2. Description of the main features of the credit product
Type of credit
Overdraft facility which means that the customer may use an approved credit space.
Maximum amount of credit
The upper credit limit or the total amount made available under the credit agreement
The credit amount is either SEK 5 000 or SEK 10 000. The approved amount can be found in the summary of the credit.
The conditions governing the drawdown
This means how and when you will obtain the money
The credit is used when the debtor makes a purchase with his/her P.F.C.-card and the balance of the card does not cover the complete amount of the purchase.
The duration of the credit agreement
The credit is valid until further notice.
Instalments and, where appropriate, the order in which instalments will be allocated
If the used credit (negative balance) per the Notification Day is under SEK 50, the complete used credit must be repaid. If the used credit is SEK 50 or higher by the Notification Day, the Debtor shall amortize 6% of the used credit by the Notification Day, however always the minimum amount of SEK 50.
The accrued interest is capitalized (added to the capital) monthly and automatically charged the debtor’s P.F.C.-balance.
The deduction is made in the following order; interest, costs and thereafter the capital.
The total amount you will have to pay
This means the amount of borrowed capital plus interest and possible costs related to your credit.
At a fully used credit of SEK 10 000 that is repaid during 12 months, the total amount to be paid is SEK 10 720.
At a fully used credit of SEK 5 000 that is repaid during 12 months, the total amount to be paid is SEK 5 720 kr.
3. Costs of the credit
The borrowing rate or, if applicable, different borrowing rates which apply to the credit agreement
You will pay an interest of SEK 5 per day you use the credit (negative P.F.C.-balance) up to a maximum of SEK 60 per calendar month.
Annual Percentage Rate of Charge (APR)
This is the total cost expressed as an annual percentage of the total amount of credit. The APR is there to help you compare different offers.
At a fully used credit of SEK 10 000 that is repaid during 12 months, the total amount to be paid is SEK 10 720 which gives the an annual percentage rate of charge of 13.84%.
At a fully used credit of SEK 5 000 that is repaid during 12 months, the total amount to be paid is SEK 5 720 which gives the an annual percentage rate of charge of 28.82%.
Other ways of using the credit may result in a higher annual percentage rate of charge.
Additional agreements related to the credit
If the costs of these services are not known by the creditor they are not included in the APR.
Is it compulsory, in order to obtain the credit or to obtain it on the terms and conditions marketed, to take out
— an insurance policy securing the credit, or No
— another ancillary service contract, Yes, it is compulsory to have an agreement in force with P.F.C. for the free use of the app and P.F.C.s services. It is also compulsory to have a card agreement in force with P.F.C. and Svea Bank AB for the use of the debit card that P.F.C. provide.
Accounts for usage of the credit
Maintaining one or more accounts is required for recording both payment transactions and drawdowns. You must be a customer of P.F.C. and have a P.F.C. balance to be able to amortize. To be able to use the credit, you must have a P.F.C.-card.
Costs in the case of late payments
Missing payments could have severe consequences for you (e.g. forced sale) and make obtaining credit more difficult.
If payment is not made in time, P.F.C. will send you a reminder which means that you will be charged a reminder fee. If the debt is sent for debt collection, and is sent for debt collection, legal debit collection costs may be charged the debtor. Accrued interest is capitalized, i.e. added to the capital on a monthly basis. Interest on overdue payment is charged based on the capital.
Debt collection fees will be charged in accordance with the Debt Recovery Act (1974:182) (Sw.inkassolagen).
In addition to the costs mentioned above, the interest on overdue payment is the consist of the Swedish Central Bank’s (Sw. Riksbankens) reference rate + 16 percentage points.
4. Other important legal aspects
Right of withdrawal
Yes, you have the right to withdraw from the credit agreement within a period of 14 calendar days.
Yes, You have the right to repay the credit early at any time in full or partially.
Consultation of a database
The creditor must inform you immediately and without charge of the result of a consultation of a database, if a credit application is rejected on the basis of such a consultation. This does not apply if the provision of such information is prohibited by European Community law or is contrary to objectives of public policy or public security.
When granting and monitoring a credit, the Creditor uses the applicant's personal credit information. The credit information is acquired from the credit information register of UC.
Right to a draft credit agreement
You have the right, upon request, to obtain a copy of the draft credit agreement free of charge. This provision does not apply if the creditor is at the time of the request unwilling to proceed to the conclusion of the credit agreement with you.
5. Additional information in the case of distance marketing of financial services
Concerning the creditor: Registration
The Creditor is registered in the Swedish Companies Registration Office’s Trade Register (Bolagsverket) 851 81 Sundsvall under reg. no.556851-3112. The Creditor has been approved by the Financial Supervisory Authority (Finansinspketionen) to conduct payment transactions when the funds are covered by a credit. The registered office of the board is inStockholms län, Stockholms kommun.
Concerning the creditor: The supervisory authority
The supervisory authority is Financial Supervisory Authority (Finansinspektionen) Box 7821, 103 97 Stockholm, phone number 08-787 80 00.
Concerning the credit agreement: Right of withdrawal
You have the right to withdraw from the credit agreement within a period of 14 calendar days. If applicable.
Concerning the credit agreement: Exercise of the right of withdrawal
Under the Distance and Doorstep Sales Act, consumers are entitled to withdraw certain financial services with P.F.C. (withdrawal) if the agreement has been concluded at a distance or elsewhere than in PFC’s business premises. The right of withdrawal for agreements outside PFC’s business premises is valid only if the price that the consumer will pay in total under the agreement exceeds 400 SEK. By distance agreement is meant an agreement where PFC and the customer have not met personally, e.g. when contracts are concluded via the Internet.
Anyone who wants to exercise their right of withdrawal under the law may do so by sending a message to P.F.C. within 14 days from the date of the agreement with P.F.C. or from the date the Debtor was granted the terms and conditions for the relevant service other information about this at a later date than upon conclusion of the agreement.
The right of withdrawal only applies to the credit and not to the transactions that has been conducted during the withdrawal period. If you exercise your right of withdrawal, P.F.C. has the right to compensation for the contracted service for the time the user has used the credit and for any costs until the right of withdrawal was exercised.
If you have used your credit, the fully used amount must be repaid within 30 days from when the agreement of the credit was conducted. You are obligated to pay interest from the time you were approved the credit until its fully paid.
You are obligated to paid fees and overdue interest for if you do not fully repay the credit within the time stated above.
Clause stipulating the governing law applicable to the credit agreement and/or the competent court
P.F.C. provides the terms and conditions and the SECCI for the credit in English as a service for the customer. P.F.C. is not obligated to provide any information in English.
Concerning redress: Existence of and access to out-ofcourt complaint and redress mechanism
Complains can be send either through the chat in the P.F.C. app or an e-mail to firstname.lastname@example.org the subject “Complaint”. If you are not satisfied with how your complaint is managed by P.F.C. you may turn to the National Board for Consumer Disputed (Allmänna reklamationsnämnden (”ARN”)), Box 174, 101 23 Stockholm, www.arn.se. The notification to ARN must be made in writing. In order for the ARN to examine the case, there are, among other things, certain value and time limits.
PFC Technology, Swedish company registration number 556851-3112, is a Payment Institution according to Payment Services Act (2010:751) and is under the supervision of Sweden’s Financial Supervisory Authority. PFC Technology AB has its registered office in Stockholm. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The PFC-card is issued by Svea Bank AB pursuant to license by Mastercard International Inc. Svea Bank AB is authorized by the Financial Conduct Authority to conduct banking.