Terms and Conditions

FIXURA AB OY – TERMS AND CONDITIONS

Valid as of 1st of February 2020

These Terms and Conditions will apply to Investment Agreements and Loan Agreements signed from 1st of February 2020 onwards. For Loans accepted before 1st of February 2020, Terms and Conditions that are available at Fixura’s website and dated 1st of March 2019 will apply.

1. DEFINITIONS

AutoinvestAn automatic investment function in the system.
AutosellAn automatic selling function in the system.
BorrowerA user who has applied for a loan and/or has signed a Loan Agreement
as a Borrower.
Business dayAny weekday other than Saturday, Sunday or public holidays.
FixuraFixura Ab Oy (Reg. no 2246639-7).
Fixura accountAn account created for users to Fixura’s webservice where users can
invest or borrow funds.
InterestThe interest that will be charged from the Loan.
InvestmentThe amount the Investor has invested for Borrowers to lend.
Investment AgreementAgreement between the Investor and Fixura in which they agree on a cooperation
regarding Investments. Based on the Investment Agreement Fixura passes Loan
applications to Investors and takes care of the financial transactions and of the
communication towards the Borrowers.
InvestorUser of the service, who has accepted Fixura’s Investor Agreement and who has
deposited funds to a Fixura account for lending to Borrowers.
LoanThe amount which the Investor(s) will lend to the Borrower based on the Loan
Agreement.
Loan AgreementAn agreement between the Borrower and the Investor(s) in which they agree i.a.
on the capital of the Loan, the Interest and the repayment schedule.
Price ListApplicable list of fees, that Fixura charges from the Investors and Borrowers, can
be found on Fixura’s website.
Terms and ConditionsUp-to-date Terms and Conditions for Loan Agreements and Investor Agreements
available at Fixura’s website.

2. INTRODUCTION

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 from 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 between the Investor and the Borrower which the
parties have separately entered into. 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 constitute a part of the Investment Agreement between the Investor and Fixura
as set out in 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 the company is not a party in the Loan Agreement between the Investor and the
Borrower. Fixura 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

Loan eligibility

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.

Fixura uses information provided and/or analyzed by third parties in the evaluation of creditworthiness before
granting a Loan. The Borrower approves that Fixura will assess the Borrower’s creditworthiness through
services provided by third parties. The necessary credit information will be acquired from Bisnode Finland Oy
or Suomen Asiakastieto Oy. The Borrower agrees that the information will be obtained from these companies
and that Fixura has the right to store the information during the customer relationship, and as per the Privacy
Policy after the customer relationship has ended. Fixura reserves the right to prevent the person from applying
or accepting a Loan and to reject the already submitted Loan application.

When the Borrower has accepted the Loan, a new loan can be applied after six (6) months, provided that six
(6) first instalments of the previous Loan has been paid. A Borrower can have a maximum of 20 000,00 euros
in aggregated loan capital. If a loan application is not fully financed, the Investors may grant the Borrower 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 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 clarified in the loan offer. Fixura recommends that the Borrower reads the loan offer
precisely.

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 loan term can be a maximum of 84 months. The nominal interest rate can be a
maximum of 10,00% and a minimum of 2,9 % p.a. The loan account fee is 0,01% per day of the original Loan
amount. The loan account fee is separately defined for each Loan and will be charged as 0,30% monthly or
3,65% yearly. The fees for each Loan can be a total of 150,00 euros per year. 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;
  • accurred but unpaid Interest;
  • accurred 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 loan
Interest, effective annual interest rate, costs and repayment schedule are set out in the separate Loan
Agreement that has been done between the Borrower and the Investor.

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

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 claim 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. After sending the notice of termination Fixura can transfer the Loan to debt collection. 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.

A loan that is overdue can be sold to a third party. 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 be transferred to debt collection or it can be sold to third parties. Fixura will inform the Borrower if the Loan Agreement has been transmitted to a third party.

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.

Invoicing

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. Invoicing is done by e-mail, unless the Borrower has contacted Fixura customer support and agreed on another invoicing method. Fixura can also send invoices via text messages. The same applies for reminders and notice of terminations. If invoicing is not done by e-mail, an invoicing fee is added on the invoice.

4. CONDITIONS FOR INVESTORS

Risk

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 are the Borrowers insolvency, a situation where the Borrower is not able to pay 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. The best way to minimize risks and credit losses is through diversification.

Before accepting the 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 or selling unpaid Loans to a debt collection agency. 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. If the Borrower does not pay the monthly instalments, the debt will be transferred to a collection agency or sold entirely to a third party. Fixura sells the Loan to a third party for the price at the current time listed in the Price List. Fixura also has the right to buy the Loan for corresponding price.

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 accured will not be charged.

Fees for the investor

Fixura charges 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 debts

If Fixura considers it to be reasonable, they have the right to transfer or to sell overdue Loans at market price to a third party including all rights and obligations. The price of selling loans to a third party can be found from the Price List.

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 to 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, will the sales revenue belonging to the Investor 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 after Fixura has received the 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)

With the Autoinvest function the system carries out Investments on behalf of the Investor. The system 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. Because the maximum amount that can be invested in one Loan is 1 000,00 euros, it is possible that a situation occurs where one Investor alone invests 1 000,00 euros to a Loan if the other Investors have not given an offer for the Loan in question.

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 financial advising or 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 loans 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 Autosell 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 own internal rules. 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 filled, the Investor can request a money transfer to their own bank account or the Investor can continue to invest funds through the webservice.

Withholding of tax

If necessary, Fixura can withhold tax from the Interests paid to private persons. The withheld amount is accounted to the tax administration and is determined according to the law and statutes in Finland. The withholding of the tax will be carried out to the nearest cent so that the calculated amount will be rounded to the closest cent. Fixura pays no Interest to the withholding of tax.

5. LOAN PRODUCTS

Loan with reducing interest

The annual nominal interest rate used in repayment schedules in Fixura Loans with a reducing interest is 2,90
– 9,90%. The nominal interest rate starts as agreed on 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 them. 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 on 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 to a third party. The Loan Agreement 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

Fixura handles personal data according to their privacy policy for the following purposes:

  • to handle personal data to the extent necessary in order to fulfil their 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 their 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.

8. LIMITATIONS

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. All parties involved are informed in writing before the changes take effect. If there is an inconsistency between the Loan Agreement or the Investment Agreement and these Terms and Conditions, the Loan Agreement and the Investment Agreement shall be applied primarily.

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

In the debt agreement between the Borrower and the Investor as well as in the cooperation between the Investor and Fixura, Finnish law shall apply, with the exception of connecting factor rules.

Disagreements between the Borrower, Investor and Fixura that arises from these Terms and Conditions and/or from the Loan 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.