1. GENERAL PROVISIONS
1.1 IuteCredit Albania Sh.a., with its registered office at “Andon Z. Cajupi” Street, Building No. 3, Entrance No. 2, 3rd Floor, company registration number L42011023U, email: (hereinafter referred to as the “Lender”), is a financial company licensed by the Bank of Albania.

1.2 These General Terms and Conditions (hereinafter referred to as the “Terms”), the Fee Schedule, and the principles governing the processing of customer data as described in the Privacy Policy form an integral part of, and apply to, any and all agreements concluded between the Lender and the Customer. They are available to all interested parties at the Lender’s business premises and on the Lender’s website.

1.3 In the event of changes to the terms governing the provision of financial products and services, IuteCredit Albania shall provide notification: (a) individually to each Customer affected by such changes, within the timeframe and in the form specified in the agreement between the parties (in writing, through durable means of communication, or by telephone messages), with such notification documented by the institution; and (b) through notices or brochures displayed at the institution’s premises, on its official website, or through mass communication channels.

Such notification shall be provided at least 15 days before the changes become applicable. Under no circumstances may the contractual terms be amended without obtaining the Customer’s consent in accordance with the provisions of the agreement.

1.4 If the Customer does not agree with any non-contractual changes, the Customer shall have the right to terminate the Agreement(s) by notifying the Lender in writing or through another agreed method within the period specified in Clause 1.3, provided that the Customer fulfils all obligations arising from the Agreement(s).

1.5 If the Customer does not exercise the right to terminate the Agreement(s) as specified in Clause 1.4, the Customer shall be deemed to have accepted the non-contractual changes and hereby declares that they shall have no subsequent claims against the Lender regarding amendments to the Terms, Privacy Policy, and/or Fee Schedule.

1.6 The advance notification requirement specified in Clause 1.3 shall not apply where the change is more favourable to the Customer (e.g., a reduction in fees) or where new services are introduced.

The Terms and all agreements concluded pursuant to the Terms shall be governed by the laws of the Republic of Albania.

1.7 The Customer may request a copy of the applicable Terms at any time at the Lender’s business premises or access them on the Lender’s website at www.iute.al.
2. DEFINITIONS
2.1 Commitment Fee – A fee charged by the Lender representing the costs associated with the approval and disbursement of the Loan. The Commitment Fee shall be payable on the date of disbursement of the Loan under the Specific Loan Agreement into the Customer’s IutePay Electronic Money Account. The Commitment Fee shall be deducted from the Loan Amount.

2.2 Additional Fees – All other fees for services not included in the Specific Loan Agreement or the Security Agreement, which the Customer has requested and the Lender has provided. Such additional services and their fees are listed in the Price List available on the Lender’s website.

2.3 Agreement – A legally binding agreement between the parties under which the Lender agrees to grant, and the Customer agrees to receive, a consumer loan. Each such agreement in its entirety consists of the General Terms and Conditions, Framework Agreement, Price List, Privacy Policy, and all other agreements, mutual understandings, and annexes to any agreements concluded between the Lender and the Customer (including any amendments and additions), as well as each individual Specific Loan Agreement.

2.4 Repayment Schedule – A legally binding document containing information on the payable loan instalments, their due dates, and the conditions governing payment of these amounts, including a breakdown of each payment showing the loan principal, interest calculated based on the applicable interest rate, fees, and additional costs.

2.5 Applicable Laws – The regulatory acts of the Bank of Albania, including Regulation No. 48 “On Consumer and Mortgage Credit”, Regulation No. 59 “On Transparency for Banking and Financial Products and Services”, the Civil Code, the Code of Civil Procedure, the Consumer Protection Law, the Law on Electronic Documents and Electronic Signatures, and other applicable laws and regulations governing these matters.

2.6 Application – An application for loan approval submitted by the Customer to the Lender in written, electronic, or verbal form.

2.7 APR (NEI) – The total cost of the Loan, including interest, the Commitment Fee, and all other types of fees that the Customer is required to pay in connection with the Specific Loan Agreement and that are or should be known to the Lender. This includes fees for mandatory additional services related to the Specific Loan Agreement, particularly insurance premiums where entering into an insurance agreement is a mandatory condition for obtaining the Loan or where the granting of the Loan results from the application of commercial terms and conditions.

The total cost of the Loan does not include notarial fees, government fees, or insurance premiums voluntarily paid by the Customer.

For the calculation of the total cost of the Loan and the initial Annual Percentage Rate, it is assumed that the Loan is drawn down immediately and in full by the Customer, that the Agreement remains in force until the final repayment date agreed upon in the Specific Loan Agreement, and that the parties duly fulfil their contractual obligations.

An example of the APR calculation, in accordance with the rules established by the Bank of Albania under Regulation No. 59 “On Transparency for Banking and Financial Products and Services”, is provided in the Specific Loan Agreement.

2.8 Assessment – The process of evaluating the Customer’s creditworthiness, eligibility for a Loan, and ability to repay the Loan.

2.9 ATM – An automated teller machine used by IutePay for cash withdrawals.

2.10 ALL (LEK) – The Albanian currency. Loans approved and disbursed by the Lender in accordance with the Agreement are denominated in Albanian lek and shall be repaid by the Customer in Albanian lek.

2.11 Business Premises – Any business premises used by the Lender where the Customer may perform one or more of the following activities: obtain information and/or consultation regarding the conditions for applying for, obtaining, and using a Loan; apply for a Loan; conclude an Agreement; or carry out other activities in accordance with the Terms or Framework Agreement. The locations, opening hours, and relevant organisational information concerning the business premises are listed on the Lender’s website.

2.12 Consumer Loan – A loan granted to the Customer, including for the purchase of goods and services or for refinancing existing monetary obligations.

2.13 Credit Registry or CR – The Credit Registry maintained by the Bank of Albania and operating in accordance with the relevant regulations of the Bank of Albania.

2.14 Credit Intermediary – A person authorised by the Lender to conclude an Agreement on its behalf.

2.15 Customer – A natural person who has entered into a contractual relationship with the Lender and/or is applying to use the products and services offered by the Lender.

2.16 Customer Account – An account opened for the Customer under the Framework Agreement.

2.17 Customer’s IutePay Electronic Money Account – An electronic money account opened for the Customer by IutePay, which is used as a servicing account for the Loan under the Agreement.

2.18 Customer Reference Number – A unique number assigned to each Customer, which is also used as the Framework Agreement number.

2.19 Electronic Signature – A signature provided by the Parties using a mobile telephone device, which is equivalent to a handwritten signature.

2.20 Fees – All fees charged by the Lender in accordance with the Agreement.

2.21 Framework Agreement – A legally binding agreement establishing the terms governing the Customer Account, the granting of Loans within the Personal Credit Limit, and additional services related to the Loans.

2.22 Interest – The amount paid by the Customer to the Lender as compensation for the Loan.

2.23 Direct Debit – An instruction issued by the Customer to IutePay authorising the Lender to collect instalments from the Customer’s Payment Account when they become due.

2.24 IutePay – An electronic money institution established in Albania, registered in the Commercial Register maintained by the National Business Center (NBC) under unique identification number NUIS M02209002O, and licensed by the Bank of Albania.

2.25 Personal Data Protection Law – The Law on the Protection of Personal Data, as amended from time to time.

2.26 Loan – The amount of consumer credit approved by the Lender as specified in the Specific Loan Agreement.

2.27 Loan Reference Number – A unique number assigned to each Specific Loan Agreement.

2.28 MyIute – An online environment used together with IutePay that enables Customers to register a Customer Account, apply for Loans, view their loan balances and transactions in a consolidated overview, and facilitates timely and convenient loan repayments.

2.29 Durable Medium of Communication – Any means of communication that meets the following criteria: (i) enables information to be addressed personally to the recipient; (ii) allows the recipient to store the information for future reference for a period appropriate to its purpose; and (iii) allows the stored information to be reproduced without alteration.

In addition to written communication, the Lender considers email, SMS, recorded telephone communications, and similar methods to constitute durable means of communication.

2.30 Parties – As specified in the Agreement or the Security Agreement.

2.31 Repayment Date – The date on which the Customer is required to repay the Loan or any other obligation, including all fees.

2.32 Security Agreement – A loan agreement secured by collateral and containing an enforcement clause.

2.33 Specific Loan Agreement – A consumer loan agreement concluded for the purpose of granting a Loan, including for the purchase of goods and services or refinancing existing monetary obligations, together with all annexes, as well as the Security Agreement and all its annexes.

2.34 Fee Schedule – The price list for additional services and activities performed by the Lender in connection with Customers’ delays in fulfilling their obligations. The Fee Schedule is published at the Lender’s business premises and on its website.

2.35 Terms – These Terms describing the general conditions for lending to individuals.

2.36 Website – The Lender’s website, www.iute.al.
3. GENERAL PRINCIPLES FOR ENTERING INTO AN AGREEMENT
3.1 The Lender has the right to determine with whom it will or will not enter into an Agreement (freedom of contract).

3.2 The Lender may approve and enter into an Agreement if the following conditions are met:

3.3 The Customer is a natural person and a citizen of the Republic of Albania, is at least 18 years of age, and has the legal capacity to enter into an Agreement.

3.4 The Customer’s identity has been duly verified.

3.5 The Customer has income and can afford the Loan, and may be required to provide documentary evidence of such income.

3.6 The Customer has applied for a Loan from the Lender and the Loan has been approved.

3.7 The Customer accepts and signs the Framework Agreement.

3.8 The Customer accepts and signs the Specific Loan Agreement and its annexes and/or any other agreements deemed necessary (e.g., a Secured Agreement, etc.).

3.9 The Customer accepts and signs the electronic money account agreement with IutePay.

3.10 In the case of a Security Agreement, the pledge is registered in the Security Interests Register.

3.11 Loan approval depends on the Assessment. The Lender may also approve a Loan based on information contained in its internal databases.

3.12 The Lender shall not enter into Agreements with non-Albanian citizens or Customers who fail or refuse to provide the data or documents required by the Lender for identification and verification purposes and/or for assessing their creditworthiness and affordability.

The Lender shall also refuse to enter into Agreements with Customers who, upon request, fail to provide sufficient information or documentation establishing the lawful origin of their funds, or where there are other grounds to suspect money laundering (including the use of a front person) or terrorist financing.

3.13 The Lender shall not enter into Agreements with Customers who have caused direct or indirect damage to the Lender, have threatened to cause such damage, or have harmed the Lender’s reputation.
4. SUBMISSION OF A LOAN APPLICATION
4.1 The Customer shall personally apply for a Loan by submitting an Application to the Lender. The Application may be submitted through the Lender’s website, by telephone, through the MyIute mobile application, at the Lender’s business premises, through a Credit Intermediary, or through any other channel made available by the Lender.

4.2 To apply for a Loan through the available digital channels, the Customer shall be required to grant the Lender access to the camera and microphone of their mobile phone. The Customer’s phone must be connected to the internet and have the necessary hardware and software. The Customer’s phone may also need to support fingerprint scanning and/or facial recognition.

4.3 In the Application, the Customer shall provide their personal data, email address, contact telephone number, and other relevant information, as well as the requested Loan Amount and repayment term.

4.4 The Lender shall not be responsible for any errors in the information submitted by the Customer, and the Customer shall bear all consequences arising from such errors.

4.5 Upon submitting the Application, the Customer must consent to the Lender obtaining a report from the Credit Registry of the Bank of Albania (CR).

The Customer agrees and acknowledges that the consent granted to the Lender to obtain reports from the CR shall apply to any and all applications submitted by the Customer to the Lender during the validity of the Framework Agreement, in accordance with the applicable operational rules and procedures governing the use of CR data.

4.6 Before the Lender agrees to grant a Loan, the Customer must declare whether they are a politically exposed person or are associated with a politically exposed person (hereinafter referred to as a “PEP”).

4.7 The Lender reserves the right, at its sole discretion and for justified purposes, to request any additional information concerning the Customer for the implementation of the Agreement (e.g., tax residency). The Customer agrees to provide any information requested by the Lender.

4.8 Before signing the Agreement, the Lender shall make available to the Customer all pre-contractual documentation relating to the requested Loan and its terms.
5. CUSTOMER IDENTIFICATION AND KNOW YOUR CUSTOMER (KYC) PRINCIPLES
5.1 The Customer, or in exceptional circumstances their representative, must submit the data and documents required by the Lender for identification purposes.

5.2 The Customer shall be identified on the basis of personal identification documents that comply with applicable legislation and are accepted by the Lender (e.g., a passport or identity card).

5.3 The Customer or their representative may be identified through a means of communication accepted by the Lender or through digital identification methods.

5.4 The Lender shall presume that the documentation and information submitted by the Customer are authentic, valid, and accurate.

5.5 The Lender shall make copies of the documents submitted by the Customer and retain them physically and/or electronically in accordance with the Privacy Policy.

5.6 The Lender shall implement measures established at national and international levels for the prevention of money laundering, terrorist financing, and tax evasion, as well as measures relating to the enforcement of sanctions.

Accordingly, the Lender must have an understanding of its Customers, their activities (e.g., economic activities), and the origin of their assets, in accordance with the Know Your Customer principle.

Based on these considerations, the Lender has the right and obligation to:

5.6.1 Regularly verify the identification information of the Customer or their representative and obtain additional documents and information (including citizenship, tax residency, and place of residence) from the Customer throughout the contractual relationship.

5.6.2 Regularly and/or at its discretion request documents and information relating to the Customer’s activities, including information concerning the purpose and nature of transactions and the lawful origin of the Customer’s assets used in such transactions.

5.6.3 Monitor how the Customer uses the Lender’s services and reserve the right to refuse to enter into future agreements with the Customer if any adverse information is discovered.

5.7 In implementing measures for the prevention of money laundering and terrorist financing, as well as sanctions measures, the Lender shall apply a risk-based approach and select appropriate measures based on the nature of the transactions and an assessment of the risk that the Customer or any other person involved in the transaction may engage in or initiate money laundering, terrorist financing, or violations of applicable sanctions.
6. ASSESSMENT OF CREDITWORTHINESS AND AFFORDABILITY
6.1 The Lender shall assess the Customer based on available information, including information obtained from the Customer and, at its discretion where necessary, by making inquiries in external databases relevant to the assessment of creditworthiness and affordability to which the Lender has lawful access.

6.2 The Customer is required to provide the Lender with copies of documents requested for the Assessment, as deemed necessary by the Lender, such as:

6.2.1 A certificate of employment; and/or

6.2.2 A copy of a bank statement; and/or

6.2.3 A document confirming receipt of a pension, in the case of a pension beneficiary, etc.

6.3 In the case of an Application for a Security Agreement, the Customer must provide the Lender with a valid ownership document for the asset pledged as collateral for the Loan.

6.4 As part of the Assessment, the Lender may, at its discretion and through its employees, conduct an interview with the Customer, during which additional information or documents may be requested and obtained.

All such conversations shall be recorded and retained in accordance with the Privacy Policy and shall form part of the Customer’s file maintained by the Lender.

6.5 For the purposes of Loan approval, in accordance with the Terms, the Customer declares that, on the date of the Application:

6.5.1 They have no obligations as a guarantor and no outstanding obligations to the state, financial institutions, current or former employers, any natural or legal person, or other payment obligations that take priority over the Loan for which they are applying, except those disclosed to the Lender during the contracting process.

6.5.2 No notarial payment order or lawsuit has been initiated against them, and they are not aware of any objectively justified grounds that could lead to such proceedings.

6.5.3 They are not bankrupt and are not party to any agreements whose performance would conflict with the fulfilment of their obligations under the Agreement.

6.5.4 All information provided in the Application is complete and accurate.

6.6 If the Customer provides inaccurate information when submitting the Application, the Lender reserves the right, depending on when this is discovered, either to refuse to conclude the Agreement and grant the Loan or to terminate the Agreement (if already concluded) and any contractual relationship with the Customer without prior notice.

The Lender may also demand early repayment of the Loan together with all fees, costs, and interest accrued or accruing up to the date of termination of the Agreement.

The Loan shall become immediately due and payable upon a unilateral declaration by the Lender, which may be communicated by SMS to the telephone number specified by the Customer in the Application, in person, to the declared address, or by email.

6.7 If the Lender approves the Application, the Customer shall be notified by email and/or telephone (by SMS or telephone call), in person at the Lender’s business premises or those of a Credit Intermediary, or through the MyIute environment.

6.8 The Lender has the right to offer the Customer contractual terms different from those requested, including a shorter repayment period or a lower Loan Amount.

If the Customer accepts the offer by signing the Agreement, the Lender shall not require the Customer to submit a new Application.

6.9 The Lender reserves the right to reject the Application by sending written notification to the Customer by email, SMS to the specified telephone number, or by displaying the notification in the MyIute environment.

6.10 Where applicable, the Commitment Fee is a fee charged by the Lender representing the costs associated with Loan approval and disbursement.

If the Customer has paid the Commitment Fee and exercises their right to withdraw from the Loan, the Customer shall repay the Loan Amount less the Commitment Fee.
7. CONCLUSION OF THE AGREEMENT
7.1 Each Agreement shall be deemed concluded and shall enter into force upon its execution by the Parties and shall remain in force for an indefinite period until terminated in accordance with the Agreement.

7.2 Each Agreement and any request may be physically signed at the Lender’s business premises or those of a Credit Intermediary.

Electronic signatures may be executed through MyIute or another online environment.

The Parties agree and acknowledge that all declarations relating to the Application, conclusion, performance, and termination of the Agreement signed using a simple or advanced electronic signature shall have the same legal effect as a handwritten signature.

7.3 For electronic signing within the MyIute environment, the Customer’s electronic certificate stored on the Customer’s device (mobile phone) shall be used.

By pressing the “Sign” button, the application shall request biometric authentication (fingerprint or Face ID), or, where enabled on an iPhone, the Customer’s phone PIN.

Biometric information shall be used to obtain a verification result from the phone’s secure storage (i.e., Secure Enclave on an iPhone). Using the MyIute certificate stored there, a signature for the PDF document shall be created and sent to the Lender’s servers, where it shall be added to the PDF file.

No biometric information shall be transmitted to the Lender’s servers. Furthermore, it shall not be possible to alter the biometric information associated with that signature.

If biometric authentication is not configured and, in the case of an iPhone, the phone PIN is also not configured, the Agreement or request shall be electronically signed using the Customer’s declared telephone number.

The Lender shall send a unique one-time password (OTP) to that number, which the Customer must enter within three minutes on the displayed page.

If the OTP entered matches the code sent by the Lender, the Agreement or request shall be deemed signed.

7.4 For electronic signing outside the MyIute environment, the Lender shall send a unique link to the Customer’s email address.

Upon opening the link, an OTP shall be sent to the Customer’s declared telephone number. The Customer must enter the OTP within three minutes on the displayed page.

If the OTP entered matches the code sent by the Lender, the Agreement or request shall be deemed signed.

7.5 The Secured Agreement shall be deemed signed and concluded from the moment the Customer personally signs the Agreement and its annexes and is informed of all rights and obligations arising from it.

The Secured Agreement shall enter into force once the Customer has signed the Agreement with the Lender and the pledge has been registered in the Central Pledge Register of the Republic of Albania.

7.6 Any amount approved and disbursed by the Lender to the Customer shall be considered a Loan approved by the Lender under the terms of the Agreement.
8. LOAN DISBURSEMENT
8.1 The Lender shall disburse the Loan in full exclusively to the Customer’s IutePay Electronic Money Payment Account.

If the Customer has more than one account with IutePay, the Loan shall be disbursed to the IutePay Electronic Money Payment Account selected by the Customer.

8.2 The Customer acknowledges and agrees that withdrawing funds from the IutePay Electronic Money Payment Account may be subject to fees charged by IutePay.

8.2.1 Where the Agreement is concluded through a Credit Intermediary for the purpose of purchasing goods or services from that Credit Intermediary, the Lender shall disburse the Loan Amount into the IutePay Electronic Money Payment Account.

Based on the initiated transaction, the Loan Amount shall be immediately transferred to the Credit Intermediary’s payment account.

If the Credit Intermediary does not have a payment account with IutePay, the Loan Amount shall be transferred to the Lender’s payment account, from which the Lender shall transfer the funds to the Credit Intermediary’s bank account.

The Lender shall not be liable to the Customer for any technical issues relating to goods purchased or services received through financing provided by the Lender. The relationship between the Credit Intermediary and the Customer shall be strictly bilateral.

8.3 If the Customer has provided materially false information to the Lender, or if the circumstances forming the basis for granting the Loan have changed (including deterioration of the Customer’s financial condition or the discovery of encumbrances on collateral that were previously unknown to the Lender), the Lender shall have the right to refuse disbursement of the Loan or any part thereof under the Agreement.
9. INTEREST, COMMISSIONS, FEES AND APR
9.1 The Lender shall be entitled to interest and/or other fees as agreed in the Specific Loan Agreement.

9.2 The Customer shall pay the Lender interest on the outstanding Loan Amount at the interest rate specified in the Specific Loan Agreement, within the deadlines and in the amounts set out in the Repayment Schedule.

By signing the Agreement, the Customer agrees that interest on the Loan shall apply and be calculated from the moment of disbursement of the Loan under the relevant Specific Loan Agreement.

9.3 Interest shall be calculated monthly using the simple interest method on the outstanding Loan Amount, assuming a year of 360 days and a month of 30 days.

9.4 The Commitment Fee is a fee charged by the Lender representing the costs associated with Loan approval and disbursement.

The Commitment Fee shall be payable upon disbursement of the Loan and shall be deducted from the Loan Amount.

9.5 The total cost of the Loan shall include all costs, including interest, the Commitment Fee, and all other fees that the Customer is required to pay in connection with the Specific Loan Agreement and that are or should be known to the Lender.

This includes fees for mandatory additional services associated with the Specific Loan Agreement, particularly insurance premiums where entering into an insurance agreement is a mandatory condition for obtaining the Loan, or where granting the Loan results from the application of commercial terms and conditions.

The total cost of the Loan shall not include notarial fees or government fees.

The initial Annual Percentage Rate expresses the total current or future costs of the Loan to the Customer (including interest, other direct or indirect costs, commissions, and fees of any kind) arising from the use of the Loan and is expressed as an annual percentage of the Loan (APR/NEI).

The calculation of the initial Annual Percentage Rate shall be based on the terms and conditions of the Agreement in force at the time the Specific Loan Agreement is concluded or amended, including the applicable interest rate at that time.

For the calculation of the total cost of the Loan and the initial Annual Percentage Rate, it is assumed that the Loan is drawn down immediately and in full by the Customer, that the Agreement remains in force until the final repayment date agreed in the Specific Loan Agreement, and that the Parties duly fulfil their contractual obligations.

An example of the APR calculation in accordance with the rules established by the Bank of Albania under Regulation No. 59 “On Transparency for Banking and Financial Products and Services” is provided in the Specific Loan Agreement.

9.6 The Maximum Annual Percentage Rate of a Loan (Maximum APR) represents the maximum total cost of a Loan, calculated based on the average effective interest rate applied by the Lender for the relevant type of consumer credit, increased by one-third in accordance with the provisions of the amended Bank of Albania Regulation “On Consumer and Mortgage Credit”.

This rate shall be determined by the Bank of Albania at the end of each six-month period for the following six-month period and shall be published on its official website.
10. REPAYMENT SCHEDULE
10.1 Throughout the validity of the Agreement, the Lender shall make the Repayment Schedule available to the Customer free of charge.

10.2 The Repayment Schedule shall contain information on the monthly Loan obligations payable, their due dates, and the conditions governing payment of these amounts, including a breakdown of each payment showing the principal and interest.

10.3 The Customer may view the Repayment Schedule through the MyIute platform. Upon the Customer’s request, the Lender shall provide the Repayment Schedule by post or email.

10.4 For the Customer’s convenience, the Lender shall round the instalments specified in the Repayment Schedule, with any resulting adjustment made in the final repayment obligation.
11. LOAN REPAYMENT
11.1 The Customer shall repay the Loan in accordance with the terms and conditions set out herein and the amounts specified in the Repayment Schedule.

11.2 The Customer shall repay the Loan exclusively through the Customer’s IutePay Electronic Money Account.

11.3 By signing the Agreement, the Customer acknowledges and expressly authorises the Lender to proceed with automatic Direct Debit from the Customer’s IutePay Electronic Money Payment Account for the repayment of all obligations that have become due.

The Customer must ensure that sufficient funds are available in the Customer’s IutePay Electronic Money Payment Account to enable timely repayment of obligations.

11.4 The Customer shall bear, at their own expense, all costs that may arise in connection with the performance of the Agreement.

11.5 The Customer agrees that, if they have more than one outstanding Loan or other obligations to the Lender, the allocation of repayments shall be determined at the Lender’s discretion.

11.6 Where the Customer has more than one outstanding Loan with the Lender, the funds received from the Customer shall be allocated among the amounts due, first according to the nature of the obligation and then according to maturity, in the following order:

11.6.1 Judicial and extrajudicial collection costs, costs of reminder letters, and costs of sending messages;

11.6.2 Accrued default interest or late-payment penalties;

11.6.3 Fees;

11.6.4 Interest;

11.6.5 Loan Principal.

11.7 All repayments shall be deemed valid from the moment the identified funds become available in the Electronic Money Payment Account opened with IutePay.

If the Lender receives any payment from the Customer through channels other than the Customer’s IutePay Payment Account, the beneficiary of the funds must be identifiable for the funds to be considered received by the Lender, and the funds shall be transferred to the IutePay Electronic Money Payment Account.

If insufficient funds are available in the Customer’s IutePay Electronic Money Payment Account to repay obligations due to the Lender, the Customer shall be responsible for all consequences of late payment.

If the funds received from the Customer are insufficient to settle all obligations that have become due, costs associated with unfulfilled or overdue obligations shall be paid first in accordance with Clauses 11.5 and 11.6.
12. EARLY REPAYMENT
12.1 The Customer has the right to repay the Loan in full or in part before its scheduled maturity by submitting an early repayment request to the Lender through durable means of communication at least three (3) days in advance.

In the case of partial early repayment of the outstanding Loan Amount, the request shall be executed on the date of the next instalment, regardless of the date on which the partial early repayment request was submitted.

On the next instalment date, the scheduled Loan instalment shall first be paid in accordance with the Repayment Schedule, after which the partial early repayment shall be processed.

12.2 In the case of full early repayment of the Loan, the Customer must have sufficient funds available in their electronic money payment account with IutePay sh.p.k. to repay the outstanding Loan Amount, accrued interest, and other fees up to the date of early repayment.

12.3 In the case of full early repayment of a Cash Loan, the Lender shall be entitled to compensation for costs directly related to early repayment, amounting to:
– 1% of the prepaid Loan Amount where the remaining term of the Specific Loan Agreement exceeds one year; or
– 0.5% of the prepaid Loan Amount where the remaining term of the Specific Loan Agreement is less than one year.
The Customer shall not be required to compensate the Lender for early repayment costs where the Customer has exercised the right to withdraw from the Specific Loan Agreement in accordance with applicable legal requirements.

12.4 The Customer shall pay the Lender the early repayment fee on the date of early repayment of the Loan, where the Loan is repaid in full.

12.5 If the Customer has requested early repayment but fails to repay the Loan in full or in the partial amount requested within the deadlines established by the Lender, the Customer shall be deemed to have withdrawn the early repayment request.

12.6 If the Customer has not signed the new Loan Repayment Schedule resulting from a partial early repayment request before the partial early repayment date, the request shall be cancelled.

12.7 Early repayment of the Loan may also be carried out through the approval of a new Specific Loan Agreement for the Customer by the Lender (a “Refinancing Loan”).

Through refinancing, the existing Loan is first closed, and any remaining amount of the new Loan after closure of the existing Loan is used for consumption purposes.

The Lender is not obliged to approve a Refinancing Loan application.

In the case of early repayment through refinancing with a new Consumer Loan, the Customer shall pay the Commitment Fee on the principal amount of the new Consumer Loan on its disbursement date.
13. RIGHT OF WITHDRAWAL
13.1 The Customer has the right, without paying compensation or penalties and without providing any reason, to withdraw from the Specific Loan Agreement within 14 days from the date of Loan disbursement under the Specific Loan Agreement or from the date on which the Customer receives information regarding their right of withdrawal.

13.2 The right to withdraw from the Specific Loan Agreement shall be considered exercised provided that the Customer sends the Lender a notification through durable means of communication before the expiry of the withdrawal period and the Lender has received full repayment of the Loan in accordance with Clause 13.3.

If the Customer fully repays the Loan within the 14-day withdrawal period but does not notify the Lender of the purpose of the account credit, the funds shall be transferred to the Customer Account and shall remain as a credit balance in that account.

13.3 If the Customer exercises the right to withdraw from the Specific Loan Agreement, the Customer shall repay the Loan Amount and accrued interest calculated based on the number of days during which the Loan was used by the Customer within the same 14-day period, less the amount of the Commitment Fee paid.

Interest shall be calculated based on the daily interest rate agreed in the Specific Loan Agreement.

13.4 If the Customer does not have sufficient funds in the Customer’s IutePay Electronic Money Payment Account during the 14-day withdrawal period beginning from Loan disbursement to enable the Lender to collect all amounts due from the Customer, the Customer shall be deemed not to have withdrawn from the Specific Loan Agreement.

The Agreement shall therefore remain valid under the terms on which it was concluded, including the application of the Repayment Schedule, which forms an annex to the Specific Loan Agreement, together with all consequences arising from any delay by the Customer.
14. CONSEQUENCES OF LATE PAYMENT
If the Customer fails to fulfil their obligations under the Agreement fully and on time, the Lender shall have the following rights:

14.1 To calculate default interest on overdue obligations from their due date until full repayment.

The default interest rate shall be calculated in accordance with the Civil Code and within the limits permitted by the Bank of Albania.

The applicable late-payment interest rate shall be published in the Fee Schedule.

On the date of conclusion of this Framework Agreement, the default interest rate is 3% (three percent) per day, calculated on the Loan Amount plus interest relating to each overdue monthly obligation, starting from the day following the date on which the obligation became due.

Late-payment interest payable by the Customer shall under no circumstances exceed 30% of the contractual obligation (the unpaid Loan instalment or instalments).

14.2 To calculate and charge an administrative fee for notifications of overdue obligations sent by SMS from the second day of delay, as well as administrative fees for written notifications sent as follows: the first written warning, the second written warning, the written warning before termination of the Agreement, and the written notice of termination of the Agreement, the latter resulting in termination.

Such fees shall be calculated in accordance with the Fee Schedule in force on the date of notification.

14.3 To undertake all necessary actions in accordance with applicable laws, including terminating the Agreement and any other Agreement concluded between the Parties, and carrying out all necessary activities to collect its claims before the competent authorities and institutions, including but not limited to courts, notaries, bailiffs, and others.

14.4 To submit information regarding the Customer’s obligations to the Credit Registry, which may affect the Customer’s future creditworthiness.

Customer data shall be submitted to the Credit Registry in accordance with the regulatory acts of the Bank of Albania.
15. TERMINATION OF THE AGREEMENT
15.1 The Lender shall have the right to unilaterally terminate the Framework Agreement and/or any Specific Loan Agreement in force and require the Customer to immediately repay all outstanding Loans, interest, commissions, fees, default interest, penalties, and other claims arising from the Framework Agreement and/or any Specific Loan Agreement within three (3) business days of receiving the relevant notification from the Lender if:

15.1.1 The Customer is more than 90 (ninety) days overdue in fulfilling payment obligations under the Framework Agreement and at least one Specific Loan Agreement;

15.1.2 The Customer has provided the Lender with false information in the Loan Application or other false documents;

15.1.3 The Customer fails to duly fulfil any obligation arising from the Agreement;

15.1.4 In the case of a Loan secured by collateral, the market value of the collateral decreases to such an extent that it is insufficient to satisfy the obligations arising from the Agreement, or the collateral is lost or becomes invalid, and the Customer fails to provide additional collateral or replace the existing collateral with new collateral with the Lender’s consent.

If the Lender terminates the Agreement for any of the above reasons and the Customer fails to repay the outstanding obligations immediately within three (3) business days of receiving the Lender’s notification, the Loan shall be classified as a “loss loan” and reported with this status to the Credit Registry of the Bank of Albania.

15.2 The Customer has the right to terminate the Framework Agreement and any other Specific Loan Agreement at any time by submitting a notification to the Lender through durable means of communication at least three (3) days before the intended termination date.

Termination of any Specific Loan Agreement shall be considered an early repayment as described above and may be subject to an early repayment fee.
16. FINAL PROVISIONS
16.1 The Agreement constitutes an instrument for the granting of credit by non-bank financial institutions and, as such, constitutes an enforceable title binding upon the Customer.

16.2 In the event of any conflict between the Framework Agreement and any Specific Loan Agreement, the provisions of the Specific Loan Agreement shall prevail.

16.3 The Customer acknowledges and agrees that the Lender has the right to transfer and/or assign the rights and obligations arising from any Specific Loan Agreement, as well as to pledge the Loan receivables arising from the Specific Loan Agreement(s), to a third party.

16.4 The Customer may not transfer any rights or obligations arising from the Agreement or any Specific Loan Agreement to a third party without obtaining the Lender’s prior written consent.

16.5 The Parties agree to send notifications to each other through durable means of communication using the most recently declared contact details of the other Party.

The Parties agree to inform each other of any material changes that may affect the Agreement.

Any notification shall be deemed effective upon delivery as follows:

(a) Upon personal delivery to the other Party;

(b) Upon delivery of the notification to the other Party’s email address or telephone number;

(c) On the second day after dispatch by registered or certified postal service;

(d) On the date of notification in the individual “MyIute” account on the website;

(e) On the date of real-time notification through the “MyIute” platform;

provided that such notifications are made through durable means of communication.

16.6 The Customer and the Lender shall endeavour to resolve all disputes through amicable settlement, conciliation, mediation, or other peaceful means. Otherwise, the dispute shall be decided by the competent court.

16.7 The Agreement shall be governed by the substantive laws of the Republic of Albania.

Any action, lawsuit, or proceeding, including any application for interim protective measures or preliminary relief, arising out of or in connection with the Agreement shall be brought exclusively before and finally resolved by the Tirana District Court.

16.8 No waiver by or on behalf of the Lender of any of its rights under the Agreement shall release the Customer from fully performing the obligations specified in the Agreement, except to the extent that such express waiver has been made in writing by the Lender.

16.9 Any indulgence, concession, or delay by the Lender in exercising any right under the Agreement or applicable law, or any failure by the Lender to exercise such right, shall not be construed as a waiver of that right and shall not affect the Lender’s ability subsequently to exercise that right or pursue any legal remedy until such right becomes time-barred under applicable law.

16.10 If any provision of the Agreement is deemed unlawful, invalid, or unenforceable, in whole or in part, the legality, validity, and enforceability of the remaining provisions of the Agreement shall not be affected or impaired in any way.

The affected provision shall be deemed automatically replaced by another enforceable, valid, and lawful provision having the same or as nearly as possible the same effect as the affected provision, or, where this is not possible, reflecting as closely as possible the original intention of the Parties when entering into the Agreement.