1. What PayPact Is
PayPact is a platform that lets people create structured, documented loan agreements with each other. We provide the tools — loan terms, payment tracking, trust scores, and a simple payment layer. We are not a bank, a lender, or a financial institution. We do not lend you money. We do not guarantee anyone else's ability to repay you.
Every pact is a private agreement between two people. PayPact is not a party to any loan agreement made on this platform.
2. Who Can Use PayPact
- You must be at least 18 years old to create an account.
- You must provide a valid phone number and verify it. One account per phone number.
- You must provide accurate, truthful information when you sign up and use the platform.
- If you're using PayPact on behalf of a business, you represent that you have authority to bind that business to these terms.
3. Platform Fee
PayPact charges a 2% fee on every payment processed through the platform. This fee is taken from the total payment amount. There are no monthly fees, no sign-up fees, and no hidden charges. The fee only applies when money moves.
Fees are non-refundable once a payment is processed, except in cases of clear platform error.
4. Your Responsibilities
By using PayPact, you agree to:
- Provide accurate information about yourself and any loan agreements you create.
- Honor the terms of any pact you agree to — repayment schedule, interest rate, and amount.
- Not use PayPact to facilitate illegal activity, including predatory lending or fraud.
- Not create multiple accounts or attempt to game the trust score system.
- Not impersonate another person or misrepresent your identity.
5. PayPact Is Not a Party to Your Loans
We provide infrastructure. You and the other person in a pact are the two parties to the loan. PayPact has no obligation to enforce repayment, mediate disputes, or guarantee any outcome.
If someone doesn't repay you, PayPact cannot compel them to. We will reflect non-payment accurately in their trust score, but that is the extent of our involvement.
6. No Guarantee of Repayment
Trust scores on PayPact reflect a user's payment history on the platform. A high trust score means someone has honored past pacts — it is not a credit guarantee, a credit score, or a promise about future behavior. PayPact makes no representations about the creditworthiness or reliability of any user.
Lend what you can afford to lose. Peer-to-peer lending carries real risk.
7. Dispute Disclaimer
PayPact provides tools for documenting loan agreements, but we are not an arbitration service. We cannot adjudicate disputes, reverse completed transactions, or resolve disagreements between users about loan terms.
If you have a dispute with another user, your recourse is through your pact documentation, informal resolution, or legal channels. PayPact will cooperate with lawful legal requests for records.
8. Account Termination
We reserve the right to suspend or terminate accounts that:
- Engage in fraud, misrepresentation, or identity theft.
- Repeatedly fail to honor pact terms with no explanation.
- Attempt to manipulate or game the trust score system.
- Violate any of the terms in this agreement.
If your account is terminated for policy violations, outstanding pact obligations do not go away — they remain between you and the other party.
9. Payment Processing
Payments on PayPact are processed by Stripe, a third-party payment processor. By making or receiving payments, you also agree to Stripe's Terms of Service. PayPact does not store full payment card information.
10. Intellectual Property
PayPact and everything we built — the platform, design, code, and brand — belong to us. Your pact data belongs to you. We don't claim ownership of content you create on the platform.
11. Limitation of Liability
PayPact is provided "as is." We are not liable for losses arising from: platform downtime, payment processing errors, another user's failure to repay, or any indirect or consequential damages related to your use of the platform.
Our total liability to you for any claim will not exceed the fees you paid to PayPact in the prior 12 months.
12. Changes to These Terms
We may update these terms from time to time. If we make material changes, we'll notify you via email or an in-app notice. Your continued use of PayPact after changes take effect means you accept the new terms.
13. Contact
Questions about these terms? Email us at hello@paypact.io.