Truth in Lending Disclosure

Last updated 4th August 2021

Laybuy Holdings USA Inc (“we”, “us”, “our” or “Laybuy”) may approve you for a rolling credit line (“Open-End Credit Line” or “Credit Line”) in accordance with our Consumer Terms and Conditions (“Terms and Conditions”) and this Truth in Lending Disclosure form (“TILA Disclosure” or “Disclosure”). This TILA Disclosure provides certain disclosures in accordance with applicable laws and is part of the Terms and Conditions. Capitalized terms used in this Disclosure have the same meaning as given to them in the Terms and Conditions unless otherwise defined in this Disclosure.

If we agree to finance for you one or more Products or Services through the Platform in accordance with the Terms and Conditions, we will extend to you the Credit Line, which consists of an open-end credit line up to a certain maximum credit amount. More information about how you can use this Credit Line to finance one or more Products or Services is available in the Terms and Conditions.

This TILA Disclosure includes an arbitration provision and a class action waiver through the Terms & Conditions. Please see more details below and read in full the Terms and Conditions before accepting this Disclosure and the Credit Line.

1. Summary of the Laybuy Credit Line:

Interest Rates and Interest Charges

Annual Percentage Rate (APR)  |  0% Your APR will remain fixed and will not vary.

Making Payments  |  For each purchase made through your Credit Line, you will make six (6) equal weekly installment payments. Please see more details below.

For Credit Tips from the Consumer Financial Protection Bureau  |  To learn more about factors to consider when applying for or using a credit card or credit line, visit the website of the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/learnmore.

Fees

Annual Fee  |  None.

Transaction Fees  |  None.

Penalty Fees
•  Late Payment  |  Up to $16 for each installment payment not paid on time. (see Late Payment Fees below)

2. No APR
Your annual percentage rate (APR) will be 0% for all amounts that we agree to finance for you as part of this Credit Line to help you purchase, license or otherwise acquire any Products or Services from Merchants via the Platform. This means that subject to any applicable Late Fees described below, you will not have to pay any finance charges for any Products or Services that we finance for you as part of this Credit Line.

3. Payment Schedule and Installment Amounts
(a)  For each transaction that we agree to finance for you as part of this Credit Line, we will pay on your behalf to the respective Merchant the full amount of the price for the Product or Service that you are purchasing, licensing or otherwise acquiring, plus any sales tax, delivery costs, booking fees, service charges and other applicable fees the Merchant may impose on the Product or Service (“Total Sale Price” or “Purchase Price“), as further described in the Terms and Conditions.
(b)  Each Purchase Price that we finance for you will be subject to 6 equal weekly installment payments (each an “Installment Amount”), beginning on date you make your purchase and ending 5 weeks later, provided you pay all your Installment Amounts on time. Each Installment Amount is equal to one sixth (1/6) of the Total Amount Financed, as shown in the table above.
(c)  The first instalment will be due and payable at the time you purchase, license or first acquire the Product or Service. The second instalment will be due and payable on the date that is one week after the date of purchase (at the latest, although you may choose a sooner date if we make this option available to you). Each of the four subsequent instalments will be due and payable on the same day in the weeks following. For example, if you purchase a Product on a Friday, and the Purchase Price for the Product is $60, on the date of purchase you will pay $10 and on each Friday in the following five weeks you will be required to pay us an instalment amount of $10.

4. Your Credit Limit
(a)  When we approve you for this Credit Line, we issue to you a maximum credit limit (the “Credit Limit”). We may adjust your Credit Limit at any time subsequently. If we increase or decrease your Credit Limit, we will notify you about the updated Limit at least fourteen (14) days before, except that if we increase your Credit Limit when we finance an additional Product or Services for you, we will notify you about the updated Credit Limit at the time of that transaction.
(b)  If the Purchase Price for any transaction is in excess of your then-effective Credit Limit, the first instalment of the Purchase Price that is due and payable by you will be for the amount by which the Purchase Price exceeds your Credit Limit and the remainder of the Purchase Price owed will be divided and paid over the remaining five instalment payments. For example, if your Credit Limit is $60 and the Purchase Price is $80, on the date of purchase you will pay $20 (being the excess above Your Limit) and on each of the five remaining instalment dates you will pay $12.

5. Late Payment Fees
If for any reason whatsoever you fail to, or are unable to, pay in full the Installment Amount due under an instalment payment on its due date (the “Installment Due Date”), you will have a further 24 hours to pay that Installment Amount in full. If you fail to pay in full that Installment Amount in full within 24 hours after the Installment Due Date, we will charge you a late payment fee of eight Dollars ($8) for that installment. If you do not rectify your default by paying in full that Installment Amount within seven (7) days after the Installment Due Date, we will charge you a further late payment fee of eight Dollars ($8). As a result, you could be charged, in aggregate, up to sixteen Dollars ($16) in late payment fees for each instalment payment that you miss or that you pay late up to a maximum charge of $32 for each purchase you make. By using the Platform and receiving credit from us at 0% APR, you agree these late payment fees are fair and reasonable given the time and cost we will incur in dealing with your default. We may also arrange for a debt collection agency to collect the amount you owe us from you.

6. Statements and Information About Your Credit Line
(a)  Applicable laws require us to provide to you a periodic statement that discloses various items related to your Credit Line (“Statements”).
(b)  You may access information about your Credit Line and related Statements through your online account that you open on our Platform when you sign up for this Credit Line (the “Online Account”). The information and Statements available to you through your Online Account will include, to the extent applicable and required by law, the then-current debt outstanding under your Credit Line, a record of your previous payments (including the previous balance and payment amounts corresponding to those prior payments), an identification of each prior transaction made and credit extended through the Credit Line, any credit posted to your account during the billing cycle, (including the amount and the date of crediting), any upcoming payments due and the corresponding Installment Due Dates, whether you are up to date with your payments or in default, any late payment fees or other charges that you previously paid or that have accrued and are then-due, any applicable grace periods, and other information that may be relevant to your Credit Line. If required by law, we will also mail your Statements to the mailing address we have on file for your Credit Line.

7. No Prepayment Penalty
At any time, you can prepay some, or all, of the debt outstanding under your Credit Line in advance of the due date of the applicable instalment payments, without penalty. If you make any such early payment, all subsequent instalment payments will be adjusted accordingly so the same amount is due for payment on each subsequent instalment date (unless you prepay the full amount that you owe to us for that particular Product or Service, in which case you will owe no more instalments for that Product or Service).

8. Security Interest
We do not take a security interest in any Product or Service that we finance for you under this Credit Line.

9. Electronic Signature and Electronic Records
(a)  We are required by law to provide you with Statements and certain other disclosures and notices that are required to be in writing for your Credit Line (“Subsequent Disclosures”). You agree that the Subsequent Disclosures we provide to you are electronic records under the Electronic Signatures in Global and National Commerce Act (15 U.S.C. Sections 7001 and following).
(b)  You are consenting to receive all Subsequent Disclosures electronically. We will deliver Subsequent Disclosures to you electronically via email and by posting them in your Online Account. By checking the box to accept electronic disclosures as part of your application for the Credit Line, you acknowledge that you are able to electronically access the Platform (including your Online Account), receive email, and print the Subsequent Disclosures. In order to access, view and retain Subsequent Disclosures electronically, you must have a computer or other device with Internet access. The minimum system requirements include internet browser software that supports 128-bit security encryption and Adobe Reader® version 9.0 or higher.
(c)  If you do not consent to electronic delivery of the Subsequent Disclosures at the time of your application, we cannot proceed with processing your application for the Credit Line. You may request a paper copy of a Subsequent Disclosure we have provided electronically by emailing us at help@laybuy.com. You have the right to withdraw your consent to receive Subsequent Disclosures electronically; however, this will result in the termination of your Online Account, and you will no longer be able to obtain further advances or process additional transactions through your Credit Line. You will still be required to pay any balance that remains outstanding in your Credit Line. To withdraw your consent to receive Subsequent Disclosures electronically, you must contact us at help@laybuy.com, or you may write us at Laybuy Holdings USA Inc, 1900 S. Norfolk Street, Suite 350, San Mateo, CA 94403. We may ask you to confirm the withdrawal of your consent.
(d)  In addition to Subsequent Disclosures, your consent also allows us to electronically send to you or make available to you emails, notices, or alerts regarding your Online Account. We are not responsible if any email is intercepted by your spam filters, junk folders, or other similar tools or email features, and you consequently do not see it, if you have given us the wrong email address (or failed to update your email address), or if there are other communications issues that are not our fault and that prevent our emails from reaching you. You agree that if we send an email or any other electronic communication to the email address you have provided us, we will be deemed to have provided such electronic communication to you, regardless of whether such communication is returned as undeliverable. Therefore, it is your responsibility to ensure the contact information you provide us is current and accurate, including your email address. You agree to promptly notify us of any changes to your contact information. You can update your contact information, including your email address, through your Online Account, by emailing us at help@laybuy.com.
By checking the box to accept electronic disclosures as part of your application for the Credit Line, you (a) acknowledge receiving, reading and agreeing to this consent to electronic signature and electronic records, and (b) agree to receive Subsequent Disclosures from us electronically.

10. State Disclosures
(a)  Notice to California Residents: An applicant, if married, may apply for a separate Account.
(b)  Notice to Married Wisconsin Residents: No provision of any marital property agreement, unilateral statement under section 766.59 of the Wisconsin statutes or court decree under section 766.70, adversely affects our interest unless we, prior to the time the credit is granted or an open- end credit plan is entered into, are furnished a copy of the agreement, decree or court order, or have actual knowledge of the adverse provisions. IF YOU ARE A MARRIED WISCONSIN RESIDENT, CREDIT EXTENDED UNDER THIS ACCOUNT WILL BE INCURRED IN THE INTEREST OF YOUR MARRIAGE OR FAMILY.
(c)  Notice to New York Residents: You may contact the New York State Department of Financial Services at 1-800-342- 3736 or by visiting http://www.dfs.ny.gov for assistance in obtaining a comparative listing of all credit card rates, fees and interest-free periods.
(d)  Notice to Ohio Residents: The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with the law. The creditor and issuer of this Credit Line is Laybuy Holdings USA Inc.

11. Arbitration and Class Action Waiver
The Terms and Conditions, which govern this TILA Disclosure, contain an arbitration provision and a class action waiver. Arbitration is a method of resolving disputes. Please read in full the Terms and Conditions before accepting this Credit Line from us. By accepting this Credit Line from us, you expressly acknowledge and agree in full to the Terms and Conditions, including the arbitration provisions and class action waiver included in the Terms and Conditions. If you chose to accept this TILA Disclosure and the Credit Line, the arbitration provision and the class action waiver will materially affect your rights in the event of a dispute.

12. Your Billing Rights
Keep this document for future use. This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.
What to Do If You Find a Mistake on Your Statement:
If you think there is an error on your statement, email or write to us at:
Laybuy Holdings USA Inc
help@laybuy.com
1900 S. Norfolk Street, Suite 350
San Mateo, CA
94403
If you wish to dispute a transaction, please email us or write to us with the information listed below. Most inquiries or disputes can be corrected via email. In your email or letter, please give us the following information:
•  Account information: Your name and Credit Line account number.
•  Dollar amount: The dollar amount of the suspected error.
•  Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a mistake.