Valid as of March 01, 2019
Fixura Ab Oy (“Fixura”) is a company whose concept and purpose is to bring people who need loans together with those who wish to lend funds and thus act as a flexible marketplace for such interaction. The intermediary arranges loans between lenders, i.e. investors, and borrowers.
When registering as a borrower on Fixura’s platform, the borrower accepts these general conditions as binding on him/her. These general conditions constitute a part of the debt relationship between the borrower and the investor according to the promissory note separately agreed between the investor and the borrower. In the event that there is a conflict between these conditions and what has been agreed in the promissory note, the conditions of the promissory note shall prevail.
These general conditions constitute a part of the investment agreement entered into between the investor and Fixura and is confirmed as binding on the parties in accordance with what is set out in the investment agreement. In the event that there is a conflict between these conditions and what has been agreed in the investment agreement between the investor and Fixura, the conditions of the investment agreement shall prevail.
Fixura is not a party in the debt relationship to the borrower. Fixura merely acts as an intermediary between the investor and the borrower.
Fixura Ab Oy is registered in the register of credit providers and mediators of peer-to-peer loans at the Regional State Administrative Agency in southern Finland.
1. CONDITIONS FOR THE BORROWER1.1 Loan eligibility
In order to have the possibility to be granted a loan mediated through Fixura, a person shall:
- be between 21 - 68 years of age;
- have been living permanently in Finland for at least three years;
- specify his/her income;
- have flawless history of credit data;
- not be a board member of a company in credit default; and
- have internet bank codes to the banks Fixura cooperates with.
When the borrower has accepted his/her loan, it takes six months until a new application can be set up, provided that the six first instalments of the previous loan have been paid. A borrower can have maximum two active loans or an aggregate loan capital of maximum 10,000 Euros. If a loan application is not fully financed, the lenders may grant the borrower a loan with a lower capital than the one applied for.
The details in the loan calculator at the application stage are always an estimate of the loan applied for. The final loan details such as amount, interest, repayment time and the size of the instalment are clarified in the loan offer sent by e-mail to the person who applies for a loan. At the application stage, the borrower may select a loan period of 2-5 years. The aim is to keep the monthly instalment at the same level as was applied for. If the instalment amount would increase to more than 20% of what was applied for the loan period will be extended. The loan period will be no longer than 7 years.
Fixura reserves the right to prevent a person from borrowing or to remove an existing loan application. For security reasons and to maintain anonymity, Fixura reserves the right to change and/or remove user names or other public information from the profile.
1.2 Fees payable by the borrower, due date of the loans and sales
The brokerage commission for loans between 1,000-10,000 Euros is 2 % annually, calculated on the original loan amount and charged in monthly instalments during the loan period (maximally 84 months).
Fixura also charges an opening fee of 7.5 % of the loan amount, which is charged immediately when the loan is drawn down. In addition, there is a transaction fee of 5.50 Euros per loan/month.
All fees above are exclusive of VAT since the operations are not subject to VAT.
The borrower is entitled to repay the entire loan in advance.
Upon early repayment, the borrower is liable to pay
- the outstanding loan amount;
- incurred but unpaid interest;
- incurred but unpaid transaction fee; and
- the yearly brokerage commission for the entire loan period originally agreed upon.
The borrower is not liable to pay transaction fee or interest for the remaining loan period originally agreed upon.
In case the last payment of the borrower exceeds the remaining debt on the loan with five (5) euros at the most Fixura has the right not to repay the overpayment. Fixura charges a handling fee of five (5) euros for repayment of an overpayment of more than five (5) euros.
The most relevant conditions applicable on the debt relationship (such as loan interest, effective annual interest and repayment period) are set out in the separate promissory note agreed upon between the borrower and the investor.
A loan that is due can be sold to a third party. The borrower will get a written notice if a sale has taken place.
1.3 Credit analysis
Fixura will assess the borrower's creditworthiness through services provided by third party services (such as Instantor Ab and SIA Nordigen Solutions). The creditworthiness analysis uses bank account transaction data. When making a loan application, the borrower can demonstrate creditworthiness through these external actors. By using these services, the loan applicant accepts the general terms and conditions of the third-party service and allows it to access the applicant's online banking information.
By doing so, they will make the information of their bank account transactions available to a third-party for the collection, categorization and analysis of data.
1.4 Outstanding payments
It is important that the monthly instalment is paid on time. If the borrower does not pay the monthly instalment, a written reminder is sent to the borrower. A reminder fee is added to the invoice. If the instalment still has not been paid after two weeks the borrower will get a second reminder and another reminder fee is added to the invoice. Delay interest is charged from the due date according to the interest agreed upon in the loan agreement until the instalment has been repaid in full.
If the total amount of unpaid invoices exceeds 5% of the original loan amount, the entire loan becomes due and payable. Continued unpaid repayments may lead to legal proceedings and might result in payment default entries, if the case is brought to enforcement collection. Collection fees and delay interest are added to cases that are brought to collection.
Payments that are received from the borrower through debt collection is first allocated to interest and loan capital that have fallen due, thereafter to collection agency fees and other charges as well as potential delay interest on such fees and charges. Amortizations and interest are attributed to the investor, other costs are attributed to the collection agency and Fixura.
All invoicing is done electronically by e-mail, unless the borrower, by contacting the Fixura support, chooses paper invoicing. The same applies for reminders and collection agency payment demands. If invoicing is done by using paper invoice, the invoicing fee applied by Fixura from time to time is added.
2. CONDITIONS FOR INVESTORS2.1 Risk
Please note that all investments include risks. Credit risk can be reduced efficiently through diversification. Fixura strives to minimize the risk for investors by credit classification of borrowers, excluding people with credit disorders or unreliable credit information and by transferring unpaid loans to a collection agency.
Fixura checks the borrower’s credit score at the application stage through Soliditet (Bisnode Finland Oy) but cannot guarantee that the score is correct. If the borrower does not pay the monthly instalment, the debt will be transferred to a collection agency. Legal collection agency fees and delay interest is added to the debt. Continuous negligence to pay might lead to legal proceedings.
The borrower has a legal right to ask Fixura for extended payment period, e.g. in case of unemployment or illness. As necessary, Fixura may postpone the due date. The borrower can also ask for one month/year, during which an instalment is not payable. If an instalment free month is granted, only the agreed interest and the transaction fee are invoiced during such month, provided that previous invoices have been paid in time. However, the agreed interest continues to accrue. The borrower may repay the loan in advance, in which case the interest that has not yet fallen due will not be charged.
Early repayments can be considered as a risk factor that might lead to the expected return being reduced.
2.2 Fees for the investor
Investors whose Fixura investments are below 50.000 EUR pay a subscription fee of 2 % at deposit. Investors whose Fixura investments are at least 50.000 but below 100.000 EUR pay a subscription fee of 1,5 % at deposit. Investors whose Fixura investments are at least 100.000 but below 500.000 EUR pay a subscription fee of 1 % at deposit. If the Fixura investment is at least 500.000 EUR the investor pays a subscription fee of 0,5 % at deposit.
The subscription fee level applied to a deposit is based on the current portfolio value plus the value of the new deposit.
Investors pay a transaction fee of 0.9 % on realized investments.
Investors pay a withdrawal fee of 4 Euros per withdrawal to his/her private account.
2.3 Allocation of repaid funds and selling of payable debts
To the extent, a claim of an investor has been transferred to debt collection and within the debt relationship between the investor and the borrower, funds repaid by the borrower are allocated in accordance with applicable law. Consequently, repaid funds are first allocated to interest and loan capital that have fallen due and thereafter to debt collection fees and other charges as well as potential delay interest thereon.
Irrespective of the aforementioned and in relation to the investor, the debt collection agency automatically deducts incurred debt collection fees from the funds received through payments made by the borrower prior to the funds being deposited to the investor’s Fixura account.
Fixura has the right to transfer or to sell loan amounts due at market price to a third party including all rights and obligations if the intermediary considers it to be reasonable. In this event, the income that belongs to the investor will be paid to the investor within three 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.
2.4 Automatic investment
In AutoInvest the investor elects the loan criteria according to which the automatic investments shall be made. The investor may also determine how the value of the portfolio shall be allocated to different loans. An investment in one separate loan varies between 25 Euros to 2,000 Euros.
In order to spread the risk, the system strives to allocate the investments to different loans. As the maximum amount that can be invested in a specific loan is 2,000 Euros, an individual investor may, as the case may be, constitute the sole investor in a particular loan in the amount of 2,000 Euros, if no other investor has made an offer for such loan.
2.5 Companies and entities
Companies and entities that invest through Fixura shall ensure that their investments and investment decisions are made according to the legislation in the country of residence of the company and entity in question, as valid from time to time.
3. CONTACTING OF THE COUNTERPARTY
On behalf of the investors, Fixura signs the promissory notes, invoices receivables arising from the debt relationship and forwards receivables to collection or enforcement collection. A debt relationship is established between the investor and the borrower. Fixura handles all contacts between the borrower and the investor. Contacting the counterparty on one’s own regarding the loan is not permitted.
4. HANDLING PERSONAL DATA AND CREDIT CONTROL
Fixura reserves the right to:
- handle personal data to the extent necessary in order to fulfill its responsibilities towards the borrower and the investor;
- use any information received and processed in the cooperation with authorities and cooperation partners;
- use the information for marketing of its and its partners’ products and services;
- assign billing and controlling to third parties; and
- check the creditworthiness and credit class of the borrower by using different credit information services, such as Soliditet (Bisnode Finland) and Instantor AB.
Fixura cannot guarantee the accuracy of uploaded or submitted salary certificates.
Fixura uses the e-mail address that the customer has provided in all communication with the customer. The customer has the obligation to inform Fixura immediately if there are changes in the e-mail address or in other contact information.
5. OTHER CONDITIONS
Fixura reserves the right to change the general conditions. All parties involved are informed about changes in writing before the changes take effect.
6. APPLICABLE LAW
In the debt relationship between the borrower and the investor as well as in the co-operation between the investor and Fixura, Finnish law shall apply.