Terms & Conditions

Please read these Terms of Service (the “Agreement”) carefully. By clicking to accept this Agreement, you agree to be bound by this Agreement, including consent to electronic communications as further detailed in Section 28 of this Agreement, and you confirm that you have read and agree to Basis’s Privacy Policy (the “Privacy Policy”). The defined terms in this Agreement have the meanings ascribes to them herein. The headings contained in this Agreement do not constitute part of the Agreement and are for reference purposes only. You should print a copy of this Agreement for your records.

NOTE: This Agreement provides that all Disputes, as defined in Section 21 below, between you and Basis will be resolved by BINDING ARBITRATION. BY ASSENTING TO THIS AGREEMENT, YOU AGREE TO FORFEIT YOUR RIGHT TO GO TO COURT to assert or defend your rights under this Agreement, except for matters that may be taken to small claims court. Your rights will be determined by a NEUTRAL ARBITRATOR and NOT a judge or jury, and your claims cannot be brought as a class action. YOU HAVE A RIGHT TO OPT OUT OF THE BINDING ARBITRATION AND CLASS ACTION WAIVER PROVISIONS AS DESCRIBED in Section 21 below. Please review Section 21 for the details regarding your assent to arbitrate any Disputes with Basis. If you do not agree to be bound by this Agreement, you may not use the Services as defined below in Sections 1 and 2.

1. Parties to this Agreement

This Agreement is a contract between you (“you” and “your”) and Basis, LLC (“Basis,” “we,” “us,” and “our”) (each individually a “Party” and collectively the “Parties”). This Agreement is a legally binding contract between you and Basis governing your non-transferable (unless with our prior written consent) use of Basis services, including use of the financing application, and any other features and products that Basis may make available to you through the Basis application or website (collectively, the “Basis Services” or the “Services”). We may transfer or assign this Agreement, and any rights under this Agreement, to a third-party without notice to you or without your consent. 

We may partner with banks (each, a “Bank Partner”) to offer certain products and services and we offer certain products and services directly to you. If you are approved for a product offered through Basis by one of these Bank Partners, or through other partnerships with Bank Partners, you will enter into an agreement with the Bank Partner. Notwithstanding any other provision of this Agreement, any agreement you enter into with a Bank Partner (and not this Agreement) will control with respect to the associated Bank Partner product.

2. The Services

3. Eligibility

The Basis Services, and loans originated directly by us or a Bank Partner may not be available in all fifty (50) states, as Basis does not presently possess the authority to lend in all jurisdictions.

The Services are intended solely for legal residents of one of the fifty (50) United States or the District of Columbia who are natural persons of at least 18 years of age (or 19 years of age if you are a legal resident of Alabama or a ward of the state in Nebraska) or are of the legal age in their state of residence.

Any registration by, use of, or access to, the Services by any non-United States resident or person under 18 or under the legal age in their state of residence is unauthorized and in violation of this Agreement. By using the Services, you represent and warrant that, you are a legal resident of one of the fifty (50) United States or the District of Columbia and are at least 18 years of age or are of legal age in your state of residence.

As Basis underwrites loans based on the cash flows from checking accounts, only individuals with United States based bank accounts that have been open for at least ninety (90) days are eligible for Basis financing. 

4. Data Sharing

5. Repayment Methods

You may use one of the acceptable methods of payment set forth in your relevant loan agreement to make one-time transactions to pay your account as payments become due or you may set up automatic account payments, which automatically debit from your bank account as per the terms of this Agreement (“Automatic Account Payments”). Furthermore, nothing in this Agreement will be construed as applying to the extent it is inconsistent with the terms of the Loan Agreement related to your product or service including any loan originated directly by Basis.

1. Check Payments By Mail
   If you choose to make payments via one-time transactions by check, in order for Basis to begin processing your loan you will need to mail the first installment payment via check to the below address:
   
   Basis LLC,
   261 Madison Avenue, 9th Floor (Suite 1022),
   New York, NY 10016

    

2. Automatic ACH Payments
   If you set up Automatic ACH, loan repayments will be debited from the account that you used to apply for financing from Basis. You may make automatic repayments from a different bank account by adding it to your Basis profile. If a loan repayment from this newly connected account fails, Basis reserves the right to switch the remaining automatic payments to resume from the original account that was used to apply for financing from Basis.
   
   If, over the course of repayment, you wish to opt-out of Automatic ACH and make check payments by mail instead, you may do so in writing by e-mailing support@hellobasis.com and requesting to revoke Automatic ACH authorization at least seven (7) days prior to the due date on your next loan payment (“Revoke ACH”). If you choose to Revoke ACH, you will be emailed instructions on how to complete repayment of your loan through one-time transactions by check. The Revoke ACH process will not be complete until Basis receives payment via check mailed to the below address:
   
   Basis LLC,
   261 Madison Avenue, 9th Floor (Suite 1022),
   New York, NY 10016

6. Repayment Frequency, Prepayment, and Refunds

Prior to taking a loan, you may choose one of 3 loan repayment frequencies:

1. Monthly: Payments are made on a single fixed calendar date each month,
2. Biweekly: Payments are made on the same day of the week, every two (2) weeks,
   or 
3. Semi-monthly: Payments are made on any two (2) fixed calendar dates each month. 

Once the loan is issued, the loan repayment frequency cannot be changed.

If you make a partial prepayment on your loan balance or receive a partial refund on your loaned amount, the loan installment amount will remain unchanged, and the term of your loan will reduce. For example, if you receive an $800 loan payable in eight (8) semi-monthly installments of $100 over 4 months, and you make prepayment of $200, the number of installments remaining will reduce from eight (8) to six (6), but your semi-monthly installment amount will remain $100. 

All refunds will first be applied toward outstanding balances, and any refund in excess of the outstanding balance due to Basis will be refunded to you. 

7. Late Payment Fee, Failed Payments, Illegitimate Disputes, and Hardship Deferral 

To the extent permitted by applicable law, if you fail to pay the full amount of any loan installment within fifteen (15) days of the due date of the installment, a late payment fee may be added to the balance of your next installment (“Late Payment Fee”). The Late Payment Fee for the following states are:

• New York: 5% of the amount in default
• Arizona: 5% of the amount in default
• Florida: $15
• Texas: 5% of the installment due
• Illinois: 5% of the installment due, or $10 for installments less than $200
• New Jersey:  $5
• Washington: 10% of the installment due
• Other States: Up to the maximum amount permitted under applicable law.

If an installment payment is missed, you will be ineligible to receive another loan from Basis until the missed payment is paid in full and you have no outstanding unpaid installments.

If you are repaying Basis through ACH and an installment payment is unsuccessful due to insufficient funds or any other reason, we reserve the right to retry the transaction five (5) calendar days after the original withdrawal attempt. Any failed installment payment made through ACH will be re-tried a maximum of one (1) time. If the retried installment payment is unsuccessful, you will be considered past due under the terms of your loan agreement.  

In such case that you have agreed to repay Basis through ACH and you dispute a charge or deny Basis the ability to make further debits from your bank account as per this Agreement, an investigation will be undertaken by Basis to determine if the charge was assessed in error. If, upon investigation, the disputed charge is found to be illegitimate, to the extent allowed by applicable law, we reserve the right to hold you liable for any fees incurred by Basis related to the illegitimate dispute and assess any fees incurred by Basis on your next installment payment (“Illegitimate Dispute Fee”). Any assessed Illegitimate Dispute Fee will be waived if you withdraw your dispute and reauthorize future debits from your account.  

In the case that you are struggling to make payments on time, Basis offers a one-time hardship deferral allowing you to defer your next loan payment on your loan for thirty (30) days (“Hardship Deferral”). In order to avail yourself of the Hardship Deferral, you must contact Basis in writing by e-mail at support@hellobasis.com and request the Hardship Deferral prior to the due date on your next loan payment. If you request the Hardship Deferral prior to the due date on your next loan payment will be delayed by thirty (30) days and additional loan payments will be added on to the back end of your repayment schedule in accordance with your chosen repayment frequency. If, after having benefited from the one-time Hardship Deferral, you request additional Hardship Deferral(s), Basis may, at its sole discretion, choose whether to grant such additional Hardship Deferrals.

8. Interest Rate

9. Changes to this Agreement

10. Multiple Loans

11. Installment payments of less than $1.00

If your final installment payment on your loan is less than $1.00, it will be added to the previous installment. For example, if your periodic repayment amount is $100 and your outstanding balance is $100.80, the full $100.80 shall be repaid as a single installment. 

If you make a prepayment on your loan, the prepayment cannot leave an outstanding balance of less than $100. For example, if your outstanding balance is $100, you cannot make a prepayment of $99.20. You can either prepay $99 or the full outstanding amount of $100.  

12. Basis Accounts

You will need your own Basis Account (each, an “Account”) to use certain Services. Each person may only hold one Basis Account. 

In consideration of your use of the Services, you agree to (a) provide accurate, current and complete information about you as may be prompted by any registration forms on or through the Services or otherwise requested by Basis (“Registration Data”); (b) maintain the confidentiality and security of your password and identification and agree to accept responsibility for all activities that occur with your permission under your account or password; (c) maintain and promptly update the Registration Data, and any other information you provide to Basis, to keep it accurate, current and complete; (d) promptly notify Basis regarding any material changes to information or circumstances that could affect your eligibility to continue to use the Services or the terms on which you use the Services; and (e) be fully responsible for all use of your Account and for any actions that take place using your Account.

If your password is lost or stolen, or if you believe there has been unauthorized access to your Account by third parties, please notify us immediately and change your password as soon as possible.

13. Closing Your Account

14. Collections

15. Dormant Accounts

16. Website & App Content

Information on the Basis website and in the Basis App is for information purposes only. It is believed to be reliable, but Basis does not make any promises as to its completeness, timeliness or accuracy. The information and materials contained in the Website, and in this Agreement, are subject to change without notice.

Access to the Services may from time to time be unavailable, delayed, limited or slowed due to, among other things:

1. servers, networks, hardware failure (including your own computer), telecommunication lines and connections, and other electronic and mechanical equipment;
2. software failure, including among other things, bugs, errors, viruses, configuration problems, incompatibility of systems, utilities or applications, the operation of firewalls or screening programs, unreadable codes, or irregularities within particular documents or other content;
3. overload of system capacities;
4. damage caused by severe weather, earthquakes, pandemic, wars, insurrection, riots, civil commotion, act of God, accident, fire, water damage, explosion, mechanical breakdown or natural disasters;
5. interruption (whether partial or total) of power supplies or other utility of service; strike or other stoppage (whether partial or total) of labor:
6. governmental or regulatory restrictions, exchange rulings, court or tribunal orders or other human intervention; or
7. any other cause (whether similar or dissimilar to any of the foregoing) whatsoever beyond the control of Basis.

17. Links to Other Websites

18. Verification and Privacy

You agree to provide any information or documentation reasonably requested by us to verify your identity in connection with your Basis Account or any use of Basis Services, and you authorize us to make, directly or through third parties, any inquiries we consider necessary to verify your identity. Basis reserves the right to close, suspend or limit access to the Services in the event we are unable to obtain or verify any of this information to our satisfaction.

To provide the Basis services, Basis partners with a variety of merchants, subcontractors, and other third-parties, including, but not limited to: Plaid, Stripe, Dwolla, and Modern Treasury. By using Basis, you agree to abide by the terms of service of our merchant, subcontractor, and third-party partners. The terms of service of some of our subcontractors are listed below, for your reference:

• Plaid
• Stripe
• Modern Treasury 
• Dwolla

To the extent permitted under applicable law, Basis may share information with its merchant, subcontractor, and third-party partners, is including but not limited to: the status of your loan application, approved financing limit, loan amount, loan repayment term, interest charges on your loan, status of any refunds, and dispute status (if you dispute any loan repayments). Refer to the Privacy Policy for additional information on how we use and disclose your information. 

You agree that we may make any inquiries to assess your eligibility to use the services including of third parties.

As you navigate through and interact with Basis’s app and website, to the extent permitted under applicable law, we may use automatic data collection technologies, such as cookies, web beacons, clear gifs, SDKs, and other similar technologies to collect certain information about your device and browsing activity. This information may include, for example, IP address, operating system and browser type, device identifiers, location information, and how you interact with the Basis app and website. Some of the companies we partner with to collect this information may also collect similar information from other non-affiliated websites.

19. Prohibited Activities

You agree not to use the Services for any unlawful or fraudulent activity and to immediately contact us if you believe that your Account may be subject to unauthorized use, account takeover or other type of fraudulent activity or security breach. By using the Services, you agree that you will not and will not assist or enable others to do any of the following:

1. Breach or circumvent any applicable laws or regulations, agreements with third-parties, third party rights, or agreements with us, including this Agreement;
2. Provide false, inaccurate or misleading information to us;
3. Provide information belonging to any person other than yourself;
4. Use a Basis Account that belongs to another person for yourself or on behalf of another person;
5. Use the Services for the purpose of payment for an existing loan(s) or line of credit from Basis or another institution
6. Use any device, software, routine, file or other tool or technology, including but not limited to any viruses, trojan horses, worms, time bombs or cancelbots, intended to damage or interfere with the Services or to surreptitiously intercept or expropriate any system, data or personal information from the Services;
7. Take any action that imposes an unreasonable or disproportionately large load on our infrastructure, including but not limited to denial of service attacks, “spam” or any other such unsolicited overload technique; or
8. Commit unauthorized use of the Services, including but not limited to unauthorized entry into our systems, misuse of passwords, or misuse of any information posted to the Services;
9. Open or use multiple Basis Accounts; or
10. Harass, threaten, or abuse our employees, agents, or other users
11. When using automatic account payments, dispute valid loan repayment transactions. 

20. Intellectual Property

21. Trademark Notices

22. Consent to Electronic Communications

23. Dispute Resolution

THIS SECTION CONTAINS A BINDING ARBITRATION CLAUSE AND CLASS ACTION/

JURY TRIAL WAIVER. THEY AFFECT EACH PARTY’S RIGHTS CONCERNING THE

RESOLUTION OF ANY DISPUTE (DEFINED BELOW) BETWEEN THE PARTIES. This Dispute Resolution section applies to general disputes between you and Basis. Any dispute with regards to a Basis transaction is governed by the specific governing Basis transaction document. To the extent of any conflict in dispute resolution terms, the subsequent in time transaction document will control.

To expedite resolution and the cost of any dispute, controversy or claim between you and us related to any dispute or controversy arising from or relating to your use or inability to use the Services and generally with respect to Basis, this Agreement or the enforcement of any provision of this Agreement (a “Dispute”), you and we agree to first attempt to negotiate any Dispute (except those Disputes expressly excluded below) informally for at least thirty (30) days before initiating any arbitration or court proceeding. Such informal negotiations will commence upon receipt of a written notice (each, a “Notice”).  Your address for such Notices is your most recent address provided to us in connection with your Account, or an email to the email address you have provided in your Basis Account. Our address for such notices is: 11301 West Olympic Blvd., Suite 121-457, Los Angeles, California-90064. Any Notice from you must include your name, pertinent Account information, a brief description of the Dispute, and your contact information, so that we may evaluate the Dispute and attempt to informally resolve the Dispute. Any Notice from us will include pertinent Account information, a brief description of the Dispute, and our contact information, so that you may evaluate the Dispute and attempt to informally resolve the Dispute. If the informal negotiations are successful, no further action is necessary.

IF THE PARTIES ARE UNABLE TO RESOLVE A DISPUTE THROUGH INFORMAL NEGOTIATIONS THE PARTIES AGREE THAT EITHER YOU OR WE MAY ELECT TO HAVE THE DISPUTE (EXCEPT THOSE DISPUTES EXPRESSLY EXCLUDED

BELOW) FINALLY AND EXCLUSIVELY RESOLVED BY BINDING ARBITRATION. ANY ELECTION TO ARBITRATE BY ONE PARTY WILL BE FINAL AND BINDING ON THE OTHER. YOU UNDERSTAND THAT IF EITHER PARTY ELECTS TO ARBITRATE, NEITHER PARTY WILL HAVE THE RIGHT TO SUE IN COURT OR HAVE A JURY TRIAL. The arbitration will be commenced and conducted under the Commercial Arbitration Rules (the “AAA Rules”) of the American Arbitration Association (“AAA”) and, where appropriate, the AAA’s Supplementary Procedures for Consumer Related Disputes (“AAA Consumer Rules”), both of which are available at the AAA website www.adr.org. The determination of whether a Dispute is subject to arbitration shall be governed by the Federal Arbitration Act and determined by a court rather than an arbitrator. Your arbitration fees and your share of arbitrator compensation will be governed by the AAA Rules (and, where appropriate, limited by the AAA Consumer Rules). If such costs are determined by the arbitrator to be excessive, we will pay all arbitration fees and expenses. The arbitration may be conducted in person, through the submission of documents, by phone or online. The arbitrator will make a decision in writing, but need not provide a statement of reasons unless requested by a party. The arbitrator must follow applicable law, and any award may be challenged if the arbitrator fails to do so. Except as otherwise provided in this Agreement, you and we may litigate in court to compel arbitration, stay proceeding pending arbitration or to confirm, modify, vacate or enter judgment on the award entered by the arbitrator.

The parties agree that the following Disputes are not subject to the above provisions concerning informal negotiations and binding arbitration: (1) any suit to compel arbitration, stay proceeding pending arbitration or to confirm, modify, vacate or enter judgment on the award entered by the arbitrator; (2) any suit to seek temporary injunctive relief that will remain in place only until an arbitrator can determine whether the relief should be continued, modified or removed; or (3) any claim related to actual or threatened infringement, misappropriation or violation of a party’s copyrights, trademarks, trade secrets, patents or other intellectual property rights. In addition, either party may assert claims, if they qualify, in small claims court in Manhattan County or any United States county where you live or work.

The parties agree that any arbitration will be limited to the Dispute between us and you as an individual. TO THE FULL EXTENT PERMITTED BY LAW, (1) NO ARBITRATION SHALL BE JOINED WITH ANY OTHER; (2) THERE IS NO RIGHT OR AUTHORITY FOR ANY DISPUTE TO BE ARBITRATED ON A CLASS-ACTION BASIS OR TO

UTILIZE CLASS-ACTION PROCEDURES; AND (3) THERE IS NO RIGHT OR AUTHORITY FOR ANY DISPUTE TO BE BROUGHT IN A PURPORTED REPRESENTATIVE CAPACITY ON BEHALF OF THE GENERAL PUBLIC OR ANY OTHER PERSONS.

Arbitration will take place in New York, NY. The parties agree that for any Dispute not subject to arbitration (other than claims proceeding in any small claims court), or where no election to arbitrate has been made, the state and federal courts located New York, NY have exclusive jurisdiction and the parties agree to submit to the venue the personal jurisdiction of such courts.

You may opt out of the foregoing arbitration clause and class action/jury trial waiver provision of this Agreement by NOTIFYING US IN WRITING WITHIN 30 DAYS OF THE DATE YOU LAST PLACED AN ORDER. To opt out, you must send a written notification to us at support@hellobasis.com, that includes (i) your Basis Account identification, (ii) your name, (iii) your address, (iv) your telephone number, (V) your email address and (vi) a clear statement indicating that you do not wish to resolve claims through arbitration and demonstrating compliance with the 30-day time limit to opt out of the above arbitration and class action/jury trial waiver sections.

24. Applicable Law and Jurisdiction

25. Limitation of Liability

26. Indemnification

27. Disclaimer of Warranties

THE SERVICES ARE PROVIDED “AS IS” WITHOUT REPRESENTATION OR WARRANTY, WHETHER IT IS EXPRESS, IMPLIED, OR STATUTORY. WITHOUT LIMITING THE FOREGOING, BASIS SPECIFICALLY DISCLAIMS ANY IMPLIED

WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON- INFRINGEMENT.

BASIS DOES NOT WARRANT OR GUARANTEE THAT THE SERVICES ARE ACCURATE, RELIABLE OR CORRECT; THAT THE SERVICES WILL MEET YOUR REQUIREMENTS; THAT THE SERVICES WILL BE AVAILABLE AT ANY PARTICULAR TIME OR LOCATION, UNINTERRUPTED, ERROR-FREE, WITHOUT DEFECT OR SECURE: THAT ANY DEFECTS OR ERRORS WILL BE CORRECTED; OR

THAT THE SERVICES ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.

BASIS DOES NOT WARRANT, ENDORSE, GUARANTEE, OR ASSUME RESPONSIBILITY FOR ANY PRODUCT OR SERVICES ADVERTISED OR OFFERED BY A MERCHANT. BASIS DOES NOT HAVE CONTROL OF GOODS OR SERVICES THAT ARE PAID FOR USING THE BASIS SERVICES.

28. Miscellaneous

1. Termination
   This Agreement is effective until terminated by either party. You may terminate this Agreement by paying all amounts you owe including any fees or expenses incurred) in full. The privileges granted to you under this Agreement will terminate immediately and automatically without notice from us if, in our sole discretion, you fail to comply with any term or provision of this Agreement.
2. Enforceability
   If any provision of this Agreement (or any portion thereof) is determined to be invalid or unenforceable, the remaining provisions of this Agreement shall not be affected thereby and shall be binding upon the parties and shall be enforceable, as though said invalid or unenforceable provision (or portion thereof) were not contained in this Agreement.
3. No Waiver
   The failure of Basis to exercise or enforce any right or provision of this Agreement shall not constitute a waiver of such right or provision in that or any other instance.
4. Survival
   The following provisions of this Agreement shall survive termination of your use or access to the Services: the sections concerning Dispute Resolution, Applicable Law and Jurisdiction, Limitation of Liability, Indemnification, Disclaimer of Warranties, and Miscellaneous, and any other provision that by its terms survives termination of your use or access to the Services.
5. Entire Agreement
   This Agreement constitutes and contain the entire agreement between you and us with respect to the subject matter hereof and supersede any prior or contemporaneous oral or written agreements. You and we acknowledge and agree that the other has not made any representations, warranties or agreements of any kind, except as expressly set forth herein.

29. Questions

30. Short Message Service (“SMS”) Communications

If you choose to open an Account, Basis may send you SMS messages. You agree to receive SMS messages to each telephone number provided by you to Basis, regardless of whether such telephone number is on a corporate, state or federal do-not-call registry. You certify, represent and warrant that the telephone number that you have provided to us is your number and not someone else’s. You represent that you are permitted to receive SMS at the telephone number you have provided to us. You agree to alert us whenever you stop using a particular telephone number.

Any such SMS messages sent to you by Basis will be to verify your phone number or service any upcoming or overdue payments associated with the Extended Repayment Feature—Basis will not send you advertisements or marketing-related SMS. You understand that such SMS may be placed using an automatic telephone dialing system or may include automated SMS messages. You agree that you are responsible for any message, data rates or fees that your telephone service provider charges in relation to SMS messages sent and received by you. If you have any questions regarding those rates, please contact your wireless carrier.

By entering your mobile number, you agree to receive text messages for service notifications and verification codes from Basis. Message frequency will vary. Reply HELP for help, STOP to stop (or cancel). Standard Message & Data rates may apply. We do not sell your data. Carriers are not liable for delayed or undelivered messages.