This General terms and Conditions are developed in accordance with the laws of the Republic of the Philippines.
As used in this Agreement, the following terms and expressions shall have the meanings specified below:
1.1 Borrower – a Loan Applicant whose Loan Application is accepted by the Lender.
1.2 Borrower's Obligations - 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
1.3 Calendar Day- any day, excluding weekends and public holidays in the Philippines on which the Lender operates in the ordinary course of business.
1.4 Loan Agreement – the agreement entered into by and between the Lender and the Borrower providing for the Loan and such other related agreements as may be entered into force from time to time by the Parties. The Loan Agreement includes the General Terms and Conditions stated hereunder, the Promissory Note, the Loan Decision, and all schedules and agreements supplemental thereto.
1.5 Disclosure Statement – the statement given by the Lender to the Borrower before the latter accepts the Loan setting forth the total amount to be financed, the finance charge, all charges in connection with the Loan, and all other items required under the Truth in Lending Act.
1.6 Distance Service - any communication technique through telematic networks facilitated by the Lender so that the Borrower can make the Loan Application and receive the Loan Decision. Distance Service should be understood as the Website http://24pera.com or any other similar means or facility that the Lender makes available to the Loan Applicant for the purpose stated in this Article 1.5.
1.7 General Terms and Conditions - the terms and conditions governing the Loan as contained herein, in the Promissory Note, and in the other documents which form an integral part of the Loan Agreement, and made available to the Loan Applicant upon the commencement of the Loan Application whether in the form of a hard or soft copy on the Lender's Website page http://24pera.com (6
1.8 Lender - 24pera FINANCE CORP., with its principal address at Unit A 205 Murphy Center, Bonny Serrano Road, Socorro, Quezon City, Second District, NCR, Philippines, 1109
1.9 Loan - the loan entered into by the Lender and the Borrower, and governed by these General Conditions, the Promissory Note and the other documents forming an integral part of the Loan Agreement, whereby the Lender grants a personal loan to the Borrower through the Distance Service or in the Lender's branch.
1.10 Loan Applicant – a natural person who files the Loan Application who shall be of Filipino nationality, over eighteen (18) years of age at the time of the filing of the Loan Application, with full capacity to contract and enter into the Loan, and with permanent address in the Philippines.
1.11 Loan Application - declaration of intention made by the Loan Applicant through the Distance Service or in the Lender's branch, 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.
1.12 Loan Decision – the final irrevocable decision made by the Lender granting or denying the Loan Application in accordance with these General Conditions, the Promissory Note, and all other documents forming an integral part of the Loan Agreement. It shall contain the Loan Amount and the Maturity Date. It shall be issued by the Lender to the Borrower no later than one (1) day from the date that the Loan Application is received by Lender. The Loan Decision can be provided to the Borrower by SMS and/or direct call via mobile number, depending on the method specified by the Borrower in the Loan Application or on the Lender’s discretion, if either method is unavailable at the time of Loan Decision.
1.13 Loan Term - the period provided under Article 4 of these General Conditions.
1.14 Maturity Date – the last day of the Loan Term (as provided under Section 4) when the Loan Amount and the interest and all other fees and charges are due.
1.15 Party - Loan Applicant, the Lender or the Borrower, considered individually. Likewise, the "Parties" are collectively the Lender, and the Loan Applicant or the Borrower.
1.16 Personal Account – means the user account created by the Borrower on Lender’s web site.
1.17 Prolongation Service – the option granted to the Borrower to extend the Loan Term upon payment of a fee.
1.18 Promissory Note - the corresponding Promissory Note containing the Borrower’s unconditional promise to pay the Loan, the terms of the Loan pursuant to the Loan Decision, other terms and conditions of the Loan, and 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 Personal Account on the Lender's website.
1.19 Website - Lender's website (http://24pera.com).
The Loan issued by the Lender is to be used by the Borrower for legal and legitimate purpose. The loan proceeds shall be used by the Borrower exclusively for personal use.
The Lender agrees to lend to the Borrower, and the Borrower agrees to borrow from the Lender, the full amount of the Loan, as specified in the Loan Decision and reflected in the Promissory Note and the Borrower’s Personal Account.
Loan Term shall refer to the 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 seven (7) calendar days to twenty-one (21) calendar days, depending on the term approved under the Loan Decision, as indicated in the Promissory Note.
5.1 If the Prolongation Service is used, the Loan will be extended for the same period, subject to the General Terms and Conditions provided herein, the Promissory Note and all other documents which form an integral part of the Loan Agreement. This service is available during, before or after Maturity Date provided that all interest and default interest (if applicable) are paid.
5.2 Access to the Prolongation Service will be available to you provided that all due interest and late payment penalties and fees (if any) are paid. The amount of Prolongation Service for the current day will be available to the Borrower in the Personal Account on the Lender's website.
6.1 The Borrower shall be liable to the Lender for interest on the Loan until the same is paid in full, which interest shall be calculated and paid in accordance with these General Terms and Conditions.
6.2 Interest on the Loan is accrued daily until the Maturity Date. The interest rate is determined individually, and indicated in the Promissory Note and Disclosure Statement.
7.1 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 of PhP1,000 (for new clients) and PhP800 (for repeat clients) single time and interest of 5% of the unpaid amount per day from the first (1st) day of delay and up to thirtieth day (30th) of delay, 4% of the unpaid amount from the thirty-first day (31st) of delay and until the ninetieth (90th) day of delay, and 2% of the unpaid amount from the ninety-first (91st) day of delay and until the day of the total repayment of the Loan.
7.2 Any amount received by the Lender from the Borrower after Maturity Date will be applied in the order as listed below:
Any and all charges permitted by law
Enforcement expenses payment
Late payment penalties and fees
All Loan related amounts in the following order: fees, interest amount, principal amount
8.1 The proceeds of the Loan shall be released only after the conditions set out below have been fulfilled to the Lender`s approval:
Loan Application is filled in, signed by SMS and sent to the Lender
Bank account details of the borrower are filled in;
In the Borrower's Personal account are uploaded Borrower's Photo with identity document;
The Loan Decision is reported to, and confirmed and accepted by the Borrower through SMS confirmation and/or verbal confirmation via direct call.
The Promissory Note is confirmed and accepted by the Borrower.
8.2 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.
8.3 The Lender shall not be responsible for the release of any Loan proceeds to other/wrong bank account due to data entry errors by the Borrower.
8.4 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.
9.1 The Borrower must pay all Loan amount plus interest accrued on the Maturity Date.
9.2 The Borrower may prepay the whole or any part of the Loan amount provided that at least half of the Loan Term has elapsed, and at all times not earlier than after seven (07) calendar days from date that the proceeds are remitted to the Borrower.
9.3 In the event that the Borrower decides to pay the Loan in full ahead of the time specified in Clause 9.2. hereof, the Borrower must pay the full Loan amount plus interest accrued on the Maturity Date, calculated at the rate specified in the Promissory Note.
9.4 The amount of the full Loan repayment for the current day will be available to the Borrower in the Personal account on the Lender's website.
9.5 Information regarding all available methods and channels for Loan repayment will be posted and made available to the Borrower in the Personal account in Lender's website.
10.1 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 Loan Agreement and the Promissory Note, 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 Loan Agreement and the Promissory Note, 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 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
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 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.
The Borrower has read, understood and agreed to comply with terms and conditions of the Loan Agreement, Promissory Note, and other relevant documents. The Borrower accepts and agrees to be bound by the Loan Agreement, Promissory Note and other documents including amendments of these documents as an integral part thereof, which the Borrower acknowledges are available for reading or downloading at the Lender's website: 24pera.com and/or notified by the Lender to the Borrower through various communication channels which the Lender deems fit.
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.
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.
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 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 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.
10.2 The Borrower covenants with the Lender that during the Loan Term:
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.
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;
The Borrower shall obtain and maintain in full force and effect any authorisation, 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.
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;
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;
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.
11.1 Event of Default
Any and all of the following shall constitute Events of Default:
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;
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;
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;
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;
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;
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 Civil Code of the Philippines;
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.
11.2 Consequence of Default
Should an Event of Default occur:
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;
If the default is a result of a failure of the Borrower to timely pay the Loan, the Late Payment Penalties and Fees prescribed under Article 7 shall apply;
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.
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.
The Borrower shall indemnify the Lender against any cost, loss 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 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;
13.1 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 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. 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.
13.2 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.
13.3 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.
The Lender at its discretion without prior Borrower's consent shall set-off or deduct any amount from any account of the Borrower held at the Lender against any obligation due from the Borrower under this Loan Agreement, the Promissory Note, and other related documents, regardless of the place of payment, booking branch or currency of either obligation. Any set-off of fixed deposit by the Lender shall be deemed as premature withdrawal by the Borrower. If the currency of obligation is different from the currencies of accounts, the Lender may convert the currencies of the account into the currency of the obligation by reference to the market rate of exchange in its usual course of business.
15.1 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.
15.2 The Lender shall have the right to review and revise the Terms and Conditions specified hereunder at any time at its sole discretion.
16.1 Notice to the Borrower
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 facsimile to the facsimile number of the addressee or sent by message to the mobile number of the addressee which is specified in the Loan Application form and/or the Promissory Note. A notice given to the Borrower shall be treated as having been given and received:
(i) If delivered, on the day of delivery if a Calendar Day, otherwise on the next Business Day;
(ii) If sent by prepaid mail, on the second Business Day after posting;
(iii) If sent by email and no failure notice is received by the sender, one hour after the time of the sending of the email;
(iv) If transmitted by facsimile and a correct and complete transmission report is received, at the time of transmission recorded on that transmission report;
(v) If sent by text message and no failure notice is received by the sender, at the time of sending.
16.2 Notice to the Lender
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 facsimile transmission or telex, or email, or by phone and shall be deemed to have been delivered to the Lender on the day of actual receipt.
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.
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.
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.
This Loan Agreement and the Promissory Note 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).
Unless terminated by the Lender, this Loan Agreement shall take effect from the date the funds are remitted to the Borrower in the manner specified in 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.