General terms and conditions

These general terms and conditions apply from 5 December 2018

1. Parties

These general terms and conditions apply to credit granted by Qred, a branch of Qred AB, to a business customer (the Customer) following an approved application. Sweden, CVR number: 38972294 (Qred)

2. General

These general terms and conditions apply to and form an integral part of the credit agreement between the Customer and the Creditor (Qred), which governs the Customer's right to dispose of the amount of credit granted (the Credit). The Credit Agreement and these General Terms and Conditions are concluded by the acceptance, on behalf of the Customer, of the terms and conditions of the Credit Agreement and by the approval of the Customer's credit application by the Creditor. The Credit Agreement and these General Terms and Conditions set out all the terms and conditions of the Credit.

3. Company information

Qred is a financial institution that is registered with the Danish Financial Supervisory Authority in accordance with the Act on Preventive Measures against Money Laundering and Terrorist Financing cf. section 48, paragraph 1. The company offers business loans and related activities.

4. Credit application

Credit application is done via the internet on Qred's website( Qred will notify the Customer of any credit commitment electronically. It is a condition for the granting of credit that the Customer is a Danish legal entity and that the Customer is represented by the authorised signatory or signatories. The Customer is responsible for ensuring that the information they provide to Qred is correct and that any power of attorney is issued if necessary. The authorised signatory or signatories for the Customer and the Guarantors must identify themselves electronically such as NemID or by such other means as Qred may require.

5. Credit assessment

Credit approval is based on an individual credit assessment and is decided unilaterally by Qred. Credit is granted only if, in the opinion of the Creditor, the Customer is financially capable of performing the Credit Agreement. Qred reserves the right to reject an application or to propose and grant a lower credit than the amount requested by the Customer.

6. Term of the credit agreement

The Credit Agreement shall be effective from the time the Credit is disbursed until the full amount is due for payment. Due dates for payment of the Credit are set out in "My Qred" on the Qred website. Credit granted implies the Customer's right to borrow a credit amount specified in the Credit Agreement, which will be paid by Qred to a Danish bank account specified by the Customer in the Credit Agreement. Disbursement takes place on weekdays from 9.00-17.00. Qred may grant the Customer a new credit after a new application and a separate credit assessment.

7. Repayment

The credit must be repaid in accordance with the term specified in the Credit Agreement. The Customer shall repay the Credit monthly in the amounts specified in the Credit Agreement. Invoiced amounts must be received by Qred no later than the due date by payment into a bank or giro account specified by the Creditor. Late payment constitutes a material breach of the Credit Agreement and entitles Qred to demand immediate repayment of the Credit and may affect the possibility of being approved for Credit with Qred in the future. Due date(s), amount(s), and the Creditor's bank or giro account, among others, are posted on "My Qred" on Qred's website.

8. Monthly fee

The Customer shall pay to the Vendor a fixed monthly fee as set out in the Credit Agreement. The monthly fee shall be fixed from the time the Credit is disbursed until the full amount has been repaid, subject to any changes as set out in point 11 below. The monthly fee shall be payable throughout the term of the Credit Agreement and until the Credit has been repaid in full.

9. Fees and interest

If the Customer fails to make timely payment of instalments, interest or monthly fees, etc., Qred will charge fees in accordance with the rules of the Interest Act, including reminder fees, default interest and collection fees.The default interest rates are set out in the Credit Agreement and appear on "My Qred" on Qred's website. In the event of default, the Customer is obliged to pay the costs associated with the recovery of the Creditors' receivables, including collection costs, legal fees, etc.

10. Settlement and past debts

The creditor is entitled to settle all outstanding monthly fees, as well as other costs, charges and default interest, before payment of the principal. If Customer has unpaid fees and/or other outstanding balances from previous credit with Vendor, Vendor shall be entitled to make payment of such outstanding balances against Customer's new Credit granted, at the time the new Credit Agreement becomes effective.

11. Unforeseen costs

If the Creditor's business should be affected by unforeseeable costs due to regulatory decisions, legislation, credit policy measures, changing borrowing costs or other circumstances beyond the Creditor's control or which the Creditor could not reasonably foresee when the Credit Agreement was concluded, the Creditor shall have the right to change the monthly fees. Any such change in Monthly Fees shall be communicated to the Customer via email and on "My Qred" on the Creditor's website at least two (2) months prior to the change becoming effective.

12. Repayment plan

The customer has the right to receive, on request and free of charge during the term of the Credit Agreement, a payment schedule indicating the payment deadlines for instalments, fees, etc. This information can also be found on "My Qred" on the Creditor's website.

13. Invoicing and payment

The creditor sends a monthly invoice to the Customer by e-mail. Invoices are sent at least eight (8) days before the due date. The invoices contain, among other things, information on the credit amount, monthly fees and the total amount due for the current month. Payment must be made in time for payment to be received in the bank or giro account designated by the Vendor by the due date indicated on the invoice.

14. Currency

The Customer is obliged to pay the monthly fee and, if applicable, default interest, charges and any other costs and fees related to the credit and credit agreement in Danish kroner (DKK). This also applies to early repayment of loans in accordance with point 17.

15. Customer declarations

The customer declares the following:

15.1 Legal status

The customer is a valid existing legal person under Danish law. The Customer declares that the Credit shall be used in accordance with the Customer's registered purposes, which are exclusively part of the business activities. The Customer's company at the time of entering into the Credit Agreement shall be represented by the person or persons having the power of attorney to bind the Customer to this Credit Agreement.

15.2 Customer identification

The Customer has made all necessary decisions and is entitled to enter into the Credit Agreement, which contains valid and binding obligations for the Customer and which can be enforced against the Customer under the Credit Agreement. The performance by the Customer of its obligations under the Credit Agreement shall not be in breach of the Customer's statutes.

15.3 Permission

All necessary consents, resolutions and approvals have been received for the Customer to enter into and comply with its obligations under the Credit Agreement and such consents, resolutions and approvals are valid.

15.4 Information

All information provided by the Customer to Qred is accurate, complete and not misleading.

15.5 Money laundering and terrorist financing

The customer has provided accurate and complete information in accordance with the Money Laundering Act.

16. Qreds reserves the right to terminate the credit agreement and request early repayment in any of the following circumstances:

  1. Customer has not fulfilled its obligations under the Credit Agreement or otherwise to Qred.
  2. There are reasonable grounds to believe that Customer will default on its payment obligations to Qred.
  3. It is clear that the Customer is seeking to evade payment of the Credit;
  4. The customer is or is deemed to be insolvent in accordance with applicable law or admits its inability to pay its debts when it becomes overdue, suspends payments or enters into composition or other debt settlement negotiations with a creditor.
  5. the Customer has made any false or misleading statement of any kind without correcting it (if correction is possible) within ten (10) days of the Customer becoming aware of it; or
  6. The credit agreement is found to be wholly or partly void or ceases to be valid.

In the event of termination of credit, Qred shall give the customer at least 10 days' notice. Upon termination, the entire outstanding amount shall be due and payable in full and any outstanding interest and fees shall be capitalized. Upon termination pursuant to this Section 16, these General Terms and Conditions shall continue in effect until the full amount is repaid.

17. Early redemption

The customer has the right to redeem the entire credit early without a special fee. In the event of such early redemption, the Customer shall pay the agreed monthly fee for the Credit for the period up to and including the month in which the early redemption takes place.

18. Transfer of credit

The creditor has the right to assign or pledge its rights under the credit agreement to another party without the prior consent of the Customer. The Customer shall not be entitled to assign its rights and obligations under the Credit Agreement to any third party without the prior written consent of the Creditor.

19. Change of guardian

Qred is entitled to change the loan terms for existing customers without prior approval from the Customer. In the event the change of terms is material, Qred shall notify the Customer at least one (1) month before the change of terms takes effect. If the Customer does not accept the terms, the Customer has the right to terminate the agreement immediately and free of charge, as set out in § 17. If the termination has not been made before the effective date, the Customer shall be deemed to have accepted them.

20. Limitation of liability

Qred is not liable for damages resulting from a change in Danish or foreign law, Danish or foreign authorities, acts of war, strikes, blockades, boycotts, lockouts, natural disasters, vandalism, disruptions in mail, telephone, fax or e-mail traffic or distribution of electricity or other similar events that are beyond the area of control (called force majeure). The reservation with respect to strikes, blockades, boycotts and lockouts, or other similar events applies even if Qred is subject to such measures. Qred shall in no event be liable for any indirect, consequential and/or incidental damages and/or lost profits

21. Self-debtor bond

Any Credit is conditional upon the Customer's owner providing a self-debtor's bond as security for payment of the Credit. If the Customer has several owners, they shall be jointly and severally liable as guarantors.

22. Change of contact details

The Customer and the Guarantor shall immediately notify Qred of any change of name, address, telephone number, e-mail address or other information that may be considered relevant to Qred and/or to the performance of the Credit Agreement. In the event of any change to the information required by the Money Laundering Act (see paragraph 27 below), the Customer shall notify Qred immediately of such change.

23. Ownership

If the ownership of the Customer changes, the Customer shall immediately notify Qred and provide Qred with any information requested by Qred. Customer shall disclose any owner who, directly or indirectly, owns 25% or more of the capital or voting rights of Customer or who otherwise have control over Customer.

24. communication

The Creditor shall communicate to the Customer in accordance with these terms and conditions by e-mail to the Customer's specified e-mail address or, if Qred deems it appropriate, by any other means as well as on the Creditor's website. A notice shall be deemed received by Customer no later than seven (7) days after publication on the "My Qred" Creditor's website.

25. Complaints and disputes

Complaints regarding the credit or Qred's activity may be submitted to Qred's customer service telephone number 89 87 10 06 or communicated to Qred via e-mail or at the address Qred, branch of Qred AB, Sweden, Box 309 Fruebjergvej 3, 2100 Copenhagen. Danish law applies to the Credit Agreement and these General Terms. Disputes shall be settled by the ordinary courts in Denmark with Copenhagen City Court as the place of jurisdiction.

26. Privacy and handling of personal data

The collection and processing of personal data is carried out in accordance with the legislation in force at any time concerning the processing of personal data. Data is processed mainly for the purpose of Qred to verify identity and perform a credit assessment in order to comply with applicable money laundering legislation. For a more detailed description, please see Qred's privacy policy. By accepting the agreement, the Customer confirms to have received and read the privacy policy.

27. Money laundering

Qred, branch of Qred AB, Sweden' (CVR no. 38 97 22 94) is as a financial institution registered with the Danish Financial Supervisory Authority pursuant to the Money Laundering Act § 48, paragraph 1 obliged to comply with the Act on Preventive Measures against Money Laundering and Terrorist Financing (the Money Laundering Act). Under the Money Laundering Act, Qred is obliged to obtain customer due diligence in order to prevent money laundering and terrorist financing. Therefore, both new and existing customers will experience that we ask a number of questions that shed light on the company's business as well as the customer's identity. As a customer, you may find that we require additional documentation that clarifies the origin of the money or the purpose of the loan.

By entering into the Credit Agreement, the Customer undertakes to provide the information requested by Qred to meet the requirements of applicable law. Qred has the right to cancel the agreement or refuse a credit to the Customer if verification or documentation of the information cannot be obtained.