On the CG24 website, the clientele (hereinafter also referred to as "borrowing persons") has the possibility to place a credit request. The business model of CG24 consists of granting loans to borrowing persons, whereby the financing of the loan amounts takes place via the direct sale and assignment of the loan claim to other clients who provide the money (hereinafter also referred to as "Investors"). Investors have the possibility to purchase credit receivables from other borrowing persons via the CG24 website..
- Target group
The CG24 website is aimed exclusively at natural persons or legal entities with residence or registered office in Switzerland.
- Registration and use
In addition to legal entities, registration is only open to natural persons of full legal capacity who have reached the age of majority. 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 of Switzerland are excluded from using the CG24 Website and the products and services offered thereon. Only one account may be held per person; the account is personal and non-transferable.
The client undertakes to provide the information required for registration completely and truthfully. Changes are to 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 case of false or fraudulent information CG24 reserves the right to terminate the user agreement as well as all further contractual relations with the concerned client without notice.
The registration does not entitle the client to place his credit application on the CG24 website. CG24 reserves the right to reject submitted applications without stating the reason and not to display them.
- Costs and fees
Registration on the CG24 website is free of charge. CG24 will charge any costs incurred by the customer in accordance with the fee regulations.
- Data security and use of the data
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 borrowing person does not submit a credit application independently but through a partner, the borrowing person authorizes CG24 to transmit the credit decision to the partner.
- Creditworthiness and credit assessment
Credit applications placed by borrowing persons on the CG24 website are thoroughly checked before approval and publication on the CG24 website. CG24 verifies in particular the creditworthiness of the borrowing person and relies on the information provided by them and the documents submitted by them in this context. After positive verification of the creditworthiness, a credit agreement is sent to the borrowing person. In case the information provided by the borrowing person is untrue or negative information regarding the creditworthiness is available, CG24 may at any time withdraw from the credit agreement and any further contractual relations with the borrowing person. In this case, the borrowing person shall bear the damage resulting from the withdrawal from the contract themselves.
The borrowing person authorized CG24 to obtain all information necessary for the processing of the credit application as well as the credit agreement from public and private bodies, namely the Informationsstelle für Konsumkredit (IKO), the Zentralstelle für Kreditinformationen (ZEK), CRIF AG in Zurich as well as the Verband Creditreform (namely CrediWEB) and to report the credit as well as the contractual relationship to IKO and ZEK. The borrowing person take note of the fact that ZEK and IKO will inform their affiliated lenders about their obligations under the credit agreement upon request in case of a new credit application.
Company owners of legal entities as well as any guarantors authorize 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 will store this data.
- 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)". The investors have the possibility 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 investors confirm their financing commitment by clicking on a button.
The issuance of the financing commitment is binding and the relevant investors are obliged to provide the corresponding amount upon the conclusion of the credit agreement with the borrowing person that submitted the credit request by means of purchase of the credit claim to the extent of its financing commitment.
It is not possible to modify or withdraw a financing commitment.
Subsequently, the investors will receive by eMessage a pdf file with the offer signed by CG24 to conclude an "Agreement on Sale, Assignment and Payment Administration of Future (Partial) Receivables under a Credit Agreement" (hereinafter referred to as "Agreement"). Upon receipt of the eMessage in their Account, the Investors declare their acceptance of the offer to conclude this Agreement by confirming their will to conclude the Agreement by means of an eMessage. Upon sending the confirmation, the Agreement - including the purchase of receivables contained therein between the Investors and CG24 - shall be bindingly concluded.
The agreement or purchase of receivables between the investors and CG24 is subject to the following conditions precedent:
A sufficiently financed credit project (CPS) is established, i.e. the credit amount requested by the borrowing person is covered by the sum of all financing commitments from investors within the investment period or the borrowing person agrees to a lower credit amount and an effective credit agreement is concluded between the borrowing person and CG24.
The investors will be informed after the end of the investment period whether a credit project (CPS) has been successfully established. If a credit project (CPS) does not materialize, the funds will be returned to the investors without interest.
- Sale of acquired loan project shares before the end of the term of the loan project among registered investors
The Secondary Market allows CG24 registered investors to sell their investments (CPS) before the end of the term, thus recovering early their loan amount that has not been fully repaid at that time. The secondary market also allows investors to buy a CPS in existing loan projects with a shorter remaining term.
Investors pay a service fee of 0.25 - 2.726% on all repayments, including any loan units sold on the secondary market.
Investors who wish to sell one or more of their CPSs can enter the order 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 amortization and interest payments from the borrower until the purchase of the CPS by the buyer is completed. Payments received from that point forward will be disbursed to the purchaser upon successful completion of the sale. The purchase price is adjusted accordingly so that the purchase price invoiced in each case correctly reflects the cash flows. In the event of a failed sale, all cash flows go to the seller.
All consequences in connection with a default and with the associated effect of the solidarity agreement are to be borne by the seller until payment of the purchase price and the associated settlement of the asset transfer.
- No guarantee, advice or recommendation (investor)
CG24 carries out a careful examination of the creditworthiness of the borrowing person who place a credit request on the CG24 website. CG24 relies on the information provided by the borrowing person and the documents submitted by them in this context as part of the assessment. The result of the assessment does not constitute a guarantee of the borrowing persons solvency or 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. The attention of the investors is expressly drawn to the fact 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.
- 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 particular transaction or to make or enter into any other legal act.
- Disclaimer of warranty and liability
CG24 provides the information on the CG24 website without any warranty. 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 damages 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 disclaims any liability for manipulation of the computer system of the Internet user (viruses, worms, Trojans, etc.) by third parties.
The client may not make his account available to third parties and shall be liable without limitation for all activities undertaken using his account. The password and the user name must be kept secret and may not be made accessible to third parties. In case of any misuse, CG24 shall not be liable.
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. The establishment of links 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.
- 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, it is agreed that the exclusive place of jurisdiction is the registered office of CG24. CG24 is free to sue also at the domicile of the client. Swiss substantive law is applicable.
Version September 2023