Via our website, www.mytrustin.com, Mytrustin matches its funding participants (to whom we refer as "lenders") with prospective borrowers, who are small business entrepreneurs in low-income countries. Mytrustin 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.
By using the www.mytrustin.com website or forum, you hereby understand and agree to the following :
Mytrustin is a nonprofit organization responsible only for maintaining the www.mytrustin.com website. Mytrustin 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 Mytrustin borrowers at the lender's own risk, based on their own assessment of prospective borrower's profiles posted on the site.
Mytrustin is not a bank or other financial institution or investment adviser, broker or dealer. Mytrustin 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 Mytrustin. Any cash payouts are promotional gifts offered solely at Mytrustin's discretion.
Mytrustin is not responsible or liable for any incorrect information posted on its website, or for losses or damages resulting from such information. Other than repayment performance of prior Mytrustin loans, neither Mytrustin nor any other party has verified the information that borrowers post on Mytrustin's website. Mytrustin is not responsible for the accuracy of any such information.
The loans offered through Mytrustin are unsecured and would be considered high risk by traditional financial institutions. In addition, Mytrustin is under no obligation to return all or a portion of the funds provided by any lender. Accordingly, participating in loans provided by Mytrustin 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.
Lenders accept the risk of loss in whole or in part of funds lent to Mytrustin borrowers. Risks include but are not limited to political and economic instability, currency fluctuations, and the unpredictability inherent in entrepreneurial endeavors.
Loans posted for financing through the Mytrustin website are unsecured and bear high risk of non-repayment. Mytrustin is not responsible for any financial losses resulting from use of its website.
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.
Mytrustin borrowers may modify their repayment schedules within the parameters set by Mytrustin at the borrower's own initiative, and without the consent of lenders.
Upon receipt and identification of a loan repayment from a borrower, Mytrustin will credit the repaid principal and interest to the accounts of the lenders who had funded the aforementioned loan. The lenders may then relend the credit to other borrowers, or request to withdraw the credit.
Funds uploads to withdrawable lender accounts should not be treated as tax-deductible charitable contributions.
It is the responsibility of lenders to report and pay any applicable taxes on any cash payouts received from Mytrustin.
Lenders may only withdraw funds from their Mytrustin accounts via PayPal. Lenders who are not able to receive PayPal transfers will not be able to withdraw funds from their lender accounts.
If a lender does not make any new loan or withdrawal request within sixty days after receiving a repayment credit, the account will be considered inactive and Mytrustin will activate continuous relending of the available credit on the lender's behalf. A lender may deactivate continuous relending using the "Relending Preferences" page of his or her account, but this does not undo or prevent automated relending if the account becomes inactive.
In the event that a lender does not log in to his or her account for over one year, Mytrustin will attempt to contact the aforementioned lender using the email address registered with his or her lender account. If Mytrustin does not receive a response from the lender within one month from the date of the first contact attempt, the account will be deemed abandoned, and the balance of lender funds that have been credited to that account will automatically convert to an unrestricted donation to Mytrustin. Lenders whose expired accounts have converted to donations may reverse this conversion at any time by sending a written or email request to Mytrustin. Upon receipt of such a request, Mytrustin will credit the lender balance that had been converted to a donation back to the lender's account.
Unsolicited advertising, offensive or discriminatory language, personal attacks or accusations, and other content that is harmful to our community is prohibited in the Mytrustin website and forum.
Lenders are encouraged (but not required) to use their first or full names as display names. Display names that promote political, religious or otherwise partisan views are prohibited.
Posting unproven accusations or speculation that harms the reputation of any of our members is strictly prohibited.
Mytrustin reserves the right, at its sole discretion, to remove content that violates this prohibition, and to close the accounts of users who post such content.
Important Note: Mytrustin is a nonprofit organization engaged in the facilitation of microfinance lending to low-income entrepreneurs in developing countries. Mytrustin's primary purpose is to provide financial aid in the form of loans. Mytrustin believes that its lending model fosters a sense of responsibility and success for borrowers who repay their loans. The principal purpose of Mytrustin'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 Mytrustin 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 Mytrustin to be a philanthropic activity, and you should not lend more money through Mytrustin than you are prepared to lose.
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