Basic terms

What is the portal PIN-code?

This is a code for digital confirmation of documents.
In order to guarantee safety, documents confirmed with the portal PIN-code will be given a time stamp, which will keep the documents unchanged.

What is a virtual account?

This is an account that allows you to transfer money to and from the portal. When you take a loan, the money is transferred to your virtual account, using which you also make the repayments. You will receive any loan repayments to that account as well. Investing activities, however, do not transact in the virtual account.

What is an investment account?

The money in this account will be used for lending. The investment account can have up to ten loan settings or investment profiles.

What is total loan interest?

Total loan interest is the borrower's total cost as a percentage, which consists of the loan interest paid to the investor and the commission paid to the portal.

What is loan interest?

Annual interest earned by the investor, calculated from the net balance of the loan.

What is commission?

Commission is paid by the borrower to the portal. It is a percentage of the total interest that the borrower pays together with the principal amount based on their monthly payment schedule.

What is an agreement status?

The status of an agreement is described by the color-coding as follows:
Green shows the repayments have been made as per schedule.
Yellow shows the repayments have had delays.
Red shows a problematic loan.

Blue shows that loan has been sold to the collection agency and investors have been compensated at least 60% of the principal debt.

Repayment correctness is used as a basis for calculating the borrower's credit score.

What types of loans are given?

The loans are conditionally divided into two groups: short-term loans, with full repayment after 30, 60 or 90 days, and long-term loans of 6, 12, or 24 months with monthly repayment schedules.

How long do payments take to clear?

The portal makes payments once in two hours during working hours and once in three hours during evenings and weekends. No payments are made during the night. The portal uses SEB bank for transactions. SEB transfers internal payments usually immediately, but no later than within an hour. This also applies on weekends and during the night.  Between banks all payments will be transferred five times a day during workdays. The last transfer will take place at 15:30. This, however, does not mean the payment will reach the destination instantly. If you wish to be certain of your payment being transferred during the same day, you should issue the payment before 11:00.

Credit scores

What is a credit score?

A credit score is a numerical value that indicates the probability of a loan being repaid. Credit score is calculated based on information from the Krediidiinfo credit register and Liisi leasing database as well as the borrower's job, salary, marital status, real estate, and other similar information. If necessary, the portal will ask for a bank statement. The higher the credit score, the higher the probability of a loan being repaid without issues.

What are the idea and the content of a credit score?

The portal divides credit scores into four ranges: 901-1000, 801-900, 701-800 and 601-700. If a client's score is below 601, the portal will not sign a contract with them. An average person, on whom the portal does not have information regarding loan defaults receives a score of 701-800. Providing additional information and answering additional questions is a simple way to raise your score to 801-900. The highest score range is 901-1000, which is mainly based on a valuable job position and a high salary. The lowest acceptable score is 601-700. In general, people with such a score have had minor payment defaults in the past that nonetheless does not create any additional risk for the investor. There is no reason not to invest in loans to people with a credit score of 601-700.

How to raise your credit score?

Your initial score is calculated based on Krediidiinfo credit register and Liisi leasing company database. If a potential borrower wishes to increase their credit score, they must provide additional information, e.g. their 6 month bank statement and answer additional questions asked by the portal. Please note, that the additional data provided can both raise and lower your credit score.

Basic terms for an applicant

What are the loan limit and the available limit?

The loan limit is the largest amount you can borrow through the portal. The limit depends on your credit score and the net balance of loans already taken, based on which the portal calculates your available limit. Limits for short-term loans are usually smaller than for long-term loans.

What is a pending loan application?

If the initial offer is not suitable, you have the option to set it pending with a preferred amount and interest rate. Your desired loan amount can exceed the limit determined by the system. The maximum loan amount is €10,000. The application is classified as "fulfilled" once the lenders have invested the whole required amount.

Basic terms for the investor

What is an investment profile?

An investment profile allows you to set the terms you want to invest at. You can choose the interest rate, the maximum amount going into a single loan and the commission for the portal. You can also choose the suitable credit score ranges. Choosing the commission amount can give you a favorable position within the list of investors. You have the option to configure up to ten separate investment profiles and you can set up several profiles for one loan type. We advise you to invest into several loans and in smaller amounts, not a large amount into a single loan. This will help you to minimize the risks that normally accompany investing activities.

What is a score range?

A score range is one of four possible ranges that will be assigned to a borrower, in order to allow the investor to choose whom to lend money to.

What is a bonus?

A bonus is an additional percentage based on loan interest that the investor pays to the portal. The higher the bonus, the faster your investment materializes.

What is a maximum amount?

An investment profile allows you to specify the maximum amount you wish to put into one loan. This is necessary to diversify risk. If you have configured the same investment type more than once, the portal treats them as independent offers and it is possible, that your money will go into the same loan multiple times.

How to invest in loans that are pending?

All the loan applications, which have not been automatically submitted by the system, can be found under Loan applications in the Invest menu. The investor has the opportunity to invest money directly into a suitable loan. The system will stop any investment profiles when only as little as 10€ will be invested into a pending loan by the investor. A loan application will be closed automatically as soon as the full amount is reached. The borrower will have the option to withdraw their application until that moment. If they do so, all the money will be returned to the investors. The same will be done, if the due date of the application is reached, but the necessary amount is not fully provided.

The possibility to change the amount invested is not limited. When increasing or decreasing the amount the final sum needs to be entered into the investment field, not the quantity you wish to increase or decrease the investment by. For example, if you wish to add 50€ to the already invested 100€ you need to enter 150€ into the investment field. To withdraw your investment simply enter 0.

What is an investment status?

The status of an investment is described by the color-coding as follows:
Green — OK. The repayments have been made on time and have not been delayed by more than 7 days.
Yellow — In debt. A repayment has been delayed by 8 to 90 days.
Red — Problematic. A repayment has been delayed by more than 90 days. The investor has the right to receive repayment compensation from the warranty fund.

Blue — Loan has been sold to the collection agency.

Who will handle the debtors?

The portal will deal with the debtors to the full extent. The investors will not be charged for this service. The portal will handle all debt cases according to the law (via phone, e-mails, etc.) up to the extent of going to court. No debtor is left unnoticed and the investors are always kept up to date with the progress of handling the debtors.

What is the warranty fund?

The warranty fund acts on principles of solidarity, making payments to the investors in case the borrower does not fulfill their obligations. Money is transferred into the fund on two occasions - small deposits made by the borrower when receiving a loan and payments received from the debtors. After a debt has been outstanding for more than 3 months, the investor can choose whether to wait for repayments from the borrower or use the reserves from the warranty fund and terminate the contract.

How large are payments into the warranty fund?

Every loan issued by the portal includes a 3% payment of the loan amount into the warranty fund. Payments out of the warranty fund are a minimum of 60% of the balance of the loan and a maximum of 80%. The exact sum payable depends on the ratio between the warranty fund and the amount of problematic loans. The warranty fund will sell the problematic loan to a collection agency after the investor has received their payment from the fund. The income from the sale will be directed back to the warranty fund.

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