These terms and conditions apply to the product Personal Loan. If you have the App P.F.C. and use our payment services and other products, specific terms apply for those services.Unless otherwise stated, defined terms shall have the same meaning as they have in the General Terms and Conditions for P.F.C.
This is an English translation. Should there be any discrepancies between the Swedish version and the English translation, the Swedish version shall prevail.
These terms and conditions apply to the product Personal Loan. If you have the App P.F.C. and use our payment services and other products, specific terms apply for those services.
Unless otherwise stated, defined terms shall have the same meaning as they have in the General Terms and Conditions for P.F.C.
Creditor is PFC Technology AB, 556851-3112, Box 55983, 102 16 Stockholm (hereinafter referred to as we or us). Debtor is the natural person who has signed an agreement with us (hereinafter referred to as you) and has declared a wish to enter into a credit agreement with us in accordance with the promissory note and these terms and conditions.
The credit agreement consists of the promissory note and these terms and conditions for the credit.
The product is an unsecured loan for the purpose you specified in the application and is repaid through the payments stated in the promissory note.
We want to highlight that this credit agreement and other credit agreements can cause stress on your economy, which means that you should carefully consider and plan how you use the credit.
The repayment term is stated in the promissory note. The payments of amortization and interest will be made monthly in arrears. The first due date for interest and amortization is the due date that occurs the month following the calendar month on which the loan was paid out. If the interest rate changes, the duration of the credit agreement may change.
With an equal payment loan, you pay the same amount every month. Initially, the amortization part is lower, and the interest amount is higher. Redistribution takes place during the repayment of the loan. In the event of a change of the interest rate, we have the right, at our own discretion, to either change the size of later annuities so that the repayment term remains unchanged, and the loan is repaid at the agreed time or to extend the repayment term. See section 7 about a period without amortization.
If we grant you amortization-free months, we have the right, at our own discretion, to either change the size of later annuities so that the repayment term remains unchanged, and the loan is repaid at the agreed time or to extend the repayment term.
The interest rate is individual and is stated in the promissory note. The interest rate is variable, which means that the interest rate may change during the repayment term of the loan. The fact that the interest rate is variable means that the interest rate may change when it is justified by political credit decisions, changes in the interest rate market, changed borrowing costs for us or other cost changes that we could not reasonably anticipate when the loan was granted. We are obliged to apply the above terms for your benefit as well.
The interest is calculated on the basis of an annual interest rate which is calculated on the outstanding balance at any time from the day the credit is paid out. Interest is calculated by the actual number of days, based on a year of 365 days. In case of interest changes, we calculate the interest according to the new interest rate from the day the interest rate change takes effect. Annual percentage rate refers to the cost of the loan (interest, fees and other costs you have to pay due to the loan) stated as an annual interest calculated on the loan amount, taking into account repayments made during the repayment period.
The annual percentage rate is stated in the promissory note. Keep in mind that the annual percentage rate is based on the information we have today. The annual percentage rate can change if the standard interest rate changes, if you change the repayment period or if the fees change. The annual percentage rate stated in the promissory note is also based on that you follow the planned repayment plan. If you do not pay repayments, fees and interest on time, the annual percentage rate can change.
If you do not pay the original loan principal (for example, through amortization), interest or fees on time, you will be charged a late payment interest rate on the overdue amount until it is repaid. The late payment interest is calculated according to it for the loan the applicable interest rate plus an addition of five percentage points or, when the entire loan is due, one percentage point. The usual standard interest rate continues to apply to the part of the loan that has not been due for payment.
We may charge you fees as compensation for the costs we have for the loan, for example setup fee and administrative fee. The setup fee is 395 SEK. The administrative fee is 25 SEK and is charged monthly. We have the right to change a fee for the loan at any time if our costs for the action that the fee is intended to cover has increased. If a fee is changed to your disadvantage, we will inform you of this, see section 21 below about messages.
In addition to compensation for the costs of the loan itself, we may also charge other fees. This includes costs for an additional service or if you have not complied with the terms and conditions of the loan, for example reminder fees and debt collection costs. The level of these charges is stipulated in law and regulations. Currently, the reminder fee is SEK 60, and the fee of a debt collection claim is SEK 180. We have the right to change such fees during the loan’s repayment term if laws or regulations change. You shall also reimburse us for costs for work and expenses we have in order to guard our rights and collect our claim from you.
If there are two debtors, or more, who have been granted the loan together, the debtors are jointly and severally liable for the current debt on each occasion, together with accrued interest and fees.
When you pay, we have the right to first set off the payment against overdue fees, costs, interest, and interest on late payments, and after that, set off the amount from the original loan principal. We have the right to determine the order of the settlement between fees, costs, and interest.
We will pay out the loan to the Swedish bank account you have chosen, within 2 days from your signing of the credit agreement, unless we have information that according to our own disclosure affects our obligation to pay out the loan. We reserve the right to postpone the payment date as long as there are any unclarities.
You have the right to request, free of charge, a summary of when capital, interest and fees are to be paid (payment plan). The payment plan will be made based on the conditions of when we create the plan and may change if fees and interest have changed or if you get a month without amortization.
The loan is due for payment in its entirety at the end of the repayment term specified in the promissory note, however, see section 6 and 7.
We have the right to terminate the loan in advance if any of the following events occur:
1. You are for more than a month in delay with payment of an amount exceeding ten percent of the loan claim.
2. You are for more than a month in delay with payment of an amount exceeding five percent of the loan claim and the delay refers to two or more parts that have been due at different times.
3. You are in any other way in significant delay with payment.
4. It is clear that you by deviating, decommission property or acting in any other way to avoid paying your debt.
If we want to get paid in advance according to any of items 1 - 3, a notice period of at least four weeks applies from the time when we send you a notice of termination by registered letter or a notice of termination without such action is received by you. If we have required early repayment according to any of items 1 - 3, you are still not obliged to pay in advance if you, before the end of the notice period, pay the amount due together with interest on late payments. In the event of termination according to items 4 - 5, the same applies if you, immediately after the termination or within the agreed notice period, provide acceptable security for the claim. Such security has to be approved in writing by us as acceptable before you are deemed to have met the requirements for security under this provision. If you have previously been released from the obligation to pay the debt early by relying on the provisions in this second paragraph, the provisions in this paragraph do not apply.
You have the right to terminate the credit agreement and thereby terminate the loan early whenever you want without any additional costs. You can also pay off parts of the loan early. If you repay the loan in its entirety, you have to pay interest and other costs for the loan up until the time of early repayment, but not for the time thereafter. Termination of the credit agreement means that the entire remaining credit shall be repaid. We do not charge a fee if you want to repay the loan early, but we do not pay back the setup fee.
We have the right to transfer or pawn our rights and obligations under the credit agreement to another party. You do not have the right to transfer or pawn your rights and obligations under the credit agreement.
Should any provision in the Credit Agreement or part thereof be found to be invalid, it shall not mean that the credit agreement as a whole is to be considered invalid. To the extent an invalid contractual term is of significant importance to one of us, the contract shall be reasonably adjusted. If any part of the credit agreement would be in conflict with regulations issued by the legislature regarding the payment terms creditors shall apply when purchasing/withdrawing on credit of goods, services or other items, such regulations shall be applied instead.
Material changes to these terms and conditions may be made with immediate effect only if you have expressly accepted the changes. However, we always have the right to immediately make minor changes to these terms and conditions, such as clarifications and changes that do not negatively affect you or your rights.
We have the right to do material changes to these terms and conditions by notifying you of such changes at least two months before the change enters into force. Information about changes to these terms and conditions will be sent by email to the email address provided by you during registration and updated terms will be made available in the App and on our website www.getpfc.com. If you have not notified us by the day the new terms take effect, it is considered as though you have approved the new terms and conditions.
We always have the right, with immediate effect, to make such changes to these terms and conditions (including price changes) that are prompted by Swedish or foreign law or regulation or other binding decision by a Swedish or foreign legislative assembly, authority, or judicial body.
Swedish is used for the contractual relationship and communication between the parties. Written messages from us to you are primarily sent by notice to your account in the App and shall be deemed to have been received by you no later than the following day. You shall therefore ensure that you have activated the notification features in the App for notifications to your email address, mobile phone and user account in the App. We can send messages that are not urgent to you by email or text message. We will only send information to the contact information you have provided in the App. We may not be held liable for notifications that have not been received by you because you have entered incorrect or outdated contact information. You are responsible for ensuring that the contact information, such as mobile number and email address, is correct. We may in specific cases also correspond with you by letter to your registered mail address.
If we suspect unauthorized use of the Service or security information, we may contact you in other ways than stated above, provided that we find it suitable in the individual case. We may for example ask about if a specific transaction has been made or which date a specific transaction was made. We will never ask you to provide security information such as codes.
We are not liable for loss that is caused by Swedish or foreign law enforcement, Swedish or foreign government action, war, strike, blockade, boycott, lockout, or other similar circumstances. The reservation regarding strikes, blockades, boycotts, and lockouts applies regardless of whether we ourselves take or are subject to such conflict measures. Loss that may occur in other cases should not be covered by us if we have taken actions with normal care. We are not liable for any indirect loss. If there is an obstacle for us to execute transactions or to take any other action due to circumstances under this clause, the action may be postponed until the obstacle has ceased.
If we are prevented from receiving payment due to circumstances stated in the first paragraph, we are entitled to the agreed interest but without the addition of interest on late payments, for the time during which the obstruction existed.
In accordance with the Credit information Act (Sw. kreditupplysningslagen), we may provide information about the credit, defaults or credit abuse to credit reporting agencies that are under the supervision of the Swedish Privacy Protection Agency (Sw. Integritetsskyddsmyndigheten, IMY). Information submitted to credit reporting agencies will be entered into the records of the credit reporting agency. The data is thereby made available to, among others, banks, and credit market companies under the supervision of the Swedish Financial Supervisory Authority (Sw. Finansinspektionen).
The Consumer Credit Act (2010:1846) (Sw. konsumentkreditlagen) states that the consumer who buys financial services has the right to certain information about the financial service (loan) before an agreement is signed. The Act (2005:59) On Distance Contracts And Off-Premises Contracts (Sw. lag om distansavtal och avtal utanför affärslokaler) also stipulates that you have the right to certain information in advance. Distance purchase means that you have bought the financial service via the internet, email, or regular mail without physically meeting the person selling the service. The marketing has been designed in accordance with the Marketing Act (2008:486) (Sw. marknadsföringslagen).
You have a right to withdraw from a credit agreement. The period of withdrawal is 14 days from the day of signing the credit agreement. The right of withdrawals can be evoked by you sending us a message about that, 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 of withdrawal, you shall no later than 30 days from the day on which the message about withdrawal was given or sent to us, pay the amount you have received from us as well as 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 product and/or service that you have used the credit for. If the credit is not fully repaid within 30 days, you will be obligated to pay any interest on late payments and any other costs. We shall, as soon as possible and at the latest within 30 days from the day on which we received your message about using your right of withdrawal, repay any fees you have paid in connection with the credit, except public expenses that we may have had.
Complaints shall be submitted either via the chat in the App or via an email to firstname.lastname@example.org and state “Complaint” as the subject. If you are not satisfied with the way your complaint is handled by us,
you may contact the National Board for Consumer Disputed (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 the ARN to examine the case, there are, among other things, certain values and time limits. You can also receive 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.
As a financial company, we are under the supervision of the Swedish Financial Supervisory Authority (Sw. Finansinspektionen). They can be contacted at the visiting address Brunnsgatan 3 in Stockholm and postal address Box 7821, SE-103 97 Stockholm. The phone number is +46 (0)8-408 980 00 and the email address is: email@example.com. 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.
We reserve the right to change these terms and conditions without terminating the credit. If the change of the terms and conditions is a material change, we will inform you in accordance with section 21.
The credit agreement shall be governed by the substantive law of Sweden and if there is a dispute to be resolved in court, it shall be brought forward to Swedish Court. However, we have the right to bring a case forward in another country if you have your residence there or have assets there.