Last updated April 01, 2022
Paydown Hero, Inc. Terms of Agreement
Paydownhero, Inc. Terms of Agreement (“Agreement”) is a binding agreement between you (“user”, “users” or “you”/“your”) and Paydownhero, Inc., a Delaware corporation (“Company” or “we” or “us” or “PDH”). This Agreement directs your use of Paydownhero’s (“Paydownhero” or “PDH”) Application (or “Application “, “App” or “app”). The Paydownhero App is explicitly Licensed, not sold, to you, the user.
The services provided through PDH’s App, help you pay off your auto loan debt faster, by rounding up your debit purchases to the next dollar. At the end of each week, PDH will calculate your rounds ups, and debit that amount from your linked checking account, PDH will transfer the funds via ACH Debit, to your FDIC-insured PDH FBO account, held at Evolve Bank and Trust. Users may also utilize our micropayments option, which are additional amounts of money a user may wish to send towards their loan throughout the month. These amounts are also calculated out and debited weekly. Within the last week of the month, PDH will instruct Evolve Bank and Trust, to initiate a payment of all aggregated roundups and micropayments throughout that respective month, to be sent as one payment, to your linked auto loan lender account. To use this app, you will be required to submit bank account and auto loan servicer information as provided below. In addition, PDH offers a user the ability to have their base monthly payment made for them via the app. A user must select this feature when linking their loan. A user has the option to opt-out of this feature at any time using the toggle feature.
The services provided through PDH’s app are provided through a paid monthly user fee. This fee will automatically renew at the beginning of each month. The monthly fee is $1.99 (one dollar, ninety-nine cents, USD) per month of use. Additionally, PDH charges 2.5% of all monthly roundups and micropayments (micro and turbo clicks). If a user opts to use our base payment feature, PDH charges .5% of the total payment amount, to facilitate that payment on their behalf. By accepting the terms of agreement and use during the initial sign up portion of PDH’s app, you acknowledge you have read these agreements terms, understand these agreements and terms, are at least 18 years old, and accept all agreements and terms, and do so by checking the box in agreement. If you do NOT agree to these agreements and terms, DO NOT continue the process of onboarding onto the app, and discontinue use of the application immediately.
License Grant: Subject to the terms of this Agreement, Paydownhero, Inc. grants you a limited, non-exclusive, and non-transferable license to:
Download, provide your personal information, install, and utilize the app for your personal use. This is non-commercial use on a mobile device owned and controlled by you. All use will follow in accordance with the app’s documentation and usage of rules agreements, that may be viewed as part of the App Stores Terms of Service.
Your use of the app, and agreement with its Terms of Service, are strictly between you and PDH, and PDH is responsible for all content within the app, NOT Apple.
Reserved Right of a User: As a user of the PDH app, you agree and acknowledge that the app is provided to you, under license. It is not sold to you. As a user, you do not acquire any ownership of PDH or any of its functions. For all services provided through the app, its service providers, retain all legal rights, titles and interests, copyright, trademark, and all other aspects of intellectual property. Any exceptions, are those granted to you and expressed in this agreement.
License Restrictions. Licensee shall not:
- Copy the app
- Translate, modify, adapt, translate, or create copied works or enhancements
- Try to gain access to any code, either by deception, reverse engineering, or other technological means to alter any aspect of the app
- Abstruse any trademarks or any copyright, trademark, patent, or other intellectual property or proprietary rights notices from the app, including any copy or;
- Rent, lease, lend, sell, sublicense, assign, distribute, publish, transfer or otherwise make available the app or any features or functionality of the app, to any third party for any reason, including by making the app available on a network where it is capable of being accessed by more than one device at any time; or infringe on any copywritten aspects of the app
Collection/Use of Your Information.
The PDH app is for use by its users within the United States of America only. The content and services PDH provide may not be accessible outside of the United States. The PDH app is for use by individuals at least 18 years old in age. If a user is NOT at least 18 years of age, and it is discovered by PDH, we will remove all access and information that pertains to that individual. If you, as a user, are not at least 18 years old. It is your responsibility to immediately send an email to us at email@example.com and request remove immediately from the application. PDH will delete all account and user information for these individuals as soon as possible.
PDH is solely responsible for the support and maintenance of the app. Apple has no obligation to support or maintain the PDH app. From time to time, PDH may need to fix bugs, provide error support, patches, upgrade code, or introduce new features/enhancements. Due to these actions, some functionality or features may be deleted or modified. PDH has no obligation to provide notice of these changes. The app will automatically update OR you will be prompted to install available updates after which the agreement will state if failure to do so, may cause the app to not function properly.
PDH and the User acknowledge, agree, and accept Apple and its subsidiaries are third-party beneficiaries of this agreement, and users accept the terms and conditions of this agreement with Apple. Apple has the right to enforce this agreement against the user, as a third-party beneficiary.
PDH is not responsible for any third-party materials. You, as a user, agree to these terms. To include their accuracy, completeness, timeliness, validity, copyright compliance, legality, decency, quality, or any other aspect thereof. PDH does not assume and will not have any liability or responsibility to you or any other person or entity for any third-party materials. Third-party materials and links thereto are provided solely as a convenience to you and you access and use them entirely at your own risk and subject to such third parties terms and conditions. By using the service, you authorize PDH and Service Providers to access third-party sites designated by you, on your behalf, to retrieve information requested by you, and to register for accounts requested by you. YOU ACKNOWLEDGE AND AGREE THAT WHEN PDH OR SERVICE PROVIDERS ACCESS AND RETRIEVE INFORMATION FROM THIRD-PARTY SITES, PDH AND SERVICE PROVIDERS ARE ACTING AS YOUR AGENT, AND NOT THE AGENT OR ON BEHALF OF THE THIRD PARTY. You understand and agree that the service is not endorsed or sponsored by any third-party account providers accessible through the service. YOUR USE OF THE SERVICE AND ALL INFORMATION, PRODUCTS, AND OTHER CONTENT (INCLUDING THAT OF THIRD PARTIES) INCLUDED IN OR ACCESSIBLE FROM THE SERVICE IS AT YOUR SOLE RISK. THE SERVICE IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. PDH AND SERVICE PROVIDERS EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND AS TO THE SERVICE AND ALL INFORMATION, PRODUCTS, AND OTHER CONTENT (INCLUDING THAT OF THIRD PARTIES) INCLUDED IN OR ACCESSIBLE FROM THE SERVICE, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.
PDH AND SERVICE PROVIDERS MAKE NO WARRANTY THAT (i) THE SERVICE WILL MEET YOUR REQUIREMENTS, (ii) THE SERVICE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, (iii) THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE SERVICE WILL BE ACCURATE OR RELIABLE, (iv) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU THROUGH THE SERVICE WILL MEET YOUR EXPECTATIONS, OR (V) ANY ERRORS IN THE TECHNOLOGY WILL BE CORRECTED.
User fees and Costs: The services provided through the PDH app are purchased as a paid monthly user fee. User fees ($.99 a month + 2.5% roundups, 2.5% micropayments, and IF optioned, .5% to make a base payment) are deducted monthly from your month-end “roundups” payment to your lender (i.e if $40 in roundups is accumulated throughout the month, and user’s fees are $3.12, $36.88 will be sent to their lender, and $3.12 sent to PDH’s operating account at Evolve Bank and Trust). The same process is utilized for users who utilize the micropayments (micro and turbo click) options. Users who utilize PDH’s base payment option will see the fee deducted from their overall round-ups calculation as well. Through your acceptance of this agreement, you authorize this deduction and transfer of funds. If a user does not contact PDH to cancel an account, these monthly fees will continue until canceled.
The term of this agreement between you, the user, and PDH, begins when you acknowledge and accept these terms and conditions, as outlined above and below in this agreement. This agreement will remain in place until you, the user, or PDH terminates agreed upon service(s). At any time, you may utilize the “Help” option on your user dashboard, and email PDH at: firstname.lastname@example.org, to have your account deleted and unenrolled from services with PDH.
PDH reserves the sole right to terminate this agreement at any time without notice, at its sole discretion if any of the defined terms and conditions are violated.
Termination: if a user requests termination of app use, all rights granted within this agreement will also be terminated. PDH will cancel your account, delete your user information, and you, as the user, must cease all use of the app, including deletion from your mobile device. PDH is not limited in any rights or remedies, at law or equity, upon a user’s termination of the app.
Upon cancellation, PDH will make an attempt within 10 business days to fully return any funds that have been debited and are sitting in PDH’s operating account at Evolve Bank and Trust. If incorrect information or attempts to locate a user successfully in order to return these funds are NOT successful, PDH will make all reasonable attempts up to 60 days. At that point, if still unsuccessful, applicable state laws will apply to govern abandoned and/or unclaimed property rights.
Funds transfers and accounts:
In using our service, you authorize PDH to hold your debited funds in an FDIC-insured FBO (for benefit of) account, at Evolve Bank and Trust. Please note, that any past or present accounts you may hold at Evolve Bank and Trust outside of the PDH app may not be insured separately.
PDH is partnered with Evolve Bank and Trust in order to offer the PDH app to its customers. Evolve Bank and Trust makes payments to PDH’s users’ auto loan lenders on their behalf. Signing up for the PDH app requires its users to accept that PDH uses Evolve Bank and Trust to debit their accounts for roundups, micropayments (micro and turbo clicks) and if a user enables base payments. It is a user’s responsibility to provide the factual and correct information in regards to their personal and financial information, so PDH and Evolve Bank and Trust may provide accurate service to users. After successful onboarding to the PDH app, you will be prompted to link your bank checking account (for roundups, micropayments, and base payment debits, if applicable). All funds which are debited from your account throughout the month and held, are held in an FDIC-insured FBO account at Evolve Bank and Trust. By agreeing to these terms and conditions, you, the user, authorize Evolve Bank and Trust, through PDH, to debit the account indicated for the recurring transactions according to my agreement with PDH, and I will not dispute PDH, as long as the transactions correspond to such terms. Unless I contact email@example.com and explicitly ask to cancel my service with the app, this payment authorization will remain in effect. PDH requires at least 3 business days in ADVANCE in order to void this payment authorization (prior to a payment debit or credit). All EFT transactions are performed and deposits are held by Evolve Bank and Trust. PDH only transmits transaction instructions to Evolve Bank and Trust, our banking partner. All transaction notifications will be provided to users from PDH. Any errors or service complaints will be handled by PDH, and users must direct their concerns/questions to firstname.lastname@example.org.
EFTs and disclosures: The following disclosure is in regards to electronic payments, debits, credits, transfer of funds, and any other electronic transfer from your account, to your account, from your lenders’ account, or to your lenders’ account. An electronic transfer of funds is a transfer of funds made by initiation from an electronic device, a computer, or mobile device, that instructs PDH to instruct the bank, to debit or credit an account. By agreeing to PDH’s terms of the agreement, you have authorized PDH to provide instructions to Evolve Bank and Trust to debit or credit these accounts on your behalf. If at any time you believe your account or information has been compromised, please alert PDH at once so we can monitor the situation and promptly rectify the issue. You, as the user, are liable for the information you authorize PDH to utilize on your behalf to make EFTs. If you believe a transaction is incorrect or there is an error, please contact email@example.com within 3 business days, so we can sort out the issue. PDH reserves the right to exercise up to 60 days in order to investigate any pending issues a user may have with their account, EFTs, or financial information that needs correction OUTSIDE of a user’s capability.
In order to facilitate a safe and secure environment, PDH may at any time ask a user for additional information in regards to their identity. Any content you make or submit through the PDH app is the sole responsibility of your, the user. PDH assumes no responsibility, and you, the user, agree to defend, indemnify, and hold harmless, PDH, all of its officers, employees, affiliates, directors, and successors, against the following: penalties, settlements, judgments, liabilities, damages, losses, fines, expenses, or costs, from any misuse of the app, and/or your breach of this agreement. This includes any attorney fees. All users must comply with applicable federal laws, rules, and regulations that limit the use of this app to the US only. PDH reserves the right to adapt, change, or add to these terms at any time, and may provide you, the user, with notice of this change. PDH uses both SMS, email, or push notifications (if applicable) to message its users. If at any point you have a complaint, question, or claim with PDH, you may contact our office:
214 Arlington Street
Chelsea, MA 02150
Unless prohibited by applicable law:
The restricted efforts of resolving a dispute or claim that comes from or is related to this agreement, or the service, will be through binding arbitration.
PDH will make continuous additions and enhancements to the app, as well as updates to its agreements and services. PDH reserves the right to make these changes at any time. PDH may make changes, updates, or revisions, and will notify users within the app. If there is an issue with this acceptance, you may cancel your use of the app with PDH by contacting firstname.lastname@example.org All accounts with PDH are non-transferable, if you die, no representative, agency, joint venture or a third party may bind PDH in any manner after this event. Your account and services will be deleted in full and cease functionality, in this event.
Paydownhero is committed to protecting your privacy and information. This section pertains to our data usage, privacy details, and how we use information. Please take a moment to review these details. The details are described below:
What information do we collect?
A new user on the PDH app will be asked the following questions in order to verify their information and identity.
-Full legal name
-Full legal address
We collect this information in the onboarding process of the app. If at any time you do NOT agree to these terms, please discontinue the sign-up process, and delete the app.
Full sign up process:
A user will be asked to link their daily-use checking account, which will prompt them to the FastLink API. The banking API is through Yodlee, Inc., and once successfully linked, a user’s bank checking account information will be viewable, and usable to them, within the app. PDH does not store, gather, or copy login or password information used within this AP. Many banks will also require a two-factor authentication access code to be used. PDH does not have access to view, acquire, store, or copy this information either.
How do we use your information?
Access to third party service accounts
Marketing and behavioral aspects of you, the user
SMS management, the management behind messages, either being sent or contacts
Our backend user database management
Content from external APIs or platforms
Payment management, incoming and outgoing
Invitations and management
Obligations from PDH to you, the user, and vice versa
App updates notifications
Data aggregation and platform use are handled by third parties for app use
Account notices, subscription notices, expirations, renewals, and other forms of contact
The PDH app depends on offering its users a robust and helpful platform, in order to fulfill these actions and to help us improve our user experience, these information-based practices allow us to offer our users a more in-depth environment. We can see usage patterns, time in/time out metrics, and analyze how to make UI/UX better for the end-user. PDH will never display personally identifiable information to the public.
California Privacy Rights
Data Encryption and Security
PDH takes reasonable measures to protect and secure your information from unauthorized access by adhering to industry-accepted application security standards. Transmissions over the internet are protected with strong encryption and information is never exposed between PDH, the mobile application or its business associates in a responsible and secure manner.