Contractual Terms & Conditions for Riverty Part Payment Options

1. Contract

This contract concerns the Riverty Part Payment options: Riverty Flex Payment and Riverty Fixed Instalments. For purchases in excess of SEK 200 the consumer has an option to choose Riverty Flex Payment or Riverty Fixed Instalments to complete payment. If the consumer chooses one of these payment alternatives, a credit agreement will be arranged between Riverty and the consumer. Through the credit agreement the consumer will be given a credit limit that can be used to pay for goods and services provided by Merchants that offer Riverty’s Part Payment Options. Riverty gives the consumer the opportunity to settle the payment in installments via the Riverty Monthly Invoice.

2. Contract parties

The parties to this contract are the Credit Receiver and Riverty.

The Credit Receiver is a consumer who has applied for credit and been approved (hereafter “Credit Receiver”). The Credit Receiver must be over 18 years of age, have a Swedish personal identity number, and be registered in Sweden.

Riverty, with the company name Riverty Sweden AB, corporate identity no. 556495-1704, Box 1143, 432 15 Varberg, Sweden. Telephone no: 00 46 340-59 61 01. Email: customercare@riverty.se, www.riverty.com.

Riverty Sweden AB is a consumer credit institution that comes under the supervision of the Swedish Financial Supervisory Authority and the Swedish Consumer Agency.

3. Contract parties

Credit Receiver: The individual who has applied for credit and been approved for account payment or installment-payment at Riverty.

Merchant: The store or online store that partners with Riverty and offers any of the Riverty Payment Options.

Credit receivable: The total amount of approved credit (credit amount) and the cost of the credit.

Credit cost: The total amount of interest, fees and other costs that the Credit Receiver will pay relating to the credit.

Effective interest: Effective interest is interest on the credit, fees and other costs that shall be paid in relation to the credit, indicated as annual interest calculated on the credit amount.

Effective interest and the credit cost are presented as a representative example and depend upon utilized credit, how the credit is used and how it is paid.

4. Inspection authority

The inspection authorities are the Swedish Consumer Agency, Box 48, 651 02 Karlstad, www.konsumentverket.se, and the Swedish Financial Supervisory Authority, Box 7821, 103 97 Stockholm, www.fi.se

5. Application for credit

Applications for credit within Riverty’s part payment options may be made either via the (1) the Merchants digital touch points or via (2) MyRiverty.

Following a purchase, an invoice will be distributed digitally, or by post, to the consumer. On the invoice the consumer will receive a link to the MyRiverty digital touch point with the call to action to sign the credit agreement.

The choice of a part payment done within MyRiverty, after previously having selected an invoice solution at checkout, triggers the signing of the credit agreement directly.

6. Credit assessment and approval of credit

To receive credit it is required that the consumer submits all requested information and then gives approval of the contractual terms and conditions. If this does not happen then an invoice will be generated informing that the amount shall be paid in full.

The consumer has the option to submit information and approve the contractual terms and conditions for the Riverty Part Payment options via MyRiverty up until the time when the invoice is transferred to debt collection.

In connection with an application for credit, Riverty performs a credit assessment whereby Riverty assesses whether the consumer has the economic capability to fulfill the payment obligation.

The credit assessment is based on information regarding the consumer that Riverty obtains from credit information agencies as well as the information provided in the consumer’s application and information Riverty already might posses.

If the consumer does not meet the minimum requirements for receiving a credit or if the payment capability does not exist then notification will be given that the credit application has been rejected. A consumer who has been denied credit may request a re-assessment. Contact details for re-assessment of a decision are provided in section 2. For a re-assessment of a credit decision to be granted, the consumer must submit written documentation, e.g. a verification of income from an employer.

The consumer will receive notification of a new decision after re-assessment at the latest on the working day after Riverty has received the documentation.

7. Credit assessment and approval of credit

Credit will be made available as soon as the contract has been established between the Credit Receiver and Riverty. Credit cannot be used for cash withdrawals.

8. Costs for Riverty Part Payment Options

Costs for Riverty Flex Payment comprise a credit interest, currently at the yearly interest rate of 19,5 % of the credit amount, and a monthly notification cost of SEK 29. The credit interest is applied and capitalized every month.

Riverty Flex Payment:

For example, if the Credit Receiver makes a purchase for SEK 10,000 and divides the payment over 12 months then the effective annual interest rate will be 28.72%. The total amount to pay will be SEK 11,435 in this example.

The costs for Riverty Fixed Instalments comprise a registration cost, as shown below, and a monthly notification cost of SEK 29. For the 12, 24 and 36 month alternatives there is a credit interest, currently at the yearly interest rate of 9,95%, of the credit amount. The credit interest is applied and capitalized every month.

Riverty Fixed Instalments:

For example, if the consumer makes a purchase for SEK 10,000 and divides payment over 12 months then the effective annual interest rate will be 21.85%. The total amount to pay will be SEK 11,090 in this example.

More generic information on the Credit Agreement of the Riverty Part Payment option can be found within our Standard European Consumer Credit Information.

9. Costs for Riverty Part Payment Options

The Credit Receiver must ensure that login details for MyRiverty are not divulged or used by unauthorized persons.

10. Payments

The Credit Receiver shall always have the right, without additional charge, to pay off the credit fully or partly in advance.

The Credit Receiver shall pay as a minimum the amount indicated on the Riverty Monthly Invoice sent to the Credit Receiver. The minimum amount to pay is due 12 days after the invoice has been sent. Payment shall be made to the indicated bankgiro number and shall be at Riverty’s disposal on the due date at the latest. This can be done directly and automatically via MyRiverty.

The minimum amount to pay for Riverty Flex Payment is 10 per cent of the credit amount. The following table shows some examples of the minimum to pay amount within Riverty Flex Payment:

Credit amount Minimum to Pay per month
0 – 500 SEK 50 SEK
500 – 1 000 SEK 100 SEK
1 000 – 1 500 SEK 150 SEK
1 500 – 2 000 SEK 200 SEK
2 000 – 2 5000 SEK 250 SEK
2 500 – 3 000 SEK 300 SEK

With the payment option Riverty Fixed Instalments the credit amount, including applied credit interest and contractual fees, are to be paid in equal instalments every month. Payment shall be settled in the following order: fees, credit interest and principal claim. The following example illustrates the minimum monthly payment within Riverty Fixed Instalments:

Credit amount Chosen payment option Amount to pay per month
3 000 SEK 6 months 529 SEK
5 000 SEK 12 months 471 SEK

11. Payment plan

The Credit Receiver has the right to obtain on request and without charge a summary of when the capital, credit interest and fees are to be paid (payment plan).

12. Payment free month

The Credit Receiver has, wherever payment terms and conditions are fulfilled, the right to two payment-free months per twelve-month period. Between each payment-free month, four correct monthly payments must be made. The first payment-free month can be used only after the Credit Receiver has completed four monthly payments of the minimum amount to pay or a higher amount. To use a payment-free month, the Credit Receiver must contact Riverty's customer service no later than two weeks before the current payment is due to be at Riverty’s disposal.

13. Credit interest rate

Riverty may change the interest rate on the credit due to political decisions concerning credit, changed borrowing costs for Riverty or other cost changes that Riverty could not reasonably have predicted when the credit was agreed. Riverty shall notify Credit Receivers of a change in the interest rate on the credit before the change begins to apply.

14. Non-payment

Unless payment is made in accordance with the terms of this credit agreement, Riverty will charge the Credit Receiver a late payment fee of SEK 80. Riverty also has the right to charge a late payment interest at the current interest rate of 19,5 % per year on the amount that has fallen due, including principal amount, applied credit interest and contractual fees. In addition, a payment reminder will be sent whereby Riverty will charge a reminder fee that is currently SEK 60. The Credit Receiver is also required to remunerate Riverty for any debt collection charges.

15. Termination of credit for early payment

Riverty may terminate the credit in advance at the time when Riverty determines if any of the following circumstances exist: a) the Credit Receiver is late by more than one month with the payment of an amount exceeding 10% of the credit claim; b) the Credit Receiver is late by more than one month with the payment of an amount exceeding 5% of the credit claim and the delay refers to two or more items that have fallen due at different times; c) the Credit Receiver is in any other way significantly late in making a payment; d) it is clear that the Credit Receiver through non-compliance, hiding property or in any other way tries to avoid paying off the debt.

If Riverty wants to be paid in advance in accordance with paragraphs a)-c) above, a notice period of at least four weeks is applicable from the date when a notice of termination from Riverty has been received by the Credit Receiver. If Riverty has demanded payment pursuant to points a)-c), the Credit Receiver is nevertheless not obliged to pay in advance if, before the expiration of the notice period, the Credit Receiver pays the amount that has fallen due, including principal claim, applied credit interest and applied contractual fees, as well as applied interest for late payment.

16. Complaints

Complaints concerning goods or services paid via Riverty shall be directed to the Merchant. For credit purchases in Sweden, the Credit Receiver may make the same complaint to Riverty as against the Merchant (see section 29 of the Consumer Credit Act).

17. Contract period

This credit agreement is valid until the credit has been repaid.

18. Termination of credit agreements

The Credit Receiver may, for whatever reason, terminate this credit agreement with one month's notice period. Riverty, for objectively justified reasons, may terminate this credit agreement with a two-month notice period. If the Credit Receiver dies, becomes bankrupt or if a trustee is appointed in accordance with chapter 11, section 7 of the parental legal code, the credit agreement shall be terminated with immediate effect as soon as Riverty has been informed of the circumstance. In addition, Riverty has the right to terminate this agreement with immediate effect if required to in order to comply with the Anti-Money Laundering Act (SFS 2017:630).

If the credit agreement has been terminated, the applicable terms and conditions of the contract shall remain valid until the credit, including credit interest and fees, have been repaid in full.

19. Change to terms and conditions

Riverty has the right to change these terms and conditions without prior approval of the Credit Receiver. Changes shall come into force no earlier than one month after the Credit Receiver has been informed of the changes. If the Credit Receiver does not accept the changes, the Credit Receiver may terminate the credit agreement. Such termination shall be received by Riverty no later than 14 days before the date when the changes would come into effect. The termination then applies from the date on which the changes would have come into effect.

If the credit agreement has been terminated, the unchanged terms apply in applicable areas until the credit, including credit interest and fees, have been repaid in full.

20. Right of cancellation

Creditors have the right to withdraw from this credit agreement by notifying Riverty within 14 days from the date when the credit agreement comes into effect, but at the earliest date from the date of receipt of these terms and conditions and of other information about this credit agreement. The Credit Receiver shall, within 30 days from the date on which the Credit Receiver notified Riverty that the credit agreement is to be terminated, pay back the utilized credit amount plus accrued credit interest.

21. Communication

Riverty issues terms, information and notices under this credit agreement in a document or other legible and durable form to the Credit Receiver unless otherwise stated in this credit agreement. Information during the agreement period is sent by mail, e-mail or sms (text message) to the addresses specified by the Credit Receiver to Riverty or to the Credit Receiver’s registered postal address.

22. Notification of changed contact details, etc.

The Credit Receiver shall inform Riverty of changes to contact details such as change of name, address, email and phone number.

23. Language

The Swedish language shall be used for the contractual relations and communication between the parties.

24. Limitation of liability

Riverty is not responsible for damage caused by unusual or unpredictable circumstances that Riverty has no influence over and whose consequences would have been impossible for Riverty to prevent. Riverty is not responsible for any damages resulting from Swedish law or EU regulation, government action, war event, strike, blockade, boycott, lockout or other similar circumstance. Damage incurred in other cases shall not be remunerated by Riverty if Riverty has shown due care. In the event that the Credit Receiver is entitled to compensation for damage, compensation will never be paid in excess of the credit amount granted to the Credit Receiver at the time the damage occurred.

25. Applicable law and court

Swedish law applies to this credit agreement. Disputes under these terms and conditions shall be tried at a general court. In case of dispute, the consumer may also contact the General Complaints Board, Box 174, 101 23 Stockholm. Notification to the board must be in writing. Specific values and time limits apply before the board will investigate a case.

26. Personal data

The protection of your privacy is of the utmost importance to us. Riverty processes personal data in order to confirm your identity, assess on which payment option to offer you, administrate the customer relationship, to prevent abuse or misuse of Riverty, to conduct customer and risk analysis and risk management, for the prevention of money laundering, and to comply with general legal requirements. Personal data is information that can be directly or indirectly linked to you.

Below are examples of personal data that Riverty may process:

We reuse the data you previously provided to us and we may share your information with credit reference agencies and providers of identity lookups and anti-money laundering screening companies, for the purpose of assessing your credit score and risk assessment upon applying for one of our payment methods, and for confirming your identity and address information.  

If you have used Riverty´s services previously, there might be information stored about you, e.g. for customer administration, documentation requirements or similar approved purposes. Where available Riverty will use such information to confirm your identity and simplify your use of Riverty. Riverty may use electronic communication (through for example text messages and e-mail) in contacts with you. You are entitled to request access to data, edit incorrect data relating to you or inform us that you no longer wish to have your personal data stored. The request can be sent by e-mail to dataskydd@afterpay.se .

Data may also be provided to the merchant from which you made your purchase (for administrative purposes) and to authorities and other governing bodies if Riverty is legally required to do so. Riverty may also share your personal data with other companies within the Riverty group. Riverty Sweden AB is the data controller for the processing of your personal data. Please see Riverty´s Privacy Statement for Riverty´s full description of Riverty´s processing of personal data.

27. Transfer

Riverty retains the right to transfer or pledge the agreement to another party without the consent of the Credit Receiver. The Credit Receiver is not entitled to transfer the credit to another party without written permission from Riverty.



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