1. Introduction
These Terms and Conditions apply to the PeerDeposit website, application platform and services made available by PeerDeposit.
References to “PeerDeposit”, “we”, “us” or “our” mean the entity operating the PeerDeposit service. References to “you”, “your” or “Applicant” mean any person who visits the website, creates an account, submits an application or makes use of the service.
2. The PeerDeposit service
PeerDeposit offers qualifying tenants an alternative to paying a traditional rental deposit in cash upfront.
Subject to approval and the conclusion of the required agreements, PeerDeposit may bind itself as surety and co-principal debtor in favour of the landlord for specified obligations of the tenant arising under a written lease.
PeerDeposit is a suretyship service. It is not a cash deposit paid to the landlord, a loan advanced to the tenant, or an insurance policy.
3. No automatic approval
Submission of an application does not create an obligation on PeerDeposit to approve the application or issue a surety.
Every application remains subject to verification, assessment, document review, eligibility requirements and final approval by PeerDeposit.
PeerDeposit may approve, decline or request additional information in relation to any application.
4. Applicant eligibility
An Applicant must:
- be at least 18 years old;
- have the legal capacity to enter into binding agreements;
- provide accurate and complete information;
- provide acceptable identification and supporting documents;
- be a party to, or authorised to act in relation to, the relevant lease;
- comply with the application and verification requirements; and
- accept the applicable quotation and agreements.
5. Account registration and security
You may be required to create an account to use the PeerDeposit application platform.
You are responsible for:
- keeping your login credentials secure;
- not allowing another person to use your account without authority;
- ensuring that your email address and cellphone number remain current; and
- notifying PeerDeposit promptly if you suspect unauthorised account access.
Activities performed through your account may be treated as having been authorised by you unless you have notified PeerDeposit of unauthorised use.
6. Information supplied by Applicants
All information submitted must be true, accurate, current and complete.
You must not submit false, misleading, altered or fraudulent information or documents.
PeerDeposit may verify information supplied by an Applicant and may contact the tenant, landlord, letting agent, employer or other relevant party where reasonably required for the application.
Material inaccuracies or omissions may result in an application being delayed, declined, suspended or cancelled.
7. Lease and landlord consent
The PeerDeposit surety does not replace the lease agreement between the tenant and landlord.
The tenant remains responsible for all obligations arising from the lease, including rental, utilities, damage, occupation and lawful charges.
Where the tenant applies, the tenant must ensure that the landlord agrees to accept the PeerDeposit surety instead of, or in place of, the cash deposit required under the lease.
Where the landlord applies, the landlord must ensure that the tenant has agreed to the PeerDeposit arrangement and understands the applicable obligations and fees.
8. Quotation and fees
The website calculator provides an indicative estimate only. It does not constitute final approval or a binding quotation.
The final monthly service fee, registration fee, surety amount and payment terms will be set out in the quotation presented to the Applicant.
Unless stated otherwise:
- the registration fee is once-off and non-refundable;
- the monthly service fee is payable for the agreed service period;
- fees are quoted inclusive of VAT where applicable; and
- failure to pay an amount when due may affect or terminate the surety.
9. Surety amount and scope
PeerDeposit’s maximum liability is limited to the approved surety amount stated in the applicable agreement or Letter of Surety.
The surety does not provide unlimited protection and does not automatically cover every loss alleged by a landlord.
Any claim remains subject to:
- the terms of the signed suretyship agreement;
- the terms of the lease;
- the approved maximum surety amount;
- submission of supporting documents and evidence;
- verification of the claimed default or loss; and
- any exclusions, limits or procedures recorded in the agreement.
10. Claims
A landlord seeking payment under the surety must submit a claim in the form and manner required by PeerDeposit.
PeerDeposit may request the lease, rental statements, invoices, photographs, inspection reports, correspondence and other evidence reasonably required to assess the claim.
Submission of a claim does not mean that the claim has been accepted or that payment will automatically be made.
PeerDeposit may reject or reduce a claim that is unsupported, duplicated, unlawful, outside the agreed scope or exceeds the approved surety amount.
11. Tenant reimbursement obligations
The tenant remains liable for the tenant’s obligations under the lease.
Where PeerDeposit makes a payment to the landlord under the suretyship, the amount paid becomes recoverable from the tenant in accordance with the signed PeerDeposit Suretyship and Acknowledgement of Debt Agreement.
PeerDeposit may recover amounts lawfully owing, together with interest, collection charges and legal costs where permitted by the applicable agreement and law.
12. Property photographs and records
Applicants may be required to submit photographs or other records showing the condition of the rental property.
Photographs must be clear, current and must fairly represent the condition of the property.
PeerDeposit may rely on submitted photographs, inspection records and supporting documents when assessing an application or claim.
13. Electronic communications
You agree that PeerDeposit may communicate with you electronically, including by email, SMS, WhatsApp or through the online platform.
Electronic communications and documents may be used for applications, quotations, notices, instructions and agreements, subject to applicable law.
You are responsible for ensuring that the contact details supplied to PeerDeposit remain correct and accessible.
14. Electronic acceptance
Clicking an acceptance button, submitting an online form, uploading a signed agreement or otherwise confirming acceptance electronically may constitute acceptance of the relevant document or transaction.
PeerDeposit may retain electronic records showing the date, time, account, device or other information associated with an acceptance or submission.
15. Personal information
PeerDeposit processes personal information in accordance with the Protection of Personal Information Act, 2013 and the PeerDeposit Privacy Policy.
Personal information may be processed for purposes including:
- account registration and administration;
- identity and document verification;
- application assessment;
- communication with tenants and landlords;
- preparation and administration of agreements;
- payment processing;
- claim assessment and administration;
- fraud prevention and risk management;
- debt recovery and legal enforcement; and
- compliance with legal and regulatory obligations.
16. Acceptable use of the website
You may not:
- use the website for unlawful or fraudulent purposes;
- attempt to gain unauthorised access to accounts or systems;
- introduce malicious software or harmful code;
- interfere with the operation or security of the website;
- copy or exploit website content without permission; or
- submit information or documents that you are not authorised to provide.
17. Availability of the website
PeerDeposit aims to keep the website and application platform available but does not warrant that access will always be uninterrupted or error-free.
Access may be interrupted for maintenance, updates, technical failures, security reasons or circumstances beyond PeerDeposit’s reasonable control.
18. Intellectual property
The PeerDeposit name, logo, website design, written material, documents, software and other content are owned by, or licensed to, PeerDeposit.
No intellectual property rights are transferred to a website user or Applicant.
Content may not be copied, reproduced, modified, distributed or commercially exploited without prior written permission.
19. Third-party services
The PeerDeposit service may use third-party providers for hosting, data storage, email delivery, payment processing, identity verification, mapping or other operational services.
PeerDeposit is not responsible for the independent content, systems or conduct of third-party providers, except to the extent required by law.
20. Limitation of liability
Nothing in these Terms and Conditions excludes or limits any right or remedy that cannot lawfully be excluded under South African law.
Subject to applicable law, PeerDeposit will not be liable for indirect, consequential or special loss arising solely from:
- temporary website unavailability;
- incorrect information supplied by an Applicant or third party;
- unauthorised use of login details not caused by PeerDeposit;
- delays caused by incomplete applications or missing documents; or
- events beyond PeerDeposit’s reasonable control.
21. Suspension and termination
PeerDeposit may suspend access to an account or service where:
- fees remain unpaid;
- information appears false or misleading;
- fraud or unlawful activity is suspected;
- the Applicant breaches an agreement;
- the lease terminates or expires;
- continued service creates an unacceptable legal or operational risk; or
- suspension is otherwise permitted by the applicable agreement or law.
Termination does not extinguish obligations or debts that arose before termination.
22. Complaints and disputes
A complaint or dispute should first be submitted to PeerDeposit at:
Email: info@peerdeposit.co.za
The complaint should include the Applicant’s name, application reference number, contact details and a clear description of the issue.
PeerDeposit will endeavour to investigate and respond within a reasonable period.
23. Changes to these Terms and Conditions
PeerDeposit may update these Terms and Conditions from time to time.
The revised version will apply from the date published on the website. Material changes affecting an existing approved suretyship will be dealt with in accordance with the applicable signed agreement and law.
24. Severability
If any provision of these Terms and Conditions is found to be unlawful or unenforceable, the remaining provisions will continue to apply.
25. No waiver
A failure or delay by PeerDeposit to enforce any right does not amount to a waiver of that right.
26. Governing law
These Terms and Conditions are governed by the laws of the Republic of South Africa.
Any dispute will be dealt with by a court or other forum having lawful jurisdiction, subject to any rights available under applicable consumer-protection legislation.
27. Contact details
Questions regarding these Terms and Conditions may be sent to:
PeerDeposit
Email:
info@peerdeposit.co.za
South Africa