Quanloop inflation recovery program terms
Acceptance of Terms: By opening an account in Quanloop and adding money to the Quanloop clients’ account, you agree to be bound by these Quanloop inflation recovery program terms (“Cashback terms”), the Loan Agreement, the General Terms & Conditions of Quanloop and the Quanloop Privacy Notice. In the event of a conflict between these Cashback Terms and the Loan Agreement and/or the General Terms & Conditions of Quanloop, these Cashback Terms will prevail. Quanloop may update Cashback Terms at any time without notice to you.
Cashback: A “Cashback” is where Quanloop offers to make a cash payment to you, calculated based on the capital you kept in Quanloop for investments during the previous month. The cash amount payable may be indicated as a percentage, fraction, or cash value. Where a Cashback is offered to you, Quanloop will pay you a Cashback following the percentage, fraction, or cash value indicated to you, provided you comply with these Cashback terms.
Exclusions: You are not eligible to receive a Cashback if you did not keep any capital in Quanloop for investment purposes during the previous month.
Calculation formula: the Cashback paid by Quanloop is calculated based on the CPI (Consumer Product Index) published by Eurostat for a country of the investor’s registered location. Quanloop compensates the difference in the value of the money kept on its clients’ account for investment purposes as well as been already invested during the previous month due to inflation; such value is calculated according to the last month CPI for each separate day the money was not withdrawn from the investment budget. Quanloop uses two CPI figures, the one for the investor’s locality and another for the euro area – the calculation is made on the value, which is most profitable for the investor. If the investor’s registered address, either private or a business one, is not part of the euro area, such investor will be paid Cashback according to the euro area CPI.
The payout date: Quanloop makes a cash payment on the 25th calendar date of the following month, upon receipt of the data from Eurostat. If for any reason, the official public CPI data is not received by the payment date, Quanloop may deliver Cashback later.
Refusal to make payment: Even if you are otherwise eligible to receive a Cashback, Quanloop has the right to refuse to make the payment if any of the grounds stated in the Loan Agreement section 9.2 arise. Regardless of the grounds for a refusal to make the payment, Quanloop shall not be obligated to pay extra interest or any other monetary penalty for the refusal to make payment.
Terminated accounts: if you, during the following 12 months upon receiving your Cashback, do any of the following (a-b), you must return the Cashback in full to Quanloop. This clause applies where you: (a) terminate your account in Quanloop and ask to delete your data; (b) revoke the right of Quanloop to borrow money from you according to the General Terms and Conditions and the Loan Agreement. In case you are obliged to return the Cashback in full to Quanloop due to any of the grounds mentioned above, Quanloop has the right to set-off its corresponding claim against you using the money you have invested in your Quanloop account.
Liability: To the fullest extent permitted by law, Quanloop shall not be responsible for any loss, damage or injury whatsoever suffered by you in respect of the subject matter of these Terms (including but not limited to any direct, indirect, consequential, special, punitive or incidental loss or damages) and Quanloop’s liability to you will in all circumstances be limited to the value of the Cashback. For the avoidance of doubt, nothing in these Terms is intended to modify or negate an investor’s rights under the Law of the Republic of Estonia.