General Terms and Conditions for Loans

Effective as of 1 May 2017

ECOMMERCE 2020 ApS
Havnegade 39
1058 København K
CVR.nr. 38073532
Tlf.nr.: 415 1902
E-mail: samband@smalan.dk

1. Introduction

The terms and conditions for taking out a loan or obtaining a line of credit from Ecommerce 2020 ApS (hereafter referred to as “ECOMMERCE 2020”) are set out below. The terms and conditions apply to all agreements between ECOMMERCE 2020 and you as the borrower (hereafter referred to as the “Borrower”) in respect of a loan. Additional information may be obtained from ECOMMERCE 2020 by telephone or e-mail. The terms and conditions apply to the extent no different provisions or agreements have been separately agreed for the loan. If the general terms and conditions diverge from those appearing in the specific loan or credit agreement between you and ECOMMERCE 2020 (hereafter referred to as the “Loan Agreement”), the Loan Agreement will prevail.

ECOMMERCE 2020 may modify these general terms and conditions for loans and credits without prior no-tice and with immediate effect if the changes are in your favour. Otherwise, the changes will take effect with a notice of three months.

The general terms and conditions will be updated from time to time, and the current version may be re-viewed at smalan.dk/terms.

2. Application Requirements and Determination of Creditworthiness

ECOMMERCE 2020 may grant loans or lines of credit to a physical person over the age of majority (18) possessing a civic registration number and official domicile in Denmark or Iceland and being deemed eli-gible by ECOMMERCE 2020. If you are listed in RKI, Debitor Registret (registry of debtors) or similar offi-cial inventories of individuals with a poor credit history, you are not eligible. An additional requirement for loans or lines of credit is that you must have a current mobile phone number, a bank account, and a valid e-mail address. You are ineligible if you have a current undischarged loan with ECOMMERCE 2020 aged over 90 days. If you have previously taken out a loan from ECOMMERCE 2020, you are not regarded as being a new customer.

You may send your application for a loan or line of credit via the ECOMMERCE 2020 website smalan.dk or via your mobile phone.

ECOMMERCE 2020 grants loans or lines of credit based on a specific assessment of your creditworthi-ness. The assessment is based on information provided by you and by external entities such as Debitor Registret (the debtor registry) and the Experian RKI registry. ECOMMERCE 2020 may obtain information related to your creditworthiness from other financial institutions. ECOMMERCE 2020 reserves the right to reject your application based on an aggregated credit assessment without further justification. Assess-ments of eligibility may be made as well during the term of the loan or line of credit.

Should you be granted a loan, you must confirm the Loan Agreement via text message or the ECOM-MERCE 2020 website.

The loan amount will be transferred immediately upon the execution of the Loan Agreement, and you may access the borrowed funds when your bank registers the deposit.

3. Payments and Terms of Payment

No interest is accrued during the term of the loan.

The loan must be repaid in three remits (payments):

The Borrower is obliged to pay fees as specified in section 6.

The Borrower is responsible for paying sales taxes, taxes, fees, charges determined by credit policy relat-ed regulations, or any other amount imposed by the authorities. In the event of any changes to such amounts, ECOMMERCE 2020 may adjust the payment without prior notice.

The Borrower must make payments according to the Loan Agreement regardless whether ECOMMERCE 2020 has issued a demand or a deposit card.

The Borrower is entitled at any time and without charges to obtain, on request, a table of outstanding payments, payment deadlines, and interest specifications in the form of an amortization plan.

Payments made by the Borrower to ECOMMERCE 2020 are applied to outstanding amounts owed to ECOMMERCE 2020 in this order: 1) Fees, 2) Interest, 3) Loan related costs, and 4) Principal.

4. Repayment and Early Discharge

The loan repayments and payments of fees and other costs of defaults will be paid with a payment card through the QuickPay ApS secure payment service, this service may include service fees. The loan applicant agrees to the terms that Ecommerce2020 can withdraw from the applicant’s payment card trough QuickPay ApS. This is also referenced in section 3D of this loan agreement.

The loan applicant agrees to the terms that all outstanding debt regarding Ecommerce2020, including fees, interests, costs and loan repayments, may be withdrawn from the applicant’s payment card. Ecommerce2020 is authorized to withdraw from said payment card any outstanding debts regardless of what product or service the borrower has bought from Ecommerce2020, or from any company associated with Ecommerce2020. The applicant’s card information is only used to withdraw any outstanding debt regarding current and future commitments to Ecommerce2020.

In the event a payment cannot be verified as originating from the Borrower, the payment is not applied un-til verification is made. The Borrower is responsible for penalty interest on overdue payments unless he or she is not the cause of the situation at hand.

The Borrower may at any time repay the loan in full or in part prior to the final due date in accordance with the provisions in the Danish Act on Credit Agreements (Kreditaftaleloven). The Borrower's total cost in dis-charging the loan prior to the due date cannot exceed the originally invoiced amount associated with the due date. Should the Borrower wish to discharge the loan early, written notice must be provided to ECOMMERCE 2020 at the address shown at the beginning of the text of these conditions or via e-mail to samband@smalan.dk.

5. Fees and interest

ECOMMERCE 2020 always charges a loan initiation fee upon the establishment of a loan or line of credit as well as a fee for extending the term of the loan or extending the due date. In addition, ECOMMERCE 2020 charges fees according to the regulations in the Overdue Payments Interest Act (Renteloven) pertain-ing to reminders and debt collection notices sent to the Borrower in accordance with the law. Should the Borrower fail to make instalments and other payments by the due date, penalty

interest will be imposed on the outstanding amount as determined by the agreed debtor interest or by the specifications in the Over-due Payments Interest Act. In the event of default, the Borrower is obliged to pay the costs associated with collection of the outstanding instalment.

Information regarding changes in fees will be forwarded by e-mail. Current fees may be reviewed on the ECOMMERCE 2020 website.

6. Cancellation and modification of the Loan Agreement

The Borrower may at any time cancel the Loan Agreement by written notification to ECOMMERCE 2020 without prior notice. Upon cancellation of the Loan Agreement, any outstanding amount, including interest and fees, is payable immediately.

ECOMMERCE 2020 may cancel the Loan Agreement, effective immediately, in the event of default. Please refer to the details below.

ECOMMERCE 2020 is entitled to modify loan conditions pertaining to existing customers. Existing cus-tomers affected by changes in conditions will be notified of them by an e-mail message to which an up-dated loan conditions document is attached.

7. Default

Should the Borrower fail to make payments by the due dates according to the Loan Agreement, including interest amounts and fees, the Loan Agreement will be deemed to have been breached.

In the case of breach, ECOMMERCE 2020 will impose fees and penalty interest according to the Overdue Payments Interest Act, and ECOMMERCE 2020 reserves the right to add collection notice fees of DKK 100 per notice plus any fee for collection.

In the case of breach, ECOMMERCE 2020 is entitled to carry out collection through or with the assistance of a collection agency or other third party. In such a case, the Borrower is responsible for the associated costs.

8. Enforcement

In the case of the Borrower's failure to pay, ECOMMERCE 2020 will collect the outstanding amount, if necessary, via judicial recovery of debts, and may without warrant undertake collection based on the Loan Agreement in that the Loan Agreement serves as a basis for enforcement according to Section 478, para-graph 1, item 5 of the Danish Code of Civil Procedure (Retsplejeloven).

9. Transfer or Assignment

ECOMMERCE 2020 is entitled to transfer or assign all rights and obligations associated with the Loan Agreement to a third party, without your prior consent. The Borrower is not entitled, without prior written consent from ECOMMERCE 2020, to transfer or assign the rights and obligations associated with the Loan Agreement to a third party.

10. Communication

All communication pertaining to the Loan Agreement between you and ECOMMERCE 2020 must be carried out in writing by using the addresses or e-mail addresses provided through the application for a loan or line of credit and in the Loan Agreement.

The Borrower is obligated to immediately inform ECOMMERCE 2020 of any change in his or her address, mobile phone number, or other information submitted with the application for the loan or line of credit.

11. Capture and management of personal data

ECOMMERCE 2020, in its capacity as a custodian and processor of data, will capture your name, ad-dress, CPR (civic registry) number, mobile phone number, e-mail address, and details regarding your loan. Your personal data will be captured for the purposes of administering the customer relationship and ob-taining an assessment of creditworthiness.

ECOMMERCE 2020 reserves the right to transmit personal data to registries of debtors, IT enterprises providing IT services to ECOMMERCE 2020, and companies that are part of the conglomerate that owns ECOMMERCE 2020. Above and beyond such transmission, any additional disclosure of personal data is possible only under the authority of law.

Transmission to IT enterprises is performed exclusively for the purposes of internal management of the loan/credit arrangement and does not constitute disclosure for the purposes of marketing.

By your acceptance of the loan/credit deposit to your bank, you consent to the capture and management by ECOMMERCE 2020 of your personal data, including your CPR (civic registry) number, and its trans-mission to the business partners indicated above.

ECOMMERCE 2020 reserves the right to record conversations or otherwise document communications with you. You will be notified prior to any recording of a conversation.

In accordance with the provisions of the legislation pertaining to personal data, you may request a copy of your personal information being collected and processed by ECOMMERCE 2020.

If you wish to make a complaint about the management by ECOMMERCE 2020 of your personal data, you are requested to contact the ECOMMERCE 2020 data custodian by e-mail at samband@smalan.dk. Should you not be satisfied with the outcome, you may proceed to contact:

Datatilsynet, The Danish Data Protection Agency
28 Borgergade, 5th Floor
DK-1300 Copenhagen K
or send an email to dt@datatilsynet.dk.

12. Right of Cancellation

Per Section 19 of the Danish Act on Credit Agreements (Kreditaftaleloven), the Borrower may withdraw from a financial services agreement within 14 days.

The deadline for withdrawal is calculated from the day the Borrower receives the agreed loan funds.

The Borrower is entitled to obtain, per the Acton Credit Agreements, several items of information including the right of cancellation and the specific product ordered by the Borrower. The right of cancellation dead-line is not calculated until the Borrower has received such information in writing (e.g. in print form, by elec-tronic mail, or in an agreement for a line of credit).

If the right of cancellation deadline falls on a Saturday, Sunday, statutory holiday, Constitution Day, or 24 or 31 December 24, the effective deadline is the next business day. The right of cancellation is voided if the Loan Agreement upon the express request of the Borrower has been fulfilled by both parties prior to the deadline. Such a circumstance often occurs, for example, in the case of payment transfers. Subse-quent to the deadline for the right of cancellation, the agreement may be cancelled in accordance with the provisions in the specific agreement in question.

If the Borrower wishes to invoke the right of cancellation, the Borrower simply needs to notify ECOM-MERCE 2020 prior to the deadline. The Borrower may make this notification in writing, for example by let-ter or eขmail. The Borrower must simply make the notification no later than the deadline. In the event the Borrower wishes to retain proof of the timely notification of cancellation, the Borrower may, for example, send a registered letter and keep the receipt.

The notification should be addressed to: ECOMMERCE 2020 Havnegade 38, 1058 København K or by e-mail to samband@smalan.dk.

In the event the Borrower makes use of the right of cancellation, he or she must, without undue delay and no later than 30 calendar days after the notification of cancellation, repay the loan amount received. The loan amount accrues interest for the duration of the right of cancellation.

In the event the Borrower makes use of the right of cancellation three times in three months, ECOMMERCE 2020 reserves the right to impose a moratorium of 6 months so that the Borrower may not obtain another loan from ECOMMERCE 2020 until that period has passed.

13. Liability

ECOMMERCE 2020 is not liable for loss or damages incurred as a result of inaccurate or incorrect infor-mation provided by the Borrower. ECOMMERCE 2020 is not liable for loss incurred as a result of condi-tions attributable to force majeure.

In addition, ECOMMERCE 2020 is not liable for any loss and damages as a result of lack of or defects in the Borrower’s access to the Internet preventing the Borrower from reaching the ECOMMERCE 2020 web-site. Moreover, ECOMMERCE 2020 is not liable for loss resulting from malfunction, errors, or similar events within the ECOMMERCE 2020 website.

ECOMMERCE 2020 is not liable for indirect loss and damages as a result of the Borrower's use of the ECOMMERCE 2020 website or any of the services offered on the website.

For any other loss, aside from those named above, ECOMMERCE 2020 will be responsible only in ac-cordance with generally applicable regulations pertaining to damages.

14. Marketing and consent

If the Borrower checks off the "Yes, send me the newsletter" option for newsletters during the establish-ment of the ECOMMERCE 2020 Loan Agreement, the Borrower consents to ECOMMERCE 2020 using his or her contact information for the purposes of sending notifications and offers related to other loan and credit related products.

Such consent may be withdrawn at any time by writing to samband@smalan.dk.

15. Personal data policy and disclosure consent

Our “Privacy policy and data processing policy” as it may be in force from time to time shall govern the Loan Agreement.

ECOMMERCE 2020 shall store the Borrowers personal information for as long as is required to maintain the Loan Agreement and ECOMMERCE 2020’s obligations pursuant to the Loan Agreement.

Pursuant to Danish anti-money laundering legislation and the regulations for financial enterprises, ECOMMERCE 2020 is obligated to store the Borrower’s personal information for at least 5 years after the termination of the Loan Agreement.

On concluding the Loan Agreement, the Borrower gives their consent for ECOMMERCE 2020 to disclose personal information to third parties collaborating with ECOMMERCE 2020, including intragroup companies and other, select third parties.

The Borrower shall be entitled at any time to be advised which data ECOMMERCE 2020 holds regarding the Borrower. The Borrower shall be entitled to have incorrect information rectified, and, if the information is no longer relevant for the fulfilment of the Loan Agreement or legislation, to have their information deleted.

16. Disputes

These general loan related terms and conditions are governed by Danish law, and the Danish courts have jurisdiction to adjudicate any disputes that may arise.

17. Regulatory Authority

The government authority responsible for regulatory oversight of ECOMMERCE 2020 is

Forbrugerombudsmanden – the Danish Consumer Ombudsman
35 Carl Jacobens Vej
DK-2500 Valby

In addition, as a lending institution, ECOMMERCE 2020 is subject to the oversight of Finanstilsynet - The Danish Financial Supervisory Authority with respect to money laundering:

Finanstilsynet, The Danish Financial Supervisory Authority
110 Århusgade
DK-2100 Copenhagen Ø.

18. Legal action

In the event a dispute arises, you may contact ECOMMERCE 2020 in order for the parties to arrive at a mutually agreeable resolution. If that not settle the matter to your satisfaction, you may direct your com-plaint to

Ankenævnet for Finansieringsselskaber (Board of Appeal, Lending Institutions)
35 Carl Jacobens Vej
2500 Valby
or send an e-mail to spa@kfst.dk

(version: 3, valid from: 3.9.2018)