The Borrower shall repay the loan to the Lender(s) on a monthly basis in instalments specified in the terms and conditions of the Loan Contract or on the due date agreed by the Lender and the Borrower. If the due date is not a banking business day, the due date for the payment of the loan instalment and interest as well as the expenses and fees charged for the loan will be the following banking business day. If the due date is transferred, the Lender has the right to charge the interest on the loan pursuant to the interest rate determination period in force from the original due date to the new due date on the entire remaining loan principal remaining on the due date
The obligation to pay interest on the Loan commences from the day on which the Loan is deposited to the Borrower’s bank account. Annual interest shall be charged on the unpaid principal of the Loan as agreed in the Loan Contract. The interest is determined based on the fixed interest rate agreed between the Borrower and the Lender(s). The actual annual interest rate on the Loan is specified in the Peer-to-Peer Lending Service and/or the Loan Contract.
If the Borrower defaults on the payment of a repayment pursuant to the Loan Contract in full or part, the Lender and Fellow Finance Oyj as the Lender’s/Lenders’ representative have the right to demand interest on arrears in accordance with the terms and conditions of the Loan Contract, demand the immediate repayment of the Loan, engage in debt collection measures and report the default of payment obligations under the Loan Contract to the credit rating register. The debt collection of the Loan results in costs for which the Borrower is liable.
When applying for a loan, the Borrower asserts that the information provided by the Borrower is correct and true. The Borrower is liable for the correctness of the information provided by the Borrower. The Lender or Fellow Finance Oyj shall not be liable for errors in the application data or the note of debt and resulting delays. The address data reported by the Borrower must match information received from the Population Register Centre. The Lender and Fellow Finance Oyj as the Lender’s/Lenders’ representative have the right to ensure that the telephone number provided by the Borrower is correct and used by the Borrower.