Common use of Process of Conclusion of the Credit Agreement Clause in Contracts

Process of Conclusion of the Credit Agreement. 3.1. In order to receive Credit, you must have a valid Credit Agreement. 3.2. To enter into the Credit Agreement, you must visit the Website and complete and submit an application. You may submit an application if you are resident in Sweden and are at least 21 years old. You may request Ferratum to provide copies of the draft Credit Agreement, and all documents forming an integral part thereof, free of charge, prior to entering into such agreement unless Ferratum has decided not to enter into a Credit Agreement with you. Before conclusion of the Credit Agreement, you shall read the draft Credit Agreement which shall be made available to you. 3.3. Conclusion of the Credit Agreement does not constitute an approval of any individual Credit request, i.e. to receive Credit, you must first submit a Credit request. A Credit request may be submitted together with an application to enter into a Credit Agreement. Further details are provided in clause 5 of these Standard Terms below. 3.4. By submitting a request to enter into a Credit Agreement with Ferratum, you acknowledge, confirm, warrant and undertake that : 3.4.1 You have provided true, correct and complete information to Ferratum and that you will inform Xxxxxxxx as soon as possible and in no case later than within one working day whenever there is a change to such information or in the event that you notice that any information submitted was erroneous or otherwise untrue, incorrect or incomplete; 3.4.2 You have an operational email address and mobile phone number; 3.4.3 the bank account and ancillary details (if such details have been provided) provided to Ferratum are true and correct and refer to a bank account held in your name with a bank established in Sweden and/or in another Member State of the European Union. You understand that any Credit disbursements and repayments shall be made through an account held in your name. You undertake to immediately inform Xxxxxxxx about any changes to the bank account details provided. You acknowledge and accept that in case of change in personal bank account details you may be requested to verify such details in the manner required by Ferratum; 3.4.4 you have read the Credit Agreement before you became bound by it and understand its contents and agree with the provisions therein. 3.4.5 you were provided with the Credit Agreement in a durable medium; 3.4.6 you were provided with adequate explanations on the Credit Agreement, the essential characteristics of the Credit (including the consequences of default of repayment) which have enabled you to assess whether the Credit Agreement is adapted to your needs; 3.4.7 you have entered into the Credit Agreement of your free will and have not concluded the Credit Agreement under threat, duress, or in distress or under strikingly unfavourable conditions with regard to your personal and financial circumstances; 3.4.8 you are not a politically exposed person (unless otherwise declared). You also undertake to inform Xxxxxxxx should this change; 3.4.9 you are not obtaining the Credit for the benefit of or on behalf of somebody else. Otherwise you shall inform Xxxxxxxx immediately and Ferratum may impose additional identification and verification measures and may refuse to enter into the Credit Agreement or grant Credit or may, if granting Credit, impose additional conditions on both the agent and the principal; 3.4.10 you understand that short-term borrowing may carry with it certain risks, since it is designed to suit liquidity needs over short periods of time and may carry higher interest rates than long term borrowing. Consequently, using short-term borrowing over a long period of time and to address long-term financial needs may lead to increased financial pressures; 3.4.11 you have evaluated the need for borrowing funds and evaluated your capacity to repay the Credit;