From 2020 July 23
Agreement on the investment into the loan
[name, surname]/[Company name], personal code/legal entity code [code], residing at/office address [address], represented by [name, surname] (hereinafter referred to as the Loan provider), and
„NEO Finacne“, AB, legal entity code 303225546, registered office A. Vivulskio st. 7, LT-03162 Vilnius, represented by the head of administration Aiva Remeikienė acting in accordance with the Articles of Association of the company (hereinafter referred to as the Operator),
Loan provider and the Operator individually is called the Party and collectively the Parties;
Whereas:
i. The Operator operates as the operator of the Mutual lending platform, as it is defined by the consumer credit law of the Republic of Lithuania (hereinafter the Law), and
ii. The Loan provider operates as the loan provider, as it is defined in the Law and wants to loan the funds to natural persons,
concluded this Agreement on the provision of loans (hereinafter the Agreement).
1. General provisions
1.1. This agreement defines the rights and obligations of the Operator and Loan provider in the mutual lending relations.
1.2. On the basis of this agreement the Loan provider gives the instructions to the Operator regarding the conclusion of the consumer credit agreements under the specific conditions with the credit recipients defined by the specific attributes, and the Operator concludes the consumer credit agreements with the loan recipients in his name from the funds of the Loan provider as it is specified by the Law.
1.3. The Loan provider has the right to transfer the rights of claim acquired on the basis of this agreement to third parties. In case, if the Loan provider transfers the claim rights using the Secondary Market in the Operator's platform, the Operator has the right to apply the fixed rates for such types of transactions.
1.4. No civil legal relations that form between the Operator and Loan provider, under this Agreement cannot be treated as if the Operator collects deposits and other repayable funds from the Loan provider. It is clear and understandable to the Loan provider that the Operator has no right to engage in and is not engaged in the collection of deposits and other repayable funds.
1.5. No actions of the Operator during the performance of this Agreement, as well as during the negotiations in regards of it is not and cannot be considered as the provision of the investment services or an offer to provide them. It is clear and understandable to the Loan provider that the Operator has no right to engage in and is not engaged in the provision of the investment services.
1.6. This agreement is interpreted according to the Law and the substatutory acts that implement it.
1.7. The Agreement is governed by the Law of the Republic of Lithuania.
1.8. It is deemed that Parties signed this Agreement with electronic signatures and the Parties agree that in accordance with the article 5 of the Law of the Republic of Lithuania on Electronic Identification and Electronic Operations Reliability Services this Agreement has the same legal effect to the Parties and the third parties as if the Parties had signed it physically.
1.9. If Agreement is concluded in Lithuanian and English languages, and between Lithuanian and English texts of this Agreement are any discrepancies, the Lithuanian text shall have priority.
2. The risks assumed by the Loan provider
2.1. By signing this Agreement Loan provider understands and assumes all risk of credit recipient's insolvency, it means that credit recipient may fail to fulfill the credit agreement and due to that the loan recipient may incur financial losses, i. e. fail to receive all or part of the interest that had to be paid by the consumer credit recipient under the consumer credit agreement, also may not get back the whole or part of the amount of the consumer credit.
2.2. By signing this Agreement Loan provider understands and assumes the risk of the advance repayment of the consumer credit, it means that credit recipient may repay all or part of the consumer credit in advance and due to that the loan recipient will regain less interest under the agreement than it was anticipated according to the agreement.
2.3. By signing this Agreement, Loan provider understands and assumes the risk of partially satisfied claim, which means that court may not award full or part of the interest specified in the credit agreement, and the Loan provider may recover less interest than expected.
2.4. By concluding this Agreement the Loan provider specifies in the special conditions the credit worthiness rating of the loan recipient. The Operator undertakes to conclude consumer credit agreements on the basis of this Agreement only with the consumer credit recipients, who on the day of the credit worthiness assessment day that is no later than the date of the consumer credit agreement concluded by the Operator and this person, have the credit worthiness rating that is specified in the special conditions. The credit worthiness rating is the expression of the consumer credit recipient's assessment result.
2.5. The Operator's liability in regards of the insolvency of the consumer credit recipient is limited. The Operator is responsible for the insolvency of the consumer credit recipient only if the Operator breaches the provisions of the imperative Operator's consumer credit recipient solvency assessment rules and due to that assessed the solvency of the consumer credit recipient improperly. In such case the Operator compensates the losses that are directly incurred by the loan provider.
3. Agreement performance procedure
3.1. After singing of this Agreement the Loan provider transfers to the Operator the electronic money amount specified in the special conditions of the Agreement. The Operator undertakes to conclude one or several consumer credit agreements in its name from the moment the money are received, by using the funds of the Loan provider.
3.2. The Operator concludes the consumer credit agreements with the consumer credit recipients, only under such conditions that are specified in the special conditions of the Agreement. If the Operator breaches this obligation and that creates losses to the Loan provider, the Operator compensates all direct losses of the Loan provider that it incurred.
3.3.The Operator ensures that a Consumer credit agreement with Consumer credit recipients will not be concluded in the event that the total amount of consumer credits granted and not returned by the Lender to a specific consumer credit recipient exceeds EUR 500.
3.4. The Operator has the right to amend the general conditions of the consumer credit agreement that are specified in the Annex No. 1 to the Agreement at his own discretion, and conclude the consumer credit agreements with the consumer credit recipients according to the amended conditions, if such changes are not material to the Loan provider and the Loan recipient's position is not worsened by such amendments.
3.5. All monetary obligations that arise from this Agreement and consumer credit agreements, are performed only in electronic money via the electronic money accounts, opened at {{hkyn}}.
3.6. Loan provider pays to the Operator for the services of the mutual lending operator the brokerage fee that is specified in the special conditions. The fee is paid only from those amounts that Loan provider actually gets back from the recipients of the consumer credit.
3.7. The loan provider does not pay the brokerage fee to the Operator, if the recipient of the consumer credit utilises the decision period specified in the article 14(1) of the Law.
3.8. After concluding consumer credit agreements according to this Agreement the Operator submits the report to the Loan provider, the report specifies the attributes of all consumer credit agreements that are concluded according to this Agreement: credit worthiness rating grade of the consumer credit recipient, maturity of the consumer credit agreement, fixed annual interest rate applicable to the consumer credit agreement.
3.9. In no more than one working day the operator transfers to the Loan provider the payments received from the consumer credit recipient and third parties according to the consumer credit agreement concluded on the basis of this Agreement, these payments are comprised of:
3.9.1. Consumer credit share that is being repaid;
3.9.2. Interest.
3.10. If the Loan provider is not a permanent resident of Lithuania, the Operator, as the person withholding tax, have the right at any time to withhold personal income tax amount from the Loan provider paid amounts, which are in the electronic money account. The deduction may not exceed fifteen (15) percent of the amount of interest paid. In accordance with the Personal Income Tax Act and the Tax Administration Act, the Operator, which deducts personal income tax amounts, these amounts must to pay to the state budget. While the personal income tax is not withheld, electronic money from the Loan provider electronic money account are not redeemed.
4. Debt recovery procedure
4.1. If the consumer credit recipient does not perform its obligations under the consumer credit agreement that are related to the repayment of the consumer credit, properly, the Operator employs all the necessary measures to recover the consumer credit amount, interest and other amounts, that are owed under the consumer credit agreement.
4.2. The Operator undertakes to:
4.2.1. Inform the consumer credit recipient three calendar days prior to the day, when the consumer credit recipient must make the payment under the consumer credit agreement, about the nearing date of payment, via the text message (SMS) and email letter;
4.2.2. Inform the consumer credit recipient via the text message (SMS) on the first and the eighth day of the fact of the payment delay, the payable amount and the fact that the calculation of the late interest is commenced;
4.2.3. Inform the consumer credit recipient on the first and the fifteenth day of delay of the each overdue payment via email about the fact of delay, payable amount, the fact that the calculation of the late interest is commenced, the information about the number of the payments that are overdue, and the information that the fact of payment delay can be sent to the debtors data base of "Credit info Lietuva" PJSC;
4.2.4. Terminate the consumer credit agreement and demand from the consumer credit recipient to repay the whole debt at once, if the conditions that are specified in the consumer credit agreement are present, unless credit recipient dies before the conditions for termination of the consumer credit agreement appear;
4.2.5. To transfer all claims under the terminated consumer credit agreements to the debt recovery company selected by the Operator for the recovery and ensure that the company would call to the recipient of the credit at least one time and would ascertain the circumstances of the delay during the call (reasons for being late, if there is a promise to pay the debt, etc.);
4.2.6. When the consumer credit agreement is terminated or its maturity has ended, go to court in order to adjudge the debt under the consumer credit agreement;
4.2.7. Immediately transfer the recovery to the bailiffs when possessing the enforcement order.
4.2.8. Transfer all funds that are received during the recovery under the consumer credit agreement from the consumer credit recipient or from the persons, who cover the debt instead of him, into the Loan provider's electronic money account no later than within one working day.
4.2.9. Pay to third parties (debt recovery company, governmental fees and other) from own account for the recovery and to recover these funds from the consumer credit recipient.
4.3. When the Operator terminates the consumer credit agreement and the Loan provider did not select the service of the Surety bond (when the Operator ensures for the consideration with his assets to the Loan provider), the Operator must offer to pay the payout to the Loan provider, which according to the agreement of the Parties covers the losses incurred by the Loan provider, the payment of the payout is deemed to be the proper fulfillment of this Agreement. According to the following procedure:
4.3.1. Within seven calendar days (that are considered to be the validity period of the offer) from the effective day of the termination of the consumer credit agreement, the Operator submits the active proposal to pay the payout on the platform www.paskoluklubas.lt. The Loan provider has the right, but not an obligation, to agree to the payment of the payout.
4.3.2. If the Loan provider does not exercise the right to receive the payout within, seven calendar days, the performance of this Agreement is continued under the conditions that are specified in it.
4.3.3. The payout is calculated in the following manner: The share of the consumer credit that is not paid to the Loan provider according to the specific consumer credit agreement is multiplied by the coefficient that depends on the credit worthiness rating of the consumer credit recipient and the activity day of the announcement (from the first till the seventh), on which the Loan provider exercises the right to receive the payout.
4.3.4. Coefficients that are applicable during the calculation of the payout are specified in the pricing (www.paskoluklubas.lt/en/page/32/service-fees. Depending on the offer expiration date, each day as of the fourth calendar day till seventh calendar day 0.05 are subtracted from coefficients of the credit worthiness rating.
4.3.5. The operator has the right to unilaterally change the coefficients specified in the pricing (www.paskoluklubas.lt/en/page/32/service-fees). In this case, not less than 6 months prior to the entry into force of the updated pricing, future coefficient rates and the effective date shall be published in the pricing (www.paskoluklubas.lt/en/page/32/service-fees)
5. Disclosure of information
5.1. Consumer credit recipient's personal information according to which the specific person can be identified is not divulged to the Loan provider, and vice-a-versa. The exception is made only in the following cases, the list of which is exhaustive:
5.1.1. The initiation of the bankruptcy case for the Operator - in such case the Operator follows the procedures that are specified in the Activity continuity plan;
5.1.2. In case of the court's order.
Until 2020 July 23
Agreement on the investment into the loan
[name, surname], personal code [code], residing at [address], (hereinafter referred to as the Loan provider), and
„NEO Finacne“, AB, legal entity code 303225546, registered office A. Vivulskio st. 7, LT-03162 Vilnius, represented by the head of administration Aiva Remeikienė acting in accordance with the Articles of Association of the company (hereinafter referred to as the Operator),
Loan provider and the Operator individually is called the Party and collectively the Parties;
Whereas:
i. The Operator operates as the operator of the Mutual lending platform, as it is defined by the consumer credit law of the Republic of Lithuania (hereinafter the Law), and
ii. The Loan provider operates as the loan provider, as it is defined in the Law and wants to loan the funds to natural persons,
concluded this Agreement on the provision of loans (hereinafter the Agreement).
1. General provisions
1.1. This agreement defines the rights and obligations of the Operator and Loan provider in the mutual lending relations.
1.2. On the basis of this agreement the Loan provider gives the instructions to the Operator regarding the conclusion of the consumer credit agreements under the specific conditions with the credit recipients defined by the specific attributes, and the Operator concludes the consumer credit agreements with the loan recipients in his name from the funds of the Loan provider as it is specified by the Law.
1.3. The Loan provider has the right to transfer the rights of claim acquired on the basis of this agreement to third parties. In case, if the Loan provider transfers the claim rights using the Secondary Market in the Operator's platform, the Operator has the right to apply the fixed rates for such types of transactions.
1.4. No civil legal relations that form between the Operator and Loan provider, under this Agreement cannot be treated as if the Operator collects deposits and other repayable funds from the Loan provider. It is clear and understandable to the Loan provider that the Operator has no right to engage in and is not engaged in the collection of deposits and other repayable funds.
1.5. No actions of the Operator during the performance of this Agreement, as well as during the negotiations in regards of it is not and cannot be considered as the provision of the investment services or an offer to provide them. It is clear and understandable to the Loan provider that the Operator has no right to engage in and is not engaged in the provision of the investment services.
1.6. This agreement is interpreted according to the Law and the substatutory acts that implement it.
1.7. The Agreement is governed by the Law of the Republic of Lithuania.
1.8. It is deemed that Parties signed this Agreement with electronic signatures and the Parties agree that in accordance with the article 5 of the Law of the Republic of Lithuania on Electronic Identification and Electronic Operations Reliability Services this Agreement has the same legal effect to the Parties and the third parties as if the Parties had signed it physically.
1.9. If Agreement is concluded in Lithuanian and English languages, and between Lithuanian and English texts of this Agreement are any discrepancies, the Lithuanian text shall have priority.
2. The risks assumed by the Loan provider
2.1. By signing this Agreement Loan provider understands and assumes all risk of credit recipient's insolvency, it means that credit recipient may fail to fulfill the credit agreement and due to that the loan recipient may incur financial losses, i. e. fail to receive all or part of the interest that had to be paid by the consumer credit recipient under the consumer credit agreement, also may not get back the whole or part of the amount of the consumer credit.
2.2. By signing this Agreement Loan provider understands and assumes the risk of the advance repayment of the consumer credit, it means that credit recipient may repay all or part of the consumer credit in advance and due to that the loan recipient will regain less interest under the agreement than it was anticipated according to the agreement.
2.3. By signing this Agreement, Loan provider understands and assumes the risk of partially satisfied claim, which means that court may not award full or part of the interest specified in the credit agreement, and the Loan provider may recover less interest than expected.
2.4. By concluding this Agreement the Loan provider specifies in the special conditions the credit worthiness rating of the loan recipient. The Operator undertakes to conclude consumer credit agreements on the basis of this Agreement only with the consumer credit recipients, who on the day of the credit worthiness assessment day that is no later than the date of the consumer credit agreement concluded by the Operator and this person, have the credit worthiness rating that is specified in the special conditions. The credit worthiness rating is the expression of the consumer credit recipient's assessment result.
2.5. The Operator's liability in regards of the insolvency of the consumer credit recipient is limited. The Operator is responsible for the insolvency of the consumer credit recipient only if the Operator breaches the provisions of the imperative Operator's consumer credit recipient solvency assessment rules and due to that assessed the solvency of the consumer credit recipient improperly. In such case the Operator compensates the losses that are directly incurred by the loan provider.
3. Agreement performance procedure
3.1. After singing of this Agreement the Loan provider transfers to the Operator the electronic money amount specified in the special conditions of the Agreement. The Operator undertakes to conclude one or several consumer credit agreements in its name from the moment the money are received, by using the funds of the Loan provider.
3.2. The Operator concludes the consumer credit agreements with the consumer credit recipients, only under such conditions that are specified in the special conditions of the Agreement. If the Operator breaches this obligation and that creates losses to the Loan provider, the Operator compensates all direct losses of the Loan provider that it incurred.
3.3. The operator ensures that a consumer credit agreements with consumer credit recipients would not be concluded, if on the basis of such agreement, the Loan provider would provide more than EUR 500 of consumer credit, during the twelve months period from the date of the first credit, to the consumer recipient.
3.4. The Operator has the right to amend the general conditions of the consumer credit agreement that are specified in the Annex No. 1 to the Agreement at his own discretion, and conclude the consumer credit agreements with the consumer credit recipients according to the amended conditions, if such changes are not material to the Loan provider and the Loan recipient's position is not worsened by such amendments.
3.5. All monetary obligations that arise from this Agreement and consumer credit agreements, are performed only in electronic money via the electronic money accounts, opened at {{hkyn}}.
3.6. Loan provider pays to the Operator for the services of the mutual lending operator the brokerage fee that is specified in the special conditions. The fee is paid only from those amounts that Loan provider actually gets back from the recipients of the consumer credit.
3.7. The loan provider does not pay the brokerage fee to the Operator, if the recipient of the consumer credit utilises the decision period specified in the article 14(1) of the Law.
3.8. After concluding consumer credit agreements according to this Agreement the Operator submits the report to the Loan provider, the report specifies the attributes of all consumer credit agreements that are concluded according to this Agreement: credit worthiness rating grade of the consumer credit recipient, maturity of the consumer credit agreement, fixed annual interest rate applicable to the consumer credit agreement.
3.9. In no more than one working day the operator transfers to the Loan provider the payments received from the consumer credit recipient and third parties according to the consumer credit agreement concluded on the basis of this Agreement, these payments are comprised of:
3.9.1. Consumer credit share that is being repaid;
3.9.2. Interest.
3.10. If the Loan provider is not a permanent resident of Lithuania, the Operator, as the person withholding tax, have the right at any time to withhold personal income tax amount from the Loan provider paid amounts, which are in the electronic money account. The deduction may not exceed fifteen (15) percent of the amount of interest paid. In accordance with the Personal Income Tax Act and the Tax Administration Act, the Operator, which deducts personal income tax amounts, these amounts must to pay to the state budget. While the personal income tax is not withheld, electronic money from the Loan provider electronic money account are not redeemed.
4. Debt recovery procedure
4.1. If the consumer credit recipient does not perform its obligations under the consumer credit agreement that are related to the repayment of the consumer credit, properly, the Operator employs all the necessary measures to recover the consumer credit amount, interest and other amounts, that are owed under the consumer credit agreement.
4.2. The Operator undertakes to:
4.2.1. Inform the consumer credit recipient three calendar days prior to the day, when the consumer credit recipient must make the payment under the consumer credit agreement, about the nearing date of payment, via the text message (SMS) and email letter;
4.2.2. Inform the consumer credit recipient via the text message (SMS) on the first and the eighth day of the fact of the payment delay, the payable amount and the fact that the calculation of the late interest is commenced;
4.2.3. Inform the consumer credit recipient on the first and the fifteenth day of delay of the each overdue payment via email about the fact of delay, payable amount, the fact that the calculation of the late interest is commenced, the information about the number of the payments that are overdue, and the information that the fact of payment delay can be sent to the debtors data base of "Credit info Lietuva" PJSC;
4.2.4. Terminate the consumer credit agreement and demand from the consumer credit recipient to repay the whole debt at once, if the conditions that are specified in the consumer credit agreement are present, unless credit recipient dies before the conditions for termination of the consumer credit agreement appear;
4.2.5. To transfer all claims under the terminated consumer credit agreements to the debt recovery company selected by the Operator for the recovery and ensure that the company would call to the recipient of the credit at least one time and would ascertain the circumstances of the delay during the call (reasons for being late, if there is a promise to pay the debt, etc.);
4.2.6. When the consumer credit agreement is terminated or its maturity has ended, go to court in order to adjudge the debt under the consumer credit agreement;
4.2.7. Immediately transfer the recovery to the bailiffs when possessing the enforcement order.
4.2.8. Transfer all funds that are received during the recovery under the consumer credit agreement from the consumer credit recipient or from the persons, who cover the debt instead of him, into the Loan provider's electronic money account no later than within one working day.
4.2.9. Pay to third parties (debt recovery company, governmental fees and other) from own account for the recovery and to recover these funds from the consumer credit recipient.
4.3. When the Operator terminates the consumer credit agreement and the Loan provider did not select the service of the Surety bond (when the Operator ensures for the consideration with his assets to the Loan provider), the Operator must offer to pay the payout to the Loan provider, which according to the agreement of the Parties covers the losses incurred by the Loan provider, the payment of the payout is deemed to be the proper fulfillment of this Agreement. According to the following procedure:
4.3.1. Within seven calendar days (that are considered to be the validity period of the offer) from the effective day of the termination of the consumer credit agreement, the Operator submits the active proposal to pay the payout on the platform www.paskoluklubas.lt. The Loan provider has the right, but not an obligation, to agree to the payment of the payout.
4.3.2. If the Loan provider does not exercise the right to receive the payout within, seven calendar days, the performance of this Agreement is continued under the conditions that are specified in it.
4.3.3. The payout is calculated in the following manner: The share of the consumer credit that is not paid to the Loan provider according to the specific consumer credit agreement is multiplied by the coefficient that depends on the credit worthiness rating of the consumer credit recipient and the activity day of the announcement (from the first till the seventh), on which the Loan provider exercises the right to receive the payout.
4.3.4. Coefficients that are applicable during the calculation of the payout are specified in the pricing (www.paskoluklubas.lt/en/page/32/service-fees). Depending on the offer expiration date, each day as of the fourth calendar day till seventh calendar day 0.05 are subtracted from coefficients of the credit worthiness rating.
4.3.5. The operator has the right to unilaterally change the coefficients specified in the pricing (www.paskoluklubas.lt/en/page/32/service-fees). In this case, not less than 6 months prior to the entry into force of the updated pricing, future coefficient rates and the effective date shall be published in the pricing (www.paskoluklubas.lt/en/page/32/service-fees).
5. Disclosure of information
5.1. Consumer credit recipient's personal information according to which the specific person can be identified is not divulged to the Loan provider, and vice-a-versa. The exception is made only in the following cases, the list of which is exhaustive:
5.1.1. The initiation of the bankruptcy case for the Operator - in such case the Operator follows the procedures that are specified in the Activity continuity plan;
5.1.2. In case of the court's order.