Terms of Service

These Terms of Service (“Terms”) govern your access to and use of the Vayoo platform and services operated by Vayoo Financial Services Inc.. By creating an account or using our services, you agree to these Terms.

1. Eligibility

To use our services, you must:

• Be at least 18 years of age.
• Be a resident of a province where we are licensed to operate.
• Provide accurate and complete information during registration and identity verification.
• Have a valid email address and phone number for account verification.

2. Account Registration

When you create an account, you agree to provide truthful, accurate, and up-to-date information. You are responsible for maintaining the security of your account credentials and for all activity that occurs under your account. You must notify us immediately if you suspect unauthorized access.

Both your email address and phone number must be verified before you can apply for any lending product. Phone verification is completed via SMS one-time password (OTP) or voice call.

3. Services

Vayoo provides the following financial services, subject to eligibility requirements and applicable regulations:

3.1 Short-Term Loans (Payday Loans)

Short-term loans range from $100 to $1,500 (subject to your borrowing limit). The maximum cost of borrowing is $15 per $100 borrowed, as regulated by applicable provincial payday lending legislation. Repayment is due on your next payday. Full cost of borrowing is disclosed before you submit your application.

3.2 Term Loans

Term loans range from $1,500 to $10,000 with interest rates between 12% and 35% annual rate, depending on your credit profile. The effective Annual Percentage Rate (APR) will not exceed 36% as required by Criminal Code s.347. Interest is calculated using a flat-rate (add-on) method. Payment frequency options include monthly, bi-monthly, bi-weekly, and weekly.

3.3 Line of Credit

Lines of credit provide revolving access to funds with approved credit limits. Interest applies only to drawn amounts. The effective APR will not exceed 36%. Eligibility criteria apply.

3.4 Gold Loans

Borrow against gold assets based on appraised value and loan-to-value (LTV) ratio. Gold items are held in secure custody during the loan term. Full redemption is available upon repayment.

3.5 Cheque Cashing

Cash paycheques, insurance cheques, government cheques, commission cheques, and business cheques. Commission rates vary by cheque type and are disclosed before you confirm the transaction. A per-transaction fee applies.

3.6 Currency Exchange

Exchange major currencies at displayed rates. Spread and fees are disclosed before confirmation. Transactions of $3,000 CAD or more require identity verification. Transactions of $10,000 CAD or more are reported to FINTRAC as required by law.

3.7 Pawning

Pawn items for short-term cash based on fair appraisal value. Pawn terms, renewal options, and forfeiture conditions are disclosed at the time of the transaction.

3.8 Digital Wallet

A branch-managed digital wallet for managing funds on our platform. Wallet balances are updated by teller actions and completed branch services, including cash deposits, cheque proceeds, loan disbursement, FX proceeds, and pawn redemption change. Maximum wallet balance limits apply.

4. Loan Agreements

Each loan product is subject to a separate loan agreement that will be presented to you before disbursement. The loan agreement will include:

• The principal amount and total cost of borrowing.
• The interest rate (or fee rate for short-term loans) and how it is calculated.
• The repayment schedule and due dates.
• All fees and charges that apply.
• The effective APR (for term loans and lines of credit).
• Your right to a cooling-off period.
• Default and late payment consequences.

5. Cooling-Off Period

In accordance with applicable provincial consumer protection law, you have a 2-business-day cooling-off period after signing any loan agreement. During this period, you may cancel the loan without penalty by contacting us. Business days exclude weekends and statutory holidays in your province.

6. Repayment and Default

You agree to make payments on the due dates specified in your loan agreement. If you authorize a Pre-Authorized Debit (PAD), payments will be automatically debited from your designated bank account.

If a payment due date falls on a banking holiday or weekend, the due date shifts to the last preceding business day. If you miss payments, your loan may be classified as late or defaulted according to the terms of your loan agreement. Default may affect your ability to access future services.

7. Early Repayment

You may repay your loan early at any time. For short-term loans, early repayment carries no penalty. For term loans and lines of credit, early repayment requires payment of the full remaining principal and all remaining interest as specified in your loan agreement.

8. Fees

All applicable fees are disclosed before you confirm any transaction. Fees include but are not limited to:

• Loan fees as specified in your loan agreement (cost of borrowing for short-term loans; interest for term loans and LOC).
• Cheque cashing commission rates (vary by cheque type) and per-transaction fees.
• Currency exchange spreads.
• No account maintenance fees or hidden charges.

9. Privacy

Your use of our services is subject to our Privacy Policy, which describes how we collect, use, and protect your personal information. By using our services, you consent to the practices described in the Privacy Policy.

10. Anti-Money Laundering

We are registered with FINTRAC and comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. We are required to:

• Verify your identity before providing financial services (Know Your Customer — KYC).
• Monitor transactions for suspicious activity.
• Report large cash transactions ($10,000 or more) and suspicious transactions to FINTRAC.
• Retain records of transactions and identity verification for a minimum of 5 years.

11. Prohibited Uses

You agree not to:

• Provide false, inaccurate, or misleading information.
• Use the platform for any illegal purpose, including money laundering or fraud.
• Attempt to circumvent security measures or access another user's account.
• Submit forged, altered, or fraudulent documents.
• Create multiple accounts or use another person's identity.

12. Limitation of Liability

To the fullest extent permitted by applicable law, Vayoo Financial Services Inc. shall not be liable for any indirect, incidental, special, or consequential damages arising from your use of our services. Our total liability for any claim related to our services shall not exceed the fees paid by you in the 12 months preceding the claim.

13. Governing Law

These Terms are governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. Any disputes shall be resolved in the courts of the Province of Ontario.

14. Changes to These Terms

We may update these Terms from time to time. We will notify you of material changes by posting a notice on our platform or sending you a notification. Your continued use of our services after any changes constitutes acceptance of the updated Terms.

15. Contact Us

If you have questions about these Terms, please contact us:

Vayoo Financial Services Inc.
Email: support@vayoo.ai