Pre-Contractual Information for Loans

A loan is an amount of money that the Bank lends to an individual, under an agreement that the amount will be repaid within a defined period, together with interest and applicable fees. Therefore, before applying, it is important that you clearly understand how the loan works, the amount you may apply for and receive, the currency in which the loan may be granted, how it is repaid, what costs may apply, and what your rights are.

This information is general in nature and is intended to help you understand the main terms of the Jet Bank Consumer Loan before applying. This information does not constitute an individual offer, loan approval, or loan agreement.

The specific terms of your loan, including the amount, term, currency, interest rate, NEI, monthly instalment, fees, penalties, exchange rate risk, and the total amount payable, will be shown to you during the application process, before you accept and sign the agreement.

Before the conclusion of the agreement, you will be provided with personalised information for the specific loan, in the form of the Standardised Pre-Contractual Information for Consumer Credit, in accordance with the requirements of the applicable legal and regulatory framework.

What is the Jet Bank Consumer Loan?

The Jet Bank Consumer Loan is a loan with monthly instalments, intended for individuals with personal financing needs.

It may be used for personal purposes, such as purchases, family expenses, travel, technology, education, healthcare, or other personal needs.

This loan is not intended for business, commercial, or professional purposes.

Is collateral required?

No. The Jet Bank Consumer Loan does not require collateral.

This means that no real estate, deposit, real security, or other specific collateral is required to obtain the loan.

However, loan approval always depends on the assessment of your repayment capacity, credit history, income, existing obligations, and the Bank’s lending criteria.

Who can apply?

Individuals who meet the Bank’s basic lending criteria may apply.

In general, the Bank assesses:

• your identity; 
• your age and legal capacity to act; 
• verifiable income; 
• income stability; 
• existing financial obligations; 
• credit history; 
• ability to repay the monthly instalment; 
• information declared during the application; 
• any other criteria required by the Bank’s policies and the applicable legal framework. 

Submitting an application does not mean automatic approval. The Bank has the right to reject the application if the lending criteria are not met, if the information is incomplete or inaccurate, or if the repayment capacity assessment does not support the granting of the loan.

How much can you borrow?

The minimum loan amount is:

ALL 25,000 or EUR 250.

The maximum loan amount is:

ALL 4,000,000 or EUR 40,000.

The specific amount that may be approved for you depends on:

• the selected currency; 
• the selected term; 
• monthly income; 
• existing obligations; 
• credit history; 
• instalment-to-income ratio; 
• risk assessment; 
• the Bank’s policies at the time of application. 

The Bank may approve a lower amount than the one requested or a longer term, if this is considered more appropriate based on your repayment capacity.

In which currency can you receive the loan?

The Jet Bank Consumer Loan may be offered in:

Lek or Euro.

The currency you select during the application is important, because the loan, the instalment, and the repayment obligations are linked to that currency.

If the loan is granted in the same currency as your income, the exchange rate risk is lower.

If you take a loan in Euro but your income is in Lek, you must consider the exchange rate risk. If the exchange rate moves unfavourably, your instalment expressed in Lek may become higher, even though the instalment in Euro remains the same.

What is exchange rate risk?

Exchange rate risk arises when the loan is in a currency different from the currency in which you generate your income.

For example, if you receive your income in Lek and take the loan in Euro, your instalment will be in Euro. If the Euro strengthens against the Lek, you will need more Lek to pay the same instalment in Euro.

This may affect:

• the monthly amount you pay, expressed in the currency of your income; 
• your instalment-to-income ratio; 
• your ability to repay the loan on time; 
• the total amount you pay over the full loan term; 
• the risk of late payments. 

For this reason, before taking a loan in a currency different from the currency of your income, you should carefully assess whether you can afford the instalment even if the exchange rate changes.

Will the Bank inform you about exchange rate risk?

Yes. If the loan is in a currency different from the currency in which you generate your income, the Bank will inform you about the exchange rate risk and its possible impact on your obligations.

Where required by the applicable legal and regulatory framework, the Bank will also provide you with illustrative information on the possible impact of exchange rate changes.

This information is intended to help you understand how your instalment, expressed in the currency of your income, may change if the exchange rate changes.

What happens if the exchange rate changes significantly?

If the loan is in a currency different from the currency of your income and, as a result of an exchange rate change, the value of the instalment increases by more than 20% compared to the value that would result from applying the exchange rate on the date the agreement was concluded, the Bank will notify you through a durable medium.

The notification may include:

• information on the percentage increase of the instalment; 
• the impact on the amount you need to pay; 
• your right to request conversion of the loan, where this right is applicable under the law and the agreement; 
• any other information necessary to understand the impact of the exchange rate change. 

This notification does not automatically change the loan, but helps you understand the impact of the exchange rate and the options available to you under the agreement and the law.

Do you have the right to request conversion of the loan?

Where the loan is in a currency different from the currency in which you generate your income, you may have the right to request conversion of the loan into the currency of your income, in accordance with the terms of the agreement and the applicable legislation.

Conversion is not automatic. It is carried out upon your request and after the Bank’s assessment.

Conversion may depend on:

• the currency in which you generate your income; 
• the remaining outstanding loan balance; 
• your repayment capacity in the new currency; 
• the product terms at the time of the request; 
• the Bank’s lending policies; 
• the applicable legal and regulatory framework. 

Conversion may affect:

• the monthly instalment; 
• the interest rate; 
• NEI; 
• the total amount payable; 
• the contractual terms. 

Which exchange rate is used for conversion?

If the loan conversion is approved, it is carried out using the Bank’s official exchange rate in force on the conversion date, unless otherwise provided in the agreement or by the applicable legal framework.

Before the conversion, the Bank will inform you of the new loan terms and the impact that the conversion may have on your obligations.

Do you need to have an account with Jet Bank to receive the loan?

Yes. To receive a Jet Bank Consumer Loan, you must have a Jet Bank current account in the same currency as the loan for which you are applying.

If you apply for a loan in Lek, you must have a current account in Lek.

If you apply for a loan in Euro, you must have a current account in Euro.

This account is used for:

• disbursement of the loan; 
• payment of monthly instalments; 
• automatic debiting of obligations; 
• administration of the loan relationship. 

The current account has no opening fee and no maintenance fee.

When is the loan disbursed?

The loan is disbursed after:

• the application has been completed; 
• all required information and documents have been provided; 
• the Bank has assessed the application; 
• the loan has been approved; 
• you have accepted the pre-contractual information; 
• you have signed the agreement; 
• all disbursement conditions have been fulfilled. 

After approval and signing, the loan is disbursed to your Jet Bank current account in the same currency as the loan.

Is the interest fixed or variable?

The interest rate of the Jet Bank Consumer Loan is fixed throughout the entire loan period.

This means that the interest rate does not change during the term of the agreement and is not linked to reference indices, market rates, or external changes.

For you, this means more predictability: before accepting the loan, you will clearly see the interest rate, monthly instalment, NEI, and the total amount you will pay.

What is NEI?

NEI is the Effective Interest Rate.

It shows the total cost of the loan as an annual percentage and includes interest, fees, and other mandatory costs related to obtaining the loan.

NEI is not simply the interest rate. It is a more complete indicator because it helps you understand how much the loan actually costs.

During the application, you will see the specific NEI for your loan, calculated based on:

• the loan amount; 
• the term; 
• the currency; 
• the fixed interest rate; 
• fees; 
• mandatory costs, if any; 
• the repayment method. 

What will you see before signing the loan?

Before you accept the loan and sign the agreement, the Bank will provide you with full information about your loan in a clear and understandable manner.

You will be informed about:

• the type of loan; 
• the loan amount; 
• the loan currency; 
• the loan term; 
• the fixed interest rate; 
• the Effective Interest Rate — NEI; 
• the monthly instalment you will pay; 
• the date or frequency of instalment payment; 
• applicable fees; 
• the total cost of the loan; 
• the total amount you will pay by the end of the term; 
• information on exchange rate risk, if the loan is in a currency different from the currency of your income; 
• the conditions for loan conversion, where applicable; 
• the conditions for partial or full early repayment; 
• the early repayment fee, where applicable; 
• penalties in case of late payment; 
• the right to withdraw from the agreement within 14 calendar days; 
• any other applicable information according to the product and the legal framework in force. 

This information helps you clearly understand the obligation you are undertaking before deciding whether to proceed with the loan.

Acceptance of the loan and signing of the agreement take place only after this information has been shown and made available to you through a durable medium.

What is the total cost of the loan?

The total cost of the loan is the sum of all costs related to the loan.

It may include:

• interest; 
• fees; 
• mandatory costs related to the loan; 
• other applicable expenses, if any. 

The total cost of the loan helps you understand not only how much you are borrowing, but also how much you will pay in total by the end of the term.

What is the total amount you will pay?

The total amount you will pay is the loan amount plus the total cost of the loan.

Therefore:

Total amount payable = principal + interest + fees + other mandatory costs, if any.

This amount will be shown to you during the application, before you accept the loan.

How is the loan repaid?

The loan is repaid in monthly instalments.

Each month, you pay the same instalment, according to the approved loan terms.

Each instalment includes:

• part of the principal; 
• the relevant interest. 

The instalment is paid from your Jet Bank current account, in the same currency as the loan.

Can you repay the loan early?

Yes. You may repay the loan early, either partially or in full.

This means that you may pay part of the loan before maturity, or close the entire loan before the final maturity date.

Is there a fee for early repayment?

Yes. In case of early repayment of the total remaining loan amount or partial repayment, an early repayment fee applies based on the remaining loan period.

If the remaining loan period is more than 1 year, the fee is:

1% of the prepaid amount.

If the remaining loan period is less than 1 year, the fee is:

0.5% of the prepaid amount.

This fee applies only to the amount paid before maturity.

What happens if you do not pay the instalment on time?

If you do not pay the instalment on the due date, the loan is considered overdue for the unpaid amount.

For each day of delay, a penalty is applied to the unpaid amount of the overdue instalment or instalments. The unpaid amount includes unpaid principal and unpaid interest.

The penalty is calculated at an annual rate of 36%, based on the actual number of days in delay.

In simplified terms, the penalty is calculated as follows:

Penalty = Unpaid amount × 36% × Days in delay / 365

The total amount payable after the penalty is calculated will be:

Overdue amount = Unpaid principal + Unpaid interest + Calculated penalty

Why is late payment serious?

Late payment is not only an additional cost.

It may also have other consequences, including:

• an increase in the total obligation; 
• daily penalties; 
• notifications regarding the unpaid obligation; 
• reporting to the Credit Registry; 
• a negative impact on your credit history; 
• difficulties in obtaining other loans in the future; 
• a request for repayment of the obligation; 
• legal procedures for collection of the obligation, if the delay continues. 

For this reason, before taking a loan, you should be certain that you can afford the monthly instalment throughout the entire term.

Can you withdraw from the agreement after accepting the loan?

Yes. For consumer credit, you have the right to withdraw from the agreement within 14 calendar days, without giving a reason.

This period starts from the date of signing the agreement or from the date when the contractual terms are made available to you, if this happens later.

To exercise this right, you must notify the Bank within the 14-day period through a durable medium.

What must you pay if you withdraw after the loan has been disbursed?

If the loan has been disbursed and you decide to withdraw from the agreement within the 14-day period, you must repay to the Bank:

• the amount of principal disbursed; 
• the interest accrued from the disbursement date until the repayment date; 
• any reasonable and documented cost paid by the Bank to third parties in direct relation to the disbursement of the loan, if applicable. 

After these obligations are fulfilled, the agreement is considered terminated without any other withdrawal penalties.

Can your application be rejected?

Yes. The Bank may reject the application if:

• you do not meet the lending criteria; 
• your income is not sufficient; 
• your existing obligations are high; 
• your credit history is not suitable; 
• the information provided is inaccurate or incomplete; 
• the documentation is insufficient; 
• legal or regulatory requirements are not met; 
• the Bank assesses that the loan may create an unaffordable financial burden. 

Rejection of the application does not create any obligation for the Bank to grant the loan.

Will you be informed if the loan is rejected?

Yes. In case of rejection, the Bank will inform you in accordance with the applicable legal and regulatory requirements.

If the rejection is related to information obtained from sources permitted by law, you will be informed in line with the relevant obligations.

When is the loan disbursed and when do you receive the funds?

After the loan is approved and the agreement is signed, the Bank disburses the loan to your Jet Bank current account, in the same currency as the loan.

The Bank will inform you about the loan disbursement through a durable medium. You can also view the disbursed funds directly in your account in the Jet Bank app.

What happens if the loan is approved, but the agreement is not signed?

If the loan is approved but the agreement is not signed within the deadline defined by the Bank, the application is automatically cancelled.

Currently, the maximum deadline for signing the agreement is 24 hours from the moment the agreement is made available for signing, unless otherwise defined by the Bank.

After the application is cancelled, the customer may submit a new application according to the Bank’s procedures and terms in force at the time of reapplication.

Can the Bank approve different terms from the ones you requested?

Yes. During the assessment of the application, the Bank may propose terms that differ from the ones initially requested by you.

This may include, for example:

• a lower loan amount; 
• a different term; 
• other financial terms adjusted to the repayment capacity assessment and the Bank’s lending policies. 

Before signing the agreement, you will be clearly informed about the specific approved terms.

You are not obliged to accept the new terms proposed by the Bank. If you do not wish to proceed with the loan, you simply do not sign the agreement.

Can you cancel the application after submitting it?

Yes. After submitting the application, you have the right to contact the Bank to request cancellation of the application, up to the moment when the Bank has notified you of its decision on the loan, whether approval or rejection.

If the Bank has already sent you the response to the application but you no longer wish to proceed with the loan, no further action is required. You simply do not sign the loan agreement.

Is your credit history checked?

Yes. During the assessment of the application, the Bank may check your credit history and existing obligations through sources permitted by law, including the Credit Registry of the Bank of Albania.

This check helps the Bank assess:

• whether you have other active loans; 
• whether you have had payment delays; 
• your current level of obligations; 
• your ability to take on a new obligation; 
• credit risk. 

Are loan data reported?

Yes. Loan data are reported to the Credit Registry of the Bank of Albania and/or to other competent authorities, where required by law.

The data reported include:

• the approved loan; 
• the amount; 
• the currency; 
• the term; 
• repayment status; 
• delays, if any; 
• loan closure; 
• other information required by the legal and regulatory framework. 

Can the agreement change without your consent?

No. The main terms of the agreement are not changed unilaterally without a legal or contractual basis.

Any change that requires your acceptance is made through an amendment document or electronic acceptance, in accordance with the Bank’s procedures and the applicable legal framework.

For a loan with a fixed interest rate, the interest rate remains unchanged throughout the entire term of the agreement.

How is the agreement signed?

Jet Bank is a digital bank, therefore the agreement is signed electronically.

The electronic signature is completed through the Bank’s digital platform, using secure identification and authentication mechanisms such as OTP, PIN, biometrics, or other security tools.

When completed in accordance with the applicable legislation, the electronic signature has legal force and the same legal effect as a handwritten signature.

Where can you find the loan documents?

Loan documents may be made available electronically through the Jet Bank app or the Bank’s other digital channels.

These documents may include:

• pre-contractual information; 
• the loan agreement; 
• monthly repayment details / loan amortisation schedule; 
• information on exchange rate risk, where applicable; 
• loan notifications; 
• payment information; 
• other documents related to the loan. 

Electronic documents are considered valid if they are made available through a durable medium and can be stored or reproduced by the customer.

What is a durable medium?

A durable medium is a method of communication that allows you to receive, store, and read again the information provided to you.

In practice, this may include:

• the Jet Bank app; 
• e-mail; 
• PDF document; 
• storable electronic notification; 
• any other channel that allows the storage and reproduction of information. 

This is important because pre-contractual and contractual information must remain accessible to you after it has been provided.

What responsibilities do you have as a customer?

As a customer, you must:

• provide accurate and complete information during the application; 
• use the loan for personal purposes; 
• read the pre-contractual information before acceptance; 
• understand the monthly instalment and the total amount payable; 
• understand the exchange rate risk, if the loan is in a currency different from the currency of your income; 
• pay the instalments on the due date; 
• keep active and sufficiently funded the account from which the loan is repaid; 
• notify the Bank if your contact details change; 
• notify the Bank if circumstances occur that may affect your repayment capacity; 
• keep your app access credentials secure; 
• not share your PIN, OTP, or security data with other persons. 

What responsibilities does the Bank have?

The Bank must:

• provide you with clear and understandable information; 
• make the pre-contractual information available to you before the conclusion of the agreement; 
• show you the specific loan terms; 
• inform you about NEI and the total cost; 
• inform you about the monthly instalment and payment method; 
• inform you about exchange rate risk, where the loan is in a currency different from the currency of your income; 
• respect the right of withdrawal, where applicable; 
• process your data in accordance with the law; 
• report information where required by the legal framework; 
• handle complaints in accordance with internal procedures and regulatory requirements. 

Should you read the agreement even if the information seems clear?

Yes. This information is only a general summary.

The agreement is the document that defines the specific rights and obligations between you and the Bank.

Before signing, you should carefully read:

• the pre-contractual information; 
• the agreement; 
• the repayment terms; 
• the early repayment terms; 
• penalties in case of late payment; 
• information on exchange rate risk, where applicable; 
• the communication method; 
• events of default; 
• the rights and obligations of the parties. 

Do not accept the loan if you do not understand the terms.

How can you submit a complaint?

If you have any uncertainty, issue, or complaint related to the loan, you may contact the Bank through its official communication channels.

The complaint may relate to:

• the application process; 
• the information provided; 
• the decision-making process; 
• the agreement; 
• monthly instalments; 
• penalties; 
• fees applied; 
• early repayment; 
• exchange rate risk; 
• communication with the Bank; 
• any other aspect of the service. 

The Bank reviews the complaint in accordance with its internal procedures and the applicable legal and regulatory framework.

What should you check before applying?

Before applying, carefully check:

• how much money you actually need; 
• the currency in which you receive your income; 
• the currency in which you want to take the loan; 
• whether there is exchange rate risk; 
• what monthly instalment you can afford; 
• for how long you want to repay the loan; 
• whether you have other monthly obligations; 
• whether you can handle possible delays in income; 
• what the total cost will be; 
• what happens if you repay early; 
• what happens if you are late with payment. 

The loan should help you, not create an unaffordable financial burden.

Important note

This information is general and for information purposes only.

It does not replace the Standardised Pre-Contractual Information for Consumer Credit, the loan agreement, or any other documents made available to you during the application process.

The loan is approved only after the Bank assesses the application.

Before accepting the loan, carefully read all terms, check the monthly instalment, understand the total cost, assess the exchange rate risk if the loan is in a currency different from the currency of your income, and make sure you can afford the obligation until the end of the term.