Terms of Service

1. Agreement to Terms

These Terms of Service ("Terms") govern your access to and use of the Peernet platform, website, and services (collectively, the "Services"). By accessing or using our Services, you agree to be bound by these Terms and our Privacy Policy.

If you do not agree to these Terms, you may not access or use our Services.

2. Eligibility

To use Peernet, you must:

• Be at least 18 years of age
• Be a legal resident of the United States
• Have the legal capacity to enter into binding contracts
• Not be prohibited from using our Services under applicable laws
• Provide accurate and complete registration information
• Maintain the security of your account credentials

By creating an account, you represent and warrant that you meet all eligibility requirements.

3. Account Registration

3.1 Creating an Account

To use our Services, you must create an account by providing your full legal name, email address, and other required information. You agree to provide accurate, current, and complete information during registration and to update it as necessary.

3.2 Account Security

You are responsible for:

• Maintaining the confidentiality of your account password
• All activities that occur under your account
• Notifying us immediately of any unauthorized use
• Not sharing your account with others

3.3 Account Verification

We may require you to verify your identity, income, and financial information through third-party verification services. You authorize us to obtain credit reports and other information from credit bureaus and financial institutions.

4. Platform Services

4.1 Peer-to-Peer Marketplace

Peernet provides a marketplace platform that connects borrowers seeking personal loans with individual lenders willing to fund such loans. We facilitate these transactions but are not a party to any loan agreement between users.

4.2 Not a Lender

Peernet is not a bank, lender, or financial institution. We do not make loans or credit decisions. All loans are made directly between users of the platform.

4.3 Service Fees

We may charge fees for our Services, including but not limited to:

• Optional platform donations from borrowers (suggested 5%)
• Late payment fees (10% if not repaid within 35 days)
• Payment processing fees
• Instant withdrawal fees

5. Borrower Terms

5.1 Loan Requests

As a borrower, you may request loans up to your borrowing limit (determined by your tier level). You must provide accurate information about the loan purpose, amount, and repayment terms.

5.2 Repayment Obligations

You agree to:

• Repay the full loan amount by the agreed-upon date
• Pay any agreed-upon tips to lenders
• Pay platform fees and late fees if applicable
• Maintain sufficient funds in your linked bank account

5.3 Default and Late Payments

If you fail to repay a loan by the due date:

• A 10% late fee will be applied after 35 days
• Your Peernet Score will be negatively impacted
• Your account may be suspended or terminated
• The default may be reported to credit bureaus
• We may pursue collection activities or legal action

6. Lender Terms

6.1 Investment Decisions

As a lender, you acknowledge that:

• All lending decisions are made at your own discretion
• You have reviewed borrower information before funding
• Loans carry risk of loss, including total loss of principal
• Past performance does not guarantee future results
• We do not guarantee repayment of any loan

6.2 Diversification

We strongly recommend diversifying your lending across multiple borrowers to minimize risk. You should not lend more than you can afford to lose.

6.3 Tips and Returns

Borrowers may choose to pay you an optional tip. Tips are not guaranteed and are at the borrower's discretion. All tips and principal repayments will be deposited to your Peernet wallet.

7. Peernet Score

The Peernet Score is a reputation system that reflects your behavior on the platform. Your score is calculated based on:

• Payment history and timeliness
• Number of completed loans
• User feedback and ratings
• Account verification status

Your Peernet Score determines your borrowing tier, limits, and funding priority. We may adjust the scoring methodology at any time.

8. Prohibited Activities

You agree not to:

• Provide false or misleading information
• Use the platform for illegal purposes
• Engage in fraudulent activities or money laundering
• Attempt to manipulate your Peernet Score
• Create multiple accounts
• Use automated tools or bots
• Interfere with platform security or operations
• Harass, threaten, or abuse other users
• Attempt to collect payments outside the platform
• Use loan funds for illegal activities

9. Intellectual Property

All content on the Peernet platform, including text, graphics, logos, software, and trademarks, is owned by Peernet or our licensors and protected by intellectual property laws.

You may not copy, modify, distribute, or create derivative works based on our content without our express written permission.

10. Disclaimers and Limitations of Liability

10.1 No Warranties

THE SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.

10.2 Investment Risk

PEER-TO-PEER LENDING INVOLVES SUBSTANTIAL RISK. YOU MAY LOSE SOME OR ALL OF YOUR INVESTMENT. PEERNET DOES NOT GUARANTEE REPAYMENT OF LOANS OR ANY RETURN ON INVESTMENT.

10.3 Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, PEERNET SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS OR REVENUES, WHETHER INCURRED DIRECTLY OR INDIRECTLY, OR ANY LOSS OF DATA, USE, GOODWILL, OR OTHER INTANGIBLE LOSSES.

11. Indemnification

You agree to indemnify, defend, and hold harmless Peernet and its officers, directors, employees, and agents from any claims, liabilities, damages, losses, and expenses arising out of or related to your use of the Services, violation of these Terms, or violation of any rights of another.

12. Termination

We may suspend or terminate your account at any time, with or without cause or notice, if we believe you have violated these Terms or engaged in fraudulent activity.

You may close your account at any time, but you remain responsible for any outstanding obligations.

Upon termination, you must cease all use of the Services. Provisions that by their nature should survive termination shall survive.

13. Dispute Resolution

13.1 Arbitration Agreement

Any dispute arising out of or relating to these Terms or the Services shall be resolved through binding arbitration in accordance with the American Arbitration Association's rules, rather than in court.

13.2 Class Action Waiver

You agree that disputes will be arbitrated only on an individual basis and not as a class action, consolidated action, or representative action.

14. Governing Law

These Terms shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of law provisions.

15. Changes to Terms

We reserve the right to modify these Terms at any time. We will notify you of material changes by email or through the platform. Your continued use of the Services after changes become effective constitutes acceptance of the revised Terms.

16. Contact Information

If you have questions about these Terms, please contact us: