This is an English translation. The Swedish original version can be found on www.getpfc.com. Should there be any discrepancies between the Swedish version and the English translation, the Swedish version shall prevail.

These terms and conditions cover the overdraft facility used when one or more transactions are financed by the overdraft facility

1. Definitions and parties

You/your: the User (debtor) who has applied for, or been granted, a credit limit and has entered into an agreement with us

We/us: PFC Technology AB, 556851-3112, Box 55983, 102 16 Stockholm (creditor)

General Terms and Conditions: the terms and conditions applicable for the Service 

Flex: the overdraft facility with a credit limit that makes it possible for you to make transactions from the P.F.C.-account when there is insufficient funds on the account

Flex Terms: these terms and conditions

Notification Day: the first of each calendar month

Amount of Credit: the amount of credit made available to you

Credit Agreement: these terms and conditions, SECCI and the summary of the credit

Credit Limit: the maximum credit amount that you may use

Unless otherwise stated, defined concepts and definitions shall have the same meaning as they have in the General Terms and Conditions.

2. Parties

PFC Technology, 556851-3112, is the creditor. Debtor is the natural person that has entered into a credit agreement with us regarding the credit Flex. 

3. About the Credit Agreement

These terms and conditions, the form "Standardized European Consumer Credit Information" (SECCI) and the summary of the credit constitute the Credit Agreement. The General Terms and Conditions apply together with these terms and conditions. The General Terms and Conditions shall take precedence over these terms and conditions. The settlement of transactions, language, etc. are governed by the General Terms and Conditions. 

4. About the credit

Flex is an overdraft facility without security that gives you the right to use the credit limit granted to t you. You apply for Flex by following the steps in the App. After you have submitted you application, we will verify that you meet the basic requirement for Flex. If you meet the conditions and your credit application is approved, you can start using Flex. Flex is automatically used when transactions are charged to your P.F.C.-account when the balance is too low to cover the full amount of the transaction.  Flex can be used for the following transactions: card purchases at merchants, costs for Subscription Services, interests, and expenses. We have the right, without prior notice, to use the credit granted to cover costs for Subscription Services, interests and, costs in connection to Flex. We do not guarantee what type of transactions that Flex can be used for, and the list can be amended by us. Invoicing of repayment is made monthly in the App. 

5. Important information about credits

We want to highlight that this credit agreement and other credit agreements can cause a stress on your economy, which means that you should carefully consider and plan how you use the credit.  

6. Application, basic requirements, and credit assessment

The basic requirement for access to Flex is that you are at least 20 years old, have a Swedish social security number and has its registered address in Sweden. In addition, you must have an P.F.C.-account and a P.F.C.-card and therefore accepted the General Terms and Conditions and the terms and conditions for the card. We might set different basic requirements from time to time.  

If you meet the basic requirements, we’ll do a credit assessment to ensure that you are in the financial position to repay the credit. If the application is rejected, you have the right to receive information about why the application has been rejected. As part of the credit assessment, we will  obtain a credit report of you and thus obtain information about you from an external database. 

7. Conditions for the use of the credit

In order for you to be able to use the credit, you must do transactions on your P.F.C.- 

8. Duration of the credit agreement

The credit agreement is valid until further notice. 

9. Fees arising from the credit agreement and the conditions for the modification of the fees

There are no fees associated with the service. If we decide to implement fees, section 24 about changes of terms and conditions will be applicable. 

10. Standard interest

A fixed interest rate for the use of the credit of 5 SEK  per day is used, i.e., days when you have a negative balance on your P.F.C.-account  The total interest in a calendar month is a maximum of 100 SEK regardless of how many days during the calendar month the credit has been used.  The interest is automatically debited your P.F.C.-account. Changes to interest are subject to section 24 about change of terms and conditions. 

11. Interest and fee for late payments

If the credit payments are late, interest on the capital will be charged from the due date until payment is made. The interest rate on late payment is the reference rate (Sw. referensräntan) with a surcharge of 16 percentage points. We also have the right to charge a statutory reminder fee, currently 60 SEK, statutory collection fees and other costs that we have in order for us to be able to make collections and get paid. 

12. Annual percentage rate

At the calculation of the annual percentage rate, we have assumed that you have used a credit of 10 000 SEK and that the credit is repaid after 12 months. The calculation also assumes that interest and repayments are made on time so that no costs are added. If the credit amount is 10 000 SEK, the effective interest rate is 23,70 % and the total amount to pay is 11 200 SEK.

13. Invoices and repayments

On the Notification Day, we accumulate the days that you have used the credit during previous month, i.e., the number of days that you have had a negative balance on your P.F.C.-account. The standard interest for the previous month is automatically charged your P.F.C.-account on the Notification Day. The standard interest is capitalized. On the Notification Day, we inform you how much you at least have to pay for the credit not to be terminated by us. We will also inform you of the sized of the used credit by the Notification Day. You can always pay all of the used credit by depositing the equivalent amount to your P.F.C.-account. 

If the used credit (negative balance) per the Notification Day is under 50 SEK, all of the used credit must be repaid. If the used credit is 50 SEK or higher by the Notification Day, you shall amortize 6% of the used credit by the Notification Day, however always the minimum amount of 50 SEK. 

The amount invoiced to you at the Notification Date shall be at the possession of P.F.C. at least 14 calendar days after the Notification Day. 

14. Overdraft of credit

You may not exceed the approved amount of credit. Should this occur, you are obliged to immediately deposit the amount by which the approved credit has been overdrafted, otherwise it is considered an unauthorized overdraft which is governed int the General Terms and Conditions. 

15. Our possibility to block your access to Flex

If you have overdue and unpaid amortizations, costs or interests for Flex or other credits that you have with us, we have the right to block you access to use any unused part of your credit limit. We may also terminate the Credit Agreement in advance which means that the Used Credit Limit will be due for payment, read more about it in section 17 and 18. 

16. Your termination of the Credit Agreement

If you wish to terminate the Credit Agreement, you have to notify us of that. When you terminate, you have one month's notice period. When the notice period has expired, the Used Credit Limit, any fees and interest, will be due immediately.

17. Our right to terminate the Credit Agreement

We have the right to terminate the Credit Agreement with two months’ notice period by sending you a written message. We also have the right to immediately suspend the credit from further use if you or we have sent a notice of termination or if you are guilty of significant breach of contract, misused the credit or if we have a reasonable belief to assume that you will not fulfill the Credit Agreement. 

We have the right to immediate termination of the Credit agreement if mor than 12 months has passed since you last used the credit and you do not have any outstanding debt. In these cases, we are not obligated to send any message to you about terminating the credit. 

18. Our right to terminate the Credit Agreement for payment

We may terminate the Agreement  payment if: 

1. You are more than one moth late with an amount that exceeds ten percent of the credit 
2. You are  more than one month late with payment of an amount that exceeds five per cent of the amount of the used credit and the delay relates to two or more invoices that have been due at different dates. 
3. You are in significant delay with the payment.
4. It is clear that by absconding, dissenting property, or otherwise dissenting, you are evading the payment of your debt.
5. You decease, go bankrupt, initiates debt restructuring or if trustee is ordered;
6. There is space within your credit limit, that is unused, and it is reasonable (for example if we consider that you no longer have the possibility to repay the credit)
7. We suspect that our services will or have been used for money laundering or terrorism financing or there is a risk that we in any way would promote such crimes, or
8. We suspect that our services have or will been used for or in connection with criminal activities or in other ways in breach of applicable law or in any other way that could cause us or someone else harm. 

If we want to receive payment in advance according to point a)-c) above, a notice of termination period of four weeks is applicable, counting from the time of when we sent the notice of termination to you.

If we have sent you a notice of termination according to a)-c) above, you are however not required to pay in advance if you before the termination day have paid everything that is due, including default interest. The same applies if we have requested payment in advance according to point d) and you immediately after the termination or within the notice period provide security for the debt. If you have previously been released from the obligation to pay the credit in advance, the exemption in this section is not applicable. 

If we terminate the Credit Agreement based on point e)-h) a notice of termination of two months is applicable for the Used Credit Limit including interests and possible fees. For the part of the Credit Limit that has not been used, we have the right to immediate termination if it is reasonable. 

Termination of the Credit Agreement means that the entire Used Credit Limit and possible interests and fees are due for payment and that you may no longer have a negative balance on your P.F.C.-account without any other additional fees, such as the case with the overdraft which is regulated in the General Terms and Conditions. 

19. Responsibility for payment

You are responsible for the repayment of the credit and undertake to pay interest and costs in accordance with these terms and conditions. The total amount to be paid is the Used Credit Limit and your total costs for the credit. 

20. Early repayment 

We have the right to transfer our rights and obligations under the Credit Agreement to another party. You may not transfer your rights and obligations under the Credit Agreement.

21. Transfer of rights and obligation

We have the right to transfer its rights and obligations arising from the credit.  You may not transfer your right or obligations under the Credit Agreement. 

22. Limitation of liability 

We are not responsible for the performance of our obligations under the Credit Agreement or damage resulting from our fulfilment of the obligations being prevented as a result of new mandatory legislation, new mandatory government regulations, war or threats of war, rebellion, terror, sabotage, natural disasters or equivalent or by union actions not caused by us or other events beyond our control. Damage caused in other cases will only be compensated to the extent that the damage has been caused due to the negligent or gross negligence of us or others for whom we are responsible.

23. Adjustment of terms

Should any provision of the Credit Agreement or part thereof be found invalid, it shall not mean that the Credit Agreement as a whole is to be considered invalid. To the extent that an invalid contract term is of material importance to any of us, the agreement shall be reasonably adjusted. Should any part of the Credit Agreement be contrary to the provisions of the legislature on the payment terms that creditors are to apply when buying/withdrawing on credit for goods, services or other goods, those provisions shall instead apply.

24. Change of terms and conditions

We have the right to change these terms without your consent. Such a change will take effect two months after we have notified you of the change. If you do not approve the change, you may immediately terminate the agreement before the date on which the change takes effect, which also means that the Used Credit Limit and any fees and interest shall be paid to us. In the event of such termination, you are not obliged to pay any additional fees in connection with the termination. If you do not terminate the Credit Agreement before the new terms are applicable, you are deemed to have accepted the changes and the new terms and conditions. If you accept our changed terms and conditions, the new terms will take effect immediately from the time you accept the new terms.

25. Payment plan 

You have the right to obtain, on your request and free of charge during the period of credit, a summary of when capital, interest and fees are to be paid. A payment plan will be considering the balance and applicable interests at the time when you contact us for the plan.   

26. Complaints and out-of-court dispute resolution

Complaints are made either via chat or via an email to  hello@getpfc. com  with  "Complaints" in the subject line. If you are not satisfied with how your complaint is handled by us you can contact the Swedish National Board for Consumer Complaints (Sw. Allmänna reklamationsnämnden "ARN"), Box 174, 101 23 Stockholm,  http://www.arn.se. The notification to ARN must be made in writing. In order for ARN to examine the case, there are, among other things, certain value and time limits. You can also get guidance on financial issues from the Swedish Consumers’ Banking and Finance Bureau tel. +46 (0)200 - 22 58 00, and through the municipal consumer guidance.

27. Supervising authority

As a financial company, we are under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen). They can be contacted at the visiting address Brunnsgatan 3 in Stockholm and postal address Box 7821, 103 97 Stockholm. The phone number is 08-787 80 00 and the email address is: finansinspektionen@fi.se. Our business with credits to consumers is under the supervision of the Swedish Consumer Agency with address Konsumentverket/KO, Box 48, SE-651 02 Karlstad. The phone number is +46 (0)771-42 33 00.

28. Messages

Swedish is used for the contractual relationship and communication between the parties. Written messages and invoices from us to you are sent primarily by notice to you in the App and shall be deemed to have been received by you no later than the following day. It is therefore important that you ensure that you have enabled the notification features via the App for notifications to your e-mail address, mobile phone, and user account in the App. Messages that are not considered urgent may be sent to you by email or text message to the e-mail address or phone number registered by you in the contact information in the App. We are not liable for notifications that have not been obtained by you because you have entered incorrect or outdated contact information. You are responsible for keeping the contact information updated. We may from time to time also correspond with you to your officially registered mail address. 

If we suspect unauthorized use of the Service or security risks have been identified, we will contact you in other ways than the ones mentioned above, provided that we find it suitable in the specific case. You may then be notified by phone or encrypted message in the App. We may in such instances ask you if a specific transaction has been executed by you or when it has been made. We will never ask you to provide security information such as codes or card numbers. 

29. Information to credit- and abuse register or to authorities 

Information on credit, defaults or credit abuse may be provided to credit report companies in accordance with the Act of Credit Information (Sw. Kreditupplysningslagen) (1973:1173). Furthermore, in accordance with applicable law, data may be reported to relevant authorities such as money laundering data. We also reserve the right to disclose information to the authorities of other countries in accordance with the applicable laws of the individual country.

30. Right of withdrawal

You have a right to withdraw from a credit agreement. The period of withdrawal is 14 days and begin from the day of the conclusion of the credit agreement, however not until you have received the agreement and the terms and conditions. The right of withdrawals can be exercised by sending us a message about your request, preferably by contact with our customer support. 

If you do not use the right of withdrawal within the period stated above, you lose the right to withdraw from the credit agreement. If you use your right to withdrawal, you shall within 30 days of the message about withdrawal to us, pay the amount you have received from us and interest and fees for the period of which  you have had the credit. For avoidance of doubt, the right to withdrawal refers to the credit agreement and not the service or product that you have used the credit for. If the credit is not fully repaid within 30 days, you will be obligated to pay default interest and possible extra costs/fees. We shall immediately or at least within 30 days from the day that we received your message about using your right to withdrawal, repay any fees that you have paid us in connection to the credit, except publicly expenses that we may have had. 

31. Governing law and dispute resolution

The Credit Agreement shall be governed by the substantive law of Sweden. Any dispute arising in connection to the Credit Agreement shall be settled in Swedish general court.

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