Terms of service

The platform is operated by Mifundo OÜ, registry code: 14587569, address: Harju County, Viimsi parish, Püünsi village, Püünsi tee 24, 74013 (hereinafter credit intermediary), which offers credit brokerage services on its platform. Mifundo OÜ is a credit intermediary licensed to mediate consumer credit in Estonia, and its activities are supervised by the Financial Supervision Authority.

The goal is to provide you with information about using our platform and consuming services as simply and clearly as possible. If you have any questions regarding these terms and conditions or our service, please contact us by writing to info@mifundo.com, and we’ll reply as soon as possible.

1. Definitions

We use the following terms and definitions throughout these general conditions:

• The user is a natural person registered on the website of the credit intermediary who has been accepted as a user by the owner of the platform.
• User account is a user account containing user data and managed by the owner of the platform.
• Principles of customer data processing — principles established by the credit intermediary, according to which the credit intermediary processes the user's data and which are part of the general terms and conditions.
• Customer relationship means the legal relations between the credit intermediary and the user, which arise when the user uses or has used the service provided by the credit intermediary or has approached the credit intermediary for the purpose of using the services provided by the credit intermediary.
• Credit analysis — credit risk assessment assigned to the credit applicant by the platform and the creditor, which characterizes the credit applicant's past payment behavior and ability to fulfill obligations.
• Creditor — service providers who provide a service through the platform and who have a license to provide the corresponding service.
• Credit agreement — consumer credit agreement concluded between the user and the creditor.
• Debtor — a user who has entered into a credit agreement with the creditor through the platform.
• Credit applicant — a user who has submitted a credit application to the credit intermediary.
• Credit application — the user's application with all the information (and documents) that the user has submitted to the credit intermediary to perform a credit analysis and to receive an offer to conclude a credit agreement from creditors.
• Platform — www.mifundo.com and its subpages.
• Politically exposed person — a natural person who performs or has performed essential functions of public authority, including the Head of State, Head of Government, Minister and Deputy or Assistant Minister, Member of Parliament, or a similar legislative body, member of the governing body of a political party, member of the Supreme Court, member of the Supervisory Board of the National Audit Office and the Central Bank, Ambassador, chargé d'affaires and Senior Officer of Defense Forces, member of the board of directors and administrative or supervisory body of a state-owned company, head, deputy head and member of the management body of an international organization, or a person performing equivalent functions who is not a middle or low-level official. Also, family members of a politically exposed person — a spouse or a person considered equivalent to a spouse, a child of a politically exposed person or a local politically exposed person and a child's spouse or a person considered equivalent to a spouse, and a parent of a politically exposed person or a local politically exposed person, as well as close associates of a politically exposed person.
• Due diligence measures for the prevention of money laundering are any due diligence measures applied for the purpose of preventing money laundering and terrorist financing, which require the obliged person to ask for additional information about their client or potential client, the business relationship with them and the origin of their funds or wealth. In these general terms and conditions, the concept of due diligence measures for the prevention of money laundering also includes due diligence measures for the application of international financial sanctions. The obliged person in the sense of these general terms and conditions is primarily the credit intermediary, but also the creditor.
• Beneficial owner is a natural person exercising control over a transaction, operation, or other person using their influence and, in whose interest, benefit or account an operation or transaction is performed.
• Indebtedness is the financial obligation of the debtor to the creditor, which may manifest itself in (but not limited to) an unpaid contract fee, unpaid credit amount, unpaid interest, late payment, contractual penalty, expenses related to debt collection or other agreements between the creditor and the debtor.

• General terms and conditions — these conditions are established by the credit intermediary, which is part of the agreement concluded for the provision of each service.

2. General provisions

2.1. The credit intermediary provides its services through its platform; to use the platform, it is necessary to register as a user. You cannot access credit intermediary services on the platform without registering as a user.

2.2. When using the services of a credit intermediary on the platform, these general terms and conditions must be followed. The general terms and conditions establish the main requirements for registration on the platform, as well as the process and conditions for concluding credit agreements and using the platform. The general terms and conditions are an integral part of all contracts concluded between the user and the credit intermediary through the platform or in any other way in connection with the services provided through the platform.

2.3. The general terms and conditions enter into force with respect to the user upon granting the user access to the platform. The concluded contracts are immediately sent to the user's email address, and they are also available to the user free of charge at any time on the platform.

2.4. The credit intermediary may change the general terms and conditions from time to time based on the procedure described in clause 17 of the general terms and conditions.

2.5. In addition to the general terms and conditions, the laws of the Republic of Estonia and other terms of the agreements concluded between the credit intermediary and the user and the principle of good faith apply to the customer relationship.

3. Registration as a user

3.1. The first step in using the platform is to register as a user. As a user, the credit intermediary accepts only natural persons who are Estonian citizens or permanent residents, at least 18 years old, and with full passive and active legal capacity. The credit intermediary does not mediate credit for legal entities. The credit intermediary may set other preconditions for registering as a user by publishing them on the registration form.

3.2. Registration as a user is possible only digitally through the platform. No other channels are available to register as a user.

3.3. When registering, the user enters their first and last names and email address, and chooses a unique username and password, with which the user can enter the platform. In the process of creating a user account, the credit intermediary may ask for any other data and documents that help to prove that the person registering as a user complies with the criteria specified in clause 3.1.

3.4. Registration as a user is completed by verifying the user's email address using a confirmation link sent to the email address.

3.5. The credit intermediary has the right to refuse to open a user account for the user or refuse to provide services to the user without giving the user reasons for this.

3.6. After the creation of the user account and before gaining access to the services, the user's identity is established, and thus the user account is personalized. Without the establishment of identity, the user has no right to use the services offered on the platform.

3.7. In addition to other matters, the credit intermediary checks whether the user is a politically exposed person, whether they are subject to international financial sanctions or if there are other characteristics or reasons due to which the credit intermediary must either apply additional due diligence measures in respect of the user or due to which the credit intermediary is unable to make services available to the user on the platform.

3.8. If the data provided by the ser during registration or identification changes during the contractual relationship, the user undertakes to immediately inform the credit intermediary about the change in the corresponding data.

4. Closing the user account

4.1. The user has the right to close the user account. For this purpose, the user must send the credit intermediary a relevant request by email to: info@mifundo.com. The credit intermediary can satisfy the user's request and close the user's account only if the user's obligations to the credit intermediary have been fulfilled.

4.2. The credit intermediary has the right to limit or terminate the user's right to use the platform with two months' notice. The credit intermediary will notify the user of such a decision to the email address associated with the user account. Termination of the right to use the platform does not terminate the accompanying rights and obligations of the user towards the creditors from whom the user has received credit through the platform.

4.3. The credit intermediary has the right to unilaterally close the user's account without observing the notice period referred to in clause 4.2 if the user has not fulfilled their obligations towards the credit intermediary if this is necessary for the credit intermediary to fulfill its obligations arising from the law. The credit intermediary will notify the user of such a decision to the email address associated with the user account.

4.4. The credit intermediary has the right to limit or cancel the user's right to use the platform, not to accept and forward credit applications, and, to the extent permitted by law, to refuse to fulfill the obligations arising from the general terms and conditions and/or other agreements concluded between the credit intermediary and the user, if the user violates their obligations arising from the general terms and conditions and/or other agreements concluded with the credit intermediary.

5. General rights and obligations of the user

5.1. After registering as a user, the user obtains:

5.1.1. the right to submit credit applications;

5.1.2. access to the functionality of the platform, which allows them to conclude credit agreements with creditors who have made a credit offer to the user;

5.1.3. the possibility to use other platform functions to use any services of the credit intermediary, except when the credit intermediary has restricted the user's access to these functionalities.

5.2. The user undertakes:

5.2.1. not to use the platform for illegal transactions or actions, including fraud, money laundering, terrorist financing, etc.;

5.2.2. to provide the credit intermediary with only true, correct, and non-misleading information and not to hide from the credit intermediary any information that may be important to the credit intermediary;

5.2.3. to notify the credit intermediary immediately, but no later than within five (5) working days of any change in the information and/or documents submitted to the credit intermediary, if such a change occurs before the conclusion of the credit agreement, i.e., during the credit application process;

5.2.4. to notify the credit intermediary immediately of a change in their contact details;

5.2.5. to keep the authentication tools necessary to log in to the platform so that they do not fall into the possession of third parties;

5.2.6. to notify the credit intermediary of the data or funds mentioned in point 5.2.5 falling into the possession of a third party without delay but within five (5) days of learning about it at the latest.

5.3. If the user does not fulfill the obligation specified in point 5.2.3, the credit intermediary has the right to assume that the information and documents previously submitted by the customer with the relevant credit application are correct until the user notifies to the contrary.

5.4. Every person who logs into the platform with the user's authentication is considered a user unless the credit intermediary has been notified that the user's corresponding data has come into the possession of a third party.

6. Credit intermediary's rights to prevent money laundering

6.1. The credit intermediary has the right to:

6.1.1. regularly check the data underlying the identification of the user and their representatives and require the user to submit additional documents that are necessary for the credit intermediary to apply due diligence measures to prevent money laundering;

6.1.2. identify the user, the user's representative, and/or the beneficial user at any time chosen by the credit intermediary, including if the credit intermediary doubts the accuracy of the information received during the initial identification;

6.1.3. request documents and data about the user's activities, including data about the origin of the user's property;

6.1.4. require the user to provide all other data and perform actions that the credit intermediary deems necessary to fulfill the credit intermediary's measures to prevent money laundering and terrorist financing.

6.2. If the user has applied for a loan and wishes to enter into a contractual relationship with the creditor, the credit intermediary may, subject to a corresponding agreement concluded with the creditor, assist the creditor in collecting data from the user necessary for the application of due diligence measures to prevent money laundering. In this case, the credit intermediary may ask the user for any data and documents that are necessary for the creditor to apply its due diligence measures to prevent money laundering, and the user undertakes to provide the corresponding data and documents.

7. Contact details

7.1. The valid contact details of the credit intermediary can be found on the platform.

7.2. The credit intermediary may consider as valid the user's contact details, which the user has provided to the credit intermediary when registering the user account, or other contact details that the user has provided to the credit intermediary after registration of the user account by updating their data on the platform.

8. Communication

8.1. Communication between the user and the credit intermediary is conducted in Estonian and via the platform unless the parties have agreed otherwise.

8.2. If the communication between the user and the credit intermediary takes place by email, the email is sent to the email address that the recipient of the email has notified the other party of through the platform or by email. If a party does not notify the other party of a change in its contact details, it bears the related risks.

8.3. A notice sent to the correct contact details of the other party shall be deemed to have been received upon delivery against signature in the case of personal delivery. In the case of sending via the platform or email, the next working day after sending.

8.4. The terms of communication between the creditor and the debtor and the conditions for exchanging information are agreed upon in the contract concluded between the creditor and the debtor.

9. Mediation of credit agreements

9.1. The credit intermediary mediates only credit products that are clearly indicated on the platform.

9.2. The credit intermediary mediates the credit of various creditors. The list of creditors whose credit products are mediated on the platform can be found on the platform and may change over time.

9.3. The credit intermediary treats creditors providing credit on the platform in the same way. The credit intermediary does not favor one creditor over another and does not make recommendations to the credit applicant for taking credit in a way that differs from that described in clause 9.4.

9.4. The credit offers presented to the credit applicant are automatically ranked in the credit applicant's user account based on the following criteria:

9.4.1. ranking the credit offers based on the APR, starting with the credit offer with the lowest APR;

9.4.2. by ranking credit offers with the same APR in the order they arrive.

9.5. The credit intermediary may allow but is not obliged to allow the credit applicant to sort credit offers on the basis of other parameters as well.

10. Applying for credit

10.1. After creating a user account, the user can submit a credit application. Credit applications can only be submitted on the platform, and applying for credit is only for the user's own benefit.

10.2. When analyzing the credit application, the credit intermediary and creditors must apply the principles of responsible lending. In order to assess the credit applicant's creditworthiness on the basis of the credit application, the credit intermediary may ask the credit applicant to submit additional data and documents after submitting the credit application.

10.3. Based on the data entered by the credit applicant and checked and supplemented by the credit intermediary, a personal profile of the credit applicant is created for the credit applicant, which is displayed on the credit applicant's user account.

10.4. By creating a credit profile, the user confirms that:

10.4.1. they have all the rights and authorizations to conclude the credit agreement;

10.4.2. the submitted data and documents may be transferred to creditors for the purpose of assessing creditworthiness and making a credit offer, and the credit intermediary may use them in accordance with data protection regulations;

10.4.3. The applicant has thoroughly familiarized themselves with the general terms and conditions and the contractual terms included in their composition, fully understands their content and confirms that they correspond to their will; and that

10.4.4. The representations made under the general terms and conditions are true.

10.5. Until the credit agreement is concluded, the applicant submits all additional data and/or questions regarding the credit application to the credit intermediary through the platform.

10.6. The credit intermediary may limit the number of credit applications submitted by the user on the platform or set other restrictions or conditions on the credit applications submitted by the user.

11. Assessment of the creditworthiness of the credit applicant

11.1. Collection of credit applicant data:

11.1.1. The credit intermediary collects from or about the credit applicant, in particular, but not only, data concerning their income, obligations, previous payment behavior, and assets.

11.1.2. The data entered by the credit applicant is checked and, if necessary, supplemented by the credit intermediary or credit provider using internal and external data sources.

11.1.3. In case of incomplete data, the credit intermediary has the right to request the completion of the data and, if the request is not fulfilled, to refuse to prepare a credit profile for the applicant.

11.1.4. If the credit intermediary doubts whether the data collected from the credit applicant is true or complete, or if the credit applicant does not provide additional data or documents requested by the credit intermediary, the credit intermediary may refuse further processing of the credit application.

11.2. Assessment of creditworthiness:

11.2.1. When assessing creditworthiness, the credit applicant is based on the requirements arising from the law applicable to the credit intermediary, including the principles of responsible lending. In the credit analysis, the credit intermediary takes as a basis all the data collected from and about the credit applicant.

11.2.2. In addition to the initial credit analysis conducted by the credit intermediary, the credit intermediary makes the data underlying the analysis provided by the credit applicant available to the creditors, who independently further assess the credit applicant's creditworthiness and make a credit decision regarding the credit applicant based on the data and documents submitted by the credit applicant and which are available to the creditors from public databases, including inquiries about the pension account from the Estonian Central Register of Securities and other sources.

11.2.3. If the creditor makes a positive credit decision and makes its own credit offer, the credit intermediary makes it immediately available to the credit applicant on the platform. In this way, the credit intermediary makes available to the credit applicant all credit offers made by creditors through the platform.

12. Conclusion of credit agreements

12.1. The credit applicant can, at their discretion, choose between the offers of the creditors presented to them.

12.2. If the credit applicant finds a suitable credit offer among those presented on the platform, they confirm their choice using the corresponding functionality on the platform. The credit intermediary ensures that the credit applicant's decision is visible to the creditor on the platform.

12.3. After the credit offer has been selected, the credit applicant will be presented with pre-contractual information related to the credit offer of the creditor that made the credit offer, which is required by applicable law, and the terms and conditions of the credit agreement.

12.4. After the credit applicant has been brought together with the creditor offering them credit on the platform and the credit applicant has confirmed their desire to enter into a credit agreement after receiving the information specified in clause 12.3, the creditor communicates with the credit applicant directly without the intervention of the credit intermediary. This also applies if the credit applicant and the credit provider wish to use the platform for mutual communication.

12.5. According to the agreement between the credit intermediary and the creditor, after receiving confirmation of the offer made by the creditor, the creditor contacts the credit applicant either on the platform or communicates with the credit applicant outside the platform. The credit agreement is concluded in accordance with the agreements between the creditor and the credit applicant, either using the corresponding functionality of the platform or outside the platform.

12.6. Disbursement of the credit amount and fulfillment of other obligations arising from the credit agreement are carried out as agreed in the credit agreement. The credit intermediary does not mediate the disbursement of the credit amount.

12.7. After concluding a credit agreement between the creditor and the credit applicant on the basis of the credit application, the data on the credit offers received from the creditors in response to the respective credit application will be removed from the credit applicant's user account.

13. Management of credit agreements

13.1. The debtor's user account displays existing credit agreements as well as expired and pending credit agreements.

13.2. The credit agreement, other required information, and other required documents are made available to the applicant on the platform immediately after the credit agreement is concluded and remain available to the applicant on the platform free of charge for the entire duration of the credit agreement. As an exception, credit agreements and related information are not displayed on the platform if the credit agreement is concluded outside the platform and the creditor does not submit it to the credit intermediary for display on the platform.

13.3. The credit intermediary cannot guarantee that all the information provided on the platform regarding the credit agreement is true and complete at any time, especially but not only if the creditor and the credit applicant enter into additional agreements outside the platform. When executing the credit agreement, the debtor must proceed from the agreements between the debtor and the creditor and not from the information provided on the platform about the credit agreement.

14. Processing of personal data

The processing of the user's personal data is carried out in accordance with the principles of customer data processing published on the website of the credit intermediary. The principles of customer data processing may change over time; in such cases, the credit intermediary will notify the user of the changes.

15. Service fee

The use of platform services is free for the user. The service fee to the credit intermediary is paid by the creditors.

16. Responsibility

16.1. The credit intermediary and the user fulfill their obligations arising from the general terms and conditions, other agreements, and the applicable law reasonably and in good faith, observing the necessary diligence and taking into account customs and practices.

16.2. The parties are not responsible for the non-fulfillment of an obligation if it was caused by force majeure, which the party who breached the obligation could not influence and whose exclusion could not be expected from them based on the principle of reasonableness.

16.3. The user is responsible for any damage caused to the creditor by the user not properly fulfilling the obligations arising from the general terms and conditions, or other agreements concluded between the user and the credit intermediary, including if the user does not fulfill the notification obligation.

16.4. The user is responsible for the damage caused to the credit intermediary by a third party taking possession of the authentication means of their user account unless the user has duly fulfilled their notification obligation in accordance with the procedure set out in the general terms and conditions.

16.5. The credit intermediary is not responsible for damage caused by the credit intermediary's ignorance of the natural person's active and passive legal capacity.

16.6. The user concludes the credit agreement directly with the creditor on the platform or in the creditor's e-services environment at their own risk. The credit intermediary is not responsible for the activities of the creditor or for any obligations of the debtor arising from the law or the credit agreement that may arise in connection with the conclusion or execution of the credit agreement.

16.7. The credit intermediary is not responsible for damage that the user may incur due to interruptions or interruptions in the operation of the platform if said interruptions or interruptions are caused by circumstances over which the credit intermediary has no control.

16.8. Nothing in the general terms and conditions limits liability for intentional breaches of obligations.

17. Changes in terms and conditions

17.1. The credit intermediary has the right to unilaterally change the general terms and conditions. The user will be notified of such changes through the platform.

17.2. The amended general terms and conditions shall enter into force thirty (30) days after the notification of the changes to the users or earlier if the user accepts the amended general terms and conditions through the platform.

17.3. The credit intermediary may limit the user's access to the credit intermediary's services or terminate the contractual relationship with the user if the user does not agree to the amendment of the general terms and conditions.

17.4. The parties have the right to terminate the customer relationship established on the basis of the general terms and conditions at any time by notifying the other party thirty (30) days in advance.

18. Applicable law and dispute resolution

18.1. The customer relationship is subject to the legal acts established in the Republic of Estonia.

18.2. The User has the right to submit their complaint to the credit intermediary on the platform or use the contact details of the credit intermediary published on the platform. The complaint is resolved within 15 calendar days from receipt of the complaint.

18.3. A dispute that the parties cannot resolve through negotiations within a reasonable time will be resolved in Harju County Court.

18.4. In addition to the above, the user has the right to contact the Consumer Protection and Technical Regulatory Authority (Endla 10a, 10142 Tallinn, www.ttja.ee) or the Financial Supervision Authority (Sakala 4, 15030 Tallinn, www.fi.ee). Complaints related to the processing of the user's personal data by the credit intermediary should be addressed to the Data Protection Inspectorate (Tatari 39, 10134 Tallinn, www.aki.ee) side.