Terms & Conditions

GENERAL TERMS AND CONDITIONS

    This set of Terms and Conditions (“Terms”, “Terms and Conditions”) is developed in accordance with the laws of the Republic of the Philippines. Please read them carefully before you may proceed with the loan (“Service”) operated by LENDERLY FINANCE CORPORATION (“Lender”).
    Your access to and use of our website is conditioned on your acceptance of and compliance with these Terms in addition to our privacy policy.
    If you disagreewith any part of these Terms, we respectfully request that you leave the Site. Your agreement to these terms means you agree to avail of our Services in order to facilitate and establish contracts with users through this website. Please note that these terms are subject to change so review and maintain a copy of these terms for your records prior to each transaction with us.

A. ACCEPTANCE OF TERMS OF SERVICE

  1. These Terms and Conditions constitute a legally binding agreement made between you, whether personally or on behalf of an entity (“Borrower” or “You”), a user of this Site, and Lenderly Financing Inc. (“Company” or “Lender”), the owner and operator of (insert name of website) (the “Website”), concerning your access to and use of the website.
  2. By becoming a borrower of the Company, you acknowledge and confirm that you have read, understood, and accepted these Terms and Conditions, in addition to our privacy policy. By the mere use of our site, you agree to be bound by the terms and conditions stated herewith.
  3. In availing of our available services, you should consider your acceptable risk levels and you should only choose loan product for which you are able to financially handle considering all other financial commitments.
  4. By using our services, you confirm that you have the necessary experience and knowledge in order to understand the risks involved in the transaction and that you are able to take advice from a relevant qualified professional or advisor to assist your understanding of the risks involved as we do not provide any advice, nor do we make any recommendations to our borrowers.
  5. These terms are subject to change and may be updated, with or without prior notice. Supplemental terms and conditions or documents that may be posted on the Site from time to time are hereby expressly incorporated herein by reference. Thus, we advise you to print and maintain a copy of these terms for each transaction you made with us. You agree that by using the Site, you have read, understood and agree to be bound by all of these Terms and Conditions. IF YOU DO NOT AGREE WITH ALL OF THESE TERMS OF USE, THEN YOU ARE

B. DEFINITIONS

    As used herein, the following terms and expressions shall have the meanings as specified below for your reference and better understanding:
  1. Borrower – a Loan Applicant whose Loan Application is approved by the Lender and has received loan from the latter.
  2. Borrower’s Obligation – this includes payment of the outstanding principal amount of the Loan, interest on the Loan, all other interest, fees, costs, charges, expenses, processing fee and all other sums whatsoever arising from or incident to the loan, and payable by the Borrower to the Lender on or before the maturity date, in accordance with the Terms and Conditions contained herein, the Promissory Note, and other related documents. The obligation of the borrower extends to the payment of the loan even after the maturity date set by the Lender, which now includes all the remaining arrears plus damages, if any. This does not preclude the Lender to file corresponding charges against the borrower to collect the same.
  3. Calendar Day- it means any day, including weekends and public holidays in the Philippines on which the Lender operates in the ordinary course of business.
  4. Loan Agreement – the agreement entered into by and between the Lender and the Borrower for obtaining a loan product and such other related agreements as may be entered into by parties throughout the loan. This includes the General Terms and Conditions stated hereunder, the Promissory Note, the Loan Decision, and all schedules and agreements supplemental thereto.
  5. Disclosure Statement – the statement that should be given to each borrower by the Lender before they can proceed with the loan, setting forth the total amount to be financed which includes the principal and the finance charge in connection with the Loan, and all other items required under the Truth in Lending Act (Republic Act 3765).
  6. Finance charge – this includes interest, fees, service charges, discounts, and such other charges incident to the extension of loan as the Monetary Board of the Central Bank of the Philippines may prescribes.
  7. Lender – LENDERLY FINANCE CORP., with its principal address at 118 Concha Cruz Drive BF Homes, Paranaque City, Philippines.
  8. Loan – it is offered by the Lender in this Site and for which, an agreement is entered into by the Lender and the Borrower, and which is governed by these General Conditions.
  9. Loan Applicant – a person, which may be natural or artificial (corporation and other business entity) through a representative, who files the Loan Application, having the qualifications set forth in the Terms hereunder, with full capacity to contract and enter into the Loan, and with permanent address in the Philippines.
  10. Loan Application – it is the declaration of intention made by the Loan Applicant using the Site, to request for a Loan in accordance with these General Conditions, the Promissory Note, and all other documents forming an integral part of the Loan Agreement. The Loan Application shall take effect from the date it is submitted to the Lender for evaluation and will be subject to the internal policies and procedures of the Lender. The approved Application will be credited to the Personal Account of the Borrower on the Lender’s website within one (1) to three (3) calendar days from Lender’s receipt of Borrower’s acceptance of the Loan Decision.
  11. Maturity Date – the last day of the Loan Term to be provided in each agreement depending on the loan products and over-all assessment of the Lender’s evaluators, when the principal amount of the loan, interest and all other fees and charges are due.
  12. Party – it refers to the Loan Applicant/Borrower, the Lender (Lenderly), individually, while hereinafter collectively referred to as the “Parties”.
  13. Personal Account – it means the user account created by the Borrower on Lender’s website.
  14. Promissory Note – it is a genuine document acknowledging a loan duly received and promising to pay the same on the date indicated in accordance with the conditions therein set forth, which shall form an integral part of the Loan Agreement. It shall be made available to the Loan Applicant upon approval of the Loan Application. The Promissory Note shall be confirmed by the Loan Applicant by SMS and/or direct call via mobile number (for applications filed and processed on the Website) or handwritten signature (for applications filed and processed in the Lender`s branch). The Promissory Note, together with the Disclosure Statement provided pursuant to the Truth in Lending Act, will be sent to Borrower’s e-mail address and made available to the Borrower in his/her User Account on the Lender’s website.

C. USER ACCOUNT

    Provision of Information
  1. If you wish to avail of our Services, you must create your account and accomplish the registration process by providing us with your complete, current, and accurate information as prompted by the applicable registration form in our Site. You will also be required to have a username and password to access your account. In so doing, you hereby recognize that you will be giving us your personal information.
  2. You hereby confirm that all information you have provided to Lenderly are true, accurate and up-to-date and is not, in any respect, misleading, deceptive or inaccurate or likely to be misleading or deceptive.
  3. Representation & Warranties

  4. By creating your account, you make the following and continuing representations, warranties, and undertakings throughout the lifetime of your account:

  5. 3.1 You are an individual, sole proprietorship, or the duly authorized representative of a corporation, branch office, or partnership;
    3.2. You are at least 21 years of age or over, and capable of taking responsibility for your own actions, and are fully capacitated to enter into legally binding agreements;
    3.3. If you are a corporation, branch office, or partnership, you must be registered with the Philippine Securities and Exchange Commission (SEC) and have a permanent place of business in the Philippines, and that the account holder is the duly authorized representative of the entity, capable to secure or fund loans; and
    3.4. If you are a sole proprietorship, you must be duly registered with the Department of Trade and Industry (DTI).
  6. These representations and warranties are continuous and unbroken throughout the lifetime of your account.
  7. By accepting the terms, you hereby authorize the Site, without liability whatsoever, to suspend your account if, in our opinion, we believe that your account is being subject to misuse. In such a case, we will do our best to notify you at the earliest possible time and a certain period of time will be given depending on the gravity of issue(s) concerned to resolve such issue.
  8. As a member of the Site, you shall not take or permit any action to be taken that may cause such representations and warranties to be broken and become untrue or inaccurate.
  9. If at any time, any of the above representations and warranties are no longer true or accurate, you shall immediately inform and contact the Site within five (5) days and disclose which representations and warranties are, or may, no longer be true or accurate.
  10. At any time during the lifetime of your account, we are allowed to verify your account and identity. As such, you hereby authorize us to use any means that we consider necessary for such verification with any third-party information providers. (you may mention such provider if you have one);
  11. Personal Information

  12. By registering with us, you are accepting these Terms and Conditions and likewise consent to the Site’s collection, use, disclosure, holding, protection and retention of your personal information as indicated below:

  13. 9.1. Your name, age, address, contact number, date of birth, email address, bank details or any other financial information which may be related to any prospective loan contract;
    9.2. Other information that you provide to us that does not identify you personally, such as records of your visits and information that you submit when using the Site;
    9.3. Information that may be obtained from third parties; and
    9.4. Usage of and access to the Site.
  14. To collect such personal information from you, you hereby authorize us to utilize any form of using technology, such as, but not limited to general log information, cookies, tracking technologies, and referral information from third-party websites.
  15. In furtherance of our business and as needed, you hereby authorize us to disclose and share your information to the following persons and reasons:

  16. 11.1. To our agents and subcontractors, acting for us or for other lenders, for any of the purposes described in these Terms and Conditions, which include, but not limited to (insert agents and subcontractors);
    11.2. To law enforcement agencies and fraud prevention agencies for purposes of identifying, preventing, detecting or tackling fraud, money laundering, and other crime;
    11.3. To meet our obligations to any relevant regulatory authority; and
    11.4. As mandated by law for any other legitimate purposes.

    Account Security and Responsibility

  17. We implement in our Site security measures to counter any unauthorized access to your account and eliminate, or at the very least minimize any untoward obstruction of privacy. However, you hereby acknowledge that we cannot guarantee that there be no unauthorized access by third parties, most especially when the same is attributable to your negligence. You further acknowledge that you provide your personal information at your own risk.
  18. As much as we are obliged to protect your information from leakage, you are entirely responsible for the maintenance of confidentiality of your account. You are likewise responsible for any and all activities that occur on your account, including, but not limited to, the contracting of obligations on your behalf, which you hereby agree to honor.
  19. You must immediately notify our team of any unauthorized use of your account or any other breach of security to address the matter as soon as we can and prevent further damage that we may incur.
  20. Liability for Misuse of Account

  21. We are not liable for any loss that you may incur as a result of someone else’s use of your password or account, with or without your knowledge.
  22. You should bear your own losses and in addition to that, you may be held liable for the losses that may also be incurred by the Company or another party due to someone else’s use of your account or password.
  23. You are prohibited from using anyone else’s account at any time, without the permission of the account holder.

D. LOANS

If you wish to avail of our loan products made available through our website, you may be asked to supply certain information relevant to your loan application including your name, address, email address, contact number and other relevant information about you.

D.1. REQUIREMENTS

If you are an individual borrower, you must comply with the following:
  1. You must be at least 21 years old;
  2. You must be a Filipino citizen and a resident of the Philippines;
  3. You must show proof of residency/address, i.e. electricity or internet bill;
  4. If you are a foreigner, an exception may be allowed provided you submit proof of residency in the Philippines;
  5. You must have a valid government-issued ID, i.e. UMID, TIN ID, or Driver’s license;
  6. You must submit proof of a legitimate source of income (i.e. employment and/or business);
  7. If you are currently employed, you must present your company ID;
  8. You must secure authorization for payroll deductions through your employer or your chosen bank of which you have existing account(s);
  9. If you opt to pay through payroll deduction, the same must not be subject to assignment, wage deduction order, or garnishment at the time of transaction until completion of payment; and
  10. Others that may be required from you by our credited evaluators.
If you are a Business entity, you must comply with the following:
  1. If you are a proprietorship, you must be registered with the DTI with a valid operating address anywhere in the Philippines.
  2. If you are a corporation, branch office, or partnership, you must be registered with the SEC and with a valid operating address anywhere in the Philippines;
  3. You must submit a copy of your Board Resolution and Secretary’s Certificate or other notarized document authorizing the representative securing the loan from us;
  4. You must not have any pending case in court whether civil, criminal, or administrative, or any legal action filed before any tribunal or quasi-judicial agency, against your corporation; and
  5. Your business including your directors and officers should meet other criteria that may be set by our credited evaluators.

D.2. LOAN PURPOSE

The Loan issued by the Lender is to be used by the Borrower for legitimate purpose only. The loan proceeds shall be used by the Borrower exclusively for personal or business use as may be agreed upon in the loan agreement.

D.3. LOAN TERM

It is the agreed period within which the Borrower shall pay the principal amount of the Loan in full, together with the corresponding interest and all other charges and fees indicated in the Disclosure Statement, which may range from (insert number of days) calendar days to (insert number of days) calendar days, depending on the term approved under the agreement.

D.4. LOAN AMOUNT

After due evaluation made by the Lender, the latter shall release the loan amount as specified in the Loan Decision and shall be reflected in the Borrower’s User Account, exclusive of interest, fees, and other charges for the loan process. The amount may correspond to all or portion of your loan request. Loan amount may range from a minimum amount of Php (insert amount) and a maximum of Php (insert amount) for borrowers depending on the loan product. Add-on interest rates may be applied to each loan application based on underwriting process results.

D.5. LOAN INTEREST

The Borrower shall be liable to the Lender for interest on the Loan until the same is paid in full, before payment may be applied to the principal amount.
The accruing interest shall be calculated and paid in accordance with these General Terms and Conditions. Interest on the Loan is accrued daily until the Maturity Date set forth in the agreement.
The interest rate is determined individually, as indicated in the Disclosure Statement and reflected in the User Account.

D.6. LATE PAYMENT PENALTIES AND FEES

Any default payment after maturity date of any amount made available under the Loan, shall entitle the Lender to require the Borrower in addition to the unpaid amount a default penalty in the amount interest of 10% of the unpaid amount per day from the first (1 st ) day of delay and until the day of the total repayment of the Loan. Application of Payment Any amount received by the Lender from the Borrower after Maturity Date will be applied in the order as listed below:
  1. Any and all charges permitted by law;
  2. Enforcement expenses payment;
  3. Late payment penalties and fees; and
  4. All Loan related amounts in the following order: fees, interest amount, principal amount.

D.7. CONDITIONS PRECEDENT TO THE RELEASE OF THE PROCEEDS OF THE LOAN

In addition to the requirements herein set forth, the proceeds of the Loan shall be released only after the conditions set out below have been fulfilled to the Lender`s approval:
  1. User Account is created in our website;
  2. Loan Application is filled in, signed by the Borrower and sent to the Lender;
  3. All the required information is provided;
  4. Bank account details of the borrower are filled in;
  5. Borrower’s Photo with document to identify his/her identity are uploaded in the Borrower’s User account;
  6. The Loan Decision is reported to, and confirmed and accepted by the Borrower through electronic confirmation and/or verbal confirmation via direct call.
  7. The confirmed loan agreement is reflected in the Borrower’s User account.
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 the Loan proceeds, except for cases when such a refusal entails the application of charges for cancellation, refusal or prepayment 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.
The Lender shall not be responsible for the release of any Loan proceeds to other/wrong bank account due to clerical errors during data entry made by the Borrower.
The Lender shall also not be liable for any delays or problems in the release of any Loan proceeds to the third parties upon the written directions and instructions of the Borrower, if any.

D.8. FULL/PARTIAL AND EARLY LOAN REPAYMENT

The Borrower must pay all Loan amount plus interest accrued on the maturity date. At the option of the Borrower , he/she may prepay the whole or any part of the Loan amount not earlier than seven (7) calendar days from the release date of the proceeds to the Borrower, provided that at least half of the Loan Term has elapsed.
In the event that the Borrower decides to pay the Loan in full ahead of the time specified in the previous paragraph hereof, the Borrower must pay the full Loan amount plus interest accrued on the maturity date, calculated at the rate specified in the agreement.
Information regarding all available methods and channels for Loan repayment will be posted and made available to the Borrower in the User account in Lenderly’s website.

E. REPRESENTATIONS AND UNDERTAKINGS

After creation of the account as discussed above, the Borrower hereby continues to represent and warrant to the Lender that:
  1. The obligation expressed or to be assumed by the Borrower in this Loan Agreement and the Promissory Note, and any relevant documents are legal, valid, binding and enforceable obligations;
  2. The entry into and performance by the Borrower of, and the transactions contemplated by, this Loan Agreement and any relevant documents do not and shall not conflict with the following:

  3. a. Law or Regulation applicable to the Borrower; or
    b. Agreement or instrument binding upon the Borrower and Lender;
  4. No event of default is continuing or might reasonably be expected to result from the making available of the Loan;
  5. 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 Loan Agreement and the Promissory Note, 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;
  6. The Borrower has disclosed to the Lender all information relating to the Borrower which is material to the Lender in view of the provisions of the Loan Agreement, Promissory Note, and other relevant documents and which is true, complete and accurate in all material respects as at the date it was given and is not misleading in any respect. The Borrower hereby authorized 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.
  7. The Borrower has read, understood and agreed to comply with terms and conditions of the Loan Agreement and other relevant documents. The Borrower accepts and agrees to be bound by the Loan Agreement and other documents including amendments and/or supplemental documents thereto as integral part thereof, which the Borrower acknowledges are available for reading or downloading at the Lender’s website: www.lenderly.ph and/or notified by the Lender to the Borrower through various communication channels which the Lenderly deems fit.
  8. The Borrower understands and acknowledges his/her obligations with respect to making the full, complete and timely payment of his/her loan obligation as stipulated in the Loan Agreement and the Promissory Note.
  9. The Borrower understands and acknowledges that the Lender has the absolute discretion to accept or reject the Loan Application for valid cause, and that the Loan Application and its supporting documents shall become part of the Lender’s record and shall not be returned to the Borrower.
  10. In rejecting such Loan Application, the Borrower further acknowledges that the Lender is under no obligation to provide detailed explanation as to why the former failed to pass the evaluation process.
  11. The Borrower understands and acknowledges that the Borrower’s Loan Application should be regarded as an offer only. Official approval of the loan application shall be decided upon the Lender’s appraisal and approval according to the Lender’s policy.
  12. The Borrower warrants that he/she will not file any complaints, or seek redress against the Lender as the Borrower voluntarily agrees to the Lender’s decisions on his/her applications.
  13. The Borrower unconditionally acknowledges that the Borrower is truly and lawfully indebted to the Lender on the approved loan amount in case the Lender had disbursed the said amount as stipulated.

F. COVENANTS OF THE BORROWER DURING LOAN TERM

  1. The Borrower shall apply the loan proceeds to his/her personal use only such as education, hospitalization, emergency, travel, household, and other personal consumption needs of a similar nature.
  2. The Borrower shall comply in all respect with all applicable laws in connection with the performance of the Borrower’s obligations under this Loan Agreement and the Promissory Note, and other relevant documents;
  3. 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 Loan Agreement and the Promissory Note, and other relevant documents and to ensure the legality, validity, enforceability or admissibility in evidence of this Loan Agreement, Promissory Note, and other relevant documents.
  4. The Borrower shall notify the Lender in writing of any potential or actual Event of Default (if any is specified in the Loan Agreement and/or the Promissory Note) and any event or circumstance which constitutes a default under any other agreement binding upon the Borrower (and, in each case, the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence;
  5. The Borrower shall provide a prior written notice to the Lender of any change in the Borrower’s name, date of birth, residential address within three (3) calendar days of such changes;
  6. 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 personal financial conditions on a periodic basis as requested by the Lender.

G. DEFAULT

Events of Default
  1. Any and all of the following shall constitute Events of Default:
    1. Failure by Borrower to comply with or perform any of the terms and conditions of the Loan Agreement, Promissory Note, or any other agreements between Borrower and Lender;
    2. Borrower fails to pay when due and payable any principal amounts, interests, costs which Borrower is obliged to pay the Lender under the Loan Agreement and the Promissory Note;
    3. Any representation or warranty made by Borrower herein or otherwise in connection with the Loan shall prove to have been incorrect or misleading as of the time it was made or deemed to have been made, and without reference to whether or not Lender was in fact prejudiced by such untruthfulness and/or non- fulfillment;
    4. Borrower voluntarily suspends or ceases his/her personal financial conditions or becomes insolvent or is unable to pay his/her debts when they become due or commits or permits any act of bankruptcy or insolvency;
    5. Any final judgment or decree for a substantial sum of money, damages or for a fine or penalty is entered against Borrower by a court of competent jurisdiction and is not paid, discharged or fully bonded within ten (10) days after the date when payment of such judgment or decree is due under applicable laws;
    6. Borrower dies or is convicted of a criminal offense with final judgment carrying with it a penalty of civil interdiction affecting Borrower, or in any of the cases covered by Article 1198 of the New Civil Code of the Philippines;
    7. There shall have occurred a material change in the financial circumstances or condition of Borrower reckoned from the approval of the Loan, which, in the reasonable opinion of Lender, would adversely affect the ability of Borrower to perform the obligations under the Loan Agreement and the Promissory Note.
  2. Consequences of Default

  3. Should any of the above-mentioned events of default occur during the loan term of the borrower, the Lender shall have the right to observe and perform the following:
    1. Lender shall have the right, at its discretion, to consider the full amount of the Loan as immediately due and demandable, and require Borrower to make full and immediate payment thereof;
    2. If the default is a result of a failure of the Borrower to timely pay the Loan, the Late Payment Penalties and Fees prescribed hereunder shall apply;
    3. Lender shall have all the rights to the remedies provided in the Promissory Note and in law for purposes of enforcing its claims against the Borrower; and
    4. To the extent allowed under Philippine law, Borrower accepts to waive any notice or formality meant to enable the Lender to exercise its rights arising from the occurrence of an event of default. The failure or the delay to exercise any right, options, power or privilege hereunder shall not operate as a waiver of any right of the Lender to exercise the same hereunder, unless said waiver is given in writing by the Lender, and then only to the extent specifically set forth in said writing.
  4. Indemnity

  5. The Borrower shall indemnify the Lender against any cost, loss or liability incurred by the Lender as a result of:
    1. The occurrence of any event of default;
    2. The information produced or confirmed by the Borrower being or being alleged to be misleading and/or deceptive in any respect; and
    3. Any inquiry, investigation, subpoena (or similar order or litigation with respect to the Borrower) or with respect to the transactions contemplated or financed under this Loan Agreement and the Promissory Note;

H. DISCLOSURE OF INFORMATION

  1. The Borrower hereby expressly permits the Lender to transfer and disclose the information provided by the Borrower in obtaining any loan products from the Lender to the following for valid and legitimate purposes:
    1. the government authorities;
    2. any party/person proposing or considering to tender any payment towards or purchase the indebtedness under the Loan;
    3. its auditors, lawyers or any other debt collection agents;
    4. credit reporting agencies;
    5. 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
    6. 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 Loan Agreement and the Promissory Note, and at any time and to such extent as the Lender may at its absolute discretion deem expedient or necessary.
  2. 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.
  3. The Borrower expressly consents to such actions by the Lender and declares that no further consent from the Borrower is necessary or required in relation thereto.

  4. Notification regarding R.A. No. 9510
  5. Pursuant to Republic Act (R.A.) No. 9510 and its Implementing Rules and Regulations (IRR), creating the Credit Information Corporation (CIC), Lender is mandated to submit your basic credit data 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.
  6. In addition to the above-mentioned purposes and persons/entities to which the information of the Borrower may be disclosed, the Lender is also allowed under the Philippine laws to share and disclose information provided by the Borrower in his/her User Account and for the purpose of obtaining loans in case the Borrower fails to pay fully or correctly or timely the loan obligation. It is also in addition to the debt recovery measures available to the Lender in the event of default as specified herein or and 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.

I. REVIEW BY LENDER

The Loan is subject to the Lender’s review at any time and also subject to the Lender’s overriding right of withdrawal and repayment on demand, which the Lender reserves the right to exercise at any time.

J. NOTICES

Notice to the Borrower
  1. A notice given to the Borrower in connection with this Loan Agreement and/or the Promissory Note may be delivered by hand or sent by prepaid ordinary post or sent by email (electronic mail) or sent by message to the mobile number of the addressee which is specified in the Loan Application form and/or the Promissory Note.
  2. A notice given to the Borrower shall be treated as having been given and received:
    1. If delivered, on the day of delivery if a Calendar Day, otherwise on the next Business Day;
    2. If sent by prepaid mail, on the second Business Day after posting;
    3. If sent by email and no failure notice is received by the sender, one hour after the time of the sending of the email; and
    4. If sent by text message and no failure notice is received by the sender, at the time of sending.
  3. Notice to the Lender
  4. Notices, demands or other communications shall be addressed to the Lender at its place of residence and may be delivered personally, by leaving it at such address, by email, or by phone and shall be deemed to have been delivered to the Lender on the day of actual receipt.

K. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement and supersedes all prior agreements, understandings, representations, warranties and arrangements of whatever nature whatsoever, both written and oral, among the Parties with respect to the subject matter of this Agreement.

L. ASSIGNMENT AND TRANSFER

Notwithstanding any other provisions of this Loan Agreement and/or the Promissory Note, the Lender may at any time: (i) assign or transfer its rights and obligations; or (ii) create security in or over any and all of its rights or obligations under this Loan Agreement and the Promissory Note to any person on provision of seven (7) Business-day written notice to the Borrower. The Borrower is not permitted to assign or transfer any of the Borrower’s rights or obligations under this Loan Agreement and the Promissory Note without prior written consent of the Lender.

M. WAIVER

The delay or failure of the Lender to exercise of any of its rights whether under this Loan Agreement, the Promissory Note, or otherwise, shall not be construed or deemed as a waiver of the Lender to such rights.

N. LANGUAGE AND GOVERNING LAW

The Loan Agreement and Promissory Note entered into by the parties 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 Loan Agreement and the Promissory Note, including all disputes regarding the existence, validity or termination thereof.

O. TERM OF THE LOAN AGREEMENT

Unless terminated by the Lender, the Loan Agreement shall take effect from the date the funds are remitted to the Borrower in full and in the manner specified in their Agreement and/or Promissory Note until such time as the provisions specified hereunder are needed to remain in force and effect between the Parties unless otherwise agreed by the Parties.

P. CHANGES

The Lender reserves the right to review, modify or replace these Terms specified hereunder at any time at its sole discretion. If a revision is material, we will try to provide at least 30-day notice prior to any new terms taking effect. What constitutes a material change will be determined at the sole discretion of the Lender.