Last update> 14 May 2020
User grants to Barter Circle the power to manage Mutual Credit Lines from the Barter Circle’s Maendeleo Trading Credits Fund on behalf of Users on terms and conditions consistent with borrowing User’s credit worthiness and ability to repay, and to charge a reasonable fee for this service.
Barter Circle is under no obligation to extend mutual credit at any time. Barter Circle will use its best efforts to ensure timely repayment, appropriate collateral and perfection of security interest.
User in arrears over one hundred twenty (120) days in fees due shall have any mutual credit line immediately revoked, and the entire amount of the negative account balance shall become due and payable in an amount equal to one Kenyan Shilling per MTCredit owed.
MTCredits fees from mutual credit lines, MTCredits collected from charged off accounts, and any positive balances abandoned or surrendered by former Users in accordance with the Bylaws, offset expenses to the account for bad debts and the costs of administering loan operations.