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Axuda Terms of Use

Axuda, Inc. ( “Axuda”, “we”, “us”, “our”) works to provide financial resources in the form of microloans to members of our local community (“Borrowers”) who are struggling to meet their short term financial needs. Our goal is to provide a forum for Borrowers to tell their stories and crowdfund loans from lenders (“Lenders”) via the Axuda web platform (the “Axuda Program”).

This Terms of Use (“Agreement”) is a contract between you (a “User”) and Axuda and governs your access and use of the Axuda website (“Website”). By accessing or using using the Website, you acknowledge that you have read all of the terms and conditions in this Agreement as well as the Axuda Privacy Policy (accessible here) and agree to be bound by the terms herein.

The loans offered through Axuda are unsecured, and are generally considered “high risk” because of the high risk of default. Borrowers likely could not access credit or receive loans from traditional financial institutions for a variety reasons, including a lack of credit history and the use of loan proceeds. Lenders can donate funds to Axuda, and then direct those donated funds to the Borrower(s) they choose by funding all or a portion of that Borrower’s loan request. Borrowers are expected to repay their Axuda loans, and lenders can loan any repaid funds to new Axuda borrowers. All lender contributions to Axuda, including Axuda “loans,” are charitable donations.

  1. The Axuda Program
    1. Axuda Loans.

      The loans to Borrowers from Lenders through the Axuda Program (“Loans”) are unsecured and bear a high risk of non-repayment.

      Axuda works with organizations (“Sponsors”) to identify Borrowers for participation in the Axuda Program. Loan requests are posted on the Website only in cooperation with Sponsors. Lenders may direct funds they have donated to Axuda and loaded into their Axuda accounts to the Borrowers and loan requests that they select on the Website. Axuda and the Sponsors have no responsibility or liability with respect to the screening or selecting of any Borrowers and Lenders understand that they loan funds at their own risk.

    2. Loan Repayment. Borrowers will repay Axuda for funds loaned through the Axuda Program in periodic installments, and Axuda will credit the Lender’s Axuda account as funds are received from the Borrower. Any amounts received by Axuda from a Borrower will be distributed among the Lenders on a pro rata basis based on the amounts loaned by each Lender to that particular Borrower. However, if a Borrower fails to repay a Loan, crediting to the Lender(s) may be delayed or ceased. Lenders may use the repaid funds in their Axuda accounts to fund additional Loan(s). Lenders may not withdraw or otherwise access/receive the funds from their Axuda accounts, as all contributions to Axuda are treated as donations.
  2. The Website
    1. Axuda Content. Axuda, its logo and other Axuda graphics are trademarks, service marks or trade dress belonging to Axuda, Inc. (collectively, “Axuda Marks”). You may not use, copy or imitate Axuda Marks without the prior express written consent of Axuda. All proprietary rights in Axuda’s platform, Website and all content posted, shared or otherwise transmitted thereon are retained by Axuda (collectively, “Axuda Content”). Any use of Axuda Content, other than for limited, personal and non-commercial purposes, requires prior express written consent of Axuda. Your permitted use of Axuda Content is a grant of a license, not a transfer of title, and under this license you may not: (i) modify or copy the materials; (ii) use the materials for any commercial purpose, or for any public display (commercial or non-commercial); (iii) attempt to decompile or reverse engineer any software contained on Axuda’s website; (iv) remove any copyright or other proprietary notations from the materials; or (v) transfer the materials to another person or “mirror” the materials on any other server. This license shall automatically terminate if you violate any of these restrictions and may be terminated by Axuda at any time. You may not disseminate or otherwise disclose any information to another party in a way that allows personal identification of a User, who has opted to have his or her identity withheld on the Axuda website.
    2. User Content.

      Any material (including without limitation text, images, audio material, video material and audio-visual material) that you submit to the Website, for whatever purpose, shall constitute User Content (“User Content”).

      You hereby grant to Axuda a worldwide, irrevocable, non-exclusive, royalty-free license to use, reproduce, adapt, publish, translate and distribute your User Content in any existing or future media. You also grant to Axuda the right to sub-license these rights, and the right to bring an action for infringement of these rights.

      User Content must not be illegal or unlawful, must not infringe any third party’s legal rights, and must not be capable of giving rise to any legal action whether against you or Axuda or a third party. You must not submit any User Content to the Website that is or has ever been the subject of any threatened or actual legal proceedings or other similar complaint. You also agree to fully indemnify and hold harmless Axuda from any third-party claim, proceeding or complaint brought against Axuda or its licensors based on your User Content.

      Axuda reserves the right to approve, edit or remove any material submitted to the Website or hosted or published upon the Website, including, without limitation, any material that Axuda deems in its sole discretion to be offensive, abusive, harmful, negative, or to constitute spam or advertisement. Axuda reserves the right to restrict, suspend or terminate the account or participation of any User from the Website at any time, with or without prior notice. Axuda does not undertake to monitor the submission of User Content to, or the publication of such content on, on the Website.

  3. Tax Deductibility of Donations to Axuda
    1. You understand that Axuda is a non-profit corporation, and that Axuda is a qualified 501(c)(3) tax-exempt organization. Donations to Axuda are tax deductible to the extent permitted by law. Please consult with your own accountants, tax advisors and legal advisors.
  4. Lender Account Inactivity

    Axuda will make a reasonable attempt to contact any Lender who fails to log into their Axuda account for a continuous six month period by sending an email notification to the email address associated with that Lender’s account. If the Lender does not respond to Axuda’s notice within thirty (30) days from the date of the notice, the balance of any funds that have been credited to that Lender’s account will become an unrestricted donation to Axuda.

  5. Disclaimers

    Axuda is not responsible or liable for any incorrect or inaccurate information posted on the Website, and is not responsible for any liability, cost or expense you may incur in connection with the Axuda Program. You understand that Axuda has not verified any of the information or content posted by Borrowers or Sponsors on the Website. You also acknowledge that Sponsors are not liable to you for content posted on the Website, and Sponsors do not guarantee repayments by any Borrowers. Axuda is not responsible for the conduct of any User of the Website. Further, Axuda is not responsible for any error, omission, deletion, delay in transaction, communications line failure, destruction of or unauthorized access to, or alteration of any content on the Website or communication from Axuda.

    You acknowledge that any and all of your decisions with respect to the Axuda Program (including without limitation, decisions made regarding which Loan(s) to fund) are made independently by you. You acknowledge that Axuda is not a bank or other financial institution or investment adviser, broker or dealer, Axuda is not acting as your fiduciary, and neither Axuda nor any Sponsor assumes an advisory or fiduciary responsibility with respect to you in connection with your participation in the Axuda Program.

    Axuda is not responsible for any loss or damage, including, without limitation, personal injury or death, resulting from any use of the Website or participation in the Axuda Program, including without limitation any content posted, uploaded, or otherwise shared on the Website or any interactions between any Users of the Website, whether online or offline.

    THE WEBSITE AND AXUDA PROGRAM, INCLUDING, WITHOUT LIMITATION, ANY CONTENT OR INFORMATION CONTAINED WITHIN IT, IS PROVIDED "AS IS" WITH NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. YOU ASSUME TOTAL RESPONSIBILITY AND RISK FOR YOUR USE OF THE WEBSITE AND PARTICIPATION IN THE AXUDA PROGRAM.

  6. Limitation of Liability

    Axuda shall not be responsible or have any liability for any decisions or interactions resulting from your participation in the Axuda Program, or any damages, costs, losses or expenses you incur as a result of your participation in the Axuda Program or your use of the Website.

  7. Other Provisions
    1. Term and Termination. This Agreement shall remain in effect as long as you access the Website or participate as a Borrower or Lender. You may terminate this Agreement and your participation in the Axuda Program at any time by sending Axuda electronic notice of termination to info@axuda.org which shall be effective five (5) business days after receipt by Axuda. Axuda may at any time terminate your participation in the Axuda Program by sending you electronic notice to the email address you provided. In the event of termination by you or by Axuda, any current or future funds in your Axuda account will be returned to you in due course.
    2. Modification. Axuda reserves the right, at its sole discretion, to modify the Website or modify this Agreement at any time and without prior notice. By continuing to access or use the Website or participate in the Axuda Program after we have posted a modification to this Agreement, you are indicating that you agree to be bound the by the modified Agreement.
    3. Governing Law. This Agreement shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to its conflict of laws principles.
    4. Severability. If any provision of this Agreement is invalid, illegal or unenforceable, that provision is severed from this Agreement and the other provisions remain in force.
    5. Electronic Notices and Disclosures. You agree to receive all notices and other communications from Axuda electronically, either by email or at the Website.
    6. Indemnity. You agree to indemnify and hold Axuda harmless from any loss, liability, claim, or demand arising out of your use of the Website or participation in the Axuda Program.
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