Eligibility Criteria for Loan Application:
This app is exclusively available to Filipino citizens aged between 18 and 60. To be eligible, you must provide a valid government-issued ID and show proof of consistent income.
Please ensure you thoroughly understand the terms outlined in the Disclosure Statement before applying for the loan.
Loan Overview:
Loan Amount Range: ₱5,000 - ₱200,000
Loan Duration: Select from 91 to 180 days
Annual Interest Rate: 18.23% APR
Service Fee: Ranges from ₱50 to ₱2,000, with a 1% charge applied
Transaction Fees: No transaction fees
Example Loan Breakdown: For a ₱40,000 loan over 120 days, repaid in six installments:
Service Fee: ₱40,000 x 1% = ₱400
Payment Per Installment: Approximately ₱7,066 (₱40,000 x 18.23% APR / 365 days x 20 days + ₱40,000 / 120 days x 20)
Interest Per Installment: ₱400 (₱40,000 x 18.23% APR / 365 days x 20 days)
Total Interest for Loan Term: ₱2,397 (₱40,000 x 18.23% APR / 365 days x 120 days)
Total Amount Due: ₱42,797 (including principal, total interest, and service fee)
1. Language and Governing Law
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).
2. 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.
3. Loan Usage
The monies provided by the Lender are for the Borrower's engagement in activities that are lawful and bona fide. These funds are dedicated exclusively for the personal utility of the Borrower.
4. Loan Amount
The lending party commits to providing the borrowing party with the loan's total sum, in accordance with the terms outlined in the Loan Agreement and as detailed within the borrower's account records.
5. Terms of Loan Repayment
The "Terms of Loan" is defined as the duration during which the Borrower is obligated to repay the principal sum of the Loan, inclusive of all accruing interest, charges, and fees as detailed in the Disclosure Statement. This term may extend from a minimum of ninety-one (91) days to a maximum of one hundred and eighty (180) days, contingent upon the tenure sanctioned within the Loan Decision.
6. Interest on the Loan
The Borrower is obligated to the Lender for the payment of interest on the Loan until the total amount is discharged, with the interest being computed and remitted in adherence to the regulations specified within these General Terms and Conditions.
Interest on the Loan accrues on a daily basis until the Maturity Date. The interest rate is determined on a case-by-case basis and disclosed in Disclosure Statement.
7. Late Payment Penalties and Costs
If there is a delay in payment after the Maturity Date of the disbursed loan amount, the Lender is entitled to enforce, along with the overdue amount, a default penalty of PhP1,000 for first-time borrowers and PhP800 for those returning. Additionally, an interest of 5% of the outstanding amount per day will be applied from the first day of delay up to the thirtieth day, 4% from the thirty-first day until the ninetieth day of delay, and 2% from the ninety-first day of delay until the complete repayment of the loan.
8. Prior Condition for Disbursing Loan Funds
The provision of Loan funds will only proceed after the Lender has verified the completion of specific conditions by the Borrower: the Borrower must furnish their bank account details; a selfie with an identity document must be uploaded to the Borrower's Personal account; the Loan Decision must be received, confirmed, and accepted by the Borrower, either through SMS or via a direct call.
Following the Lender's acceptance of the Borrower's Loan Application, the Borrower shall not have the privilege to cancel the Loan or to reject the proceeds thereof, unless such rejection incurs fees for cancellation, denial, or prepayment as may be outlined by the Lender. The Borrower consents that the Lender is endowed with the discretion to accept or reject the cancellation of the Loan.
The Lender will not bear responsibility for any misdirected Loan proceeds resulting from the Borrower's incorrect data submission. Additionally, the Lender shall not be held accountable for any delays or complications in the forwarding of Loan proceeds to third parties as instructed in writing by the Borrower.
9. Declarations and Pledges
The Borrower hereby declares and assures the Lender that, on a perpetual basis:
The obligations articulated or implied by the Borrower under this Loan Agreement, and any connected documents, stand as lawful, legitimate, binding, and executable without contravention;
The initiation and execution of this Loan Agreement by the Borrower, inclusive of all envisaged dealings, will not result in a breach of (i) any applicable statutory or regulatory mandates pertinent to the Borrower, nor (ii) any contractual or legal obligations incumbent upon the Borrower;
There exists no ongoing or predictable event that would constitute a default as a consequence of availing the Loan under this agreement;
The Borrower has transparently revealed to the Lender all critical information, whether financial or otherwise, regarding themselves and any parties of interest, which holds substantial relevance to the Lender for the purposes of this Loan Agreement. This information is presented as truthful, exhaustive, and precise in all significant respects as of its disclosure and does not mislead in any aspect;
The Borrower has conscientiously reviewed, grasped, and consented to abide by the stipulations within the Loan Agreement, the Promissory Note, and supplementary documents. The Borrower is in agreement to be legally bound by these documents, along with any alterations thereto, which have been made available on the Lender's platform () or have been otherwise communicated to the Borrower via suitable channels as deemed appropriate by the Lender;
The Borrower is cognizant of, and acknowledges, their duty towards ensuring the punctual, full, and correct payment of the loan as delineated within the Loan Agreement;
The Borrower recognizes the Lender's unassailable right to either sanction or decline the Loan Application based on legitimate reasons, with the understanding that the application and its supporting documents will be incorporated into the Lender's records and are not subject to return;
The Borrower perceives their Loan Application as solely a proposition, with the definitive approval contingent upon the Lender's evaluation and prevailing policy frameworks. The Borrower willingly accedes to the Lender's determinations and eschews any intentions of contestation or legal recourse against the Lender regarding such decisions;
Without any conditions, the Borrower affirms their genuine and legal obligation to repay the Lender the sanctioned loan amount, assuming its disbursement has been executed as outlined.
Additionally, throughout the duration of the Loan, the Borrower agrees to:
Allocate the loan proceeds strictly for their personal usage, encompassing but not limited to, educational expenses, healthcare emergencies, travel, household needs, or other similar personal expenditure;
Adhere entirely to all applicable regulations and laws in relation to fulfilling their duties under this Loan Agreement and any related documents;
Secure and perpetually uphold any necessary authorizations, consents, or approvals requisite for the performance of their obligations under this Loan Agreement, thereby affirming its legal standing, validity, enforceability, and evidentiary admissibility;
Promptly communicate to the Lender, in writing, about any looming or actual Event of Default as may be defined within the Loan Agreement, or any scenario that could be considered a default under any other binding agreement involving the Borrower, including any attempts to rectify such situations;
Proactively notify the Lender within three (3) days regarding any alterations to their personal information, such as name, birth date, or residential address;
Inform the Lender about any changes in their employment status, business operations, or professional engagements. If the Borrower is self-employed, they commit to regularly updating the Lender on their financial health as per the Lender's requisitions.
10. Conditions Triggering Default
The following instances shall be deemed as Conditions Triggering Default:
The Borrower's non-adherence or failure to fulfill any provisions of the Loan Agreement, Promissory Note, or any supplemental agreements established between the Borrower and Lender;
The Borrower's omission to settle any due payments of principal, interest, or other obligated costs to the Lender as outlined in the Loan Agreement;
If any statements or guarantees offered by the Borrower in the context of the Loan are later found to be false or misleading at the moment they were made, irrespective of whether the Lender suffered any direct detriment from such inaccuracies or omissions;
The Borrower's voluntary cessation of financial activities, declaration of insolvency, incapacity to liquidate debts upon maturity, or engagement in any acts signifying bankruptcy or insolvency;
The imposition of a final verdict or order against the Borrower for a substantial financial penalty by a jurisdictionally competent court that remains unpaid, unaddressed, or not bonded within ten (10) days past its statutory due date;
The Borrower's death or legal conviction of a crime that entails a final judgment imposing civil interdiction, or any situation encompassed by Article 1198 of the Civil Code of the Philippines;
The occurrence of any significant negative change in the Borrower's financial status or condition since the Loan was granted, which, by the Lender's reasonable assessment, could impair the Borrower's capability to meet the Loan Agreement’s obligations.
Outcome of Default
Upon an incident of Default:
The Lender reserves the right, at its discretion, to deem the aggregate Loan sum as instantly due and demand immediate and complete payment from the Borrower;
In cases where the default is attributed to the Borrower's failure to timely remit loan payments, the Late Payment Penalties and Fees as delineated in Article 7 will be applied;
The Lender shall possess all entitlements to remedies specified in the Promissory Note and as provided by law to assert its claims against the Borrower.
The Borrower hereby relinquishes any right to receive notices or undergo formalities necessary for the Lender to assert its rights subsequent to a Default occurrence. The Lender’s forbearance or postponement in invoking any right, option, or privilege herein shall not be construed as a waiver thereof, except as expressly confirmed through a written waiver by the Lender.
11. Contact with Us
The effectiveness of this Loan Agreement begins when the loan amount is disbursed to the Borrower, in accordance with the procedures stated in the Promissory Note, and will remain operative until the requirements set forth herein are no longer applicable, except if earlier terminated by the Lender or altered through mutual consent of the Parties.
Should you require further information or assistance, do not hesitate to contact us:
Legal Entity Name: MICROSAVE LENDING CORPORATION
Email Contact:
Customer Service Line: 9387206826
Physical Address: 44 General Luna Street Iloilo City, Iloilo, 5000 Philippines
