Skip to main content
All CollectionsManage your invoices and loans
New terms and conditions in line with ACPR licence
New terms and conditions in line with ACPR licence

Important changes to Defacto's T&Cs and loan agreements since being licensed by the ACPR

Amelie avatar
Written by Amelie
Updated over 2 months ago

Update of Defacto's terms and conditions following ACPR's licence obtention

In February 2024, Defacto was licensed by the ACPR (the French banking supervisor) as the first B2B lending FinTech. This positive news for our partners and clients requires some changes to our T&Cs and loan agreements.

These changes will take effect for all borrowers requesting a loan from July 8th 2024 and onwards.


What changes - benefits for Defacto's clients

  • Defacto is now a licensed institution, which means that we comply with the highest compliance standards from governance to risk management. As a result, we are more resilient in running our activities and growth.

  • Loans will legally take the form of “credit” (“opérations de crédit”) as defined by the French Financial and Monetary Code (art L.313-1 and seq).

  • Clarifications on personal data processing and liabilities, in line with GDPR requirements.

  • Clarifications on Defacto's contribution to AML-CFT objectives (Anti-Money Laundering and Counter-Terrorism Financing)

  • There is no action required on your side - by requesting a new loan from July 8th 2024 (included), you will consent to the new T&Cs.

What does not change

  • Defacto's fees and pricing remain unchanged

  • Loans requested up to July 7th 2024 (included) will be based on previous loan agreement

Where to find more information?

  • Link to new T&Cs

  • Link on the obtention of our banking licence

  • Any questions? Reach out to support!

FAQ

Why is Defacto updating their T&Cs?

  1. Defacto, now licensed by the ACPR, can provide standard credit loans (instead of "prêt participatif") which requires updating the T&Cs.

  2. Defacto is committed to treating data privacy in a transparent and GDPR compliant way. This has been clarified accordingly in Defacto's T&Cs.

  3. Defacto as a financial regulated institution, carries out due diligence for AML-CFT and shall comply with applicable requirements. This has been clarified accordingly in Defacto's T&Cs, notably on suspension of payment.

What are the main differences between the new and old T&Cs and loan contracts?

  • Legal form of the financing provided by Defacto: the legal form of the loan will be "opération de crédit" as defined by the article L313-1 of the French Monetary and Financial Code.

  • Data policy, KYC and AML-CFT clarifications: in compliance with KYC, Defacto's partner may share KYC related data, which Defacto will then share with its debt investors. Shared data is strictly limited to what is needed to comply with AML-CFT policies.

  • Addition of an article on "suspension of payment": in case of suspected fraud (fake document, etc) or of a money laundering related operation, Defacto will have the ability to suspend the payment of a loan, even if approved and to terminate the loan agreement. No impact on our usual customers: it is solely to deal with likely fraudsters and criminals!

What are the key impacts for me as a client? Anything special that I need to pay attention to?

  • You could communicate to your accountants that Defacto's loans need to be accounted as common banking credit loans.

  • Apart from the listed benefits, there is no other impact on you.

Did this answer your question?