Privacy Policy

Effective as of 25.11.2024

1.1. IuteCredit Bulgaria a EOOD, with registered seat at: Sofia 1505,Cherkovna St. No. 38, floor 1, office 4, with company registration number 205559807, email: , tel: 0700 40 111 (hereinafter: Lender) is a financial company licensed by the National bank of Bulgaria.

1.2. This Procedure for granting Loans to individuals (hereinafter: Procedure), the Tariff and the principles of processing customer data as described in the Privacy Policy, are an integral part of and applied to any and all of the agreements concluded between the Lender and the Customer and are available to all interested parties in the Lender´s business premises and the Lender’s web site.

1.3. The Lender shall have the right to unilaterally amend the Procedure, Tariff and Privacy Policy by informing the customers of the amendments at least 10 (ten) calendar days in advance of the entry into force of the amendments.

1.3.1. If the Customer does not agree with the amendment(s) he or she shall have the right to terminate the Agreement(s) by notifying the Lender thereof in writing or in another agreed manner within the examination period stipulated in clause 1.3. and by fulfilling all of their obligations arising from the Agreement(s).

1.4. If the Customer does not exercise their right, as stipulated in clause 1.3.1., to terminate the Agreement(s), they shall be deemed as having accepted the amendments and therewith declare that they have no later claims against the Lender in respect to the amendments of the Procedure, Privacy Policy and/or the Tariff.

1.5. The term for the advance notice established in clause 1.3. shall not be applied in the case that the amendment becomes more favorable for the Customer (e.g. decreasing of fees) or new services are added.

1.6. The Procedure and any and all agreements concluded based on the Procedure will be governed by the laws of the Republic of Bulgaria.

1.7. The Customer may at any time request a copy of the applicable Procedure at the Lender’s business premises or find them on the Lender’s Website.

For the purposes of the Procedure the following terms shall have the following meaning:

2.1. Framework Agreement – a legally binding arrangement where the terms for the Customer Profile, Personal Credit Limit, granting of Loans within the Personal Credit Limit and additional services connected to the Loans are agreed upon.

2.2. Agreement – a legally binding arrangement between the Parties where the Lender has accepted to grant and the Customer has accepted to receive a consumer Loan. Each such entire agreement consists of the generally applicable Procedure, Framework Agreement, Tariff, Privacy Policy terms and all other agreements, mutual understandings and all annexes of any agreements entered into between the Parties (including any amendments and supplements) as well as each individual Single Loan Agreement.

2.3. Amortization Plan – a legally binding arrangement that contains data on the payable Loan installments and their maturity and the conditions related to the payment of those amounts, an overview of each payment with data on the principal, the Interest calculated on the basis of the interest rate, ,and additional costs.

2.4. Consumer Loan – a Loan granted to the Customer, including to purchase goods and services or to refinance already existing monetary obligations

2.5. Personal Credit Limit (PCL) – represents the maximum amount that the Customer can receive as a Loan from the Lender.

2.6. Customer Profile – a profile opened on the MyIute platform for the Customer based on the Framework Agreement.

2.7. Additional Fees – all other Fees for services that are not included in the Single Loan Agreement or the Secured Agreement that the Customer has requested, and the Lender has performed. Additional services and their fees are listed in the Tariff, accessible on the Lenders website.

2.8. Applicable Laws – Consumer credit law, Law on obligations and contracts, Law on consumer protection in case of consumer loan agreements, Law on electronic document and electronic signature, Law on providing remote financial services as well as other applicable laws and bylaws regulating this matter.

2.9. Application – application for approval of a Loan submitted either in written, electronic or verbal form by the Customer to the Lender.

2.10. APRC – the annual percentage rate of total costs of the Loan which include current or future costs (interest, other direct or indirect costs, commissions, fees of any kind, including those due to intermediaries for concluding the contract), expressed as an annual percentage of the total amount of the granted Loan. The annual percentage rate of total costs on the Loan is calculated according to a formula in accordance with Annex № 1 from the Consumer credit law, taking into account the general provisions and additional assumptions set out in the Consumer credit law. For the avoidance of doubt, any voluntary and/or Additional Fees are not taken into consideration in the APR calculation.

2.11. Assessment – the process of assessing the Customer’s creditworthiness, affordability and checking the likelihood for repayment of the Loan.

2.12. Cash terminal– cash withdrawal machine owned by the Lender.

2.13. Business Premises – any business premises, used by the Lender, in which the Customer is able to perform one or more of the following activities: to obtain information and/or consultation on the conditions for applying, obtaining and using a Loan; to apply for a Loan; to conclude the Agreement; to perform other activities in accordance with the Procedure or the Framework Agreement. The location, working hours and appropriate organization that manages the business premises are listed on the Lender’s Website.

2.14. Credit Bureau or CCR –Central Credit registry, maintained by the Bulgarian National bank and operating under Ordinance 22 for the Central Credit registry.

2.15. NSSI – the National Social Security institute which contains data regarding the social securities and income of natural persons in the Republic of Bulgaria.

2.16. Credit Intermediary – a person authorized by the Lender for concluding the Agreement on its behalf.

2.17. Electronic Signature – a signature provided by the Parties using a mobile device that is equal with a handwritten signature.

2.18. Fees – all fees charged by the Lender in accordance with the Agreement.

2.19. Procedure – this procedure for granting Loans to individuals.

2.20. Interest – amount paid by the Customer to the Lender as compensation for the Loan.

2.21. Law on Personal Data Protection – the Law on personal data protection as amended from time to time.

2.22. Loan – the amount of the consumer loan as defined in the Single Loan Agreement.

2.23. Single Loan Agreement – consumer loan agreement concluded to grant a Loan, including for the purchase of goods and services or to refinance already existing monetary obligations with all annexes as well as Secured Agreement with all annexes.

2.24. Customer – a natural person who has entered into a contractual relationship with the Lender and is applying for the use of products and services as offered by the Lender.

2.25. Customer Reference Number – a unique number assigned to each Customer.

2.26. Loan Reference Number – a unique number assigned to each Single Loan Agreement.

2.27. BGN – Bulgarian lev. The Loans approved and disbursed by the Lender in accordance with the Agreement are in Bulgarian levs and are repaid by the Customer in Bulgarian levs.

2.28. MyIute – an online environment offering Customers a tool to register a Customer Profile, apply for Loans, see their loan balances and events under one combined view and help the Customers make Loan repayments smoothly and in time.

2.29. Parties – as stated in the Agreement or the Secured Agreement.

2.30. Secured Agreement – automobile secured agreement with enforcement clause in case of concluding a Single Loan Agreement that is secured with a vehicle or dedicated loan agreement with pledge of a vehicle together with all annexes.

2.31. Repayment Date – the date on which the Customer is obliged to repay the Loan including all Fees.

2.32. Suspension Fee – the amount of Fee that the Customer must pay if they want to request suspension of the respective monthly installment. The amount of the Suspension Fee is determined by the Lender’s Tariff. The Customer can use this right once for each monthly installment.

2.33. Tariff – the price list for the Lender’s additional services and activities conducted regarding Customers being late with their obligations. The Tariff is published in the Lender´s Business premises and on the Website.

2.34. Website – Lender’s web site, www.iute.bg.

3.1. The Lender shall have the right to decide with whom to enter or not to enter into agreements with (freedom of contract).

3.2. The Lender can approve and enter into an Agreement if the following conditions are met:

3.2.1. The Customer is a natural person and citizen of the Republic of Bulgaria, at least 18 years of age and has the legal capacity to enter into an agreement;

3.2.2. the identity of the Customer is properly verified;

3.2.3. the Customer has an income and can afford the Loan, whereas the Customer may be requested to submit documented proof of that income;

3.2.4. the Customer has requested a Loan from the Lender and it has been approved;

3.2.5. the Customer accepts and signs the Framework Agreement;

3.2.6. The Customer accepts and signs the Single Loan Agreement and its appendixes and/or any other agreement deemed necessary (e.g. Secured Agreement etc);

3.2.7. In case of a Secured Agreement, when the pledge is registered in the Central registry of Republic of Bulgaria (applicable only for the Secured Agreements and the dedicated Secured Agreement).

3.3. The approval of the Loan depends on the Assessment. The Lender may also approve a Loan based on the data from its internal database.

3.4. The Lender shall not enter into Agreements with non-Bulgarian citizens and with Customers who do not submit or refuses to submit the data/documents requested by the Lender for identification and verification purposes and/or to assess their creditworthiness and affordability, and in accordance with the requirements of the Lender upon the Lender’s demand, does not provide sufficient data or documents for the certification of the legality of their funds or there are any other grounds for suspecting them of money laundering (incl. using a front person) or terrorist financing.

3.5. The Lender shall not enter into Agreements with Customers who have caused direct or indirect damage to the Lender or a threat of actual damage or has caused damage to the reputation of the Lender or has a debt to the Lender or other creditors or credit institutions.

4.1. The Customer applies for a Loan personally, by submitting the Application to the Lender. The submission of the Application may be done through the Lender’s Website, by telephone, mobile app (MyIute), in the Lender’s business premises or at a Credit Intermediary or any other channel made available by the Lender.

4.1.1. For requesting a Loan via the available digital channels, the Customer will be required to give the Lender access to his or her phone camera and microphone. The Customer would need to have the phone connected to the internet and have appropriate hard- and software on it and the Customer´s phone may need to have a fingerprint reader and/or facial recognition capabilities.

4.2. In the Application, the Customer declares his or her personal data, email, contact telephone, etc., as well as the requested Loan amount and requested Loan term.

4.3. The Lender shall not be liable for any errors in the data submitted by the Customer and any consequences from such errors shall be borne by the Customer.

4.4. By submitting the Application, the Customer must give the Lender consent to obtain a report from the Bulgarian Central Credit registry (CCR) and NSSI. The Customer agrees and acknowledges that the consent given to the Lender to obtain reports from CCR and NSSI will be applicable to any and all requests the Customer has made to the Lender within the validity of the Framework Agreement according to the operational rules, on the manner and procedure, of the data usage from CCR and NSSI.

4.5. Before the Lender accepts to grant a Loan, the Customer must state whether or not they are a politically exposed person or related with a politically exposed person (hereinafter: PEP).

4.6. Prior to signing the Agreement, the Lender will make available to the Customer the whole precontractual documentation for the requested Loan, and the Loan terms.

5.1. The Customer, or in exceptional cases their representative, shall submit the data and documents requested by the Lender for identification of the Customer.

5.2. The Customer shall be identified on the basis of personal identification documents that are in accordance with legislation and accepted by the Lender (e.g. a passport, an ID-card).

5.3. The Customer or their representative may be identified through a means of communication accepted by the Lender or via means of digital identification.

5.4. The Lender shall assume that the document(s) presented by the Customer are authentic, valid and correct.

5.5. The Lender will make a copy of the documents submitted by the Customer and will store it, physically and/or electronically, according to the Privacy Policy rules.

5.6. The Lender shall apply both Bulgarian and international measures for the prevention of money laundering, terrorist financing, and tax evasion, as well as the measures of the application of sanctions. Therefore, the Lender must have an overview of its Customers and also the activities (e.g. economic activities) and the origin of the assets of the Customers (applying the Know Your Client principle). Based on the mentioned considerations, the Lender shall have the right and obligation to:

5.6.1. check the identification information of the Customer or the representative of the Customer on a regular basis and receive additional documents and data (incl. citizenship, tax residence, place of residence) from the Customer throughout the validity of contractual relationship with the Customer;

5.6.2. regularly and/or upon its discretion ask for documents and data regarding the activities of the Customer, incl. data regarding the purpose and essence of transactions and the legal origin of the assets of the Customer used in transactions;

5.6.3. monitor how the Customer uses the services of the Lender.

5.7. While applying the measures for the prevention of money laundering and terrorist financing and sanction measures, the Lender shall use risk-based methods and select the suitable and appropriate extent of the measures, proceeding from the nature of the transactions, as well as the assessment regarding the amount of risk that the Customer, or any other person related to the transaction, may be engaged or may commence money laundering, terrorist financing or violate the established sanction.

6.1. The Lender performs the Assessment of the Customer based on available information, including information received from the Customer and at its discretion, if necessary, after making inquiries to external databases relevant to the creditworthiness and affordability assessment, to which the Lender has lawful access.

6.2. The Customer is obliged to provide the Lender with copies of the documents required for the Assessment as deemed necessary by the Lender, such as:

6.2.1. a certificate of employment; and/or

6.2.2. a copy of a bank report; and/or

6.2.3. a document for receiving a pension, in the case of a pension beneficiary etc.

6.3. In the event of an Application for a Secured Agreement, the Customer is obliged to provide the Lender with a valid ownership document for the subject of the pledge for securing the Loan.

6.4. As part of the Assessment, the Lender, at its own discretion, may, through its own employees, conduct a conversation with the Customer, during which it may request and receive additional data or additional documents. All such conversations are recorded and stored according to the Privacy Policy rules and will form a part of the Customer´s file kept with the Lender.

6.5. For the purpose of approving the Loan, in accordance with the Procedure, the Customer declares that on the day of the request, they:

6.5.1. have no obligations as guarantor nor unsettled obligations towards the state, financial institutions, current or previous employers, any natural person or legal entity or obligations due for payment before the Loan for which they apply, apart from those about which they notified the Lender during the process of concluding the Agreement;

6.5.2. no notary payment order or lawsuit has been filed against them and they do not know any objectively justified reasons that may lead to that;

6.5.3. is not insolvent, does not participate in agreements whose execution would be contrary to the fulfillment of the obligations from the Agreement;

6.5.4. all data provided in the Application, is complete and accurate.

6.6. If during the filing of the Application the Customer provides incorrect data, depending on the moment of finding out this fact, the Lender reserves the right to either refuse the conclusion of the Agreement and the granting of the Loan, or to terminate the Agreement (if such is concluded) and any contractual relationship with the Customer, without prior notice and to request early repayment of the Loan, together with all fees, costs and accrued interest or such that will be accrued until the date of termination of the Agreement. The Loan is declared as early payment with a one-sided statement of the Lender, which can be sent via the telephone number (via SMS) specified by the Customer in the Application, in person, by the declared address or by e-mail.

6.7. In case the Lender approves the Application, the Customer will be notified about it by e-mail and/or telephone number (via SMS or by call), in person at the Business Premises or the business premises of a Credit Intermediary or in the MyIute environment.

6.8. The Lender has the right to offer the Customer conditions for concluding an agreement other than the requested ones, including a shorter loan repayment period or a lower loan amount. If the Customer agrees to the offer by signing the Agreement, the Lender does not require the Customer to submit a new Application.

6.9. The term for approval of the Application is 72 (seventy-two) hours from its submission. If the Application is not approved during this term, it will be deemed not to have been approved.

6.10. The Lender reserves the right to reject the Application, without specific explanation, by sending a written notice to the customer, either by e-mail, via SMS to the specified telephone number, displaying it in MyIute environment or by silent rejection. Silent rejection of the Application will be considered the cases in which the Lender does not send a notification for Loan approval to the Customer within the deadlines provided for reviewing the Application.

7.1. Each Agreement is considered to be concluded and enters into force from the moment when the Customer signs the Agreement either physically or electronically.

7.2. Each Agreement and any request can be physically signed at the Lender´s business premises or at the business premises of a Credit Intermediary. The electronic signing can be conducted in MyIute or another online environment. The Parties agree and acknowledge that all statements regarding the Application, conclusion, performance and termination of the Agreement, signed with a simple or advanced electronic signature will be equivalent to a hand-signed signature.

7.3. For electronic signing in the MyIute environment, the Customer´s electronic certificate stored in the Customer’s device (phone) will be used. By pressing the “Sign” button, an application will prompt for biometrics (fingerprint or facial ID) or if this is enabled, then in case of an iPhone it will require the Customer´s phone PIN. The biometric information will be used to get a verification result from the secure storage of the phone (i.e Secure Enclave for iPhone) and using the MyIute certificate stored there, the signature for PDF document will be created and sent to the Lender´s servers, where it will be added to the PDF file. No biometric information will be sent to the Lender´s servers. Furthermore, it is not possible to reverse engineer the biometric information from that signature. If the biometrics is not configured and in case of an iPhone the phone PIN is not configured either, then the Agreement or request will be signed electronically, using the Customer´s declared phone number, where the Lender will send a unique one-time-password (OTP) code, which the Customer needs to insert within 3 minutes to the subpage displayed to him. If the inserted OTP code matches the one sent by the Lender, the Agreement or request is considered signed.

7.4. For electronic signing outside of MyIute environment, the Lender will send a unique link to the Customer´s e-mail and by opening the link an OTP will be sent to the Customer´s declared phone number, which the Customer needs to insert within 3 minutes to the subpage displayed to him. If the inserted OTP code matches the one sent by the Lender, the Agreement or Request is considered signed.

7.5. The Secured Agreement is considered signed and concluded from the moment when the Customer personally signs the Agreement and the annexes to the Agreement and will be informed of all rights and obligations arising from it. The Secured Agreement enters into force after the Customer signs the Agreement with the Lender and the pledge is registered in the Central Pledge Register of the Republic of Bulgaria.

7.6. Any amount approved and disbursed by the Lender to the Customer is considered as a Loan approved by the Lender under the terms of the Agreement.

8.1. The Lender shall disburse the Loan in full or a part thereof to the Customer in accordance with the Agreement and/or based on the Customer´s further instructions.

8.2. Loans can be disbursed to the Customer’s bank account, via a cash terminal, or through one of the Lender’s partners, whose information can be found on the website www.iute.bg. In the case of purchasing goods or services via a Credit intermediary, the funds will be disbursed by transferring the Loan to Credit intermediary´s bank account. When the Loan of the Single Loan Agreement is received in cash at one of the Lender’s partner offices, the Customer must provide all necessary identification documents. Each disbursement channel might be subject to administrative expenses as described in the Tariff. The Customer agrees that any administrative expenses will be charged from the Loan.

8.2.1. The Customer is liable for the correctness of the bank account details to which they want the Loan to be transferred, including any third party (e.g. Credit Intermediary, another creditor etc) that might be involved.

8.2.2. For withdrawing the Loan via a cash terminal, the Customer needs to insert the loan reference number to the cash terminal and the Customer will be informed about the administrative expense related to the withdrawal, which will be deducted from the Loan amount for which the Agreement was signed. If the Customer agrees to the displayed administrative expense, they will need to confirm it by pressing the button “YES”, after which the Lender will send a one-time password code (OTP) to the Customer´s registered phone number. The Customer will need to insert the received OTP to the cash terminal after which the Customer can select the amount they would like to withdraw.

8.2.3. In case the Agreement is concluded via a Credit Intermediary with the intention to purchase the Credit Intermediary´s goods or services, the Parties have agreed that the Lender transfers the Loan amount directly to the bank account of the Credit Intermediary and the Customer is obliged to repay the Loan to the Lender according to the Agreement. The Lender shall not be liable if the Credit Intermediary is in bankruptcy or liquidation procedure or any other reason that might stop the transfer of the Loan amount.

8.3. If the Customer has provided the Lender with false material information or the circumstances forming the basis for granting the Loan have changed (incl. the Customer’s financial condition has worsened, upon occurrence of the encumbrances of the object encumbered with collateral, which were not known to the Lender), the Lender shall have the right to refuse disbursement of the Loan or a part thereof on the basis of the Agreement.

9.1. The Lender has the right for Interest and other Fees as agreed in the Agreement.

9.2. The Customer shall pay Interest and other agreed Fees under the Agreement and in accordance with the Amortization Plan. The Lender shall start calculating the interest as of the date of signing the Single Loan Agreement.

9.3. The Interest is calculated monthly by the simple interest method on the residual amount of the Loan.

9.4. The total cost of the Loan represents all costs, including Interest, contractual Fees and all other types of Fees that the Customer is obligated to pay in connection with the Agreement and which the Lender is or should be aware of, including Fees for additional services related to the Agreement. The total cost of the Loan does not include notary fees or state fees. The initial annual percentage rate of costs includes the total cost of the Loan, present or future, (including Interest, other direct or indirect costs, contractual Fee or Fees of any kind) arising from the disbursement of the loan and represents the annual percentage rate of the loan (APR). The interest rate for a day is calculated as 1 / 365th of the annual interest rate. In case the Customer has become overdue with the payments he owes to the Lender, in addition to the agreed Interest, and compensation for delay in the amount of legal interest on the entire overdue amount for the entire period – from the due date to the date of the effective payment of the Loan amount. The calculation of the initial annual rate shall be made on the basis of the terms of the Agreement in force at the time of the conclusion of the Agreement or its amendment (including the Interest rate in force at that time). When calculating the total Loan amount and the initial annual interest rate, the Loan shall be deemed to be disbursed immediately and in full to the Customer, with the Agreement remaining in force until the final repayment date agreed in the Agreement and the Parties having duly fulfilled their obligations

The annual percentage of the Loan costs is specified in the Single Loan Agreement and is calculated in accordance with the requirements of the Consumer Credit Law, taking into account the following assumptions:

• The Agreement will be valid for the term specified in it, for which it is concluded;

• Each of the Parties will perform its obligations accurately and on time in accordance with the terms and conditions of the Agreement;

• The Customer will not default on their obligations and therefore no collection costs, default interest and /or penalties will be charged.

The total cost of the Loan changes in deviation from the assumptions above.

The Loan Agreement is concluded at an exchange rate of 1.95583 BGN per one euro (EUR), according to the fixed exchange rate of the Bulgarian National Bank. Upon Bulgaria’s transition to the euro as its official currency, all outstanding amounts under the Loan Agreement, agreed in BGN, will be automatically converted into euros at the fixed exchange rate, without additional fees or changing other contractual terms. This automatic currency conversion does not constitute an amendment to the Loan Agreement and does not increase the financial obligation of the Customer.

10.1. During the validity of the Agreement the Lender shall make the Amortization Plan available to the Customer free of charge.

10.2. The Amortization Plan contains data on the payable Loan installments and their maturity and the conditions related to the payment of those amounts, an overview of each payment with data on the principal, the Interest calculated on the basis of the interest rate, fees and additional costs.

10.3. The Customer can view the Amortization Plan in the Customer Profile, additionally, at the request of the Customer, the Lender shall deliver the Amortization Plan to the Customer by post or e-mail.

11.1. The Customer shall repay the Loan under the terms and conditions provided for in the Agreement in accordance with the amounts specified in the Amortization Plan of each Single Loan Agreement.

11.2. The Customer repays the Loan to the Lender’s bank account as declared in the Agreement or in the Lender´s Website, in MyIute or in the Single Loan Agreement. If made available, the Customer can also repay the Loan via cash-in ATMs.

11.3. The Customer shall pay separately and at his or her own expense all costs he or she may incur in connection with the performance of the Agreement.

11.4. The Customer will need to use either their Customer Reference Number or a Loan Reference Number for the repayment, whereas by using a Loan Reference Number the Customer will be considered to have been providing clear instructions of which obligations are being settled and by using Customer Reference Number the Customer acknowledges that if the Customer has more than one unpaid Loan due or other due obligations towards the Lender, the settlement of such payments will be made in the discretion of the Lender.

11.5. In case the Customer has more than one outstanding Loan with the Lender and the Customer has not given specific instructions for the distribution of funds, the distribution of funds received from the Customer will be made among amounts firstly due and secondly maturing, in the following order:

1) court and out-of-court collection costs, costs for reminder letters, sending messages;

2) fees;

3) accrued penalty interest or late penalties;

4) agreed Interest;

5) Loan principal.

11.6. All repayments made via bank transfer are considered valid from the moment the identifiable funds are received to the Lender’s bank account. If the funds received by the Lender are not possible to identify as being paid by the Customer, the repayment is not considered valid until the moment of its identification and the Customer bears all the consequences of late payment.

11.7. In case the Customer repays an amount that is not sufficient to repay all due amounts, the costs related to non-fulfillment and untimely fulfillment of the Customer’s obligations are settled first as referred in Clause 11.5.

11.8. The Customer shall have the right to repay the Loan in full or a part thereof prematurely by making a written early repayment application to the Lender. The Customer must settle all their outstanding obligations before such repayment. In case of partial early repayment, the Customer must sign the new Amortization plan which becomes effective once the repayment is processed in accordance with the requirements as set by the Lender.

11.9. In case of an early repayment of the Loan, the Customer is obliged to pay the unpaid principal of the Loan, and the accrued Interests and Fees until the day of early repayment.

11.10. In case of early repayment of the Loan by the Customer, the Lender is entitled to compensation for any costs directly related to the early repayment of the loan in the amount of 1 percent of the prepaid Loan amount, when the remaining period of the Agreement is longer of one year and in the amount of 0.5 per cent of the amount of the prepaid Loan – when the remaining period of the Agreement is less than one year. In case the Lender has suffered a loss from the early repayment of Loan amounts exceeding the amount of the specified indemnity, the Lender may claim a larger indemnity in compliance with the legal requirements. The Customer does not owe compensation for early repayment of the Loan when it is terminated on the basis of a duly exercised right of withdrawal.

11.11. The Customer shall pay the Fee for early repayment to the Lender on the day of early repayment of the Loan amount or a part thereof.

11.12. If the Customer has not repaid the Loan in the full amount or a part thereof within the terms specified by the Lender, it shall be deemed that the Customer has waived the early repayment request.

11.13. In case the Customer makes repayments to the Lender which exceed the amounts due (overpayment), and does not notify the Lender in writing for the intention to fully or partially repay the Loan, it will not be considered as an early repayment and will be handled as a prepayment for the future obligations of the Customer. The Lender reserves the right to settle these amounts with any and all claims the Lender might have against the Customer arising from the Agreement(s) or approved requests of the Customer, considering that such claims are due.

11.14. If after the full repayment of the liabilities there are funds left to be returned to the Customer, the Lender shall return them to the Customer by transferring the amount to the bank account of the Customer, if known to the Lender, or by other means as instructed by the Customer.

11.15. The early repayment of the Loan may also be performed by approving a new Loan to the Customer by the Lender (“Refinancing loan”). The Refinancing Loan can be approved only in case of full (not partial) repayment of existing obligations of the Customer. The Lender is not obliged to approve Refinancing Applications.

12.1. The Customer has the right, without paying compensation or penalty and without stating a reason, to withdraw from the Agreement within 14 days from the date of disbursement of the amount of the Loan Agreement .

12.2. The right of withdrawal from the Agreement shall be deemed exercised provided that the Customer sends a written notice to the Lender before the expiration of the deadline. If the Customer repays the Loan in full within the 14 day withdrawal period and fails to notify the Lender of his intention to withdraw, the repayment will be considered as overpayment as per clause 11.13.

12.3. In the event that the Customer exercises their right to withdraw from the Agreement, they shall return to the Lender the Loan and pay the accrued Interest for the period from the date of signing the Agreement to the date of repayment of the Loan and the accrued Interest, without undue delay and no later than 30 calendar days from sending the notification to the Lender to exercise the right of withdrawal. The Interest is calculated on the basis of the interest rate per day agreed in the Single Loan Agreement.

12.4. In case the Customer has sent a notification for exercising his or her right of withdrawal to the Lender in time, but has not paid to the Lender the amount due within the 30-day term, the Agreement continues its validity, under the conditions under which it is concluded, including the application of the Amortization Plan, with all the consequences of any delay of the Customer.

13.1. The Customer has the right to request a suspension of the respective monthly installment in which case the Customer is obliged to pay a Suspension Fee. The Suspension Fee is a non-refundable and non-convertible single monetary consideration, the amount of which is published in the Tariff, paid by the Customer to:

• agree in the delay in the monthly installment repayment;

• stop the calculation of penalties;

• stop the collection activities which would increase the total debt of the Customer; and

13.2. The Customer acknowledges that in case of even a partial non-repayment of amounts due, including the Suspension Fee, by the agreed term, the Lender is entitled to calculate the late payment Interest retrospectively from the due date of the monthly installment. For the avoidance of doubt, the Suspension Fee will not be refunded nor converted as a payment of the monthly installment, Interest, Commission Fee nor any other Fees owed by the Customer.

14.1. If the Customer does not fulfill its obligations under the Agreement in full and on time, the Lender has the following rights:

14.1.1. To calculate the Interest for the delay on the overdue amount from the due date until the repayment of the due amount. The penalty Interest rate is formed by the basic interest rate + 10 percentage points. The basic Interest rate is determined by the Bulgarian National Bank (BNB) and the amount of the statutory interest is determined with a Decree of the Council of Ministers of the Republic of Bulgaria.

14.1.2. To take all necessary actions in accordance with the Applicable Laws, including after the notice period has expired early termination of the Agreement and any other Agreements concluded between the Parties and to carry out all necessary activities for collection of its claims before all competent authorities and institutions, including but not limited to courts, notaries, executors and others.

14.1.3. To submit the information on the obligations of the Customer to the Credit bureau, which may affect the future creditworthiness of the Customer. The data on the Customer shall be submitted to the Credit bureau on the basis of a written agreement concluded between the Lender and the Central Credit Register and on the basis of the applicable law on the Central Credit Register.

14.1.4. All other rights, duly described in the Agreement signed between the Lender and the Customer.

15.1. The Lender shall be entitled to terminate any and all Agreements and demand from the Customer to discharge the outstanding Loan(s), accrued Interest, default Interest, penalties and other claims arising from the Agreements within 3 (three) business days as of the receipt of a corresponding notice from the Lender if:

15.1.1. Pursuant to the application of the Bulgarian Anti-Money Laundering Measures Act, it was established that the Customer provided the Lender with false material information in the Loan Application or in other documents submitted to the Lender. ;

15.1.2. the Customer does not duly perform the payment obligations arising from the Agreement(s);

15.1.3. the Customer fails to perform duly any or all of the obligations arising from the Agreement(s);

15.1.4. the market value of the object encumbered with the collateral decreases in such a way that the value of the object encumbered with the collateral is not sufficient enough for satisfying the Lender’s claims arising from the Agreement or the invalidity of the collateral appears and the Lender and the Customer fail to come to an agreement on establishment of an additional collateral;

15.1.5. there occur any events which jeopardize due performance of the Agreement by the Customer;

15.2. In case of termination, the Loan together the accumulated Interest until the date of the actual repayment is immediately due for payment. The final amount to be paid by the Customer because of termination by the Lender under the Agreement will be stated by the Lender in the termination notice.

15.3. All termination clauses and consequences of late payment are duly described in the Framework agreement signed between the Creditor and the Customer.

16.1. The Customer can file a complaint with a letter to the Lender’s address listed above.

16.2. All complaints will be answered as soon as possible, and the Lender will make best efforts to reply within 30 days.

17.1. The Customer acknowledges that his or her personal data may be transferred to an Agency for collection of receivables as well as processed for the purpose of Assessment of the creditworthiness and affordability.

17.2. The Lender shall process Customer´s personal data and can transfer the personal data in other countries, members of EU or EEA or other countries, non-members of EU or EEA with prior approval from the Agency for personal data protection according to the Privacy Policy.

18.1. The Lender will not be liable to the Customer for any delay or omission in the performance of the obligations due to force majeure (as defined below).

18.2. “Force majeure” means any event that cannot be prevented or foreseen, occurring after the signing of the Agreement between the Lender and the Customer and which leads to the inability to fulfill the obligations assumed by the Lender under the Agreement, including, but not limited to: legal, administrative or governmental restrictions, natural disasters, epidemic, riots, uprisings, conflicts or riots, war, terrorist attacks, earthquakes or other destructive actions of natural forces, general strikes, embargoes.

18.3. In the event of Force Majeure, the Lender shall take all reasonable actions and measures to limit any losses and damages and shall notify the Customer within one week of the date of ending of the force majeure.

18.4. Lack of funds will not be considered as force majeure, both in relation to the Lender and the Customer.

19.1. All notifications between the Parties in connection with the Agreement shall be made in accordance with the Agreement.

19.2. If any provision or part of the provisions of this Procedure is declared invalid, the remaining provisions shall remain in force and the invalid provisions will be replaced with applicable provisions that match the initial intent of the Parties as closely as possible.

19.3. By signing the Agreement, the Customer confirms that he or she has read and understood this Procedure and fully agrees with them.

IuteCredit Bulgaria EOOD