On the CG24 Website, users (hereinafter also the "borrowers") have the opportunity to submit a credit application. CG24's business model consists of granting loans to users or borrowers, whereby the loan amounts are financed through the direct sale and assignment of the loan claim to other users who provide the money (hereinafter also referred to as "investors"). Users or investors have the possibility to purchase loan receivables of other users or borrowers via the CG24 website.
2. Target group
The CG24 website is aimed exclusively at natural persons or legal entities with residence or registered office in Switzerland or Liechtenstein.
3. Registration and use
In addition to legal entities, registration is only open to natural persons of full legal capacity who are of age. Minors (i.e. persons who have not yet reached the age of 18) as well as natural persons or legal entities with residence or registered office outside Switzerland or Liechtenstein are excluded from using the CG24 website and the products and services offered on it. Only one account may be held per user; the account is personal and non-transferable.
The user undertakes to provide the information required for registration completely and truthfully. Changes must be made immediately so that the information is complete and correct at all times. Registrations that are not complete will be deleted by CG24 after an appropriate period of time.
In the event of false or fraudulent information, CG24 reserves the right to terminate the user agreement and all further contractual relationships with the user concerned without notice.
Registration does not entitle the user to have his/her credit application posted on the CG24 website. CG24 reserves the right to reject submitted applications without stating a reason and not to display them.
4. Costs and fees
Registration on a CG24 website is free of charge. CG24 will pass on any costs incurred by the user to the user in accordance with the fee regulations. In addition, all third-party charges (e.g. postal charges, costs for ordering securities, etc.) will be invoiced separately to the user.
5. Data security and use of data
Users must provide the service with certain information including:
First and last name, place of residence and address, user name, email address, description of the credit application and, as a borrower, information on financial circumstances etc.
This information is stored on servers. The data is used by CG24 exclusively to fulfill the service. For this purpose, the data is stored in a database. CG24 makes every effort to protect the user's data and to safeguard their privacy.
The user is requested to provide personal data at various points on this CG24 website. Due to the nature of the Internet, the data may circulate across borders via servers abroad. If the user decides to send CG24 personal data via the Internet or e-mail, this data will be handled in accordance with the applicable data protection regulations and secured against unauthorised access by third parties.
It should be noted that confidentiality cannot be fully guaranteed when e-mails are transmitted. Under certain circumstances, e-mails can be viewed, forged, falsified or deleted by third parties. E-mails may also contain harmful computer programs such as viruses, worms or Trojans.
If the user does not submit a credit application independently but via a partner, the user authorises CG24 to transmit the credit decision to the partner.
6. Creditworthiness and credit assessment
Credit applications placed by users on the CG24 website are thoroughly checked before approval and publication on the CG24 website. CG24 checks in particular the creditworthiness of the user and relies on the information provided by the user and the documents submitted by the user in this context. After positive verification of the creditworthiness, a credit agreement is sent to the user. If the information provided by the user or borrower is untrue or if negative information regarding creditworthiness is available, CG24 may withdraw from the credit agreement and any further contractual relationships with the user or borrower at any time. In this case, the user or borrower shall bear the damages arising from the withdrawal from the contract.
The user or borrower authorises CG24 to obtain all information necessary for the processing of the credit application and the credit agreement from public and private bodies, namely the Consumer Credit Information Office (IKO), the Central Office for Credit Information (ZEK), CRIF AG in Zurich and the Creditreform Association (namely CrediWEB) and to report the credit and the contractual relationship to the IKO and ZEK.
The user or borrower takes note of the fact that ZEK and IKO will inform the creditors affiliated to them about his obligations from the credit agreement in case of a new credit application upon request.
Company owners of legal entities as well as any guarantors authorise CG24 to obtain all necessary information for the processing of the credit application as well as the credit agreement and related documents from public and private bodies, namely the Consumer Credit Information Office (IKO), the Central Office for Credit Information (ZEK), CRIF AG in Zurich as well as the Creditreform Association (namely CrediWEB). This is done in the form of an information request, so that none of the aforementioned agencies stores this data.
7. Funding commitment from users to loan applications (investors)
Once a credit application has been approved by CG24, it can be freely viewed on the CG24 website and is referred to there as a "credit project (CPS)". Every user or investor has the opportunity to participate financially in a posted credit project (CPS) until the full credit amount is reached within a certain period (hereinafter "investment period"). The participation is made by entering a financing amount (at least CHF 500 or a multiple thereof) in the field provided for this purpose on the CG24 website. The user or investor confirms his financing commitment by clicking on a button.
The submission of the financing commitment is binding and the user or investor concerned is obliged to make the corresponding amount available upon conclusion of the credit agreement with the user who submitted the credit application by purchasing the credit claim to the extent of his financing commitment.
The amendment or withdrawal of a financing commitment is not possible.
Subsequently, the investor receives by e-message a pdf file with the offer signed by CG24 to conclude an "Agreement on the sale, assignment and administration against payment of future (partial) claims arising from a credit agreement" (hereinafter "Agreement"). After receipt of the e-message in his account, the investor declares his acceptance of the offer to conclude this agreement by confirming his intention to conclude the agreement by means of an e-message. Upon sending the confirmation, the Agreement - including the purchase of receivables contained therein between the Investor and CG24 - is bindingly concluded.
The agreement or the purchase of receivables between the investor and CG24 is subject to the following conditions precedent:
A sufficiently financed credit project (CPS) comes about, i.e. the credit amount requested by the user or borrower is covered by the sum of all financing commitments from investors within the investment period or the user or borrower agrees to a lower credit amount and an effective credit agreement is concluded between the user or borrower and CG24.
The investor will be informed after the end of the investment period whether a credit project (CPS) has been successfully concluded.
8. Sale of acquired loan project shares before the end of the term of the loan project among registered investors
The secondary market allows CreditGate24 registered investors to sell their investments (CPS: Credit Project Share / Kreditanteile) before the end of the term and thus to receive their loan amount, which has not yet been fully repaid at that time, back early. The secondary market also allows investors to buy a CPS (credit project share) in existing credit projects with a shorter remaining term.
Investors continue to pay the service fee of 1% on all repayments, including any loan shares sold on the secondary market.
Investors who wish to sell one or more of their credit shares (CPS) can enter the order for this in their cockpit. As soon as a buyer for the offered CPS is found and transfers the purchase price, the CPS is transferred and the seller receives his money.
Investors who have entered a CPS for sale will continue to receive all amortisation and interest payments from the borrower until the purchase of the CPS by the buyer has been completed.
Payments received from this point onwards will be paid to the buyer once the sale has been successfully completed. The purchase price is adjusted accordingly so that the respective invoiced purchase price correctly reflects the cash flows. In the event of a failed sale, all cash flows shall go to the seller.
All consequences in connection with a default and with the associated effect of the solidarity agreement shall be borne by the seller until payment of the purchase price and the associated settlement of the asset transfer.
9. No guarantee, advice or recommendation (investor)
CG24 carefully checks the creditworthiness of users who place a credit application on the CG24 website. CG24 relies on the information provided by the user and the documents submitted by the user in this context as part of the check. The result of the assessment constitutes neither a guarantee of the borrower's solvency nor a recommendation to purchase the credit claim in question. CG24 accordingly accepts no liability for any losses incurred by investors as a result of loan defaults. In particular, CG24 does not provide any advisory services. Investors are expressly advised that the purchase of credit claims may be associated with risks which may include the loss of part or all of the amount of the claim.
The user acknowledges and agrees that in certain cases so-called "cookies" technology is used to provide him/her with customised information. A "cookie" is an information file which, by being stored on the hard disk, enables a computer to be recognised on subsequent visits to the CG24 website. The user acknowledges that his browser can be set in such a way that he is informed about the receipt of a "cookie". Further details can be found in the data protection declaration.
11. Google Conversion Tracking
The user acknowledges and agrees that CG24 uses the so-called conversion tracking technology of Google. When the user accesses the CG24 website via Google, a temporary cookie is placed on the user's computer. This cookie loses its validity after 30 days and is not used for personal identification. If the user visits certain pages of the CG24 website and the cookie has not yet expired, Google and CG24 will be able to recognise that he has clicked on the ad and been redirected to that page. The user acknowledges that he can reject this cookie by setting his browser to block cookies from the relevant Google service.
12. No offer
The information published on the CG24 Website does not constitute a solicitation, offer or recommendation to enter into any credit agreement, to purchase any debt, to engage in any transactions or to effect or enter into any other legal act.
13. Disclaimer of warranty and liability
CG24 provides the information on the CG24 website without any guarantee. It assumes no responsibility and gives no guarantee for the functionality, faultlessness or virus-free nature of the CG24 website.
Any liability of CG24 for direct or indirect damage resulting from access to or use of the elements of the CG24 website or from the impossibility of access or use is expressly excluded. CG24 also rejects any liability for manipulation of the computer system of the Internet user (viruses, worms, Trojans, etc.) by third parties.
Users may not make their account available to third parties and are fully liable for all activities carried out using their account. The password and user name must be kept secret and may not be made accessible to third parties. CG24 shall not be liable for any misuse.
14. Use of address details
CG24 refers to hyperlinks to other websites on the CG24 website. CG24 has not checked these hyperlinks and is not responsible for the content of the linked websites. Connecting to other websites is at your own risk.
All elements of the CG24 website are protected by copyright and trademark law. Any commercial use of the elements is only permitted with the prior written consent of CG24.
17. Changes to the Terms and Conditions
18. Jurisdiction and applicable law
For all disputes between users of the CG24 website and CG24 arising from the operation or visit or use of the CG24 website, the exclusive place of jurisdiction is agreed to be the registered office of CG24. CG24 is also free to bring an action at the user's place of residence. Swiss substantive law is applicable.
Version December 2021