Terms of use and repayment
Requirements for borrowers:
- The citizenship of Philippines;
- Age from 18 to 65 years;
- Permanent registration on the territory of Philippines
- The applicant/borrower must have full legal capacity and legal capacity, as well as all the rights and powers necessary and sufficient to conclude the Loan Agreement by directing the Offer and fulfilling the terms of the Loan Agreement;
- Availability of a mobile phone number registered in the name of the Applicant/Borrower on the territory of Philippines;
- availability of permanent official income;
- Availability of a valid open bank account in one of the banks of Philippines.
Terms of receipt:
- loan repayment period from 3 to 365 days;
- Interest rate on loans from 30 to 100% per annum. For example, if you took a loan in the amount of 25,000 ₱ for 1 year, after the end of the loan term, you will need to pay: from 500 to 25,000 ₱.
In case of violation of the terms, the amount of the penalty is 0.10% of the overdue amount per day, but not more than 10% of the loan amount; - In case of a long delay in payment, the information will be forwarded to BKI.
- Extension of the loan is possible if the creditor is informed in time (before the loan repayment date) and interest is paid for the initial term of the loan. There are no additional fees for extending the loan.
Consequences of non-payment of the loan:
In the case of failure to return the loan amount or the amount of interest for the use of loan funds within the specified period, the creditor is forced to charge a penalty for late payment. Most lenders make concessions and give 3 extra business days for payment. They are provided in case, for example, if the bank transfer took longer than usual.
However, if you do not receive any response for a long time, a late payment penalty of an average of 0.10% of the initial loan amount will be charged. If you do not meet the terms of loan repayment, your data may be transferred to the Register of Debtors or BKI, which may negatively affect your credit history and creditworthiness rating. The debt may be referred to a collection agency for debt collection. If the delay is allowed, the extension of the loan is impossible.