Terms of service for lending firms
These terms apply to lending firms that subscribe to Collecta to run their branches, loans, collections and cash.
1. Who may subscribe
A firm may subscribe only if it holds the licences and registrations Sri Lankan law requires for money lending, and keeps them valid. Collecta checks the documents a firm uploads before approving it and may suspend lending features when a licence expires.
2. The firm's responsibilities
The firm decides whom to lend to and on what terms, and is responsible for its interest rates, fees, penalties, agreements and collection practices complying with the law.
The firm must obtain any consent the law requires before entering a customer's details, and must use the cross-lender credit summary only for the stated purpose and only with the customer's consent recorded in Collecta.
The firm is responsible for its staff accounts: inviting only its own staff, giving them only the permissions they need, and removing access when they leave. Owners are encouraged to turn on two-step sign-in.
3. Subscription, payment and suspension
Plans, prices and limits are shown on the billing page. Subscriptions are paid by bank transfer; a period is extended when Collecta verifies the transfer slip.
If a period remains unpaid after the grace period, the firm's workspace becomes read-only until payment is verified. Data is not deleted because of non-payment.
4. Data
The firm owns the business records it creates. Collecta processes customer personal data on the firm's behalf and as described in the Privacy policy, stores it encrypted where it is identity or KYC material, and keeps loan, payment and consent records for the periods the law requires.
A firm may export its data at any time. When a subscription ends, Collecta keeps the records it must keep by law and deletes or returns the rest as agreed.
5. Availability and liability
Collecta aims for continuous availability and backs up data nightly, but does not guarantee uninterrupted service. [Liability cap, indemnities and governing-law clauses to be drafted by counsel.]
6. Changes
Collecta will give firms at least 30 days' notice of material changes to these terms, by email to the owner and in the app.
See also: Lender terms · Privacy policy · Credit-history consent