Pre-contract information

In accordance with responsible lending requirements and obligation of submitting warnings provided for by the legislation and for assisting the borrower to make an informed loan decision, MoneyZen is obliged to submit to the borrower information on the significant loan conditions and obligations related to taking loans before concluding the loan contract.

The taking of the loan shall be decided by the borrower who shall assess the appropriateness of the loan product and conditions, based on the supplied information and warnings, for his (her) personal borrowing interest and financial condition, and shall be liable for any consequences resulting from the conclusion of the loan contract.

Taking a loan is a financial obligation and needs to be carefully considered. Before making a loan decision, please consider that the loan must be repaid with the interest. Consider carefully if you really need a loan or if there are other alternatives to borrowing. Compare the terms of several loan providers to pick the best offer. With the help of our customer support you can find a suitable and affordable solution. Do not hesitate to contact our specialists!

The borrower confirms that he or she has read the loan conditions and understands the potential consequences related to concluding the loan agreement and has to consider the provided information beforehand. If necessary our customer support is prepared to submit explanations and additional information to any additional questions.

Please direct your questions to our client support contacts on MoneyZen homepage. When considering a loan contract please pay attention to the following:
  • Familiarize yourself with MoneyZen’s General Terms and Conditions, Price list and Pre-contractual information.
  • Consider the loan offer terms and conditions (loan amount, currency, contract fee, loan period, interest rate, annual percentage rate, price list).
  • Loan disbursement term – Loan amount shall be available instantly after signing the loan contract. Withdrawal to the personal bank account is priced according to the Price list.
  • Calculating of the intrest rate. Interest is the fee for borrowing the money according to the interest rate agreed in the loan contract (percent per annum) Interest is calculated as of the date of principal Loan amount is transferred to Borrower’s Virtual Account. Interest is calculated using a 360-day year.
  • Right to withdraw from contract. You have the right to withdraw from the contract during 14 days after concluding the contract. Use MoneyZen portal to withdraw from the contract. In the event of withdrawing you are obliged to repay the full loan and interest for the used loan period. If you fail to repay the whole loan sum on time, we shall consider that you have not withdrawn from the loan contract.
  • Loan obligation due date according to loan contract. Loan repayment due date and loan installments are fixed in the loan contract (loan schedule). Borrower is obliged to make Loan installments according to repayment schedule and make sure that all the installments are credited to MoneyZen’s bank account by due date. If loan contract contains repayment schedule, loan installments are to be made according to the repayment schedule.
  • Loan repayment conditions including loan installment terms and frequency, loan interest and principal repayments. Monthly loan repayments to MoneyZen are paid in equal payments and in equal time periods (on an annuity). Annuity payment consists of principal, interest and loan management fee. According to annuity payment schedule, the loan principal repayment proportion is smaller and interest payment proportion bigger in the beginning of the loan period and vice versa in the end of the loan period.
  • Early repayment conditions, including pre-termination due date and fees. Early repayment is available immediately after concluding the loan contract and MoneyZen is entitled to early repayment fee according to MoneyZen’s Price list.
  • Stipulations agreed upon in Loan contract shall be concluded in the loan contract.
  • Consequences and expences due to violation of loan contract by borrower. If borrower violates his or her repayment obligation MoneyZen is entitled to the late fee and debt management fees according to Price list and to the penalty in case of violation of the loan contract. Overdue charges are fixed in the loan contract, fee for submitting a notice of default to public credit register and penalties are applied according to the Price list. In the event of late payment MoneyZen sends a reminder to the borrower which is charged according to MoneyZen Price list. MoneyZen submits a priced notice of default to public credit register if the delinquency exceeds 90 days.
  • MoneyZen’s right to pre-terminate contract and consequences of it. If the borrower has partly or fully delayed at least three successive payments or if the borrower has violated any other obligation, substantial for pre-terminating the loan contract (for example presentation of incorrect information or grounds of cancellation arising from the General Terms and Conditions), MoneyZen may terminate the agreement early and demand early repayment of the entire loan and settlement of the outstanding financial obligations. If the borrower fails to repay the loan, MoneyZen is entitled to demand repayment of the loan and fulfilment of other financial obligations by the person, securing the performance of the agreement.
  • Collateral. A precondition to the loan disbursement may be establishment of collateral, specified in the loan contract. Accepted collateral and the extent of establishing the same (amount of pledge, limit of liability of the provider of surety, etc.) are specified in the respective security contract. MoneyZen has the right to demand establishment of (additional) collateral(s), if the borrower’s solvency has deteriorated or his or her financial obligations increased substatially. If the additional collateral is not provided, MoneyZen shall have the right to demand early repayment of the loan.
  • Non-recurrent charges related to conclusion of the loan contract
    • 13.1.  Contract fee, including contract concluding fee, ZenFund payment and credit check.
    • 13.2.  A fee for the amendment of the loan contract pursuant to the rate as provided in the Price list.
  • Obligation to register a user account and to transfer the money. By the time of concluding the loan contract, the borrower must have registered a MoneyZen user account, to which the loan shall be disbursed to and from which the payments arising from the loan contract shall be debited from. By concluding the loan contract the borrower assumes the obligation to ensure transfer of money to the MoneyZen user account to fulfil obligations derived from the loan contract.
  • Risk of possible decrease in solvency of the borrower. The borrower should consider that his solvency may decrease during the loan period if one or more of the following events occur:
    • general aggravation of the economic environment;
    • loss of/decrease in the borrower’s earnings or other income;
    • increased spending due to additional dependents;
    • additional financial liabilities assumed by the borrower later;
    • the concealment of the actual loan purpose and/or financial capacity of the borrower, etc.
  • Loan repayment schedule. Loan repayment schedule included in the loan contract (loan principal, interest and management fee repayment and term) are the grounds to fulfilment of the loan obligations.
  • Amendment of General Terms. MoneyZen reserves the right to change or modify the General terms and conditions unilaterally if legislation has changed and all contracts need to be harmonized. MoneyZen has the right to amend General terms and conditions unilaterally 30 days after submitting the amendment notice. Amendment of General Terms and Conditions are published on MoneyZen homepage. During that period user may terminate user agreement if one does not agree to amendments of General Terms and Conditions. Otherwise amendments are considered to have been approved by the user.
  • Resolvement of complaints. Disputes shall be solved by negotiations. After failing to come to an agreement the dispute shall be resolved by conciliation (e.g. Consumer Disputes Committee or the Court). MoneyZen will file a law suit If user and MoneyZen fail to come to an agreement how to secure the fulfillment of obligations. As a result legal expenses shall be added to loan costs. If there is a need to turn to a bailiff to enforce the court order, additional law enforcement costs accrue in correlation with the debt. Procedure for filing a complaint can be found in General terms