Online Platform Terms of Use

1. General provisions:
1.1. These rules for the use of the Web page www.paskoluklubas.lt (hereinafter ‘the Rules’) define the terms and conditions for the use of the web page www.paskoluklubas.lt (hereinafter ‘the Web page’). The rules are provided publicly on the web page www.paskoluklubas.lt. Every user of the Web page (hereinafter ‘the Client’) accepts all provisions of these Rules and undertakes to follow them.
1.2. The Web page may also be referred to as ‘the Platform’.
1.3. Clients who reject the provisions of these Rules, or do not understand them, have no right to use the Web page.
1.4. If, in order to use certain functions of the Web page and/or services provided by the Company, the provision of an agreement to the specific instructions of the Company and/or the assumption of certain obligations and/or disclosure of certain information and/or submission of certain confirmation is required, the Client has the right to use those functions of the Web page and/or services provided by the Company only after the aforementioned actions are performed.
1.5. All information that is published on the Web page, including, but not limited to, the agreements and their wording, belongs to NEO Finance, AB, company code 303225546, registered office located at Verkių st. 25C-1, Vilnius (hereinafter ‘the Company’). Neither information that is published on the Web page nor any part of it maybe copied or distributed in any way or used for any other purposes than the use of the services of the Company.
1.6. By registering on the Web page the client confirms that he/she has read and understood these Rules and confirms that there are no hidden terms and  conditions in these Rules.
1.7. These rules come into effect on 29 April 2016 and are valid till their termination.
2. Registration and opening of an account:
2.1. In order to use the functions offered on the Web page, a Client who is a natural person must register by selecting the desired profile: a) Loan recipient; b) Investor. On the Platform the investor can be named as the Loan provider as well. A Client who is a natural person can select one of the aforementioned profiles.
2.2. A Client who is a natural person younger than 18 years, and is represented by legal representatives under the law, may only assume the profile of an investor. The registration of such a Client is performed only when the legal representatives under the law come to the registered office of "PASKOLŲ KLUBAS" located at Verkių st. 25C, Vilnius.
2.3 In order to open an electronic money account, a Client that is a legal person must register by selecting the profile: ‘Open an electronic money account for legal persons’. A client that is a legal person may only select the aforementioned profile.
2.4. During registration, the Client must submit all information that is required by the Company, including, but not limited to: first name, last name, personal code, birth date, residence address; they must also fill out the standard form ‘Client recognition information collection questionnaire’, and verify their identity using one of the methods required by the Company.
2.5. Registration of the Client concludes with the opening of an electronic money account (hereinafter ‘the Account’) for the Client. Conditions for the use of the account are defined in the Agreement for the opening of the Account signed by the Client and the Company.
2.6. The Company has the right not to provide any services to the Client, if the Client fails to submit all of the documents required by the Company, or if the Client submits incorrect information, or for any other reason, without specifying them.
2.7. The Company has the right to inform law enforcement institutions and other parties about all operations performed or initiated on the Web page if there is a lawful basis to do so.
3. The status of VIP investor

3.1. Loan provider is awarded with a certain type of VIP investor status if his/her "PASKOLŲ KLUBAS" active investment portfolio contains following values:
3.1.1. VIP Bronze. Active investment portfolio contains more than € 5,000;
3.1.2. VIP Silver. Active investment portfolio contains more than € 15,000;
3.1.3. VIP Gold. Active investment portfolio contains more than € 50,000;
3.1.4. VIP Platinum. Active investment portfolio contains more than € 125,000.

3.2. Loan providers with the status of VIP investor acquire the additional privileges:
3.2.1. VIP investors have priority over other loan providers when using the automatic investment function, asspecified in paragraph 4.1 of these Rules.
3.2.2. VIP investors may sell overdue loans with a coefficient 10% higher than for the other loan providers who do not have the status of the VIP investor, as defined in paragraph 4.3.4 of the Agreement on the provision of loans.
3.2.3. VIP investors receives invitations to special events organised by the Company.
4. Procedure for automatic investment:
4.1. The sequence of automatic investment announcements is set according to the date of their creation. The earlier the announcement of an automatic investment is created, the higher its serial number is. Automatic investment announcements by loan providers with VIP investor status have priority over those of other loan providers, regardless of their creation date. In the event of several automatic investment announcements by loan providers with VIP investor status, priority is set according to the creation date of the loan provider’s automatic investment announcement.

4.2. Depending on the status and its type of the Loan provider, the possible criteria for the automatic investment are different. All available automated investment criteria’s, depending on the status and its type of the Loan provider, are provided on the website.

5. Calculation method for repayments:
5.1. When the loan recipient makes a repayment, it is distributed proportionally to the Loan providers according to their share of the total loan amount in which they they invested. The amount of the payment that is repaid to the loan providers is rounded up to the accuracy of cents. Excess portions of those cents are not annulled, but are accumulated until, after the addition of such amounts, at least one cent is obtained, which will be added to the next repayable amount.
6. Solvency assessment:
6.1. In order to utilise the mutual lending service provided on the Web page and to receive consumer credit, the Client must submit to the Company all information and data (documents) requested, and are required for the assessment of the solvency of the Client and their family.
6.2. In order to use the mutual lending service provided on the Web page and receive consumer credit, the Client must purchase  a Creditworthiness rating on the Web page. This Creditworthiness rating is used for the preliminary assessment of the Client's solvency and for the establishment of the conditions under which the specific Client will be able to conclude consumer credit agreements on the Web page.
6.3. Any Client who has the account has the right to purchase a Creditworthiness rating, except for Clients who are natural persons, younger than 18 years.
6.4. The service of the Creditworthiness rating sold on the Web page is not free of charge. The price of the service is 5 (five) EUR. The price of the service is deducted from the funds in the Client's Account. If the balance of the electronic money in the Account is smaller than 5 (five) EUR, the Client cannot buy the Creditworthiness rating.
6.5. The duration of the Creditworthiness rating is limited. The Creditworthiness rating is deemed to be valid for 72 hours from the moment of its purchase. If the Client wishes to submit a new application to receive consumer credit, but more than 72 have passed from the date of the purchase of the last Creditworthiness rating, the Client must purchase a new Creditworthiness rating.
6.6. The solvency of a Client who wishes to obtain consumer credit on the Web page, is assessed in accordance with the Rules for the assessment of solvency that are coordinated with the Bank of Lithuania. The responsibility of the Company to a Client who is the Provider of a loan under consumer credit agreements concluded on the Web page, is limited. The Company is responsible only for the assessment of the solvency of every Loan recipient (consumer credit recipient) in accordance with the provisions of these Rules for the assessment of solvency. By providing the consumer credit on the Web page, every person evaluates and understands the risk of losing the funds invested due to the insolvency of the consumer credit recipient.
6.7. Before concluding any agreement on the Web page, the Client undertakes to thoroughly acquaint him or herself with the conditions of the agreement that is being concluded. All agreements concluded are exclusively concluded for the benefit of the Client and at risk to the Client that is understood and assumed by the Client. The Company is not held responsible for any losses of the Client that occur without the intentional fault of the Company.
7. Consumer credit agreements are deemed to be concluded when both Contractual Parties sign them using electronic signatures according to the procedure specified below.
8. Agreement regarding electronic signatures:
8.1. The Company and the Client agree that all contracts, agreements, Client confirmations, consents and other documents, whether unilateral or multilateral,that are signed by the Client on the Web page by entering a unique code received by text message (SMS), or by ticking the box beside the specified sentence, when prior to that the Client has signed onto the Web page by entering their email address and password or by using a mobile electronic signature, are deemed to be signed with the electronic signature and are deemed to be a proper means of proof in court,
as determined by the Law of the Republic of Lithuania on Electronic Identification and Electronic Operations Reliability Services.
8.2. The Company and the Client agree that all documents signed by the parties on the Website, from the moment of their generation, shall be considered as signed with electronic signatures, although the electronic signatures of the parties could not be visually represented in the generated documents.
8.3. The Company does not assume responsibility for the accuracy of the information submitted on the Web page by the other clients and for possible damage incurred by the user of the Web page and/or third parties due to incorrect and/or inaccurate information submitted by other users of the Web page



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