Credit Terms and Conditions.

1. Definitions.

Except as otherwise provided, the following terms and expressions have the following meanings wherever used in the Loan Application, this Credit Agreement and other relevant documents:

"Applicant" means the person who applies for a loan with Online Loans Pilipinas Financing, Inc.

"Approval Notice" means an irrevocable notice of official approval of the Loan Amount and the Loan Term issued by the Lender to the Borrower. The Approval Notice can be provided to the Borrower by SMS and/or direct call via mobile number registered by the Borrower under the Loan Application or such other forms which the Lender may deem fit.

"Borrower" means the Applicant whose Loan Application has been approved and is a party to the Credit Agreement with the Lender.

"Borrower’s Dues" means and includes the outstanding amount of the Loan, Interest on the Loan, penalties, fees, costs, charges, expenses, and all other sums whatsoever payable by the Borrower to the Lender on or before the Due Date in accordance with the Loan Terms and Transaction Documents.

"Business Day" means a day (other than a Saturday, Sunday or a public holiday in Philippines) on which the Lender is open for business transactions in the normal course of business.

"Credit Agreement" means the agreement entered into between the Lender and the Borrower providing for the Loan and the terms thereof. Credit Agreement includes the General Terms and Conditions stated hereunder, the approved Loan Application, the Approval Notices and all schedules and agreements supplemental to this Credit Agreement.

"Due Date" means the day when the Borrower must pay the Borrower’s Dues.

"First Time Applicant" means:

applicant who is making a First Time Application; or
applicant who has previously made a First Time Application but has never received an Approval Notice. "First Time Application" means without prejudice to Online Loan Application herein, the application applicant makes to Lender to provide him with interest free loan pursuant to this agreement.

"Interest" means the Loan Interest as may be applicable.

"Installment Loan" means Loans where the principal, interest and other charges are repaid in fixed intervals or installments determined by the Lender.

"Late Payment Fee" means such fee that Borrower has to pay to the Lender for not paying on Due Date.

"Lender" means Online Loans Pilipinas Financing, Inc.

"Loan" means the term loan facility, which may be granted or has been agreed to be granted by the Lender to the Borrower.

"Loan Amount" means the principal amount financed by the Lender to be disbursed to the Borrower.

"Net Loan Proceeds" means the amount to be received by the Borrower after all applicable fees are deducted from the Loan Amount.

"Loan Application" means the application in writing duly accomplished and submitted by the Borrower to the Lender for availing of the Loan.

"Loan Term" means period of time within which the Borrower must repay the Loan amount, Service fee and interest, penalties and fees, if applicable, as provided in the Notice of Approval.

"Loan Interest Rate" means the base interest rate stated in the Loan Application and this Credit Agreement.

"Notice of Repayment" means a notice showing the summary of payable amount provided by the Lender to the Borrower and listing the Borrower's Due, Interests, fees, adjustments (if any) to the Borrower via Registered Phone/Email and/or other means which the Lender may deem fit.

"Online Loan Application" means the online application submitted by the Borrower at website https://onlineloanspilipinas.ph/ (or any other website or mobile application owned by the Lender) to the Lender for availing of the Loan.

"Outstanding Loan" means the whole or the remaining amount of the Loan Amount which the Borrower has not repaid to the Lender.

"Outstanding Interest" means the whole or the remaining amount of the Interest which the Borrower has not fully paid to the Lender in accordance with this Credit Agreement.

"Prepayment" means premature repayment in accordance with the terms and conditions of this Credit Agreement.

"Prolongation Service" means the extension of the Loan Term for a period allowed by the Lender. There shall be no Prolongation Service for Installment Loans.

"Prolongation Fee" means the fee to be paid by the Borrower for the Prolongation Service.

"Repayment" means the repayment of the total Borrower's Due on or before the Due Date as shown in the Notice of Repayment issued to the Borrower.

"General Terms and Conditions" means the terms and conditions specified hereunder, which form an integral part of the Loan Application and this Credit Agreement, entered into between the Lender and the Borrower.

"Drawdown Date" means the date of disbursement of the Net Loan Proceeds to the Borrower through the money transfer services available.

"Transaction Documents" means all writings, and other documents executed or entered into or to be executed or entered into, by the Borrowers and/or the Lender, including but not limited to the Approved Loan Application, Disclosure Form, Approval Notice, Privacy Policy, and this Credit Agreement.

"Third Party Products or Services" means all other products or services provided by third parties and availed of by the Borrower. Third Party Products or Services are separate and distinct from the products or services of the Lender.

2. Application.

The Borrower understands and acknowledges that the Lender has the absolute discretion to accept or reject this Loan Application without assigning any reason whatsoever and that this Loan Application and its supporting documents shall become part of the Lender’s record and shall not be returned to the Borrower.
Once the Loan is approved subject to the Credit Agreement, the Loan amount shall be disbursed to the Borrower through services offered by Money Transfer Providers available.
The Borrower guarantees and certifies that the persons whose contact information was included by the Borrower in the Loan Application have been informed by the Borrower that his or her contact details will be submitted to the Lender and that he or she consented to the processing of said information for the purpose stated herein. The Borrower understands that the contact information submitted to the Lender will be used to contact the Borrower, for marketing purposes and such other purposes indicated in the Lender’s Privacy Policy.
The Borrower understands and acknowledges that the Borrower’s loan application should be regarded as an offer Official approval of the loan application shall be decided upon the Lender’s appraisal and approval according to the Lender’s policy from time to time. The Borrower voluntarily agrees to the Lender’s decisions. The Borrower shall not file any complaints or seek redress against the Lender on these matters.
The Borrower shall disclose to the Lender all information relating to the Borrower which is material to the Lender and such shall be true, complete and accurate in all material respects. The Borrower hereby authorizes the Lender to request and obtain data from third party(ies) to verify any information the Borrower provided to the Lender in connection with this Loan Application.
The Borrower has read, understood and agreed to comply with terms and conditions of the Loan Documents i.e. Application Form, Disclosure Form, Credit Agreement and the terms hereof and other relevant documents. The Borrower accepts and agrees to be bound by the Loan Documents and other Transaction documents including amendments of these documents as an integral part thereof, which the Borrower acknowledges are available for reading or downloading at the Lender website: https://onlineloanspilipinas.ph/ and/or notified by the Lender to the Borrower through various communication channels which the Lender deems fit.
The Borrower understands and acknowledges his obligations with respect to making the full, complete and timely payment of his loan obligation as stipulated in the Credit Agreement.
The Borrower agrees that information and documents furnished to the Borrower or the Lender in connection with this Loan Documents may be delivered by hand or sent by prepaid ordinary mail or sent by email (electronic mail) or sent by facsimile to the facsimile number of the addressee or sent by message to the mobile number of the addressee or any other means determined by Lender.
The Loan Application shall take effect from the date it is submitted to the Lender for evaluation.

3. The Loan Purpose.

The Loan shall only be used for legal and legitimate purposes.

4. Loan Amount.

The Borrower agrees to borrow from the Lender and the Lender agrees to lend to the Borrower the Loan Amount as stated in Approval Notice.
There is no guaranty that the amount applied for will be granted. The Lender, at its discretion, may either grant the application, may deny the same or grant a reduced amount based on the given Tiers with a lower amount, as stated in the Disclosure Statement. An Application for a certain amount necessarily includes for application for all lower amount Tiers. If an application is granted for an amount, as stated in the Disclosure Form, the same shall be binding on the Borrower.

5. Fees.

There shall be Service Fee equivalent stated in the Loan Application form/ Disclosure Statement to be paid by the Borrower together with Loan amount, Service fee and interest, penalties and fees, if applicable, as provided in the Notice of Approval.
There shall be no Service Fees for First Time Applicants.
The Borrower may choose among the official modes of disbursement via third party channels. These third party channels may charge fees depending on the mode of disbursement chosen by the Borrower.

6. Loan Term.

The initial term of each Loan shall be determined by the Lender on the basis of the Borrower’s application of loan term.

In case of Prolongation Service, if applicable, the Loan Term shall be for a period allowed by the Lender starting from the Due Date subject of prolongation. A Prolongation Fee equivalent to the amount in the Application/ Disclosure Statement/ Credit Agreement will also be charged for every availment of the service which is to be paid on the new Due Date. This service may be availed of before or fifteen days after Due Date.
The Borrower shall be required to pay an amount equivalent to that stated in the Application/ Disclosure Statement or request for Prolongation to avail of the Prolongation Service, unless a different amount is imposed by the Lender.
The Lender may, in its discretion and subject to existing laws and rules, deny any request for Prolongation.
The Borrower voluntarily agrees to the Lender’s decisions on Loan Term.

Installment Loans

There shall be no Prolongation Service for Installment Loans.
The Lender shall determine the Due Dates for the payment of the Borrower’s Dues.

7. Fees, Charges and Interest.

General Provisions

A Service Fee at the rate indicated in the Disclosure Form/ Credit Agreement shall be charged on each Loan Amount upon disbursement of the loan proceeds to the Borrower.
The Service Fee shall accrue on a daily basis in proportion to the Service Fee and the number of days of the initial loan term when the Borrower fails to pay on or before the Due Date or if the Borrower has not availed of the Prolongation Service.

First Time Applicant

In case of First Time Applicant, the initial interest rate and the Service Fee for the initial period granted shall be 0%. After the lapse of the initial period granted and the Loan is still unpaid, the Service Fee shall be charged on a daily basis in proportion to the Service Fee and the number of days of the initial loan term.

Installment Loans

The Loan Interest Rate shall be charged against the Outstanding Loan when the Borrower fails to pay on or before the Due Date as shown on the Notice of Repayment provided to the Borrower.
The Interest shall accrue on a monthly basis in the beginning of each Payment period. A portion of each month shall be computed based on the Loan amount.

8. Late Payment Fee.

The Borrower shall pay Late Payment Fees (LPF) if the Borrower fails to pay the balance on the Due Date without availing of the Prolongation Service, if applicable. LPF shall be incurred for the failure to pay the full or required minimum amount for Prolongation before Due Date.

Installment Loans

For Installment Loans, the Borrower shall pay to the Lender a one-time fee a Late Payment Fee on account of the Borrower’s payments received after the Due Date on 1rd day of continuous delinquency. Said one-time fee shall be paid on the Repayment Date notwithstanding any amendment of any Due Date under further Approval Notices.
There be no Prolongation Service for Installment Loans.

9. Conditions precedent to disbursement of the Loan.

The initial disbursement of Loan shall be made available after the conditions set out below have been fulfilled and provided to the satisfaction of the Lender:

Duly accomplished, signed and submitted Loan Application to the Lender;
Copies of the Borrower's ID card/passport;
The Approval Notice issued to the Borrower;
Other documents required by the Lender as it deems necessary from time to time; and
The Borrower has no outstanding balance with the Lender.

Once the Loan Application submitted by the Borrower is accepted by the Lender, the Borrower shall not be entitled to cancel the Loan or to refuse to accept disbursement of the Loan, without the approval of the Lender of such cancellation and/or prepayment charges as may be stipulated by the Lender. The Borrower agrees that the Lender has the right to approve/reject the cancellation of the Loan as the Lender deems fit.

10. Repayment and Prepayment.

The Borrower must pay the Borrower’s Dues on the Due Date (s) provided by the Lender.
The Borrower may prepay the whole or any part of the Loan by paying the whole or the balance of the loan.
The Borrower shall be required to make payment/repayment of the Borrower’s Dues with cash using the official payment service providers/ facilities available.
The Borrower waives his right to select the application of payments.

Installment Loans

For Installment Loans, the Borrower may prepay the whole of the Loan provided on any of the Monthly Due dates, but not earlier than after one (01) calendar month from The First Drawdown Date. Early repayment fee shall be applied.

11. Representations and Undertakings.

The Borrower hereby represents and warrants to the Lender on a continuing basis that:

The obligation expressed or to be assumed by the Borrower in this Credit Agreement, and any relevant documents are legal, valid, binding and enforceable obligations;
The entry into and performance by the Borrower of, and the transactions contemplated by, this Credit Agreement, and any relevant documents do not and shall not conflict with (i) any law or regulation applicable to the Borrower; or (ii) any agreement or instrument binding upon the Borrower;
No event of default is continuing or might reasonably be expected to result from the making available of the Loan; and
The Borrower has disclosed to the Lender all information (financial or otherwise) relating to the Borrower and all other relevant parties which is material to be known to the Lender in view of the provisions of this Credit Agreement, and other relevant documents and which is true, complete and accurate in all material respects at the date it was given and is not misleading in any respect.

The Borrower covenants with the Lender that during the Loan Term:

The Borrower shall comply in all respect with all applicable laws in connection with the performance of the Borrower’s obligations under this Credit Agreement, and other relevant documents;
The Borrower shall obtain and maintain in full force and effect any authorization, consent or approval required to enable the Borrower to perform the Borrower’s obligations under this Credit Agreement, and other relevant documents and to ensure the legality, validity, enforceability or admissibility in evidence of this Credit Agreement, and other relevant documents.
The Borrower shall provide a prior written notice to the Lender of any change in the Borrower’s name, contact number or residential address within three (3) calendar days of such change;
The Borrower shall notify the Lender of any change in the Borrower’s employment, business or profession. In the event the Borrower is self-employed, the Borrower hereby undertakes to keep the Lender informed about the financials of his or her business on a periodic basis as requested by the Lender.

12. Event of Default.

Each of the events or circumstances set out in the following shall be an Event of Default:

The Borrower does not comply with any provision of this Credit Agreement, and or any Transaction Documents, including any failure to pay when due any principal, interest, fee or any other amount payable pursuant to this Credit Agreement.
Any representation or statement made or deemed to be made by the Borrower in this Credit Agreement, and or any Transaction Documents is incorrect or misleading in any material respect.
The Borrower is dead or becomes incapacitated,
Any event or series of events occurs which, in the opinion of the Lender, is likely to have a material adverse effect on the Borrower's financial conditions.
Any changes in the laws of Philippines which impact on the Lender’s consideration to continue with the Loan.

On and at any time after the occurrence of an Event of Default, the Lender is entitled to:

Declare all or part of the outstanding amount or Borrower’s Dues under the Loan, together with accrued interest, and all other amounts to be immediately due and payable;
Terminate all obligations of the Lender under this Credit Agreement, and other Transaction Documents; and
Exercise all of its rights and remedies under this Credit Agreement and related laws.
In case the Borrower fails to pay fully or correctly or timely the loan obligation, in addition to debt recovery measures as specified herein/therein or in accordance with the Philippine laws, the Lender shall be entitled to provide information on such failure to third parties, including but not limited to collection agencies for the purpose of collecting the loan obligation.

13. Third Party Products or Services.

If the Borrower avails of any product or service from any third party in conjunction with Loan from the Lender, the Borrower is responsible for complying with the third-party providers’ terms and conditions and privacy policies. Any and all risk of the availment or purchase of the said third party products or services shall be for the account of the Borrower. The Lender does not provide warranty or conditions nor does the Lender make any representation, expressed or implied, with respect to the said third party products or services and the Lender specifically disclaims any liability regarding Third-Party Products or Services, whether or not said products or services were obtained via the Lender’s website or mobile application.
Third-Party Products are governed solely by the terms and conditions between the Borrower and the Third-Party provider.
The Borrower acknowledges that these Third-Party Products or Services are separate and distinct from the products or services of the Lender. The Lender has no liability with respect to Borroer’s procurement or use of Third-Party Products.
The Borrower acknowledges and understands that these Third-Party Products or Services are not mandatory for the obtain the Loan and that the Borrower avails of these products voluntarily. If the Borrower does not understand or agree to abide by the applicable terms for any such Third- Party Products, then the Borrower should not obtain such Third-Party Products or Services.
The Borrower acknowledges that it is receiving the Third-Party Products directly from a third-party provider. Accordingly, Borrower shall consider the Third-Party Provider to be the contracting party and the Third-Party Provider shall be the party responsible for providing the Third Party Products to Borrower.
The Borrower shall look solely to the Third-Party Provider for any loss, claims or damages arising from or related to the provision of such Third Party Products and any use thereof.
The Borrower agrees to pay the fees for the Third-Paty Products or Services as quoted in the mobile application or website of the Lender. The Lender shall only collect any payment from the Borrower and remit to the corresponding Third-Party.
If the Borrower proceeds with the Loan Application with a corresponding application or request for the Third-Paty Products or Services, then the submission and acceptance of the Loan Application shall be considered as a simultaneous application or request for said Third-Paty Products or Services. The conformity or signature of the Borrower to the Loan application with a a corresponding application or request for the Third-Paty Products or Services shall be considered as acceptance of the terms and conditions of the Third- Party Products and said acceptance or signature shall be binding on the Borrower.
The terms and conditions of this Agreement and/or any Third-Paty Product or Service may not be canceled or changed, unless expressly agreed in a writing by the Parties concerns.

14. Indemnity.

The Borrower shall indemnify the Lender against any cost, loss, expense or liability incurred by the Lender as a result of:

The occurrence of any Event of Default;
The information produced or confirmed by the Borrower being or being alleged to be misleading and/or deceptive in any respect;
Any failure by the borrower to comply with any obligation under the loan agreement;
The filing of a suit in connection with the collection of the Borrower’s Due’s in case of default or failure to pay on Due Date;

15. Privacy of Information.

Subject to Clause 13, the Lender shall observe privacy of personal information of Borrower obtained in relation to the loan application. Lender has implemented reasonable and appropriate organizational, physical and technical measures intended for the protection of Borrower's personal information against any accidental or unlawful destruction, alteration and disclosure, as well as against any other unlawful processing. The employees, agents or representatives of Lender who are involved in the processing of the personal information of the Borrower shall operate and hold personal information under strict confidentiality and this obligation shall continue even after termination of employment or contractual relations.

16. Disclosure of Information.

The Borrower hereby expressly permits the Lender to transfer and disclose to (i) the government authorities; (ii) any party/person proposing or considering to tender any payment towards or purchase the indebtedness under the Loan; (iii) its auditors, lawyers or any other debt collection agents; (v) credit reporting agencies; (vi) insurance companies, agents, contractors or third party service providers who are involved in the provision of products and services to or by the Lender and the holding company, head office, other branches, subsidiaries, related companies of the Lender; or (vii) for provision of or cross selling of products and services, any information relating to the Borrower’s affairs or account in respect of the Loan, this Credit Agreement, and at any time and to such extent as the Lender may at its absolute discretion deem expedient or necessary. The Borrower hereby agrees that the aforesaid information may be used, encrypted, transmitted and stored by the Lender and its holding company, head office, other branches, subsidiaries, related companies and/or may be exchanged to or with all such persons as the Lender considers necessary to the extent as permitted by Philippine laws. The aforesaid actions are without liability to the Borrower. The Borrower expressly consents to such actions and declares that no further consent from the Borrower is necessary or required in relation thereto.

13.1 Notification Regarding R.A. No. 9510. Pursuant to Republic Act (R.A.) No. 9510 and its Implementing Rules and Regulations (IRR), creating the Credit Information Corporation (CIC) we are mandated to submit your basic credit data (as defined in R.A. No. 9510 and its IRR), as well as any regular updates or corrections thereof, to the CIC for consolidation and disclosure as may be authorized by the CIC, and other credit reporting agencies duly accredited by CIC, for the purpose of establishing your creditworthiness.

17. Review.

All the Loans specified herein, unless expressly stated herein to the contrary, must be drawn down within four (4) calendar days from the date of disbursement as provided in the Notice of Approval sent the Borrower, failing which the Loan shall thereupon be automatically cancelled and withdrawn at that time.

18. Notices.

Notice to the Borrower

A notice given to the Borrower in connection with this Credit Agreement may be delivered by hand or sent by prepaid ordinary post or sent by email (electronic mail) or sent by facsimile to the facsimile number of the addressee or sent by message to the mobile number of the addressee which is specified in the Transaction Documents. A notice given to the Borrower shall be treated as having been given and received:

If delivered, on the day of delivery if a Business Day, otherwise on the next Business Day;
If sent by prepaid mail, on the second Business Day after posting;
If sent by email and no failure notice is received by the sender, one hour after the time of the sending of the email;
If transmitted by facsimile and a correct and complete transmission report is received, at the time of transmission recorded on that transmission report;
If sent by text message and no failure notice is received by the sender, at the time of sending.

Notice to the Lender

Notices, demands or other communications shall be addressed to the Lender at its office whereby the Borrower applies for the Loan or such other address the Lender may notify to the Borrower for this purpose, and may be delivered personally, by leaving it at such address, by facsimile transmission or telex, or email, or by mobile message and shall be deemed to have been delivered to the Lender on the day of actual receipt.

19. Certificates and Determinations.

Any certification or determination by the Lender of a rate or amount under this Credit Agreement, and any Transaction Documents is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

20. Assignment and Transfer.

Notwithstanding any other provisions of this Credit Agreement and/or other Transaction Documents, the Lender may at any time: (i) assign or transfer its rights and obligations; or (ii) create security in or over any or all of its rights or obligations under this Credit Agreement, and or other Transaction Documents to any person. The Borrower is not permitted to assign or transfer any of the Borrower’s rights or obligations under this Credit Agreement and/or other Transaction Documents without the prior written consent of the Lender.

21. Waiver.

The delay or failure of the Lender to exercise of any of its rights in this Credit Agreement or any Transaction Documents shall not be construed or deemed as a waiver of the Lender to such rights.

22. Language and Governing Law.

This Credit Agreement and other Transaction Documents are governed by the laws of the Philippines. The competent courts of Philippines have jurisdiction to settle any dispute arising out of or in connection with this Credit Agreement (including a dispute regarding the existence, validity or termination of this Credit Agreement and other Transaction Documents).

23. Term of the Credit Agreement.

Unless terminated by the Lender, this Credit Agreement shall take effect from the date of signing until such time as the provisions specified hereunder are needed to remain in force and effect between the parties.

24. Signature.

Electronic Signature of the Borrower refers to any distinctive mark, representing the identity of the Borrower and attached to or logically associated with the electronic data message or electronic document or any methodology or procedures employed or adopted by Borrower and Lender and executed or adopted by such Borrower with the intention of authenticating or approving an electronic data message or electronic document, pursuant to the Electronic Commerce Act of 2000.

For this purpose, the Application Form, Disclosure Form, and Credit Agreement shall be signed by providing in the Online Loan Application the Borrowers mobile number and the OTP (One-Time Password) sent to the Borrower’s mobile number.