Advance Service, you must:
13.4.1 stop all activities authorised by these terms, including your use of the Cash Advance Service; and
13.4.2 Immediately destroy all copies of any pages from the App in regards to the Cash Advance Service which you have downloaded or otherwise stored.
13.5 If your use of the Cash Advance Service has been terminated and you would like to re-apply, we have the right to require payment in full of any outstanding amount owed to us in respect of any Cash Advance.
14.1 Whilst we have taken reasonable steps to ensure the accuracy, currency and availability, correctness and completeness of the information provided by Wollit contained on the App:
14.1.1 Wollit does not promise that the App or any content, document or feature of the Cash Advance Service will be error-free or uninterrupted, or that any defects will be corrected or that your use of the Cash Advance Service will provide specific results.
14.1.2 The material on the App or the Cash Advance Service could include technical inaccuracies or typographical errors. The App, its content and the Cash Advance Service are delivered on an "as-is" and "as-available" basis.
15.1 To the fullest extent permitted by law, we hereby exclude any liability direct, indirect or consequential loss or damage incurred by any user in connection with the App or Cash Advance Service or in connection with the use, inability to use, or results of the use of the App or the Cash Advance Service, including:
15.1.1 loss of business
15.1.2 loss of income or revenue
15.1.3 loss of profits or contracts
15.1.4 loss of anticipated savings
15.1.5 loss of data
15.1.6 loss of goodwill
15.1.7 wasted management or office time
15.1.8 any other loss or damage of any kind, however arising and whether caused by tort (including negligence),breach of contract or otherwise, even if foreseeable.
15.2 Nothing in these terms limits any liability which cannot legally be limited, including but not limited to liability for:
15.2.1 Death or personal injury caused by negligence;
15.2.2 Fraud or fraudulent misrepresentation; or
15.2.3 Any other liability which cannot be excluded or limited under applicable law.
15.3 We are not liable for any failure, suspension and or termination of access to the App or Cash Advance Service in connection with or arising out of an event which is outside our reasonable control.
16.1 We reserve the right to vary these terms from time to time in order to reflect changes in law or best practice, to make necessary changes to or add additional features to the Cash Advance Service, or to make improvements to our provision of the App or Cash Advance Service, including technical adjustments and improvements (for example, to address a security threat or to run a necessary update), and to correct any error or omission in any information or document issued by us. We will notify you if we make any variations to these terms, and you may ask for a copy of these terms at any time. By continuing to use the Cash Advance Service after any changes to these terms, you agree to be bound by the amended terms. If you do not agree to any variation of terms that we make, you can cease to use the Cash Advance Service at any time, subject to meeting your obligations under any outstanding Cash Advance agreement.
16.2 We may assign any or all of our rights and obligations under these terms. You may not assign any of your rights or obligations under these terms.
16.3 Nothing in these terms is intended to, nor shall create, any right enforceable by any third party and the Contracts (Rights of Third Parties) Act 1999 shall not otherwise apply to these terms.
16.4 If any provision of these terms is or becomes invalid, illegal or unenforceable it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of the terms.
16.5 Any failure by Wollit to exercise any rights or enforce any of these terms shall not constitute a waiver of such rights or terms.
16.6 These terms constitute the entire agreement between you and Wollit with regard to your use of the Cash Advance Service, and any and all other written or oral agreements or understandings previously existing between you and Wollit with respect to such use are hereby superseded and cancelled.
16.7 These terms and any dispute or claim arising out of or in connection with them shall be governed and construed in accordance with the law of England and Wales, and we and you both agree to submit to the exclusive jurisdiction of the English courts.
17.1 You can contact us at via email at firstname.lastname@example.org
17.2 You agree that we may contact you by sending an email to the to the email address you have given us, by SMS message or telephone call to the mobile number you have given us, by post to the mailing address you have given us, or by push notifications to your mobile device (where you consent to receive these).
17.3 Details of your right to complain to the Financial Ombudsman Service in respect of a Cash Advance are provided in your loan agreement and pre-contract information.