Evest Terms of Use

Evest Cloud (Pty) Ltd (Reg. No. 2020/560289/07)(Evest) has integrated with your employer (Employer) to provide participating employees with “EvestPay”, a technology-enabled facility offering flexible, on-demand access to the pay that you have accrued, without waiting for Pay Day.

Your EvestPay Agreement (Agreement) is comprised of these EvestPay Terms of Use (Terms), and your offer to borrow (Offer) (that you create through the Evest Platform or Whatsapp correspondence with Evest). 

EvestPay is not a loan.  Because it is short-term, it only has a small fee which is explained at each advance and no interest, EvestPay is not required to offer consumer credit protections under the National Consumer Credit Protection Act 2009 (Cth) (NCCP). You must repay your EvestPay balance in full on the Scheduled Date by way of a deduction from your Pay, direct debit, or otherwise, and Evest may report defaults to a Credit Reporting Bureau.

1. Creating your Evest profile

1.1.   To use EvestPay, you need to:

   (a)    be over 18 years old;

   (b)    be currently employed by your Employer;

   (c)    register an Evest profile (once your Employer has established an Evest integration);

   (d)    give your Employer a valid and standing Authority to Deduct in favour of Evest, and give Evest a valid Direct Debit Authority for any shortfall (if required); and

   (e)    provide a valid privacy consent.

1.2.   Evest or your employer may, at their discretion, suspend or cancel your Evest profile, ability to receive an advance or Evest access at any time.

2. How to use EvestPay

2.1.   You can Offer to borrow through the Evest Platform.  Evest may, but is not required to, accept your Offer.

2.2.   By submitting your Offer electronically, you offer to enter into a legally binding advance agreement. Your Agreement is comprised of these Terms and your Offer.

2.3.   Your Agreement becomes legally binding if Evest accepts your Offer, and disburses your ‘Flexible Income Payment’ into your nominated bank account.

3. How does using Evest affect your next Pay?

3.1.   If you have received any Flexible Income Payments during a Payment cycle, your Employer will apply your next Pay as follows:

   (a)    first, a portion of your Pay will be directed to Evest, in accordance with your standing Authority to Deduct, to repay the Flexible Income Payments you have received during the Payment Cycle; and

   (b)    second, the balance of your Pay will be paid to you, or in accordance with any other instruction you have issued to your employer in relation to the disbursement of your Pay.

4. How much can you draw down?

4.1.   You may Offer to draw funds up to the available balance through the Evest Platform, and you may make multiple Offers during a Payment Cycle. Generally the available balance shown on your Evest Platform will be up to 50% of your accrued after-tax Pay; however this may vary on a case by case basis.  For the avoidance of doubt, if you make an Offer to draw funds for an amount above 50% of your accrued Pay, you are still required to repay the entirety of the advance.

4.2.   If you make a second or subsequent Offer to draw funds during a Payment Cycle, Evest will combine your outstanding balances, so that you only ever have to repay one amount to Evest per Payment Cycle.  Each Offer, however, constitutes a separate legally binding advance agreement.

5. Limitations on your ability to draw funds

5.1.   Evest or your employer may limit the amount or total number of Offers you can make during any Payment Cycle.  Examples of when Evest may decline an Offer include (but are not limited to):

   (a)    for legal or regulatory reasons;

   (b)    Evest considers (acting reasonably) that declining is a responsible decision for your financial wellbeing;

   (c)    to meet parameters set by your Employer; 

   (d)    to protect the Evest Platform or Evest company.

6. Fees, charges and interest

6.1.   Evest earns a fee on your advance and does not charge any interest. This fee is disclosed before the advance is finalised.

6.2.   However, if you Default under your Agreement and Evest direct debits your nominated account, your own deposit taking institution may charge you default or direct debit failure fees – you should ask them about their account related fees.

7. Repaying your EvestPay advance

7.1.   Evest may require, and you agree to:

   (a)    give your employer a standing Authority to Deduct from your Pay in favour of Evest for all amounts payable to Evest for each Payment Cycle in which you draw down from Evest;

   (b)    enter into a standing Direct Debit Authority with Evest.  If your employer is not able to deduct your Evest Pay advance from your Pay and therefore does not repay your advance in full on the Repayment Date, you authorise Evest to deduct all repayments due under your Evest Pay Agreement:

1. on the Repayment Date, or if not feasible;
2. within seven days after the Repayment Date, or if not feasible;

          III. on the date of your next Pay Day, or if not feasible;

1. one month after the Repayment Date if any amount you owe Evest remains outstanding, or if not feasible;
2. in accordance with clause 7.3 below.

7.2.   Your Evest Pay loan is repaid from your net after-tax Pay, and is not a salary sacrifice.

7.3.   If Evest receives a part repayment, Evest has discretion to allocate it to any amount that you owe Evest, in any order, acting reasonably, and Evest may continue to debit your account under your Direct Debit Authority until the entire balance is repaid.  

7.4.   Subject to any statutory right of set-off that you may have, you must make all repayments owing to Evest in full, and must not make any set-off.

7.5.   If your Evest Pay repayment is due on a non-Business Day in South Africa, it must be paid by the next Business Day.

7.6.   EvestPay repayments are taken to be made when Evest receives the cleared repayment.

7.7.   Evest will not pay interest on any overpayment, and will use reasonable endeavours to return overpayments to your nominated bank account within a reasonable time frame.

8. Default

8.1.   You are in default under your Agreement if one or more of the following occur (Default):

   (a)    you fail to make a repayment in full on the due date and do not remedy the failure within 7 days; or

   (b)    your Authority to Deduct or Direct Debit Authority are revoked, or cease to be effective and are not replaced; or

   (c)    you materially breach an Agreement warranty or term that Evest relies on to protect its legitimate business interests, and the breach is not capable of remedy.

8.2.   If you are in Default, Evest may take one or more of the following actions:

   (a)    suspend your Evest profile or ability to make further Offers;

   (b)    request that you immediately repay all amounts that you owe to Evest;

   (c)    take enforcement action if applicable;

   (d)    notify a credit reporting body of your default after issuing any statutory notices required, and a relevant period of time has passed (which may impact your credit history); or

   (e)    take any other action available at law.

You may also become liable for reasonable enforcement expenses.

9. Termination

9.1.   You may terminate your Agreement at any time voluntarily without cost by paying in full all amounts that you owe to Evest.

9.2.   Evest may terminate your Agreement immediately without notice in the event of a Default, fraud or if required for regulatory reasons.

10. Your warranties

10.1.   By signing your Agreement, you warrant to Evest that:

   (a)    all information that you have provided to Evest is correct;

   (b)    you will not allow another person to use your Evest Pay Profile, and you will protect your security credentials;

   (c)    you are 18 years or over and a permanent resident of South Africa; and

   (d)    you are not bankrupt or insolvent at the time of making an Offer, and making the Offer will not cause you financial hardship;

   (e)    you understand that Evest Pay is an advance not a loan;

   (f)     you have made your own enquiries about whether using Evest is appropriate for you in supporting your own financial wellbeing; and

   (g)    you will keep your employment and contact details updated, and will regularly check your communication methods for correspondence from Evest.

11. Your key obligations

11.1.   You must provide accurate nominated bank account details in which to receive payments.  Evest can ask its account holder to investigate an incorrect payment, but cannot guarantee the return of lost funds, and is not liable for any incorrect payments.

11.2.   You must protect your Evest Pay security credentials, and notify Evest immediately if you suspect that your security has been compromised.

11.3.   If required by Evest, you must give your Employer a valid and standing Authority to Deduct and give Evest a valid Direct Debit Authorisation, and update your Direct Debit Authorisation if your nominated account changes.

11.4.   You must inform your Employer or Evest if you have reason to believe that your available balance shown on the Evest Platform is incorrect.

11.5.   You must promptly tell us if your personal or bank information changes. If you need help, please email Evest, (support@evestcloud.com).  Evest is not responsible for any payment processing errors or fees or other Evest Platform issues arising from your failure to keep us or your employer updated.

12. Privacy

12.1.   Evest may monitor and record phone calls and other communication with customers for customer service, quality, regulatory and evidentiary purposes. Please tell Evest before each call if you do not consent to this clause.

12.2.   You acknowledge and consent to Evest collecting, using, disclosing and holding your personal information in accordance with the terms of Evest’s Privacy Policy at www.evestcloud.com.

12.3.   You authorise Evest to share Evest Pay loan information and personal information with your employer as required to process and manage your Evest Pay service, and to resolve problems or complaints.

12.4.   You authorise Evest to obtain and retain all information shared by you and your employer to ensure your  information and personal information complies with our terms and conditions, to the fullest extent possible under the law. 

13. Resolving problems

13.1.   If you have a problem, please contact Evest support@evestcloud.com.  We are here to help .  Evest may require you to identify yourself and (if applicable) provide a copy of your relevant pay slip to assist with your query.

13.2.   Evest will attempt to resolve your problem at its earliest convenience, and at the very least, will endeavour to provide you with a written response within 5 days.

14. Notices and communications

14.1.   You authorise Evest to give you notices and other communications to contact you about Evest Pay using the email address, mobile number and other contact details included in your Evest profile.

14.2.   As Evest is a digital platform, if you withdraw your consent to be contacted electronically, Evest may suspend your Evest profile.

14.3.   You may give Evest notice in writing by email, please send to support@evestcloud.com

15. Variations

15.1.  Evest may, without your consent, vary these Terms or introduce new fees, as they will apply to any future Offer that you may make, by giving you at least 30 days’ notice.

15.2.   If you do not agree to a variation, you may terminate your Evest profile without cost, once any outstanding amounts owed to Evest have been settled.

16. – Deleted

17. Limitation of liability

17.1.   Evest is not liable for any unauthorised access to your account, unless we expressly agree in writing, or the access was as a result of Evest’s negligence.

18. General matters

18.1.   Evest may assign, novate, or transfer its rights or obligations under this Agreement without your consent. 

18.2.   If Evest does not exercise a right or remedy fully or at a given time, Evest can still exercise it later at our discretion.

18.3.   Republic of South Africa laws govern and apply to this Agreement.

18.4.   If any provision of this Agreement is or becomes invalid, unenforceable or breaches any mandatory law or regulation, then it is to be treated as deleted, and will not affect the remaining provisions of this Agreement.

19. Definitions

Authority to Deduct means the authorisation and instruction given by an employee to its employer to repay any Evest Pay advance(s) by way of a disbursement of the employee’s Pay to Evest at the end of a Payment Cycle.

Business Day means a day on which banks are open for business in Johannesburg excluding a Saturday, Sunday or public holiday in that city.  Any obligation required to be performed on a day that is not a Business Day must be performed on or by the next Business Day unless expressly stated otherwise.

Direct Debit Authority means the authorisation and instruction given by an employee to Evest to direct debit the employee’s account to repay any Evest Pay loan, or amounts owing to Evest under this Agreement as they become due.

Evest, we, us or our means Evest Cloud Pty Ltd Reg. No. 2020/560289/07 and can include related body corporates if applicable.

Evest Platform means the applications supplied by Evest that enable employers and employees to administer and use Evest Pay and other services (excluding access to the Evest source code).

Flexible Income Payment means, if Evest accepts your Offer, the advance proceeds disbursed to your nominated bank account.

Offer means a request made via the Evest Platform to your employer to receive an advance proportion of your accrued but unpaid Pay earlier than the relevant Pay Day to your nominated bank account.

Pay means the remuneration made by your employer to you for work carried out during the relevant Payment Cycle, as its employee (less any applicable deductions).

Payment Cycle means the period of time in which your Pay is accrued and paid (for example, weekly, fortnightly, bi-monthly or monthly).

Pay Day means the day upon which your Pay (less any Flexible Income Payments) for any given Payment Cycle is paid to you.

Repayment Date means, unless otherwise agreed, the date on which an employee usually receives his/her pay in respect of the preceding Pay Cycle.

These Terms were last updated on 10 August 2020.  Be aware that these terms may change.  Please check your email for notification of any changes.