1. General
1.1 Service provider
The financing application service described in these terms (the "Service") is provided by:
This information is kept available in accordance with section 176 of the Finnish Act on Electronic Communications Services (917/2014).
1.2 Scope of these terms
These terms apply to the use of the Service regardless of the channel through which the Service is used:
- on Rahoo's website;
- on Rahoo's application form made available in the service of a Rahoo Partner;
- in an application collected with the Partner's own solution and forwarded by the Partner to Rahoo (see section 1.4).
In these terms, Partner means the company from whose service the financing application begins, and Financing Partner means a bank, finance company or other provider of financing to which Rahoo forwards applications.
1.3 Acceptance of the terms and formation of the agreement
1.3.1 The agreement between Rahoo and the applicant is formed when the applicant accepts these terms and submits a financing application. The agreement concerns solely the use of the Service. It is not a financing agreement or a commitment to grant financing.
1.3.2 The terms must be accepted before the application is submitted. If the terms are not accepted, the application cannot be processed or forwarded to Financing Partners.
1.3.3 Rahoo keeps the terms available in a manner that allows the applicant to store and reproduce them (section 178 of the Act on Electronic Communications Services). The terms are available on Rahoo's website and can be downloaded as a file.
1.3.4 The Service is intended solely for use by companies and other traders. The parties acknowledge that the applicant is not a consumer within the meaning of the Consumer Protection Act. The parties agree to derogate from section 177(1) and section 179(1) and (2) of the Act on Electronic Communications Services to the extent that those sections permit derogation by agreement.
1.4 Application made on the Partner's own form
If the application is completed using the Partner's own solution and the Partner forwards it to Rahoo through an interface, the Partner is responsible for ensuring that the applicant is shown these terms before the application is submitted and that the applicant accepts them.
2. What the Service is
2.1 The Service is a channel for applying for business financing. The applicant completes a single application, and Rahoo forwards it to those Financing Partners whose basic requirements the application may meet.
2.2 Rahoo supplements the application with information about the company obtained from public registers and credit reference agencies so that the application can be directed to the appropriate Financing Partners.
2.3 Rahoo informs the applicant of the status of the application and forwards to the applicant the financing offers received from Financing Partners.
2.4 Applying does not bind the applicant. Making an application and receiving offers do not oblige the applicant to accept financing. The applicant may decline offers without giving reasons and may withdraw its application in accordance with section 6.5.
3. What the Service is not
This section is essential to understanding who is responsible for what. Rahoo represents, and the applicant accepts, the following:
3.1 Rahoo does not grant credit or financing. Rahoo is not a credit institution or a financial institution, and it does not grant financing on its own account.
3.2 Rahoo is not a party to the financing agreement. If the applicant accepts a financing offer, the agreement is formed between the applicant and the Financing Partner. Rahoo is not a party to that agreement and is not responsible for its terms or performance.
3.3 Rahoo does not make credit decisions. The financing decision is always made by the Financing Partner on the basis of its own criteria. The targeting carried out by Rahoo is not a credit decision or a prediction of one.
3.4 Rahoo does not handle client funds and does not transmit payments between the applicant and the Financing Partner.
3.5 Rahoo does not bear any credit loss risk and does not provide a guarantee or other security on behalf of the applicant.
3.6 Rahoo does not provide financial, investment, tax or legal advice. The information and comparisons presented in the Service are general in nature and do not constitute a recommendation to take or not to take financing. The applicant is solely responsible for its decisions concerning financing and their consequences.
3.7 Rahoo does not guarantee that financing is available or that the applicant will receive any offer or an offer with particular content.
4. Free use of the Service and Rahoo's commission
4.1 The Service is free of charge for the applicant. Rahoo does not charge the applicant for making, processing or forwarding an application.
4.2 Rahoo receives a commission from the Financing Partner if the financing is concluded. The amount of the commission may vary between Financing Partners.
4.3 The price and other terms of the financing are decided independently by the Financing Partner. Rahoo's aim is that the commission it receives does not affect the price of the financing payable by the applicant, but Rahoo cannot influence the Financing Partner's pricing and therefore cannot guarantee how the commission is taken into account in it.
4.4 The applicant may ask Rahoo whether Rahoo receives a commission from the Financing Partner whose offer the applicant has received.
5. Requirements and representations concerning the applicant
5.1 Business use. The Service is intended for applying for financing for business purposes. The Service must not be used to apply for consumer credit or for any other private purpose.
5.2 Authority to represent. The person making the application represents that they are authorised to represent the applicant company and to bind it to these terms. If the application is made by a person without authority to represent, that person is personally liable for the obligations under these terms.
5.3 Accuracy of information. The applicant is responsible for the accuracy and currency of the information it provides and for ensuring that it is entitled to provide Rahoo with the information it submits in the application. The applicant must notify Rahoo without delay if the information provided changes materially before the financing application has been decided.
5.4 Identification. Rahoo may require the applicant to identify themselves using strong electronic identification. Rahoo may decline to process the application if identification is not completed.
5.5 Prohibited use. The Service must not be used:
- to provide false or misleading information or information relating to another person;
- to burden the Service or Financing Partners without an intention to apply for financing, for example by repeated unfounded applications or in order to collect Financing Partners' pricing or criteria information;
- for automated or systematic submission of applications or for harvesting the content of the Service;
- to disrupt the operation of the Service or to compromise information security;
- for any purpose contrary to law or good practice.
5.6 User account. Rahoo creates a user account for the person making the application, through which they can continue the application, follow its progress and view the offers received. The user logs in to the account via email or by another method offered in the Service. The applicant is responsible for ensuring that the email address provided is under their control and must notify Rahoo without delay if they suspect that the account has been accessed by a third party. The applicant may request deletion of the account at support@rahoo.fi. Rahoo deletes the account. The related information is retained for the periods stated in the privacy notice.
6. Processing of the application
6.1 Authorisation to forward the application. By accepting these terms, the applicant authorises Rahoo to forward the application and the related information to those Financing Partners to which the application is directed.
6.2 Authorisation to obtain information. The applicant authorises Rahoo, for the purpose of processing the application, to obtain information about the applicant company from public registers, such as the Finnish Trade Register and the public information of the Finnish Tax Administration, and from credit reference agencies. If the application is made in the Partner's service, Rahoo may also retrieve the applicant company's financial information from the Partner's system, such as financial management software, where the applicant has separately given permission for this in that system. Rahoo does not obtain personal credit information concerning the applicant as a private individual.
6.3 Targeting. Rahoo automatically compares the application with the basic requirements set by Financing Partners and forwards it to those Financing Partners from which an offer is possible. Targeting is not a credit decision. The categories of data taken into account in targeting are described in the privacy notice.
6.4 Processing time. Rahoo endeavours to process applications without delay but does not guarantee any processing or response time. Rahoo is not responsible for the Financing Partner's processing time.
6.5 Withdrawal of the application. The applicant may withdraw its application by notifying Rahoo before it has accepted the offer of the Financing Partner concerned. Rahoo notifies the withdrawal to those Financing Partners to which the application has been forwarded. Withdrawal does not affect the validity of a financing agreement already concluded. Withdrawal does not revoke the consent under section 7.5, the validity of which is governed by section 7.5.4.
6.6 Right to refuse. Rahoo may refuse to process or forward an application, or suspend its processing, if:
- the applicant has provided false or incomplete information;
- Rahoo has reasonable grounds to suspect misuse or use of the Service in breach of section 5.5;
- forwarding the application would be contrary to law or to the agreement between Rahoo and the Financing Partner; or
- the applicant does not identify themselves in accordance with section 5.4.
Rahoo is not obliged to give reasons for a refusal to the extent that doing so would disclose procedures related to the prevention of misuse.
6.7 Validity of authorisations. The authorisations under sections 6.1 and 6.2 remain valid for the duration of the processing of the application. The applicant may revoke them on its own pages in the Service or by notifying Rahoo, and the applicant may also revoke a permission given in the Partner's system at any time in that system. Revocation does not apply to applications already forwarded to Financing Partners or to information already obtained. The applicant may withdraw an application that has already been forwarded in accordance with section 6.5.
7. Financing Partner's offer and financing agreement
7.1 An offer made by a Financing Partner is the Financing Partner's own offer. Its binding nature, validity and terms are determined as notified by the Financing Partner.
7.2 Rahoo forwards the offer to the applicant as received. Rahoo is not responsible for the content, pricing or terms of the offer or for the offer remaining valid.
7.3 The financing is agreed in an agreement between the applicant and the Financing Partner. The applicant must review the Financing Partner's contract terms before accepting the offer. The Financing Partner has its own terms of use and privacy notice.
7.4 Complaints concerning the Financing Partner and claims concerning the financing agreement must be addressed to the Financing Partner.
7.5 Consent to the disclosure of information to Rahoo
7.5.1 Why consent is needed. The Financing Partner is bound by the duty of confidentiality under chapter 15 section 14 of the Credit Institutions Act (610/2014) or by an equivalent duty of confidentiality. For that reason, the Financing Partner may not, without the applicant's consent, tell Rahoo anything about the applicant's financing, not even whether an offer has been made on the application. Without consent, Rahoo would not be able to forward to the applicant the offer referred to in section 7.2.
7.5.2 What the consent covers. The applicant consents to the Financing Partner disclosing to Rahoo the following information concerning the applicant and the applicant company:
- the stage at which the processing of the application is;
- the content and terms of the financing offer made to the applicant, such as the amount, loan term, interest rate, costs and period of validity of the offer, and whether an offer has been made or the application rejected;
- whether the applicant has accepted the offer, and the amount, loan term and financing product of the financing granted;
- the amounts drawn down from the financing and the drawdown dates;
- whether the financing has ended;
- whether a financing agreement has been concluded between the applicant and the Financing Partner as a result of the application within the twelve (12) month period referred to in section 7.5.4, including where the agreement is concluded outside the Service or the financing is arranged with a financing product other than the one to which the application related. This applies only to the financing need arising from the application, not to the applicant's other dealings with the Financing Partner; and
- whether, at the time the application was forwarded, the applicant had a pending application with the Financing Partner concerning the same financing.
The consent also covers companies belonging to the same group as the Financing Partner to the extent that the application or the financing arising from it is being handled by them.
The applicant further consents to Rahoo informing the Partner in whose service the application was made of the status of the application, the amount of financing applied for and granted, the loan term, the financing product and the pricing of the financing, so that the Partner can manage its customer relationship with the applicant. The information disclosed to the Partner is also described in the privacy notice.
The applicant also consents to the above information being shown to Rahoo's auditor and to other parties entitled to receive it by law.
The consent does not cover the applicant's other dealings with the Financing Partner, account transactions, balances or financing relationships unrelated to the application.
7.5.3 How the information is used. Rahoo uses this information to forward the offer to the applicant under section 7.2, to monitor the progress of the application, to inform the applicant and the Partner, and to calculate and invoice its commission under section 4.
7.5.4 Validity. The consent is valid for twelve (12) months from the date on which the application was forwarded to the Financing Partner. If financing is concluded within that period, the consent remains valid in respect of that financing thereafter until the financing has ended and the calculation of the commission under section 7.5.3 has been completed. The consent is given as part of the application, and the applicant cannot withdraw it during its period of validity. Withdrawal of the application does not revoke the consent either. The consent does not affect the financing agreement between the applicant and the Financing Partner.
7.5.5 Relationship to the processing of personal data. This consent concerns the Financing Partner's duty of confidentiality. It is not consent to the processing of personal data within the meaning of the General Data Protection Regulation (GDPR) and does not change the legal bases for processing described in the privacy notice referred to in section 8.
7.5.6 How consent is given. Consent is given on the application form as a separate selection before the application is submitted. Consent is a precondition for forwarding the application to Financing Partners. Rahoo records the time at which consent was given, the version of the consent text given and the version of these terms.
8. Personal data and cookies
8.1 Rahoo processes personal data in accordance with its privacy notice. The privacy notice is available on Rahoo's website and describes, among other things, the purposes and legal bases of processing, the sources of data, the recipients, the retention periods and the rights of the data subject.
8.2 The privacy notice does not form part of these terms and does not create contractual obligations for the parties. Acceptance of these terms does not constitute consent to the processing of personal data. Nor is the consent under section 7.5 consent within the meaning of the GDPR; it concerns the Financing Partner's duty of confidentiality.
8.3 The use of cookies and similar technologies is described in the section of the privacy notice concerning cookies, and consent to their use is requested to the extent required by law.
8.4 Marketing. Rahoo sends the applicant marketing messages, such as tips on business financing, only if the applicant has given separate permission for this. Giving permission is not a condition for using the Service. Permission may be withdrawn at any time via the link at the end of each message or by notifying support@rahoo.fi. Messages relating to the application, such as status updates and offer notifications, do not constitute marketing.
9. Intellectual property rights
9.1 The Service, its content, software, logos and trademarks are the property of Rahoo or its licensors. These terms do not transfer any intellectual property rights to the applicant.
9.2 The applicant may use the Service in accordance with these terms in its own business. The content of the Service must not be copied, modified, imitated or exploited commercially without Rahoo's written permission.
9.3 The applicant retains the rights to the material it submits to the Service. The applicant grants Rahoo the right to use the material to the extent required for providing the Service and forwarding the application.
10. Availability of and changes to the Service
10.1 Rahoo endeavours to keep the Service available without interruption but does not guarantee its uninterrupted operation. The Service may be subject to interruptions due to maintenance, updates, disruptions or third-party services.
10.2 Rahoo may develop and change the Service and add or remove features. Rahoo may also discontinue the provision of the Service. Material changes and the discontinuation of the Service will be announced on the website or in the Service within a reasonable time in advance.
10.3 The range of Financing Partners and Partners may change. Rahoo does not guarantee that any particular Financing Partner or Partner participates in the Service.
11. Limitation of liability
11.1 Rahoo is not liable for:
- the Financing Partner's decisions or the content, terms or pricing of an offer;
- whether the applicant obtains financing or on what terms;
- the acts, omissions or breaches of contract of the Financing Partner or the Partner;
- consequences resulting from inaccuracies in the information provided by the applicant;
- interruptions to the Service or disruptions to third-party services.
11.2 Rahoo is not liable for indirect or consequential losses, such as loss of profit, business interruption, loss of business opportunity, loss resulting from a delay in financing or loss of reputation.
11.3 Rahoo's total liability for direct losses is limited to a maximum of one thousand (1,000) euros per loss event. The Service is free of charge for the applicant, which has been taken into account in limiting the amount of liability.
11.4 The limitations of liability do not apply to loss caused by Rahoo intentionally or through gross negligence, and they do not limit liability that cannot be limited under law.
11.5 A claim for damages must be presented to Rahoo in writing within a reasonable time and no later than six (6) months from the date on which the applicant discovered the loss or ought to have discovered it.
12. Validity and amendment of the terms
12.1 These terms remain in force until further notice and apply to an application from the moment the applicant has accepted them.
12.2 Rahoo may amend these terms. The amended terms enter into force when they have been published on Rahoo's website. The amendments do not affect applications submitted before the amendment.
12.3 The provisions of sections 3, 7.5, 8, 9, 11 and 13 remain in force after the processing of the application has ended. The provisions of section 7.5 apply for the period under section 7.5.4.
13. Governing law and dispute resolution
13.1 These terms and the use of the Service are governed by the laws of Finland, excluding its choice of law rules.
13.2 The parties shall primarily seek to resolve disputes through negotiation. A party must present its claim and the grounds for it to the other party in writing, and the parties must conduct the negotiations without delay.
13.3 If the dispute cannot be resolved through negotiation within thirty (30) days of the written claim being presented, the dispute shall be resolved at first instance in the District Court of Southwest Finland (Varsinais-Suomen käräjäoikeus).
13.4 The provisions of sections 13.2 and 13.3 do not prevent a party from applying for interim measures or for a decision concerning the collection of a receivable before the negotiations have ended.
14. Contact details
Enquiries concerning the Service, these terms and applications: support@rahoo.fi.