GENERAL TERMS AND CONDITIONS FOR USING THE OMARAHA OÜ PORTAL
Valid from 1 February 2019
By signing these General Terms and Conditions of the Agreement by means of
authentication with an ID-card, smart-ID, or PIN (hereinafter: Signature), the Portal
User (hereinafter: User) receives a personal Virtual Account, with which the Portal
Manager or User can perform operations in accordance with these General Terms and
1. GENERAL PROVISIONS
1.1 The service provider (hereinafter: Portal Manager) is Omaraha OÜ (registry
code 12044597, address Posti 30, 90504 Haapsalu, Republic of Estonia, e-mail
address email@example.com, website address www.omaraha.ee).
1.2 These General Terms and Conditions (hereinafter: General Terms) regulate:
1.2.1 the relations between the Portal Manager and the Portal User regarding the
credit intermediation activities of the Portal Manager in the Omaraha OÜ
electronic environment at www.omaraha.ee (hereinafter: Portal);
1.2.2 the relations between the Portal Manager and the Portal User regarding the
services provided by the Portal Manager to the Portal users;
1.2.3 the legal relations between the Portal users arising in the course of using the
Portal, being an integral part of the Loan Agreements concluded between
the Portal users (i.e. lenders and borrowers) and regulating the relations
between the Parties to the Loan Agreement in matters not provided for in
the Loan Agreement.
1.3 By agreeing to the General Terms, the Portal User Agreement is deemed
concluded between the Portal Manager and the User. The Portal User Agreement
also includes the terms and conditions of the credit intermediation agreement to
be concluded between the User and the Portal Manager.
1.4 Before agreeing to the General Terms of the Portal, the User is obliged to examine
the Portal’s Procedure for Processing Personal Data, available on the Portal
Manager’s website at www.omaraha.ee.
1.5 The Portal Manager is responsible for providing credit intermediation services to
the Portal users in accordance with the General Terms. Users conclude contracts
on the Portal with each other and at their own risk. The Portal Manager is not a
party to the contracts concluded on the Portal, but may act as representative of the
borrower or lender in cases expressly provided for in the General Terms or in the
Loan Agreement or assume the position of the lender in the Loan Agreement.
1.6 The Portal Manager has the right to transfer all or part of the rights and
obligations arising from the Portal User Agreement and any other contracts
concluded between the Portal Manager and the Portal User to other companies of
the Portal Manager’s group, notifying the Portal users thereof and ensuring that
the transfer of contracts would not negatively affect the Portal users. Contracts
may be transferred only to those companies of the group that are located within
the European Economic Area.
2.1 Portal Manager – OÜ Omaraha, Posti 30, 90504 Haapsalu, Estonia, registry
2.2 Borrower – a person of at least 21 years of age who resides permanently in
Estonia or in another European Union country who has a valid identity document
(passport or ID-card) issued in said country and who has submitted a Loan
Application through the Portal.
2.3 Investor – a person of at least 18 years of age who resides permanently in Estonia
or in another European Union country who has a valid identity document
(passport or ID-card) issued in said country and who has signed the general
Investment Terms through the Portal’s Investment Account. An Investor may also
be a legal person if granting credit is not its principal commercial, economic, or
professional activity and the granting of credit to a natural person is not deemed
consumer credit under the law of the Borrower’s country of residence.
2.4 Loan Application – a legally binding declaration of intention submitted by the
Borrower on the Portal to enter into a Loan Agreement.
2.5 Loan Agreement – documents signed by the Borrower and the Investor
confirming the will of the Borrower and the Investor to apply for and grant the
loan under the agreed terms and conditions. As a comprehensive whole, the Loan
Agreement consists of separately signed General Terms and Special Terms.
2.6 Special Terms – part of the Borrower’s Loan Terms and the Investor’s
Investment Terms, which are added to the Loan Agreement in accordance with
article 8.6 of the General Terms.
2.7 Borrower’s Loan Terms – a declaration of intention signed by the Borrower,
under the terms and conditions of which the Borrower agrees to borrow.
2.8 Investor’s Investment Terms – a declaration of intention signed by the Investor,
according to which the Investor agrees to lend and on the basis of which, the
Portal makes Loan Offers to borrowers.
2.9 Loan Offer – an offer which is automatically generated by the Portal for the
purpose of concluding a Loan Agreement under the terms and conditions
prescribed in the Loan Offer and is prepared in accordance with the terms and
conditions signed by the Investor and the Borrower.
2.10 Investment Account – an account that the Investor uses to provide loans through
2.11 Virtual Account – a personal user account used to keep account of the
transactions made through the Portal pursuant to the Loan Agreements.
2.12 Portal – an e-services environment managed by the Portal Manager, where users
can borrow money from each other. The Portal’s address is omaraha.ee.
2.13 Portal User – a natural person who uses the Portal to conclude Loan Agreements
in accordance with these General Terms. A Portal User is not obliged to enter into
3. TERMS AND CONDITIONS OF THE CREDIT INTERMEDIATION
3.1 By agreeing to the General Terms, the User also enters into a credit
intermediation agreement with the Portal Manager.
3.2 For one and the same Loan Agreement, the Portal Manager acts as a credit
intermediary for both the Borrower and the Investor.
3.3 In accordance with the General Terms, the Portal Manager organises the
authentication of the Parties to the Loan Agreement, the verification of the data
submitted in the Loan Application, the assessment of the Borrower’s
creditworthiness, the submission of pre-contractual information to the Borrower,
and the processing of declarations of intention to conclude a Loan Agreement on
3.4 For the credit intermediation services, the User pays to the Portal Manager a
service charge, the amount of which is calculated on the basis of the Portal
Manager’s price list (www.omaraha.ee) in force at the time of applying for the
4. USER REGISTRATION
4.1 In order to enter the Portal and use its services, the person must register as a User
of the Portal.
4.2 A natural person who meets the criteria established by the Portal Manager and
who has been issued a valid identity document acceptable by the Portal Manager
can register as a User of the Portal.
4.3 When registering, the User must choose a username and password. The chosen
username and password may thereafter be used by the User as one of the possible
means of authentication for entering the Portal.
5. USER AND TRANSACTION AUTHENTICATION ON THE PORTAL
5.1 Transactions can be concluded on the Portal only by users who have been
authenticated by the Portal Manager in accordance with the General Terms.
5.2 The User is obliged to provide the Portal Manager with true data and documents
that the Portal Manager requires from the User for their authentication.
5.3 The User is obliged to provide to the Portal Manager a copy of his/her identity
document. If the Portal Manager has doubts about the correctness of the data or
documents provided by the User, it may ask the User to specify the data or to
provide additional data or additional documents.
5.4 The Portal Manager verifies the data provided by the User by means of a so-called
authentication payment, which the User must have made to the Portal Manager’s
bank account via a bank account opened in the User’s name with a credit
institution of a member state of the European Economic Area or another country
that complies with the regulations on the prevention of money laundering and
terrorist financing. The data of the payment information must match the data
provided by the User to the Portal Manager prior to making the payment.
5.5 Other means of authentication include an ID-card or Smart-ID.
5.6 A User who has been authenticated as required by the Portal Manager may
thereafter enter and use the Portal with their username and password or by using
other authentication data and technical solutions acceptable by the Portal
5.7 The Portal Manager has the right to refuse to provide services to a person if
he/she has not provided the data or documents required for identifying his/her
person or the true beneficiaries or for proving the lawful origin of assets or if there
is, for some other reason, suspicion of money laundering or terrorist financing.
5.8 Unless otherwise provided by law, the User may authenticate transactions and
operations on the Portal in one of the following ways provided by the Portal
Manager (authentication methods provided by the Portal Manager may depend on
the content of the transaction or operation, the country of residence of the User,
technical possibilities, etc.):
5.8.1 by using the Portal password;
5.8.2 by providing a digital signature with an ID-card or mobile-ID.
6. GENERAL OBLIGATIONS OF USERS
6.1 The User is obliged to use the Portal only for performing transactions and
operations that comply with the requirements of the law and good practices and to
act with respect and good faith towards other users and the Portal Manager.
6.2 The data provided by the User to the Portal Manager and other users must be true.
In the event of a change in the data, the User is obliged to notify the Portal
Manager thereof in accordance with the procedure prescribed in the General
6.3 The User is obliged to notify the Portal Manager immediately, but not later than
within five (5) working days, of any change in his/her contact details, as well as
of any circumstances that may affect the performance of the User’s obligations to
the Portal Manager or other users, including any actions or execution, bankruptcy,
or other proceedings that may affect the performance of the obligations. A User
who is a legal person is obliged to notify the Portal Manager immediately, but not
later than within five (5) working days, of any changes in the legal person’s circle
of representatives and/or beneficial owners and to submit documents reflecting
the respective changes at the request of the Portal Manager. The User is not
exempted from the notification obligation if the above data and circumstances are
also available from public or other sources.
6.4 The User is obliged to notify the Portal Manager (by sending a notification via
email to firstname.lastname@example.org or using the technical solution of the Portal)
immediately about the loss, theft, or any other way the identity document or other
means of identification has left his/her possession. The User is obliged to
maintain the security of all the means of authentication and passwords necessary
for entering the Portal so that they do not come into the possession of third
parties. The Portal Manager has the right to presume that the instructions given
and transactions made on the Portal are made by the User who owns the
passwords or whose telephone is used for mobile authentication, until the User
has properly notified the Portal Manager of the loss of the means of access or
passwords or of them coming into the possession of a third party.
6.5 The User is obliged to respect the intellectual property rights of the Portal
Manager. The Portal and its copyrighted content is the property of the Portal
Manager, which users are entitled to use solely for their personal use in relation to
using the Portal’s services.
6.6 In case of violation of the obligations prescribed in the General Terms, the Portal
Manager has the right to restrict or revoke the non-conforming User’s rights to
use the Portal, cancel or amend the auctions related to the non-conforming User,
and to withhold the performance of its obligations to the non-conforming User, as
well as to terminate the Portal User Agreement with the User in accordance with
the procedure prescribed in the General Terms.
7. USER’S PORTAL ACCOUNT
7.1 The Portal Manager creates a virtual Portal account for the User, which keeps a
current account of the money paid by the User to the Portal Manager’s bank
account and the claims and obligations arising from the use of the Portal’s
services and from Loan Agreements.
7.2 The User makes contributions into his/her Virtual Account via the Portal
Manager’s bank account.
7.3 When making a payment to the Portal Manager’s bank account, the payment order
must include a reference number, which can be found on the Transfers page of the
7.4 The Portal Manager has the right to withhold acceptance of payments that do not
comply with the conditions established by the Portal Manager (i.e. if the payment
is made from a bank account that is not opened in a credit institution of the
European Economic Area, but in a third country where the Portal Manager
estimates that money laundering and terrorist financing prevention measures are
not effectively applied).
7.5 The Portal Manager records the amount paid to the Portal Manager’s bank
account on the User’s Virtual Account no later than on the next working day after
its receipt. The User is obliged to notify the Portal Manager immediately if the
payment has not reached the User’s Virtual Account, as well as if the User has
received an unknown payment to the Virtual Account. The User is not permitted
to dispose of the assets received in his/her Virtual Account for which a third party
may have a right of recourse (i.e. wrongly paid payments).
7.6 Regardless of transferring and holding money in the Portal Manager’s bank
account, the assets are the property of the Portal users, not the Portal Manager.
7.7 The amounts owned by the User are held in the Portal Manager’s bank account
until they are paid out to the persons entitled thereto pursuant to the General
Terms or the contracts concluded on the Portal. Payments to the entitled persons
are made in the cases and pursuant to the procedure prescribed in the General
Terms of the Portal and the contracts concluded on the Portal.
7.8 The Portal Manager does not pay interest to the users for the money on the Portal
Manager’s bank account.
7.9 The Portal Manager makes deductions from the User’s Virtual Account for
performing the User’s obligations arising from the General Terms of the Portal
and other contracts concluded with the User. Firstly, the assets on the User’s
Virtual Account will cover the charges and expenses payable to the Portal
Manager. After that, the assets on the User’s Virtual Account will cover the
User’s obligations to other users arising from the contracts concluded on the
8. LOAN AGREEMENT AND THE PROCEDURE FOR ITS CONCLUSION,
TRANSFER OF LOAN AMOUNT
8.1 The Loan Agreement between the Investor and the Borrower (hereinafter also
referred to as ‘the Party’ or ‘the Parties’) consists of separately signed General
Terms and Special Terms, which together constitute the Loan Agreement.
8.2 The Parties shall sign the General Terms prior to making any transactions through
8.3 The General Terms must be re-signed only if the Portal Manager has changed the
General Terms or if more than 6 months have passed since the General Terms
were last signed.
8.4 The Investor will sign the Investor’s Investment Terms, on the basis of which, the
Portal prepares Loan Offers to borrowers.
8.5 The Borrower will sign the Borrower’s Loan Terms and, finally, the Loan Offer
prepared by the Portal, if it suits him/her. The Loan Agreement is prepared on the
terms and conditions signed by the Investor and the Borrower.
8.6 The Loan Agreement will be concluded and binding between the Parties as soon
as the Borrower has signed the Loan Offer prepared by the Portal and the Portal
has prepared, on the terms and conditions signed by the Parties, a Loan
Agreement in PDF format together with an information sheet.
8.7 Once the Loan Agreement is concluded and binding in accordance with clause
8.6, the Portal Manager debits the loan amount agreed in the Loan Agreement
from the Investor’s Investment Account and transfer the loan amount to the
Borrower’s Virtual Account on the Portal. The Investor’s obligations arising from
the Loan Agreement are herewith deemed performed and the loan amount has
been paid out to the Borrower. The Borrower has the right to withdraw the loan
from his/her Virtual Account and use it at his/her own discretion.
8.8 By signing the General Terms, the Parties confirm that they agree to the service
charges, fines, and other fees prescribed in the Portal Manager’s price list
(available on the Portal) and to the automatic debiting of the User’s Virtual
8.9 The Parties confirm that the Loan Agreement is a contract between the Investor
and the Borrower, i.e. natural persons, and thus does not qualify as a consumer
loan. If the Investor is a legal person registered in Estonia, the Investor’s
representative will, upon signing the Loan Agreement, confirm that the Investor is
not entering into the Loan Agreement within the framework of its permanent and
principal economic activity.
8.10 Disputes arising from the Loan Agreement will be settled in a court chosen by the
Party that initiated the proceedings. In resolving the disputes, Estonian law is
9. REPAYMENT OF LOAN AMOUNT
9.1 The Borrower repays the Loan and Interest to the Investor in instalments in
accordance with the payment schedule agreed in the Loan Agreement.
9.2 The Borrower is obliged to ensure that the amount of money necessary for paying
the instalment is available on the Borrower’s Virtual Account on the repayment
date prescribed in the payment schedule.
9.3 The Portal Manager automatically debits the Borrower’s instalment from the
Borrower’s Virtual Account on the date prescribed in the payment schedule and
transfers it to the Investor’s Virtual Account.
9.4 The Investor agrees that for loans with a repayment term of up to 90 calendar
days, the Borrower has the right to extend the term of repayment of the loan by
one month on the same terms and conditions.
9.5 The interest rate is recorded in the Loan Agreement. Interest is paid as a
percentage of the outstanding loan amount. Interest is calculated until the date of
the last instalment, as specified in the payment schedule. Interest is calculated
daily, proceeding from a 365-day year.
9.6 If the repayment amount or a part thereof cannot be paid, the Borrower is obliged
to pay a penalty for late payment. The penalty for late payment is calculated for
the period after the due date of the repayment of the loan or payment of the
instalment from the day following the due date. The penalty for late payment is
calculated daily on the amount outstanding according to the payment schedule
until the date the amount is paid and available from the Borrower’s Virtual
10. VALIDITY AND PREMATURE TERMINATION OF THE LOAN AGREEMENT
10.1 The Loan Agreement is terminated when the Borrower has fully repaid the loan to
the Investor, i.e. repaid the entire loan amount received pursuant to the Loan
Agreement, the accrued interest, and other payments, and performed all other
obligations undertaken pursuant to the Loan Agreement.
10.2 The Borrower has the right to repay the loan before the due date specified in the
payment schedule, using the technical solutions of the Portal. If the Borrower has
entered into more than one Loan Agreement on the Borrower’s Loan Terms, the
Loan Agreements can be terminated by premature termination only at the same
10.3 The premature termination of a Loan Agreement does not exempt the Borrower
from the performance of financial obligations that have fallen due pursuant to the
Loan Agreement prior to its cancellation.
10.4 In order to prematurely terminate a Loan Agreement, the Borrower’s Virtual
Account must hold an amount corresponding to the outstanding balance of the
Loan Agreement(s) together with the interest, penalties for late payment, service
charges, and other charges.
10.5 The Portal Manager has the right to claim a compensation of 0.5% of the
repayable amount if the period between the premature repayment and termination
of the contract is less than one year and a compensation of 1% if the period is
longer than one year.
10.6 In order to apply for premature termination of the Loan Agreement, the Borrower
must submit a corresponding application on the Portal.
10.7 If the Borrower does not meet the conditions of early repayment upon submitting
the corresponding declaration of intention and after accepting the said conditions,
the Loan Agreement is not terminated prematurely.
11. PAYMENT DEFAULTS
11.1 If the due date of the loan’s repayment has expired, the penalty for late payment is
calculated at the contractual interest rate or the statutory interest rate, whichever is
higher. The penalty for late payment is calculated on the outstanding amount for
each day of delay starting from the day after the due date.
11.2 Late repayments will firstly cover the Portal Manager’s expenses arising from
debt collection (incl. fines and contractual penalties), then the penalties for late
payment, and then the interest and loan amount pursuant to the Loan Agreement
and payment schedule.
11.3 If the amount transferred to the Borrower’s Virtual Account is not sufficient to
pay all loan instalments of all the Loan Agreements, the amount is divided
between the investors in proportion to the amount of each instalment due.
11.4 By signing the General Terms, the Investor authorises the Portal Manager to
collect debts independently or by using the services of collection agencies, which
includes the right to terminate/cancel the Loan Agreement, file claims on the
Investor’s behalf with a court, and enforce judgments. The Portal Manager acts in
the interest of the Portal users.
11.5 By signing the General Terms, the Investor confirms that he/she agrees and
understands that he/she may lose all or part of his/her investment if the Borrower
does not perform his/her contractual obligations. The Portal Manager does not
assume any obligations to reclaim the investors’ investments except as provided
in the General Terms.
11.6 By signing the General Terms, the Borrower and the Investor confirm that they
agree to the automatic transfer of the Loan Agreements concluded from 1 March
2014 to the Portal together with the transfer of all the rights and obligations
arising from these Loan Agreements when more than 90 (ninety) days have
passed since the repayment date of a particular loan and/or its individual
instalment and the Borrower has not performed the corresponding obligation.
Upon the automatic transfer of contracts, the Portal assumes the obligation to pay
to the Investor a compensation of no less than 60% of the outstanding balance of
the loan. This compensation is transferred to the Investor’s Virtual Account on the
day of the automatic transfer of the Loan Agreement. The Portal has the right, in
turn, to transfer the contracts transferred to it to a third party or to assign the
claims arising from the transferred contracts.
11.7 The Borrower is obliged to reimburse all expenses and service charges, including
the legal, collection, and court expenses prescribed in the Loan Agreement and/or
the Portal’s price list.
11.8 The Borrower is obliged to compensate immediately all expenses arising from
violations of the Loan Agreement or outstanding obligations and/or the expenses
related to service charges after receiving the request for payment.
11.9 If the Borrower fails to perform the obligations arising from the Loan Agreement
and therefore receives a notice of breach of the Loan Agreement, he/she is obliged
to pay, in addition to the amount of the debt, compensation for the delayed
payment of the instalment, the amount of which is established in the Portal’s price
11.10 If the amount due exceeds the amount of two repayments and one (1) month has
passed since the last collection notice, the payment schedule will expire. If the
payment schedule has expired, the entire amount of the loan will become due, the
collection of the entire amount of the loan will begin, and the Investor will have
the right to demand payment of the entire loan amount together with the interest
payments (extraordinary cancellation).
11.11 The Portal Manager must submit the notice of extraordinary cancellation of the
Loan Agreement to the Borrower in writing. In case of extraordinary cancellation
of the Loan Agreement, the Borrower is obliged to pay the compensation for
submitting the cancellation notice, the amount of which is established in the
Portal’s price list.
11.12 By signing the General Terms, the Borrower agrees that the Portal Manager may
share the Borrower’s personal data and other data provided on the Portal with
credit registers for the purpose of checking their creditworthiness and for storing
data. The Borrower gives credit registers permission to process the Borrower’s
personal data and other data, and to publish the necessary data on the credit
register for the purpose of providing additional information to the register’s users
(banks and other credit companies) for making credit decisions.
12. PERSONAL DATA PROTECTION AND LIABILITY OF THE PORTAL
12.1 The principles of processing personal data and the rights and obligations of the
Portal Manager in processing customer data (incl. transmission to third parties)
are established in the document entitled ‘Procedure for Processing Personal Data’,
available on the Portal Manager’s website.
12.2 By signing the General Terms, the User gives to the Portal Manager the right and
consent to process the User’s personal data for the purposes and to the extent
specified in these General Terms on the bases of and pursuant to the procedure
prescribed in the applicable law. Upon the termination of the User’s user status, a
natural person has the right to withdraw his/her consent to the processing of
personal data at any time, to request the termination of processing of the personal
data, and to request the erasure or closure of the collected personal data in
accordance with the applicable law.
12.3 The Portal Manager is obliged to maintain the confidentiality of the User’s
personal data and to comply with all applicable laws for the protection of personal
12.4 The Portal Manager is not responsible for:
12.4.1 the correctness of the data provided by the users;
12.4.2 the expected tasks and obligations of the users pursuant to their Loan
12.4.3 the validity of the right of representation of a representative of a User who
is a legal person.
12.5 Users conclude transactions on the Portal directly, entirely on their own behalf,
and at their own risk. Users are the Parties to the transactions concluded. The
contract forms provided by the Portal are intended to be used by the users at their
own risk. The Portal Manager is not liable for any damages arising from identity
theft or inaccuracy and errors in the User’s registration and use of the Portal.
13. WITHDRAWAL FROM AND TERMINATION OF THE PORTAL USER
13.1 The User may withdraw from the Portal User Agreement within fourteen (14)
days from its conclusion.
13.2 The User may terminate the Portal User Agreement at any time if all the
obligations to other users and the Portal Manager arising from the Loan
Agreements concluded by the User have been performed, the Loan Offers and
Loan Applications have become invalid, expired, or otherwise terminated, and the
User’s account balance on the Portal is zero. In order to terminate the Portal User
Agreement, a notification must be sent to the Portal Manager by e-mail to
email@example.com or by using the technical solution of the Portal.
13.3 The Portal Manager has the right to cancel the Portal User Agreement
extraordinarily and without advance notice if the User fundamentally violates the
obligations of the User prescribed in the law, the General Terms, and the contract
concluded on the Portal.
13.4 If, for any reason, the Portal Manager ceases operations (i.e. in case of
bankruptcy), it shall make reasonable efforts to transfer the management of the
Loan Agreements concluded through the Portal, the users’ Portal accounts, and
user-owned assets to some other credit intermediary. Once the contract on the
transfer of the Portal’s operations has been concluded, users are notified of the
details of the new service provider. If the Portal Manager fails to transfer the
operations to a new service provider, the Portal Manager shall notify the users of
the cancellation of the Portal User Agreement. Where possible, the Portal
Manager notifies users thereof at least two (2) months in advance. During the term
of advance notice, the Portal Manager may limit the users’ rights in using the
Portal’s services, in particular the possibility to submit new Loan Applications or
13.5 The termination of the Portal User Agreement does not affect the validity of the
contracts and obligations concluded between the users of the Portal and, after the
termination of the Portal User Agreement, the respective obligations must be
performed directly to the other Party.
13.6 Upon the termination of the Portal User Agreement, the Portal Manager transfers
the amount of money remaining in the User’s Portal account after the performance
of the User’s obligations to the Portal Manager and other users to the User’s bank
account, which is opened in the User’s name in a credit institution of a contracting
state of the European Economic Area or another country that complies with the
regulations of prevention of money laundering and terrorist financing and from
which the User has made the last payment to the Portal Manager’s bank account.
13.7 If the User has notified the Portal Manager of the withdrawal from or termination
of the Portal User Agreement, or if the User has received a notice from the Portal
Manager about the cancellation of the Portal User Agreement, the User can,
during the term of advance notice, download, print, and/or otherwise save all the
data and documents containing information on the transactions and operations
performed on the Portal by him/her.
13.8 After the termination of the Portal User Agreement, the Portal Manager closes the
User’s Portal account and the Portal Manager has no obligation to preserve, retain,
or provide to the User any information related to the transactions and operations
performed on the Portal by him/her (except for the performance of statutory
obligations concerning the preservation of documents).
14. AMENDMENT OF GENERAL TERMS AND PRICE LIST
14.1 The Portal Manager has the right to unilaterally amend these General Terms in
cases provided by legislation or if it is necessary:
14.1.1 for the development or improvement of the Portal’s services;
14.1.2 due to changes in legislation or practice;
14.1.3 for taking into account a decision, precept, or other form of judgment of a
court or other authority or person;
14.1.4 for clarifying the circumstances related to the provision or use of the
service and for making the General Terms more user-friendly;
14.1.5 to ensure compliance with the requirements made by the service providers
used by the Portal Manager.
14.2 The Portal Manager has the right to amend its price list at its own discretion.
14.3 The Portal Manager notifies the users of any amendments made to the General
Terms and the price list by transmitting the respective information to the users
electronically via e-mail or the Portal. Advance notice is not required if the
amendments do not significantly affect the rights and obligations of existing
users. If the User does not agree to the amendments to the General Terms or the
price list, the User has the right to waive the use of the Portal’s services by
notifying the Portal Manager thereof by e-mail after performing all obligations
arising from the contracts concluded on the Portal to the Portal Manager and other
users. If, within one (1) month from the publication of the information about the
amendments, the User has not submitted the corresponding notification to the
Portal Manager and/or has not performed his/her obligations to the Portal
Manager or other users, the User is deemed to have accepted the amendments.
However, if an Investor has at that time Loan Agreements (investments) in force
on the Portal and wishes to terminate the Portal User Agreement due to the
aforementioned amendments, his/her Portal User Agreement will expire only after
the Borrower has fully performed his/her contractual obligations to the Investor.
15. FINAL PROVISIONS
15.1 In the event of a dispute, the Parties endeavour to resolve the disagreements by
negotiations. If an agreement is not reached, the dispute will be resolved by the
Harju County Court if no other compulsory jurisdiction arises from the contract
between the Parties or the applicable law. The aforementioned jurisdictional
agreement also applies if the User resides outside the Republic of Estonia after the
conclusion of the jurisdiction agreement or if his/her place of residence is not
known at the time of filing the action.
Taking a loan is a financial obligation and before assuming any such obligation, all the related terms and
conditions should be examined carefully.
It is therefore important to think through whether and how much is needed to be borrowed and how will its
refinancing be arranged.
The accompanying costs must be made clear, as well as whether your budget allows you to cover the loan instalments
and the associated costs throughout
the entire contract period.
In order to ensure you are properly informed, read through all the terms and conditions of the agreement you are
signing and the documents referred
to in the latter (in particular, the General Terms and Conditions for Using the Omaraha OÜ Portal, the price list on
our website, and the Procedure
for Processing Personal Data).
Be diligent and always provide true and complete information about your financial situation so that we could
accurately assess your options for performing
If you have any further questions, please contact us by telephone +372 58 070 613 or e-mail firstname.lastname@example.org.
Moreover, be sure to consult with a family member or an expert before committing to the loan.
If you have made the decision to enter into the agreement after giving the matter careful consideration, be sure to
pay attention to the following:
Before signing the agreement, read through the Standard European Consumer Credit Information form given to you. It
provides a comprehensive summary of
the terms and conditions of the agreement.
Concluding the agreement and issuing the loan
In order to enter into the agreement, you must have first read and signed the General Terms and Conditions for
Using the Omaraha OÜ Portal. Upon signing
the agreement, you must also pay a contract fee and a guarantee fund fee, which we will deduct from the loan amount
paid to you. After signing the agreement,
we will transfer the loan amount to your Virtual Account.
Right to withdraw from the agreement
After signing the agreement, you may still withdraw from it within 14 days. For further details on the procedure,
read the terms of withdrawal specified
in the agreement.
For using the loan, you must pay a monthly interest, which we will calculate on the balance of the loan starting
from the date of conclusion of the agreement
up until the full repayment of the loan. The interest rate is stated on the front page of the agreement and will not
be subject to changes during the contract
period unless a separate agreement has been concluded on the matter.
The monthly loan repayments consist of the repayment of the principal amount of the loan and the interest. The
repayments are made in accordance
with the payment schedule annexed to the agreement, which specifies the number of repayments and their due dates.
The payment schedule is based on
the principle of annuity, which means that monthly repayments are usually of equal size. Make sure that the
necessary funds are available on your
Virtual Account on the due date, so that we can debit it from your account when needed.
It is also possible to repay the loan prematurely – if you have decided to do so, please let us know in advance and
pay attention to the terms of early
repayment specified in the agreement. Note that in such case, we may claim a compensation amounting to 0.5–1% of the
Possible inconveniences in case of non-performance of the agreement
Your primary responsibility is to ensure that a sufficient amount would be available on your Virtual Account and
that the loan repayments would
be made in accordance with the payment schedule. If you are unable to pay, please contact us immediately – we shall
work together to prevent problems
and find a solution to the situation.
In case of non-performance, you should take account of additional costs and inconveniences:
In case of non-performance, you should take account of the following additional costs and inconveniences:
- in the event of non-payment of contractual payments, we may charge a penalty for late
payment in the amount
specified in the agreement;
- if a non-monetary obligation is violated or if false information is submitted, we may
charge a contractual
penalty in the amount specified in the agreement;
- if a borrower falls into arrears, we will first send a reminder, but if the arrears
remain unpaid, we will
also issue debit notes;
- we will inform the Credit Register about long-term arrears;
- non-performance of the agreement may make it difficult to obtain credit in the
- we have the right to cancel the agreement extraordinarily and demand the immediate
performance of all contractual obligations
if, for example, you have delayed, either in part or in full, the payment of three consecutive payments or have
provided us with false information;
- you shall be liable for all costs related to debt collection (i.e. costs related to
debt settlement, court, execution,
or bankruptcy proceedings).
Options for dispute resolution
Any disputes will be resolved through negotiations. You may also consult the Consumer Protection Board (Pronksi 12,
10117 Tallinn; www.tarbijakaitseamet.ee)
or contact the Consumer Disputes Committee located at the Consumer Protection Board for a solution or turn to court.
In addition to the Consumer
Protection Board, our activities are supervised by the Financial Supervision Authority (Sakala 4, 15030 Tallinn; www.fi.ee).