Terms and Conditions / Terms of Use

Effective from 14 August 2024

1. General

isarlend GmbH, Machtlfinger Straße 9, 81379 Munich (“Platform Operator”), legally represented by the managing directors Dr Alfred Gruber and Peer Simon, operates a platform on the website www.fulfin.com intended to support users in their cash flow planning and to broker loans if desired. The loan brokerage is carried out between the user and a bank cooperating with the Platform Operator (“Partner Bank”). The Platform Operator fulfills the legally required prerequisites for the brokerage of loans in accordance with 34c Paragraph 1 No. 2 Trade Regulation Act (GewO).

2. Contract Subject, Scope, and Changes to the Terms of Use

2.1 These terms of use apply to commercial users. Commercial users are entrepreneurs within the meaning of § 14 German Civil Code (BGB), who intend to track and plan their operational cash flow within the scope of their business or self-employed activity and may be interested in taking out a loan.

2.2 The services of the Platform Operator are not available to users other than commercial ones.

2.3 The Platform Operator enables the use of the platform as described in these terms of use (hereinafter referred to as “Terms of Use”). A user agreement between the user and the Platform Operator is concluded upon registration of the user based on these Terms of Use (“User Agreement”).

2.4 Otherwise, the obligations of services owed by the Platform Operator are limited to the services described in these Terms of Use. The content and provision of services by the Platform Operator are exclusively based on these Terms of Use unless expressly otherwise agreed in individual cases. The Platform Operator’s privacy policy provides information on the processing of personal data. The user can view, download, save, and/or print the current version of the terms of use and privacy policy on the platform.

2.5 A specific action by the Platform Operator is not owed based on these Terms of Use.

2.6 By using the platform, each user acknowledges the validity of these user agreements. General terms and conditions of the user do not apply to transactions conducted over the platform.

2.7 These Terms of Use can be unilaterally amended with effect for the future. The Platform Operator will inform the user of such changes in writing. The alterations become effective unless the user objects in writing or in text form within a period of 2 weeks from receiving the notice of change. The Platform Operator will specifically point out the legal consequence of a lack of objection. Regardless of this, the user retains an extraordinary right to terminate the agreement for the use of the platform in the event of a notification of changes to the Terms of Use.

3. Basics and Functionality of the Platform

The Platform Operator makes no recommendations and does not provide any other consulting services, especially not investment or financing advice. The Platform Operator does not grant loans itself and does not act as a bank. Users operate on the platform in their own name and at their own risk. Reference is made to the provisions of Section 5 (Risk Notices).

4. Use of the Platform

Users can use the platform according to the following provisions.

4.1 Personal Requirements

The use of the platform based on these Terms of Use is open to users as defined in Section 1.1, who have their registered office in Germany.

4.2 Registration, Data Protection

4.2.1 Each user must register on the platform once. After entering platform-related personal or company data, a personal user account is generated. The processing of the user’s personal data is carried out in accordance with the applicable data protection regulations. Information on the processing of personal data can be found in our privacy policy, available anytime at https://www.fulfin.com/de/datenschutz/.

4.2.2 The user is obliged to provide truthful and complete information during registration and to keep this information up to date by making adjustments in the protected area on the platform. In particular, business address and account details must be updated immediately in the event of changes.

4.2.3 The registration is confirmed to the user by the Platform Operator, subject to the provision of all information required in the registration process, and completed by confirmation from the user (email, link confirmation). Only with the user’s confirmation is the User Agreement based on these Terms of Use and the privacy policy concluded. With the generated user data, the user can log in to the platform and access the protected area. There is no entitlement to registration. The Platform Operator also reserves the right, in its dutiful discretion, to exclude individual users from the platform.

4.2.4 The user is obliged to use the platform only for its intended purpose and only for legally permissible purposes. The respective users are obliged to indemnify the Platform Operator against any claims by third parties (including other users) arising from a culpable violation of these usage prerequisites by them or in connection with them.

4.3 Identification

4.3.1 If the user wishes to submit a loan brokerage application, identification is carried out in accordance with the Money Laundering Act.

4.3.2 Identification is carried out through a procedure specified by the Platform Operator. In the case of legal entities, the Platform Operator may require suitable identification proof from the members of the respective management body and other authorised representatives and beneficial owners.

4.4 Availability of the Platform

The Platform Operator is obliged to keep the platform available for use during the availability periods specified by the Platform Operator. However, the Platform Operator is not obliged to make the platform available at all times. The Platform Operator is particularly entitled to completely or partially suspend or otherwise restrict the operation of the platform if maintenance is required, the security of the platform (especially data security) requires it, the Platform Operator is exposed to events beyond its control (e.g., defects, restricted availability or failure of telecommunications networks, data transmission by third parties, energy supply, natural disasters, platform downtimes not caused by the Platform Operator, orders from regulatory authorities and similar events), or measures are required to ensure the security of the Platform Operator’s servers (e.g., in the event of attacks from the internet) or to maintain or improve the platform’s standard.

4.5 Data Transmission

Data entered on the platform is transmitted in encrypted form. Despite encrypted data transmission, the Platform Operator has no influence on the transmission of data on the internet itself. The Platform Operator points out that it secures its systems against unauthorized third-party access to the data stored by the Platform Operator only with the security systems currently available to it and that absolute protection against third-party attacks is not possible with the current state of technology and is not owed by the Platform Operator.

5. Loan Applications and Loan Brokerage

5.1 Loan Application

5.1.1 The user can submit loan applications via the platform according to the options offered on the platform.

5.1.2 By submitting a loan application, the user makes an offer to the Platform Operator to conclude a loan brokerage contract.

5.1.3 The user is bound by their declarations up to 14 calendar days after submitting the loan application.

5.1.4 Under the loan brokerage contract, neither specific action nor a particular success is owed by the Platform Operator. Each loan brokerage contract ends without the need for termination if a loan agreement between the user and the Partner Bank does not come into existence within 14 days.

5.2 Credit Assessment; Rating

5.2.1 Before forwarding a loan application to the Partner Bank, the Platform Operator checks the loan application in formal terms and creates an internal loan rating for each loan for the purposes mentioned in Section 4.3.2.

5.2.2 The loan rating is conducted to determine the creditworthiness of the user.

5.2.3 Furthermore, the Platform Operator will obtain an external credit report about the user before forwarding the loan application and, if necessary, afterwards for repeated use of the platform by the user at times determined by the Platform Operator, from service providers selected at its discretion, for the purpose of creditworthiness assessment. Additionally, the Platform Operator may obtain a Schufa report (http://www.schufa.de) or Creditreform report (http://www.creditreform.de) from members of the user’s management body and/or significant owners or beneficial owners of the user and/or guarantors.

5.2.4 The privacy policy provides information about the use of user data for obtaining the above-mentioned reports.

5.3 Forwarding the Loan Application to the Partner Bank

The Platform Operator makes a decision about forwarding the loan application to the Partner Bank based on the information obtained about the user. There is no entitlement to the forwarding of a loan application. The Platform Operator may end or pause the processing of the loan application at any time (e.g., if there are reasonable doubts about the accuracy of the information provided or if the user terminates their User Agreement or withdraws consents related to the privacy policy or the obtaining of necessary data and information from third parties). Until the loan application is forwarded, the user can correct the information provided or resolve the Platform Operator’s doubts.

5.4 Brokerage of the Loan Agreement

Only with the Partner Bank’s consent can a loan agreement be brokered to the user. The Partner Bank will pre-check the loan application itself, relying on the information transmitted by the Platform Operator (rating, credit report, etc.). The Partner Bank always makes its own independent loan decision and is not obligated to grant the loan.

5.5 Electronic Declarations of Intent

The declarations and consents required for the conclusion of contracts are made electronically on the platform. This means that each contract conclusion occurs without a signature and only through electronic confirmation / electronic signature on the platform. The user agrees to receive electronic communication from the Platform Operator and agrees that all consents and other communications that the user is required to provide do not require written form unless mandatory applicable legal requirements demand another form of communication. If declarations of intent are made via the user’s access data in the user’s name by electronic confirmation or email, these are attributable to the user as the holder and addressee of the access data according to the general legal rules on representation. The Platform Operator will forward electronically made declarations as a messenger of declarations to the respective lending institution.

6. Risk Notices

Each user is responsible for independently and carefully assessing the opportunities and risks of cash flow planning and the use of external capital in the form of a loan. The Platform Operator neither makes a recommendation nor provides consulting services.

7. Liability

7.1 The Platform Operator is liable for damages – regardless of the legal basis – only in cases of wilful intent and gross negligence. In cases of simple negligence, the Platform Operator is only liable (i) for damages resulting from injury to life, body, or health, and (ii) for damages resulting from the violation of an essential contractual obligation (an obligation whose fulfilment is essential for the proper execution of the contract and on whose compliance the user regularly relies and may rely); in this case, the liability of the Platform Operator is limited to the compensation of foreseeable, typically occurring damages.

7.2 Liability for force majeure is excluded.

8. Duration, Termination

8.1 The user agreement concluded upon registration between the user and the Platform Operator runs for an indefinite period and can be terminated by both parties with a notice period of two weeks to the end of the month. The right to extraordinary termination remains unaffected.

8.2 Upon termination, the rights and obligations established up to the end of the user relationship remain unaffected. Termination of the user relationship has no effect on the validity of other contracts (in particular the loan brokerage contract, loan agreement, and receivables purchase agreement).

8.3 Termination must be declared in writing or by email.

9. Remuneration

Registration on the platform is free of charge.

10. Final Provisions

10.1 These Terms of Use and the legal relationship between the users and the Platform Operator are subject to the law of the Federal Republic of Germany, excluding the regulations of international private law, insofar as they would lead to the applicability of law other than German substantive law.

10.2 Where legally permissible, the place of jurisdiction for all legal disputes arising from or in connection with the User Agreement and these Terms of Use (including the validity of the User Agreement) is Munich.

10.3 Unless otherwise agreed, all declarations transmitted within the framework of the user agreement concluded with the Platform Operator must be in text form within the meaning of § 126b BGB.

10.4 Should any provisions of the user agreement or any future contractual provision be wholly or partially invalid or lose their legal validity later, the validity of the remaining provisions of the user agreement is not affected. The same applies if a gap is found in the user agreement. Instead of the invalid provision or to fill the gap, an appropriate regulation shall apply, which, as far as legally possible, comes closest to what the parties would have wanted or would have wanted according to the intent and purpose of the user agreement based on these Terms of Use, had they considered the point in question.

[Status: 14 August 2024; Vers. 2.0]