Terms and conditions Flex Credit

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

1. Definitions and parties

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

Notification Day: the first of each calendar month

Flex Credit: the service wherein the User can apply for and possibly be granted credit

Flex Credit Terms: these terms and conditions

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

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

Creditor: PFC Technology AB (publ.) 556851-3112, Box 55983, 102 16 Stockholm (P.F.C.)

Debtor: the User who has applied for, or been granted, a credit

Credit Limit: the maximum credit amount that P.F.C. has granted the Debtor

Amount of Repayment: the fixed amount set by P.F.C. that the Debtor must pay each month

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

2. About the Credit Agreement

The summary of the credit, the form “Standardized European Consumer Credit Information” (SECCI) and these terms constitute the credit agreement.

The General Terms and Conditions apply together with these terms and conditions and the General Terms and Conditions take precedence over these terms and conditions. The settlement of transactions, the parties’ liability, etc. are governed by the General Terms and Conditions.

3. About the credit

Flex Credit is an overdraft facility without security that gives the Debtor the right to use the credit space granted to the Debtor at a certain time. The Debtor applies for Flex Credit by following the steps in the App. Upon application, P.F.C. verifies that the Debtor meets the basic requirements for Flex Credit. If the Debtor meets the requirement and the credit is approved, the Debtor receives information about the Credit Limit granted. The Credit Limit is either 5 000 SEK or 10 000 SEK. The Debtor automatically uses the Flex Credit when transactions are charged to the Debtor’s P.F.C. balance when the P.F.C-balance is too low to cover the full amount of the transaction.  Flex Credit can be used for the following transactions: card purchases at merchants, costs for Subscription Service, interests and expenses. P.F.C. has the right, without prior notice, to use the credit granted to cover costs for Subscription Services, interests and, costs in connection to Flex Credit.

4. Application, basic requirements and credit assessment

4.1 The basic requirement for access to Flex Credit is that the Debtor is at least 20 years old, has a Swedish social security number and has its registered address in Sweden. In addition, the Debtor must have accepted the General Terms and Conditions, the Flex Credit Terms and Conditions and confirmed that the that he/she has read the Privacy Policy.

4.2 If the Debtor meets the basic requirements set out in paragraph 4.1, P.F.C. conducts a credit assessment to ensure that the Debtor is in a financial position to pay the Amount of Credit. At an application for Flex Credit, the Debtor is first assessed for a credit limit of SEK 10,000. If a credit of SEK 10,000 is not granted, the Debtor is tested against a credit limit of SEK 5,000. If the application for a Flex Credit is rejected, the Debtor has the right to receive information about why the application has been rejected. As part of the credit assessment, P.F.C. obtains a credit report of the Debtor and thus obtains information about the Debtor from an external database. The Debtor agrees, by acceptance of the Flex Credit Terms and Conditions that P.F.C. collect such information.

5. Conditions for the use of the credit

In order for the Debtor to be able to use the credit, the Debtor must:

• meet the requirements in 4.1;
• have an activated card; and
• have an active agreement with the Issuer and the P.F.C. regarding the Card.

6. Duration of the credit agreement

The credit agreement is valid until further notice.

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

There are no fees associated with the service.

8. Interest – standard

Subject to the credit application, the Credit Agreement, Standardized European Consumer Credit Information (SECCI) or credit documents otherwise, a fixed interest rate for the use of the credit of SEK 5 per day is used, i.e. days when the Debtor has a negative balance.  The total interest in a calendar month is a maximum of SEK 60 regardless of how many days during the calendar month the credit has been used.

9. Fees and interest on 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. P.F.C. also has the right to charge a reminder fee of SEK 60, statutory collection fees and other costs for P.F.C.

10. Annual percentage rate

At the calculation of the annual percentage rate, P.F.C. has assumed that the Debtor has used a credit of SEK 10,000 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 SEK 10,000, the effective interest rate is 13.84% and the total amount to pay is SEK 10,720.

11. Notification and refund

11.1 On the Notification Day, The Notification Day, P.F.C. accumulate the days that the Debtor has used the credit during previous month, i.e. the number of days that the Debtor has had a negative balance. The interest for the previous month is charged the Debtor on the Notification Day. The interest is charged the Debtors balance from P.F.C., see paragraph 3. By the automatic charging of the Debtors balance, the standard interest is capitalized. On the Notification Day, P.F.C. informs the Debtor how much the Debtor at least have to pay for the credit not to be terminated by the P.F.C. and the size of the used credit by the Notification Day.

11.2 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 amount announced by the Creditor to the Debtor on the Notification Date shall be at the possession of P.F.C. at least 14 calendar days after the Notification Day.

12. Overdraft of credit

The Debtor may not exceed the approved amount of credit. Should this occur, the Debtor is obliged to immediately pay the amount by which the approved credit has been overdrafted.

13. Notice period of the Credit Agreement

If the Debtor wants to terminate the Credit Agreement, notice of this shall be given to P.F.C. In the event of the Debtor’s termination, the notice period is one month. P.F.C. may terminate the Credit Agreement with two months’ notice. In respect of these notice periods, neither party is necessary to provide the other party with reasons for the termination. Once the notice period has expired, the entire amount of the used credit is due to be immediately paid and the Debtor no longer has the possibility to have a negative balance.

14. Creditor’s right to terminate the Credit Agreement with immediate effect

P.F.C. may terminate the Agreement with immediate effect if:

1. If the Debtor is in significant delay with the payment, which, for example, but not only means that an overdrafted amount has not been paid immediately.
2. If the Debtor is more than one month late but payment of an amount in excess of five per cent of the amount of the credit and the delay relates to two or more invoices that have been due at different times.
3. There is unused credit space and if it is reasonable (e.g. if the Debtor is no longer considered to have the ability to pay for the credit).
4. If the agreement regarding the Service and the App is terminated in accordance with the terms and conditions provided for in the General Terms and Conditions, paragraph 22.
5. The borrower dies, goes bankrupt, initiates debt restructuring or if trustee is ordered.
6. There is a suspicion of money laundering or terrorist financing.
7. There is a suspicion that P.F.C’s  services or products will be used for or in connection with criminal activities or otherwise in contravention of applicable laws.

Termination of the Credit Agreement means that the entire used Credit amount, and interest, are due for immediate payment and that the Debtor no longer may have a negative P.F.C.

15. Responsibility for payment

Debtor is responsible for the payment of the credit and undertake to pay interest and fees in accordance with these terms and conditions. The total amount to be paid is the sum of the credit amount and the Debtor’s total credit costs. The total amount is affected by the amount of credit used, interest and partial payments.

16. Payment in advance

The Debtor has the right to pay the credit at any time. Payment of the full amount of the used credit does not mean that the Credit Agreement is terminated.

17. Overdue invoices

If the Debtor does not pay the invoice within the due date, P.F.C. will send a reminder. The claim may also be referred to debt collection companies for further processing.

18. Transfer of rights and obligation

P.F.C. has the right to transfer its rights and obligations arising from the credit.

The Debtor may not transfer its right or obligations under the Credit Agreement.

19. Change of terms

P.F.C. has the right to change these terms and conditions without approval by the Debtor.  Such change shall come into force two months after the Debtor has been notified of the change. If the Debtor does not accept the change, the Debtor may immediately terminate the agreement before the date the change comes into force. If the Debtor does not terminate the agreement before the new terms enter into force, the Debtor is deemed to have accepted the changes and the new terms.

20. Payment plan

The Debtor has the right to obtain, on request and free of charge during the period of credit, a summary of when capital, interest and fees are to be paid. The payment plan is drawn up for the closing balance and the applicable interest and fees at the time when the Debtor contacts P.F.C.

21. Complaints

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 P.F.C. you can contact the Swedish National Board for Consumer Complaints (Sw. Allmänna reklamationsnämnden “ARN”), Box 174, 101 23 Stockholm, https://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.

22. Insurance

P.F.C. does not require the Debtor to have any specific insurance.

23. Messages

Swedish is used for the contractual relationship and communication between the parties. Written notices from P.F.C. to the Debtor are mainly sent by message to the Debtors’ account in the App and shall be deemed to have been received by the Debtor no later than the following day. It is therefore important that the Debtor ensures that the Debtor has activated the notification features in the App. The Debtor is also responsible for ensuring that the mobile number and email address in the App are correct. Messages that are not considered urgent may be sent to the Debtor by e-mail or sms. P.F.C. is not responsible for notifications that have not been received by the Debtor due to P.F.C.’s incorrect or out-of-date contact information.

The Debtor should primarily contact P.F.C. via the customer service chat in the App. As a second alternative, the Debtor may contact P.F.C. by e-mail at hello@getpfc. com. Current contact information can always be found in the App and on P.F.C.s website, http://www.getpfc.com

24. Reporting to the register of credit- and misuse of credit register

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. P.F.C. also reserves the right to disclose information to the authorities of other countries in accordance with the applicable laws of the individual country.

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