1. Parties and Agreement

These Terms of Service ("Terms") are a binding agreement between PlainQode Software Limited (trading as LoanBit), a limited liability company registered in Jamaica ("we", "us", "our"), and you — the individual or organization ("you", "Customer") accessing or using the LoanBit platform.

By creating an account or using the platform, you confirm that you have read and agree to these Terms and our Privacy Policy. If you are accepting on behalf of an organization, you represent that you are authorized to do so.

2. The Platform

LoanBit provides cloud-based loan management software for lending organizations. It includes tools for loan origination, borrower management, loan servicing, payment recording, disbursement tracking, portfolio analytics, compliance reporting, and AI-assisted risk assessment. The specific features available to you depend on your active subscription plan, as described on the Pricing page.

We may add, modify, or remove features over time. Material changes to feature availability will be communicated with reasonable advance notice.

3. Accounts and Users

To use LoanBit you must register an account for your organization. By registering, you confirm that all information you provide is accurate and current, and that you will keep it up to date. You are responsible for maintaining the security of your login credentials and for all actions taken under your account. If you suspect unauthorized access, notify us immediately at support@loanbit.io.

Each subscription covers one organization. You may invite staff users to your organization subject to the limits of your subscription plan. All users operating under your account are subject to these Terms.

4. Acceptable Use

You agree to use the LoanBit platform only for lawful lending and credit management activities. You agree not to:

Upload or process data you are not authorized to process
Attempt to gain unauthorized access to the platform or to other tenants' data
Introduce malicious code or conduct disruptive attacks against the service
Reverse-engineer, copy, resell, or sublicense access to the platform without our written consent
Use the platform in any way that violates applicable law or the rights of your borrowers

We may suspend or terminate any account that violates these restrictions.

5. Your Data and Data Protection Responsibilities

You are the data controller for all borrower and client data you enter into LoanBit. You are responsible for:

Ensuring you have a lawful basis to collect and process your borrowers' personal data
Complying with the data protection laws applicable to you and your borrowers' jurisdictions
Handling borrower rights requests — including access, correction, and deletion — for data you control
Informing your borrowers that their data is stored and processed using LoanBit as your software platform

PlainQode Software Limited processes borrower data as a data processor on your behalf, strictly for the purpose of providing the platform service. Our data handling practices are described in our Privacy Policy.

6. Subscriptions and Billing

LoanBit offers a Free plan and several paid subscription plans billed monthly or annually. Billing is processed by Stripe. By subscribing to a paid plan, you authorize recurring charges to your selected payment method on the schedule you have chosen.

Annual subscriptions are charged in full upfront and are non-refundable except where required by applicable law. You may cancel at any time through your account settings; access to paid features continues until the end of the current billing period. Plan upgrades take effect immediately; downgrades take effect at the start of the next billing cycle.

We will give at least 30 days' notice before any price changes take effect. Continued use after that date constitutes acceptance.

The Free plan is provided without service availability guarantees and may be modified or discontinued with reasonable notice.

7. AI Features

AI risk scoring and anomaly detection features are available on Growth, Pro, and Scale plans. These tools are designed to support trained loan officers and are not a substitute for professional credit judgment. AI-generated scores and recommendations are probabilistic assessments based on available data patterns.

You are solely responsible for all lending decisions made using or informed by the platform, regardless of what AI outputs indicate.

8. Intellectual Property

LoanBit and all associated software, interfaces, features, and documentation are owned by PlainQode Software Limited and protected by applicable intellectual property laws. These Terms grant you a limited, non-exclusive, non-transferable licence to use the platform for your internal business operations during the term of your active subscription.

You retain full ownership of all data you upload to the platform. By uploading data, you grant us a limited licence to store and process it solely for the purpose of providing the service.

9. Service Availability and Support

We use commercially reasonable efforts to maintain platform availability but do not guarantee 100% uptime. Temporary unavailability may occur due to scheduled maintenance, third-party infrastructure issues, or circumstances outside our control.

Platform support is available to all subscribers by email at support@loanbit.io. Response prioritization may vary by plan.

10. Limitation of Liability

To the fullest extent permitted by applicable law, we are not liable for any indirect, incidental, special, consequential, or punitive damages arising from your use of or inability to use the platform, including any loss of data, revenue, or business opportunity.

Our total liability for any claim arising from these Terms or the platform shall not exceed the total fees paid by you in the twelve months immediately preceding the claim.

We make no warranty that the platform is error-free, continuously available, or compliant with any specific regulatory requirements that may apply to your lending activities. You are responsible for assessing regulatory fit.

Nothing in these Terms limits liability for fraud, gross negligence, or any other liability that cannot be lawfully excluded.

11. Indemnification

You agree to indemnify and hold harmless PlainQode Software Limited and its officers, employees, and agents against any claims, damages, costs, and liabilities (including reasonable legal fees) arising from your use of the platform, your breach of these Terms, or your violation of any law or third-party rights — including the data rights of your borrowers.

12. Account Closure and Data Deletion

You may close your organization's account at any time through your organization settings. Initiating closure begins a 30-day period during which all your data remains accessible for export. After this grace period, all data associated with your organization — including client records, loan history, uploaded documents, and audit logs — is permanently and irreversibly deleted.

We may suspend or terminate access without prior notice for material breach of these Terms, non-payment after notice, fraudulent or harmful activity, or if required by law.

On termination, your licence to use the platform ends immediately. The provisions on data protection responsibilities, limitation of liability, indemnification, and governing law survive termination.

13. Changes to These Terms

We may update these Terms from time to time. We will notify you by email at least 14 days before material changes take effect. Continued use of the platform after that date constitutes acceptance.

14. Governing Law

These Terms are governed by the laws of Jamaica. Disputes that cannot be resolved by agreement shall be subject to the exclusive jurisdiction of the courts of Jamaica.

15. Contact

For questions about these Terms, contact legal@loanbit.io or reach us through the contact form.