GENERAL TERMS OF FINZO
1. IN GENERAL
Finzo OÜ (Finzo) and its website www.finzo.fi make up an online customer service package, which
offers its registered Members an opportunity to offer a loan, apply for a loan and to conclude credit
agreements between them (so called peer-to- peer loans). To be registered in the Finzo system the
Creditor and the Borrower must always first agree with the General terms and conditions, which
constitutes a binding contract between Finzo and its Members. Finzo is only a side according to
these General terms and conditions, not a Side of the Credit agreement, and therefore acts solely as
a brokerage service between the Creditor and the Borrower. These General terms and conditions do
not constitute an agreement between all three parties: Finzo, the Creditor and the Borrower.
In addition to the General terms and conditions Members must also accept Specific terms of the
Credit agreement, which together with General terms and conditions constitute a Credit agreement
between the Creditor and the Borrower.
Below are the definitions of the terms used in the Finzo membership and client System.
Customer's deposit account – a deposit bank account operated and managed by Finzo, of which Finzo pays
according to the Credit agreement to the Members and to which Finzo deposits means of the Creditors and the means
paid back by the Borrowers.
Specific terms – specific terms and conditions between the Creditor and the Borrower, which form part of
the Credit agreement.
Member – A person, who has registered in the System with the purpose of applying for a loan according to
the General terms and conditions.
However, the member is not obliged to make credit agreements in the System. In case Member has not made any credit
agreements within six
(6) months since acceptance of the General terms and agreements, then the Member will be automatically deleted
from the System.
Creditor – Adult and identified in a reliable way Member, who has a permanent residence in Finland or any
other EU/ETA country
and who has accepted the General terms and conditions and Specific terms of the Creditor and also deposited
financial means to
Finzo's Customer's deposit account with an aim to lend them to the Borrower or Borrowers registered in the System.
Specific terms of the Creditor – Agreement terms specific to Creditor, in accordance to them Creditor has
authorized the System to provide a Credit agreement to the Member applying for a loan.
Borrower – A member, who is at least 21 years old and identified in a reliable way, who has a permanent
Finland or any other EU/ETA country and whose credit rating has been approved during the control check and who has
accepted Finzo's General terms and conditions as well as has applied for a loan in the System.
Specific terms of the Borrower – specific agreement terms specified by the Borrower, under which the
Borrower is ready to make a Credit agreement through the System.
Credit offer – the credit offer made through the System to the Member applying for a loan with an
make a Credit agreement according to the terms between the Creditor and the Borrower.
Credit application form – Borrower's application for a loan through the Finzo System in accordance with
the terms applicable to the Finzo members.
Credit agreement – agreement package between the Creditor and the Borrower, which contains the terms about
the credit granting, payments and repayments according to the specific terms of the Creditor and the Borrower.
The Credit agreement consists, as a whole, of the Creditor's and the Borrower's specific terms and the General
and conditions they accepted.
Mobile certificate – A service provided by the Finnish mobile operators, which helps to check the member's
identity when registering with the System and which he/she uses when making payments between the Virtual account
the System and the bank account. The mobile certificate meets all requirements of a strong electronic
Party – a Member who has signed down the Credit agreement, either a Creditor or a Borrower. To clarify the
we repeat that the service Provider is not a party to the Credit agreement but merely a provider of the brokerage
System – Finzo OÜ's online service www.finzo.fi, which is used by the service Provider to manage the
the Credit Offers and Agreements between the Members and related events.
Service provider – Finzo OÜ, Posti street 30, 90504 Haapsalu, Estonia. (Finzo). Tartu's trade register nr:
Contact information of the Customer service:
Phone number: +358 (0) 400242801
Finzo has been added to the register maintained by the Administration of the Southern Finland to control and
the credit organisations and organisations providing peer-to-peer credit services.
Bank identifier code – Member's own individual Tupas-ID, which is used to recognize the Member's identity
the registration in the System and which he uses to perform payments between the Virtual account and the bank
Tupas-ID meets all requirements of the strong electronic identification.
Investment account – Creditor's virtual account in the System, whereby the Creditor may specify the
allocation of its investment funds to the Virtual account with the aim to provide individual Credit agreements and
determine the repayment terms of such agreements.
Virtual account – A member's personal account in the System where all transactions under the Credit
are performed and through which the Member can transfer the means between the Virtual account and the bank
Use of the Virtual account is also a way to manage the repayment instalments, the possible delays in payments and
sanctions due to the delays.
3. REGISTRATION AND AUTHORIZATION
3.1. The identity and credit history of every new Member is checked upon Member's registration with the System.
During the registration process Finzo requires the Members to provide their ID number, address and phone number as
as requires users authentication using the bank ID or Mobile certificate. A Member must use such a strong
to ensure that Finzo can secure the Member's identity and to ensure the security of Finzo's services. Members also
electronic identification when signing down and accepting these General terms and conditions and the Credit
3.2. By registering with the Service and accepting these General terms and conditions the Member authorizes Finzo
to act as a
representative in all matters related to the Credit agreement, including the right to take any necessary actions
Creditors behalf to recover outstanding debt (the breach of the agreement). This includes the right to transfer
claims to a third party, such as debt collection agency. Any costs incurred by the breach of contract must be
carried out by the Borrower.
In the event of breach of the contract, the Credit agreement may also be transferred to Finzo OÜ, with all the
rights and obligations,
in accordance with Section 8.3 of the General Terms and Conditions.
3.3. A Member has the right to cancel the agreement with the service Provider during 14 days period after
the General terms and conditions by notifying the service Provider about that in a written form, The cancellation
condition is that the Member has fulfilled the General terms and conditions¨and possible obligations to the
other Members and third parties.
4. VIRTUAL ACCOUNT AND TRANSFER OF PAYMENTS
To be able to apply for the credits, make credit offers and conclude agreements the Member must have a Virtual
which is opened during the process of registration.
4.1. A Member agrees to keep secret his/her registered username and password and to handle them carefully so that
they don't end up used by others. Member's obligations are stated in the chapter 10 of the General terms and
4.2. The Member must have an account in at least one bank in Finland as well an online banking service agreement
along with the bank identifiers. Bank identifiers are used in the process of strong identification during the
registration and for allowing the payment transactions between Member's bank account and Virtual account. The
process of strong
identification might be performed also with the use of the Mobile certificate.
4.3. The funds deposited to the Member's Virtual accounts will be directed to the Customer's deposit account
maintained by Finzo, where funds belong exclusively to the Members.
4.4. Parties agree that the service Provider may charge all valid fees and costs from the Borrower's Virtual
according to Credit agreement and the Finzo's price list. Price list on all services is available in the Finzo's
4.5. The Borrower understands that the fees and costs according to the Finzo's service price list are a part of
brokerage services provided by the Finzo and do not lessen neither the credited amount, neither the interest rate
accordance with the Credit agreement.
5. CONCLUSION OF THE CREDIT AGREEMENT
5.1. The Credit agreement between the Creditor and the Borrower (Parties) consists of a package of terms
an integral part made up of General terms and conditions and the Specific terms and conditions signed down
by both Parties. The General terms and conditions are signed down when registering with the System and they are an
part of the agreement. General terms and conditions must be also re-signed if at least six (6) months has passed
last login into the System or if the service Provider has made changes to the terms.
5.2. The Creditor signs down Creditor's specific terms and after that, in accordance with the terms, the System
generates the Credit offer to the Member applying for the credit.
5.3. The Member applying for the credit signs down Creditor's specific terms and after that the System sends
him the Credit offer in accordance with the terms.
5.4. The System creates the Credit agreement according to the chapters 5.2 and 5.3 as a whole package of Specific
terms and conditions and Genetal terms and conditions.
5.5. The Credit agreement contains following information, in accordance with the Consumer Protection Act:
5.5.1. Creditor's name, ID number, address, terms of agreement (the credited amount, interest rate and repayment
as well as the date and time of signing down the specific terms of the Creditor.
5.5.2. Borrower's name, ID number, address, the credit score of the Borrower provided by the service Provider
(based on the credit history), Virtual account number, terms of the agreement (the credited amount, interest rate
repayment schedule), real annual interest rate and the date and time of signing down the specific terms of the
In addition, the Credit agreement contains information about the use of the right to withdraw from the agreement,
termination of the agreement and information about measures towards securing the rights and about supervisory
5.5.3. Name and address of the service Provider.
5.6. The binding Credit agreement is concluded between the Parties the moment the Borrower signs down the Credit
agreement in the System and the System has sent the Parties terms of the agreement as the Credit agreement (.pdf
5.7. When the Credit agreement binding the Parties is concluded according to the chapter 5.6, then the service
Provider charges the credited amount (agreed upon in the Credit agreement) from the Creditor's Virtual account and
transfers it to the Borrower's Virtual account. After this event the Creditor has fulfilled its obligations
to the Credit agreement and transferred the loan amount to the Borrower.
5.8. The Borrower has the right to transfer the credited amount from the Virtual account and take it for his own
5.9. By signing down the General terms and conditions both Parties agree with the valid, published in the System
service fees and other fees as well as give the service Provider the permission to automatically debit them from
their Virtual accounts.
5.10. The Parties are aware that the Credit agreement has been concluded between individuals and that Finzo OÜ
acts solely as a broker for the Credit agreement. In case the Creditor is a legal person this representative
that the Creditor's main activity is not in a field covered by the Act on the prevention and determination of
and financing of terrorism in chapter 2§ and that the Credit agreement has been concluded as an occasional and
within the terms of chapter 4§ of the said Act. As a result of the breach of the aforementioned declaration the
Creditor has an
independent obligation to adopt the measures imposed by the abovementioned Act.
6. REPAYMENT OF THE CREDIT
6.1. The Borrower pays the credited amount and an interest rate to the Creditor in the instalments agreed upon
in the repayment schedule of the Credit agreement.
6.2. The Borrower must make sure that there are sufficient means on his Virtual account to cover the repayment
agreed upon in the repayment schedule at the due date at the latest.
6.3. The service Provider will automatically charge the payment from the Virtual account of the Borrower in
with the due dates and transfer it to the Virtual account of the Creditor.
6.4. The Borrower confirms that he got acquainted with the credit repayment terms available in the System and
accepts that the Borrower may, if he wishes so, extend the repayment period of the loan or transfer the due date
the payment instalment according to these terms.
6.5. The Borrower agrees that along with the extending of the repayment period or with transferring the due
date he agrees that the service Provider will charge the service fees according with the price list in the
7. CREDIT INTEREST RATE AND COSTS
7.1. The interest rate on the credit (fixed percentage for the entire credit period) is to be agreed upon in the
Credit agreement. Interest rate is calculated from the amount remaining until the last due date.
7.2. The interest rate is calculated daily as a real annual interest rate (365 days a year).
7.3. In case the full repayment of the loan or payment instalment is delayed from the due date without any
agreement as mentioned in chapter 6.4 and 6.5, then the Borrower is charged the penalty fee (interest rate on the
payment) starting from the repayment's or payment instalment's due date, in accordance with 4§ and 5§ of the
If the before mentioned interest rate on the delayed payment is smaller than the interest rate payable on the debt
period prior to the due date, then the interest rate on the delayed payment shall be payable on the same basis for
of 180 days from the date on which the loan is fully due. If a court judgement on the loan is issued before the
end of that period,
then the interest rate is to be paid on the same basis as it should be before the due date for the judgement.
7.4. The service Provider will charge the costs related to the Credit agreement or any fees for the payments
passing the due date in accordance with the current price list in the System.
8. VALIDITY OF THE CREDIT AGREEMENT
8.1. The Credit agreement ends when the Borrower has fully fulfilled its obligations under the Credit agreement
and repaid the credited amount, interest rate, possible interest rate on delayed payments and other fees.
8.2. Preliminary termination of the Credit agreement does not free the Borrower from the fulfilling the terms of
Credit agreement, which were accepted before the termination.
8.3. As a consequence of breach of the contract by the Borrower, Finzo OÜ has the right to cancel the Credit
agreement and to demand full repayment of the loan,
including interest, in accordance with the provisions of the Finnish Consumer Protection Act.
8.4. By accepting these General Terms and Conditions, the Borrower and the Creditor agree that the loan
for which the contract has been concluded after 14 August 2017,
may be automatically transferred to Finzo OÜ under the following conditions:
- At least one hundred (100) days have elapsed since the date the loan repayment or its instalment payment is
and the Borrower has not fulfilled its contractual obligations (breach of contract)
- In the event of breach of the contract, such Credit agreement may be automatically and entirely canceled and,
with all the rights and obligations, transferred to Finzo OÜ.
- Upon completion of the transfer, Finzo OÜ as the new creditor has the right to transfer the receivables under
the Credit agreement to a third party
or to hire a third party such as a debt collection agency for the loan recovery.
- Upon completion of the transfer, Finzo OÜ shall be obliged to pay to the Lender at least 60% of the
outstanding principal amount of the transferred Credit agreement.
Repayment to the Creditor shall be made to this Virtual account on the same day as the Loan contract has been
transferred to Finzo OÜ.
9. PRELIMINARY BREAKAGE OF THE CREDIT AGREEMENT
9.1. The Borrower has the right to repay the loan in full before its due date using the System.
9.2. In order for the loan to be fully repaid, the Borrower shall ensure that there are sufficient means on its
Virtual account to cover the remaining amount, interest rate, interest rate on any delays as well as service fees
other fees in their entirety.
9.3. If you want to terminate the Credit agreement before its original due date, then you should file an
for that through the System.
10. MEMBER'S GENERAL OBLIGATIONS
10.1. The Member is obliged to use the System in a good manner and in accordance with the prevailing general
morals and current legislation.
10.2. A Member must make sure that he has a valid and functioning electronic bank ID or a Mobile certificate
so that Member's identity can be checked.
10.3. The Member is obliged to keep his personal and contact information up-to-date in the System and to make
sure that the service Provider can contact the Member using that information without any unnecessary delays.
10.4. The Member is obliged to take care of their personal information and their username, password and PIN codes
received through the System with the utmost care so that they don't happen to be used by others. The Member must
notify the service Provider in case the Member has any reason to suspect that the aforementioned information might
be used by
others or there might have been loss of any information. The Member is responsible for any damages incurred by
Finzo, which were
caused due to negligent or deliberate handling of information and happened before the Member has notified the
about the loss of information or the use of it by others.
10.5. Member may be held responsible for the damage, which occurred to the service Provider or others due to the
actions against the General terms and conditions or due to violation of these terms.
10.6. A member shall without any undue delay notify the service Provider, if there happened any changes to the
information (name, home address, phone number, bank information or any other information given during registration
in the System)
he gave during registration. Changes can be made in the System.
10.7. The service Provider reserves the right to prevent any events in the System, at its sole discretion, in
he suspects the request might come from other than the Member itself or, if the service Provider suspects any
10.8. Membership and the Virtual account are personal and the rights and obligations related to them cannot be
assigned or pledged to any third party. Finzo reserves the right to assign or pledge the rights and obligations
by these General terms and conditions to third party.
11. PROTECTION OF THE PERSONAL INFORMATION AND RESPONSIBILITY FOR THE PROVIDED SERVICE
11.1. By accepting these General terms and conditions the Member gives the service Provider the right to register
the personal information to the client database in the System.
11.2. The service Provider is responsible for ensuring that processing of personal information complies with
applicable laws and regulations. The service Provider confirms that a register notice required by the law has been
filled in with the person responsible for data protection due to having a client database.
11.3. The service Provider may use the Member's personal information for its own direct marketing purposes.
Member may still refuse that by notifying about that in the System.
11.4. The service Provider may use the Member's personal data only for the purposes set forth in these General
terms and conditions in accordance with 2:6§ of the Personal Data Act.
11.5. The service Provider is responsible for ensuring the confidentiality of Members' personal data in
with applicable legislation and official requirements.
11.6. The service Provider is required to discard any information that is not necessary for the purpose of its
activity, unless the need for retention of the information has been expressed.
12. THE BREAKAGE OF THE MEMBERSHIP AND THE CLOSING OF THE VIRTUAL ACCOUNT
12.1. Member has the right to close the Virtual account and terminate the membership at any time in case the
Member does not have any unresolved obligations to other Members or the service Provider. When closing a Virtual
account Member cannot have any ongoing Credit agreements or offers and the balance on Member's Virtual account
must be zero.
12.2. Membership is terminated in the System or by sending a notification to the service Provider by e-mail
12.3. The service Provider has the right to limit the Member's use of Virtual account or terminate the Membership
and close the Virtual account in the following cases:
12.3.1. The Member has violated the obligations agreed with by accepting General terms and conditions.
12.3.2. The Member has failed to meet the conditions of the General terms and conditions.
12.3.3. The Member has given misleading information to the service Provider or other Members.
12.3.4. The Member has gone bankrupt.
12.3.5. The Member has passed away.
13. THE TRANSFER OF THE ACCOUNT AND RIGHTS COMPLYING WITH THE ACCOUNT
13.1. Member's Virtual account is individual and the Member cannot transfer, assign or pledge it to any third
13.2. A Member shall also be not entitled to assign or pledge any of these General terms and conditions as well
as any rights or obligations imposed by the terms of Credit agreement to any third party.
13.3. If there is a case that the Member is a legal person, a trader or an entrepreneur, then by signing down
the Credit agreement he confirms that he has the full right to represent the company and to conclude binding
agreements on its behalf.
13.4. The service Provider reserves the right to assign or pledge the rights and obligations imposed by these
General terms and conditions to a third party.
14. DIVISION OF RESPONSIBILITY
Finzo is not responsible for any damages, which can happen due to the loss of internet connection or any other
communication errors, which can prevent from logging into the System or Virtual or Investment accounts, provided
Finzo has followed the norms of taking care of its activities. Finzo is also not responsible for damages as a
incorrect personal information provided by Member. In no event shall Finzo be responsible for any damages incurred
by Members or third parties.
Finzo is not responsible for any damages as a result of national legislation or decisions by the authorities,
inadequate performance of general telecommunication systems, strikes, blockades, boycotts, lockout or any other
situation (force majeure). Limits due to strikes, blockades, boycotts and lockout are also valid if that is the
Finzo or Finzo is involved in the conflict.
If any of the above events prevents Finzo from taking measures such as payments or other services provided to the
then measures are to be performed as soon as the obstacles have ceased.
15. CHANGES IN THE GENERAL TERMS AND CONDITIONS
Finzo reserves the right to change these General terms and conditions without the prior consent of the Members.
Changes to the General terms and conditions shall be notified to the Member beforehand in written form by e-mail
by any other way of electronic communication. The Member then has the right to terminate his membership and close
Virtual account immediately under the terms provided in chapter 12.
16. APPLICABLE LAW AND SOLUTIONS TO THE CONFLICT SITUATIONS
16.1. The service Provider is responsible for observing good credit practices as well as operating in
compliance with the current legislation and regulations.
16.2. The Finnish law shall be applied in case of conflicts on the subject of the General terms and conditions
agreements as well as in case of conflicts between the Member and Finzo OÜ.
16.3. If a Member's loan conflict cannot be settled by negotiation, then it may be settled in Finland in the
court of first instance, in accordance to the jurisdiction in which the Borrower's permanent residence is
16.4. Alternatively, the conflict referred to in chapter 16.2 may be also settled through the Consumer's Dispute
(www.kuluttajariita.fi). Before submitting the matter to the Consumer's Dispute Board Member should contact the
magistrate's consumer counselling (www.kuluttajaneuvonta.fi).
16.5. In Finland regulations for providing financial services are stated in the Consumer Protection Act chapter
16.6. In Finland consumer's credits are regulated in accordance to the Consumer Protection Act chapter 7.