Terms of service
The terms of this service are a legally binding document that allows our
company to receive and store your specific information and process it to
grant the right to borrow. Therefore, it is recommended that you
familiarize yourself with the terms of service and decide whether to
accept it. By checking the terms of service box below and entering the
verification code provided by our organization to your phone number
under the specified procedure you are deemed to agree to the following
terms of service.
1. Enter your personal information accurately.
1.1 Customer is obligated to enter their personal information
accurately if asked.
1.2 Lite+ has a right to receive and store customer's personal
information provided by the user for further use
1.3. Our app uses camera permission when When user needs to upload
profile picture When user needs to prove who they are using government
issued passport Uploading any image is not enforced, users can choose
if they are willing to upload pictures or not
1.4 The loan amount and terms will be determined by the result of the
loan amount calculated by the questionnaire and customer’s
information.
1.5 If the customer is completed the questionnaire and eligible for a
loan, we will draft a loan contract for you using the information you
provided.
1.6 If the information provided by a customer has been proven to be
false information, our company has a right to refuse to grant you a
loan and the loan contract will be deemed void. In addition, the
customer, will be legally responsible for any consequences or damages
caused by the false information.
1.7 To ensure the security of your information and to prevent
unauthorized use of the Lite+ app, our company will have access to
your app activity and store it as a history log, and use it within the
relevant law
2. Only after signing a contract, you will become a customer of our
services.
3. The terms of service are governed by the loan contract.
4. The Lite+ app reserves the right to change its terms of service and
will notify you of such changes through its website, the app's
introductory section, and the customer's mobile phone.
5. If a decision is made not to grant a loan, you can contact our
company again after a certain period and answer the questionnaire again.
6. Customers are required to repay their loan amount with 5% Monthly
Interest Rate under 60 days.
ACCEPTING THE TERMS OF SERVICE AND USING OUR APPLICATION, DOES NOT MAKE
OUR COMPANY LIABLE TO PROVIDE ANY LOANS. FURTHERMORE, YOU ARE NOT
ALLOWED TO MAKE ANY CLAIM AGAINST OUR COMPANY ON ANY OTHER ISSUE UNLESS
SPECIFICALLY STATED IN THE TERMS OF SERVICE.
Privacy Policy
1. Rationale and purpose of collecting customer information
1.1 Lite+ recognizes the customer and confirms and provides online
loan services at your request based on personal information registered
on the lite.mn e-loan service website and Lite+ mobile application
(hereinafter referred to as Lite+).
1.2 A Customer is a Mongolian citizen who has reached the age of 18
and is applying for a consumer loan by logging in to Lite+ and
creating an account.
1.3 The Data Holder collects and processes personal information based
on the customer's electronic consent to recognize the customer and
approve the online loan application.
1.4 The Customer is fully aware of the Terms of Service and the
Privacy Policy before registering with Lite+, and by “checking the
box” of the contract, he/she is fully agreeing to the collection and
processing of information by the Data Holder.
1.5 The Customer is obliged to provide accurate information to Lite+,
and the Customer shall be fully responsible for the risk of not being
able to access the loan service due to entering false information and
will be responsible for any damages that occurred to the Data Holder.
1.6 The respondent collects and processes the following information to
recognize the customer and approve the loan application. These
include:
1.6.1 The customer's mobile phone number and registration number used
to register with Lite+.
1.6.2 To verify the customer, a password will be sent to the
registered mobile phone number and the registration will be created by
entering the password into Lite+. The encrypted password is created by
the customer in Lite+.
1.6.3 The customer's last name, first name, registration number,
telephone number, home address, employment information, and financial
information provided by the customer to Lite+ to access the online
loan service.
1.6.4 Customer's online loan obtained through Lite+ and its repayment
information.
1.7 The Data Holder is prohibited from collecting, processing, or
storing personal information of customers other than those specified
in 1.6 of this policy.
2. Processing and using customer information
2.1 The Data Holder shall process and use customer information only in
the condiv of providing online credit services as follows. These
include:
2.1.1 The Lite+ password is known only to the customer, and the
password entered by the customer is encrypted and stored.
2.1.2 Customer information will be used to provide online credit
services to the customer.
2.1.3 The information will be used internally to improve the quality
and availability of online loan services and to develop new products
and modules.
2.1.4 The information will be used for the development of Lite+'s
software, for which purpose information, information is transferred
and used by the developer.
2.1.5 The information will be used for analysis, verification, and
determining financial capability with the use of information
technology, artificial intelligence, and tests.
2.1.6 The information will be used to provide customers with
information on new products, promotions, loan disbursements, and loan
repayments.
2.2 The Data Holder shall not disclose the customer's personal
information to government organizations and third parties, except as
provided in Article 12.3 of the Law on Non-Bank Financial Activities
and Article 7.2 of the Banking Law of Mongolia, and shall keep the
customer's information confidential.
2.3 The Data Holder is prohibited from selling, transferring, or
sharing customer information to third parties for profit.
3. Storing customer information
3.1 The Data Holder stores the information entered by the customer in
Lite+ on its server. The customer is obliged not to disclose the
customer's username and password to others.
3.2 The Data Holder shall not be liable for any damages caused to
customers as a result of the loss of their login information. The Data
Holder warns that access to the customer's access information will not
be possible.
4. Managing and deleting customer information
4.1 The customer himself/herself will not be able to change personal
information such as phone number, name, and registration number after
signing the contract. If the customer’s phone number is changed,
he/she can request to change the phone number through Lite+ and the
customer's request will be resolved within three (3) working days.
4.2 If a customer has an online credit history, their information will
not be deleted.
4.3 If the customer does not sign a loan contract within 2 months of
registering with Lite+, the customer's information will be retained
for the period specified in the Law on Archives and Record-Keeping.
4.4 If the customer requests to cancel his/her registration, he/she
will not be able to register at Lite+ again. All information will be
deleted except for the customer’s phone number and registration
number.
5. Privacy Policy Reform
5.1 The Data Holder reserves the right to make changes and amendments
to the Privacy Policy and in case of any amendments to the Privacy
Policy, it will be published openly on the platform
http://www.lite.mn/ and the Customer will be obliged to read it.
5.2 In the event of an amendment to the Privacy Policy that was in
effect at the time of customer registration or contracting, the
amended Privacy Policy shall be considered valid.