Terms & Conditions
REPAYMENT OF THE LOAN
The Borrower shall repay the loan to the
Lender(s) on a monthly basis in instalments specified in the terms and
conditions of the Loan Contract or on the due date agreed by the Lender
and the Borrower. If the due date is not a banking business day, the due
date for the payment of the loan instalment and interest as well as the
expenses and fees charged for the loan will be the following banking
business day. If the due date is transferred, the Lender has the right
to charge the interest on the loan pursuant to the interest rate
determination period in force from the original due date to the new due
date on the entire remaining loan principal remaining on the due date
INTEREST ON THE LOAN
The obligation to pay interest on the Loan
commences from the day on which the Loan is deposited to the Borrower’s
bank account. Annual interest shall be charged on the unpaid principal
of the Loan as agreed in the Loan Contract. The interest is determined
based on the fixed interest rate agreed between the Borrower and the
Lender(s). The actual annual interest rate on the Loan is specified in
the Peer-to-Peer Lending Service and/or the Loan Contract.
CONSEQUENCES OF DEFAULT OF PAYMENT
If the Borrower defaults on the payment of
a repayment pursuant to the Loan Contract in full or part, the Lender
and Fellow Finance Oyj as the Lender’s/Lenders’ representative have the
right to demand interest on arrears in accordance with the terms and
conditions of the Loan Contract, demand the immediate repayment of the
Loan, engage in debt collection measures and report the default of
payment obligations under the Loan Contract to the credit rating
register. The debt collection of the Loan results in costs for which the
Borrower is liable.
BORROWER’S DUTY TO PROVIDE INFORMATION
When applying for a loan, the Borrower
asserts that the information provided by the Borrower is correct and
true. The Borrower is liable for the correctness of the information
provided by the Borrower. The Lender or Fellow Finance Oyj shall not be
liable for errors in the application data or the note of debt and
resulting delays. The address data reported by the Borrower must match
information received from the Population Register Centre. The Lender and
Fellow Finance Oyj as the Lender’s/Lenders’ representative have the
right to ensure that the telephone number provided by the Borrower is
correct and used by the Borrower.
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