Last updated: February 8, 2016
Via our website, SolarFundzz.com, SolarFundzz matches its funding participants (to whom we refer as "lenders") with prospective borrowers, who are small business entrepreneurs in low-income countries. SolarFundzz works to improve access to affordable business financing for disadvantaged entrepreneurs, while making available information on borrowers' businesses and credit histories to allow each lender to choose which entrepreneurs receive the funds that lender provides.
The loans offered through SolarFundzz are unsecured and would be considered high risk by traditional financial institutions. In addition, SolarFundzz is under no obligation to return all or a portion of the funds provided by any lender. Accordingly, participating in loans provided by SolarFundzz is intended to be a philanthropic rather than an investment activity. Website users should lend only amounts that they can afford to lose in the case of borrower default.
SolarFundzz is a Eco-Workforce company responsible only for maintaining the SolarFundzz.com website. SolarFundzz is not a financial institution, and is not responsible for assessing credit risk of borrowers, enforcing repayment, or guaranteeing repayment of loans posted on its website. Lenders participate in the loans provided to SolarFundzz borrowers at the lenders' own risk, based on their own assessment of prospective borrowers' profiles posted on the site.
Lenders accept the risk of loss in whole or in part of funds lent to SolarFundzz borrowers. Risks include but are not limited to political and economic instability, currency fluctuations, and the unpredictability inherent in entrepreneurial endeavors.
By using the SolarFundzz website, you hereby understand and agree to the following:
1. SolarFundzz is not a bank or other financial institution or investment adviser, broker or dealer. SolarFundzz makes no guarantee or representation that funds lent through its website will be repaid to lenders, regardless of whether the loans financed with lender funds are repaid to SolarFundzz. Any cash payouts are promotional gifts offered solely at SolarFundzz's discretion.
2. SolarFundzz is not responsible or liable for any incorrect information posted on its website, or for losses or damages resulting from such information. Other than credit histories and repayment performance, neither SolarFundzz nor any of the local financial institutions or credit bureaus with which SolarFundzz works has verified any of the information that borrowers post on SolarFundzz's website. SolarFundzz is not responsible for the accuracy of any such information.
3. Loans posted for financing through the SolarFundzz website are unsecured and bear high risk of non-repayment. SolarFundzz is not responsible for any financial losses resulting from use of its website.
4. Lenders residing outside the United States may only withdraw funds from their SolarFundzz accounts via PayPal. Lenders residing outside the United States who are not able to receive PayPal transfers will not be able to withdraw funds from their lender accounts.
5. Loan amounts are fixed in local currency at the time of disbursement. Currency exchange rate fluctuations may cause reductions in the dollar values of the loans over the course of the repayment period, causing lenders to lose money even if the loan is fully repaid.
6. SolarFundzz borrowers may modify their repayment schedules within the parameters set by SolarFundzz at the borrowers' own initiative, and without the consent of lenders.
7. Funds uploads to SolarFundzz lender accounts should not be treated as tax-deductible charitable contributions. It is the responsibility of website users to report and pay any applicable taxes on any cash payouts received from SolarFundzz.
8. In the event that a lender does not log in to his or her lender account for over one year, SolarFundzz will attempt to contact the aforementioned lender using the email address registered with his or her lender account. If SolarFundzz does not receive a response from the lender within one month from the date of the first contact attempt, the balance of lender funds that have been credited to that account will automatically convert to an unrestricted donation to SolarFundzz. Lenders whose expired accounts have converted to donations may reverse this conversion at any time by sending a written or email request to SolarFundzz. Upon receipt of such a request, SolarFundzz will credit the lender balance that had been converted to a donation back to the lender's SolarFundzz account.
Important Note: SolarFundzz is a Eco-Workforce company engaged in the facilitation of microfinance lending to low-income entrepreneurs in developing countries. SolarFundzz's primary purpose is to provide financial aid in the form of loans. SolarFundzz believes that its lending model fosters a sense of responsibility and success for borrowers who repay their loans. The principal purpose of SolarFundzz's lenders in funding loans is to improve the lives of these entrepreneurs, and not to make a profitable financial investment. Lending to entrepreneurs through SolarFundzz involves a meaningful risk of loss of your principal lent. In addition, you are very likely to lose money in real terms on any loan you fund, even if it is repaid by the borrower, as a result of currency exchange rate changes, PayPal fees applied to uploading credit to your lender account, inflation and other factors affecting the value of principal and interest payments made by a borrower. Accordingly, we recommend that you consider lending through SolarFundzz to be a philanthropic activity, and you should not lend more money through SolarFundzz than you are prepared to lose.