Liquidity Services

Terms and Conditions

Explore our comprehensive terms and conditions for our stock-based financing service

🔏 Terms and Conditions

  • By proceeding the Customer will enter into an agency agreement with CreditBook Financial Services (CBFS). Through the app, the Customer will receive a \“Notice to Sell\” for the first sale of Goods from SKUs that CBFS has purchased. The Customer, acting as an undisclosed agent, will then sell these goods on behalf of CBFS treat them as their own.
  • The Customer of CBFS, now the Agent, must sell the goods based on agreed credit terms, i.e.: a fixed agency fee and a customer incentive fee.
  • If the goods are sold earlier than expected, the incentive may be higher.
  • However, the Agent cannot delay for more than 30 days (subject to future adjustments based on business type, like electronics with longer inventory turnover).
  • The app will prompt the Agent for sale updates every other day OR they can also input specific SKUs into the ledger for automatic detection of transaction status, ensuring transparency.
  • After sale of all the inventory, the app shall automatically generate a Confirmation of Sale of Goods (COS).
  • In the app, the Agent will receive an automatic invoice that deducts the Agency Fee and Incentive Fee payable to CBFS.
  • Daily Average Profit (DAP) = (Average Selling Price – Average Buying Price)/ Average Days Inventory Held.
  • CBFS’s share of profit is determined based on X% of the DAP, for a period of 30 days. The percentage X varies depending on the risk of the business.
  • Additionally, the Agent is eligible for a daily bonus, calculated as X% x DAP x (30 – Days Taken to Sell). This bonus will be subtracted from CBFS’s share of profit, reducing the amount CBFS is paid.
  • Data collected by Digital Lenders through mobile Apps or any other means is subject to privacy of the borrower and shall be used only for the loan processing or transactions related to the loan.
  • A Digital Lender shall keep the data of the borrower strictly confidential except in the following circumstances:
  • Disclosure of information with the specific written or recorded consent of the borrower.
  • Release, submission or exchange of borrower information with other financial institutions, credit information bureaus and duly Licensed lenders.
  • Disclosure of information upon orders of a court of competent jurisdiction or any government office or agency authorized by law.
  • Disclosure to collection agencies, counsels and other agents of the Digital Lenders to enforce the latter’s rights against the borrower.
  • Disclosure to third party service providers solely for the purpose of assisting or rendering services to the Digital Lenders in the administration of its lending business.
  • Disclosure to third parties such as insurance companies solely for the purpose of insuring the Digital Lenders from borrower default or other credit loss and the borrower from fraud or unauthorized charges.
Your Agreement
  • I request to purchase specific good(s) from Creditbook Financial Services (CBFS) through Creditbook as an CBFS Agent at the agreed sale price.
  • I declare that the information provided in the application form is correct and complete to the best of my knowledge. I authorize CBFS or its duly appointed agents to verify this information by contacting my place of residence, work, and/or reference.
  • I agree to provide all necessary documents as requested by CBFS. I authorize CBFS to access and verify my personal financial information from any credit bureaus, banks, financial institutions, companies, and markets for credit evaluation during the application process. CBFS retains the absolute right to accept or reject the financing application.
  • I hereby undertake and acknowledge that in the scenario I am unable to pay the due amount before the due date, CBFS will pay the agency fee for the tenure and will deduct the amount on daily basis as per agreed formulae
  • I hereby undertake and acknowledge that CBFS will pay the incentive if I will deposit the due amount before the due date as per agreed formulae. If during the term of the financing, the device is stolen, lost, or damaged beyond repair, I will still be liable to complete the repayment of the financing.
  • The sale is strictly on an ‘as is, where is’ basis and  CBFS is not responsible for any defects therein, nor with any warranty relating to the condition, suitability or efficacy of the assets whether expressed or implied by law or recognized by custom.
  • Any complaint about the Asset’s quality or the supplier’s services will not affect the Customer’s obligation to continue paying the monthly instalments to CBFS.
  • I confirm that currently, none of my immediate relatives or family members are employed or associated with CBFS. If such an association arises in the future, I will promptly inform CBFS.
  • CBFS retains the absolute right to withdraw, restrict, not renew, or modify my financing limit without notice or reason, regardless of whether the limit has been fully utilized. This action will not impose any liability on CBFS towards the customer.
  • I hereby confirm that I have purchased the good(s) offered by CreditBook, and am making payments using the proceeds derived from such purchases.FS

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Contact Information

Email

support@creditbook.pk

Phone

+92 318 0110801

Copyright © 2023 CreditBook Financial Services. All rights reserved.

License No: SECP/LRD/86/CBFSPL/2022-103