FIXURA AB OY – TERMS AND CONDITIONS
Valid as of 15th of June 2021
These terms and conditions (“Terms and Conditions”) will apply to Investment Agreements and Loan Agreements from 15th of June 2021 onwards. For loans and investments made before 1st of February 2020, Terms and Conditions that are available at Fixura’s website and dated 1st of March 2019 will apply.
Fixura is a company whose concept and purpose is to bring people hoping to borrow money together with those hoping to lend money. Fixura acts as a flexible marketplace for such interaction and as a part of Fixura’s operations the company arranges Loans between Investors and Borrowers. The fees that Fixura is collecting from the Investors and Borrowers can be found in the Price List, which are an integrated part of these Terms and Conditions.
By registering as a user on Fixura’s online service, the user accepts these Terms and Conditions. These Terms and Conditions constitute a part of the Loan Agreement. In the event of a conflict between these Terms and Conditions and the Loan Agreement, the conditions of the Loan Agreement shall prevail.
These Terms and Conditions also constitute a part of the Investment Agreement. In the event of a conflict between these Terms and Conditions and the Investment Agreement, the conditions of the Investment Agreement shall prevail.
Fixura highlights that it merely acts as an intermediary between the Investor and the Borrower and Fixura does not offer investment services according to the Act on Investment Services. Fixura is registered in the register of credit providers and mediators of peer-to-peer loans with the Regional State Administrative Agency in southern Finland.
3. CONDITIONS FOR BORROWERS
To have the possibility to be granted a Loan through Fixura, the person shall:
- have full legal capacity and be at least 21 years of age;
- have been living permanently in Finland for at least two years;
- have regular income;
- have provided Fixura necessary information required to evaluate creditworthiness;
- not have credit defaults or overdue Loans; and
- not be a board member of a company with credit defaults.
Before granting a Loan Fixura will review the Borrower information according to the consent given by the Borrower and according to the applicable data protection regulations. The Borrower is responsible that the provided information is true and correct. The Borrower is also obligated to inform Fixura without delay of any changes in the Borrower’s personal details or contact information. If the Borrower has not updated the information, Fixura has the right to claim the reasonable costs from the Borrower from solving the issue. The Investor or Fixura shall not be responsible for defaults, delays or other consequences caused by errors in the information included in the loan application and/or in the Loan Agreement.
If a loan application is not fully financed, the Borrower may be offered a smaller Loan than the one the Borrower applied for. It is not guaranteed that the Borrower will get the full Loan amount they applied for nor are the Investors obligated to offer a Loan with the amount the Borrower applied for. The details in the loan calculator at the application stage are always an estimate only of the Loan applied by the Borrower. The final Loan details such as the amount, Interest, repayment schedule and the size of the monthly instalments are set out in the loan offer. Fixura recommends that the Borrower reads the loan offer carefully.
Interest and fees payable by the Borrower
The Borrower will be obliged to pay back the Loan according to the conditions defined in the Loan Agreement. The monthly instalment consists of capital, Interest, loan account fee and fees based on extra services the Borrower has chosen.
The Interest and the loan account fee may not exceed the maximum annual nominal interest rate and other credit costs provided for in Chapter 7 of the Consumer Protection Act at the time of granting the Loan.
Possible additional services are charged according to the Price List. The above-mentioned fees are exclusive of VAT since the operations are not subject to VAT. Fixura is not responsible for any late repayments or unpaid instalments if the repayments have not been made according to the Loan Agreement.
The Borrower is entitled to repay the entire Loan at any time. Upon early repayment, the Borrower is liable to pay:
- the outstanding loan capital;
- accrued but unpaid Interest;
- accrued but unpaid loan account fee(s); and
- opening costs of the Loan specified in the Loan Agreement.
The Borrower is not liable to pay loan account fees or Interest for the remaining loan term originally agreed upon.
In case the final repayment from the Borrower exceeds the remaining debt amount on the Loan by five (5) euros at the most, Fixura has the right not to refund the overpayment. Fixura charges a handling fee of five (5) euros for repayments of more than five (5) euros. The most relevant conditions applicable such as Interest, effective annual interest rate, costs and repayment schedule are set out in the Loan Agreement.
The Borrower has a legal right to ask Fixura for an extended payment period, e.g. in case of unemployment or illness. If necessary, Fixura may change the due date or modify the original repayment schedule. Changes in the repayment schedule will be updated to Fixura´s webservice. The agreed Interest will be charged of the remaining Loan amount.
Loans granted before 1st of February 2020
Terms and Conditions dated 1st of March 2019 will be applied for Loans granted before 1st of February 2020. These Terms and Conditions are available at Fixura´s website.
Outstanding payments, termination and sale of Loans
Fixura states that it is important that the monthly instalments are paid on time. If the Borrower does not pay the monthly instalment, a written reminder is sent to the Borrower 14 days from the due date. A reminder fee of five (5) euros is added to the invoice. If the instalment remains unpaid after the 14 days, the Borrower will get a second reminder and another reminder fee of five (5) euros is added to the invoice.
If the instalments are overdue, Fixura can charge penalty interest according to the Loan Agreement. If the penalty interest is less than the Interest of the Loan, the penalty interest will during the loan term and after the Loan is overdue, for a period of 180 days, be at least the current Interest of the Loan. Penalty interest is charged from the due date until the instalment has been repaid in full.
If the total amount of unpaid invoices exceeds 5,00 % of the original Loan amount, the entire Loan becomes due and payable and a notice of termination will be sent to the Borrower. Continued neglect of paying the monthly instalments may lead to legal proceedings and might result in payment default entries, if the case is brought to enforcement collection.
Fixura has the right to transfer the receivables and information about the Borrower to debt collection. According to the law, Fixura can also inform a credit default to the credit information register when the payment delay has continued for over 60 days. Debt collection fees and penalty interest will be added to cases that are sent to debt collection. An overdue Loan can also be sold to third parties or purchased by Fixura. Fixura will inform the Borrower if the Loan Agreement has been transferred to a party other than an Investor.
Payments the Borrower has made to debt collection are first allocated towards Interest and Loan capital, thereafter to collection agency fees as well as potential penalty interest on such fees. Loan capital and Interest are allocated to Investors, other costs are allocated to the collection agency and Fixura.
All changes and agreements concerning delayed instalments shall be done beforehand in writing.
The due date of the monthly invoice will be agreed in the Loan Agreement. If the due date is not a Business day, the due date will be moved to the next possible Business day. Invoices are sent electronically, unless the Borrower has contacted Fixura customer support and agreed on another invoicing method. Fixura can send invoices via e-mail, text message and/or other ways. The same methods of communication apply for reminders and notices of termination. If invoicing is done by another invoicing method, an invoicing fee is added on the invoice.
4. CONDITIONS FOR INVESTORS
Fixura underlines that the Investor should acknowledge that with every Investment there is a risk of losing the capital partly or entirely. The main risks regarding peer-to-peer loans is the Borrowers insolvency, a situation where the Borrower is not able to repay the Loan partly or entirely and the deviation from the return expected by the Investor. The Investor shall notice that among other things the profit will be lower if the Loan is paid before the end of the repayment schedule.
Fixura strives to offer a flexible marketplace for Investors where the Investments are suitable for aftermarkets. However, Fixura cannot guarantee the functionality and efficiency of the aftermarkets. Therefore, it is not guaranteed that the Investor can always transfer the rights and obligations of an Investment to another Investor. The Investor cannot necessarily liquidate the Investments made to the Loans when they wish to do so, and the maturity of the Investment can significantly differ from what the Investor has expected when making the Investment. The Investor shall consider that the profit history of the Loans will not guarantee profits in the future and for new Loan products any indication as to expected profits is an estimate only given the lack of profit history.
Before accepting a loan application, Fixura will assess the Borrowers creditworthiness from third party credit information registers, from transactions in the Borrowers bank account and Fixura´s client and credit registers for ensuring the Borrowers financial situation. Fixura strives to minimize the risk for Investors by credit scoring, excluding people with credit defaults or unreliable credit information and by transferring overdue Loans to debt collection or selling overdue Loans. Fixura checks the Borrower’s credit default status through Bisnode Finland Oy or Suomen Asiakastieto Oy but Fixura cannot guarantee that the status is correct.
The Borrower has legal right to ask Fixura for an extended repayment period, e.g. in case of unemployment or illness. If necessary, Fixura may change the due date or modify the original repayment schedule. The agreed Interest will be charged of the remaining Loan amount. The Borrower may repay the Loan at any time, in which case the Interest that has not accrued will not be charged.
Fees payable by the Investor
Fixura charges fees from the Investors according to applicable Price List as found on Fixura´s website.
The Investor is responsible for any applicable tax and of tax or other notifications/declarations for the authorities, e.g. notifications about profits, credit losses and costs related to the investments. Fixura informs the tax authorities on behalf of the Finnish private Investors about profits and credit losses, but the Investor is responsible for checking that the information given is true and correct.
Allocation of repaid funds and selling of overdue Loans
If the Borrower does not pay the monthly instalments despite reminders, the Loan will be transferred to a collection agency, sold to a third party or bought by Fixura for the current market rate. If the overdue Loan is sold to a third party, the market rate is the price offered by such third party at the time of sale. If Fixura buys the overdue Loan, the market rate corresponds to the price quoted by a collection agency and is determined annually during January for the following 12-month period by reference to a loan portfolio of all Loans that have fallen due the preceding 12 months. The market rate for the ongoing 12-month period is set out in the Price List valid at the time. Notwithstanding the aforesaid, in the case of a significant change in market conditions affecting the financial services sector (e.g. significant prime rate changes), Fixura has the right to determine the market rate more frequently by obtaining a new quote from a collection agency reflecting such changes. In this case, the market rate for the ongoing 12-month period set out in the Price List will be replaced by such new market rate.
To the extent when the Investor´s receivable has been transferred to debt collection, funds repaid by the borrower are allocated in accordance with applicable law. Consequently, repaid funds are first allocated to interest and loan capital and thereafter to debt collection fees and other possible fees and finally towards the potential penalty interest. Irrespective of the aforementioned and in relation to the Investor, the debt collection agency automatically deducts incurred debt collection fees from the funds received prior to the funds being deposited to the Investor’s Fixura account.
To the extent, that the Investors´ receivable has been sold to a third party or bought by Fixura, the sales revenue belonging to the Investor will be allocated to the capital of the debt. In this event, the income that belongs to the Investor will be paid to the Investor within three bank days from receipt of revenue from the sale. The Borrower does not have the right to transfer or sell the Loan to a third party.
Automatic investment function (Autoinvest)
The Investor’s funds will be automatically invested by the Autoinvest function, whereby the Investor participates at Fixura’s marketplace in investing of funds to new Loans and buying existing Loans from the aftermarkets. Accordingly, funds may be invested in any Loan products described in these Terms and Conditions at the time and, through the aftermarkets, in any Loans that are outstanding at the time and as such may also include Loan products that are no longer offered to new Borrowers. Funds may also be invested through the Autoinvest function in Loans sold on the aftermarkets in respect of which amounts have become due and have been outstanding up to a period of 90 days, before such Loans are transferred to debt collection or sold.
The Autoinvest function strives to diversify the risks by dividing the Investment into multiple Loans. The Autoinvest function diversifies the free capital so that a maximum portion of 3,00 % of the Investors free capital will be invested into one Loan, with a minimum amount being 20,00 euros. The invested amounts to one Loan can differ from 20,00 euros to a maximum of 1 000,00 euros. Investments in the Loans bought from aftermarket may anyhow be below 20,00 euros. Fixura highlights that the Autoinvest function does not actively seek for more suitable or profitable investments for the Investors. Fixura does not help the Investors analyze or capitalize Investments, and the services Fixura offers does not include investment or financial advice or any other financial services. Fixura has no responsibility of the profitability of the Investments made through the Autoinvest function.
Automatic selling function (Autosell)
The Autosell function operates as a tool in the aftermarkets which helps the system to sell Investments on behalf of the Investors. If the Investor draws more funds from their Fixura account than the amount of the free capital, the Autosell function will activate automatically and it will try to sell Loan Investments to cover the difference. When Autosell has sold Investments, the Investor can withdraw the free capital to their bank account or continue investing through the Autoinvest function. When the Autosell function is active, the Autoinvest function does not create new Investments to the Investors portfolio at the same time. The Autosell function can sell the Investors Investments either partly or entirely.
Companies and entities
Companies and entities that invest using Fixura´s platform shall ensure that their Investments and investment decision are made according to the legislation in the country of residence of the company and entity in question.
Schedule for money transfer
Fixura strives to carry out the Investors request for a money transfer from the Fixura account to the Investors own bank account within one (1) Business day however, at the latest within the following three (3) Business days. The Investor shall make all the request in writing through the webservice in their own profile. In addition to Fixura´s internal process, the transition of the funds will be affected also by the banks’ rules regarding payment transactions. Fixura has always the right to refuse to carry out a money transfer if there is a reason for refusal from law or orders from authorities.
If the money transfer request demands that Investments need to be sold to other Investors by the Autosell function, can the request be sent to Fixura only after the sale has been executed. If the sales target of the Investments will only be partly filled, the Investor can terminate the selling of the Investments or request that the collected funds will be transferred to their bank account or they can continue to invest the funds through the webservice. If the sales target of the Investments will be entirely fulfilled, the Investor can request a money transfer to their own bank account or the Investor can continue to invest funds through the webservice.
5. LOAN PRODUCTS
Loan with decreasing interest
Fixura’s Loan with decreasing interest is a fixed-rate unsecured consumer credit for which Fixura may offer the Borrower terms related to the reduction in interest rates. The Interest and the loan account fee may not exceed the maximum annual nominal interest rate and other credit costs provided for in Chapter 7 of the Consumer Protection Act at the time of granting the Loan.
The annual nominal interest rate used in the loan repayment schedule will start at the amount agreed in the Loan Agreement and decrease in accordance with any terms related to the reduction in interest agreed in the Loan Agreement. If the Borrower does not meet the conditions related to the reduction in interest rates, the Borrower is not entitled to a reduction in interest rate and the nominal interest rate agreed in the Loan Agreement will be applied. Fixura may, in accordance with the terms and conditions of the interest rate reduction, bring Interest back up to the nominal interest rate agreed in the Loan Agreement if the Borrower does not meet the condition attached to the maintenance of the lower interest rate.
If the terms and conditions related to the reduction in interest have been agreed in the Loan Agreement, the original repayment schedule and its monthly instalment have been calculated on the assumption that the Borrower will comply with the terms and conditions related to the reduction of interest. If the Borrower does not meet the terms and conditions agreed in the Loan Agreement related to the reduction in interest rates, the interest rate will not decrease in accordance with the original payment plan, in which case the amount of the monthly instalment, the length of the payment plan and/or the amount of the last instalment of the payment plan will change. If the amount of the last instalment of the payment plan increases, the Borrower can get a new repayment schedule if needed. By the Borrower’s request Fixura can send a chart that shows the instalments, due dates and other payment conditions.
Fixura may also offer the Borrower a Loan without any conditions related to the reduction in interest rates, in which case the fixed nominal interest rate agreed in the Loan Agreement may be applied as such throughout the Loan Period. In this case, however, Fixura may at its sole discretion, decrease the nominal interest rate applicable to the Loan if the Borrower has paid the monthly instalments in accordance with the payment plan.
Loans with decreasing interest granted before June 15th, 2021
The annual nominal interest rate used in the payment plans for Loans with decreasing interest granted before 15th June 2021 is between 2,90 – 9,90 %. The nominal interest rate starts as agreed in the Loan Agreement and will be reducing by 0,1 percentage point monthly if the Borrower has paid the monthly instalment according to the repayment schedule before a reminder has been sent to the Borrower. The nominal interest rate is however always at least 2,9 % p.a.
If the Borrower does not pay the monthly instalment on time and a reminder is sent, the interest rate will not reduce according to the original repayment schedule, which means that the Interest will stay at the same rate as earlier agreed or reached. If the Borrower pays all the monthly instalments late, meaning after Fixura has sent a reminder, the Interest will not reduce at all and the nominal rate agreed in the Loan Agreement shall be applied.
The original repayment schedule and the monthly instalments have been counted based on the assumption that the Borrower will pay all the monthly instalments in time by the due date. If the Borrower pays the monthly instalments late, the interest rate will not reduce according to the original repayment schedule, which means that the capital of the Loan will reduce slower than what has stated in the repayment schedule. In this case, the remaining unpaid capital of the Loan will be included into the last instalment of the repayment schedule, to which the Borrower can get a new repayment schedule if needed. By the Borrowers request Fixura can send a chart that shows the instalments, due dates and other payment conditions.
6. CONTACTING OF THE COUNTERPARTY
On behalf of the Investor, Fixura invoices receivables arising from the debt, forwards receivables to collection or to recovery proceedings or if needed, sells the receivables. The Loan is always established between the Investor and the Borrower, however Fixura handles all contacts between the Borrower and the Investor. Contacting the counterparty on one’s own is not permitted unless given a permission from Fixura.
7. HANDLING PERSONAL DATA AND CREDIT CONTROL
- to handle personal data to the extent necessary in order to fulfil its responsibilities towards the Borrower and the Investor;
- to use any information received and processed in the cooperation with authorities and cooperation partners;
- to use the information for marketing of Fixura´s and its partners’ products and services;
- to assign billing and bookkeeping to third parties; and
- to check the creditworthiness and credit scoring of the Borrower by using different credit information services.
Fixura cannot guarantee the accuracy of the information used for credit scoring. Fixura uses primarily the e-mail address and the phone number that the customer has provided in communication with the customer. The customer has the obligation to inform Fixura immediately if there are any changes in the e-mail address, phone number or in other contact information.
Fixura is not liable of any direct or indirect damages that can be caused to the Borrower or to the Investor. Therefore, Fixura is not liable for, e.g. loss of profit or revenue or of the loss of reputation, business value or information or of the costs of any replacing products or services or of other immaterial or indirect damages.
9. OTHER CONDITIONS
Fixura reserves the right to change these Terms and Conditions and Price List. All parties involved are informed in writing before the changes take effect. This is done by e-mail, unless the Borrower or the Investor has contacted Fixura customer support and agreed on another communication method.
If there is an inconsistency between the Loan Agreement or the Investment Agreement and these Terms and Conditions or the Price List, the Loan Agreement and the Investment Agreement shall be applied primarily.
These Terms and Conditions, Price List, Loan Agreement and Investment Agreement have language versions in Finnish, Swedish and English. If there is a conflict between the language versions, the Finnish version prevails.
10. FORCE MAJEURE
Fixura, the Investor or the Borrower are not liable for damages caused by an impediment beyond the party’s control. The party is not liable for damages it they can show the unusual or unforeseeable reason which they have not been able to affect on, and the consequences of which the party could not have avoided following all carefulness, has prevented from the filling of the obligations; such as for example war, natural disaster, fire, interruption of the general telecommunications, labour dispute, measure of the authorities, currency restrictions, obligations during time of crisis and/or trade restrictions.
11. APPLICABLE LAW AND DISPUTE RESOLUTION
Finnish law, excluding its choice of law provisions, shall apply to these Terms and Conditions.
Disagreements between the Borrower, Investor and Fixura that arises from these Terms and Conditions and/or from the Loan Agreement or the Investment Agreement, will be primarily solved by negotiations. The Borrower can also approach the competent authority and bring the case to the Consumer Disputes Board. If the parties fail to negotiate a solution, the disagreement will be resolved in the district court of Ostrobothnia as the first court instance.