Credit Agreement

The User is deemed to have agreed and expressly consented to the terms and conditions of this Agreement and is theretofore bound by the terms, conditions, and obligations as stated therein. The contents of this Agreement shall include all the terms and conditions of the Lender including but not limited to the relevant registration agreements, notices and privacy policies, etc. All terms and conditions constitute an integral part of this Agreement and shall be binding between the parties.

RECITALS:

The Lender is an application under the company Salary Advancement Lending Inc., which is engaged in the business of providing personal loan services and loan management services, it is a local service tailor-made to the needs of Filipinos hence the use of its services from outside the Philippines is prohibited and therefore shall be denied. The Lender provides risk rating services wherein it is akin to the credit rating services being used by the Credit Management Association of the Philippines (CMAP) in granting future and additional loans.

Users apply for personal loans through the Lender by providing basic information for the Lender to verify, validate, and cross reference such information for the loan’s approval.

The Lender provides a “DISCLOSURE STATEMENT ON LOAN” wherein all kinds of loan fees, interest, and all loan details are shown for transparency.

Undertakings

The user must abide by the following undertakings:

1. They are at least 18 years of age

2. Resident of the Philippines; (for foreigners provide proof of residency)

   
   

3. They are employed and/or have the financial capacity to pay the loan they apply for.

1. They will abide by the terms and conditions of the Agreement.

   
   

2. They will not do the following:

   
   

   1. Provide false, untrue, fraudulent, and invalid information to secure a loan from the Lender;

      
      

   2. Provide misleading information to the Lender;

      
      

   3. Connive, conspire, collude, or otherwise scheme with the Lender’s directors, partners, and employees in securing or extending a loan;

      
      

   4. Attempt to commit or commit fraud before and during the life of this agreement.

      
      

3. The User undertakes that all personal information provided to the Lender is valid. Lenders are permitted to verify and/or validate such information through credit services verification, bank information verification, background investigation, and company information verification.

Violations of the aforementioned undertakings shall cause the cancellation of this Agreement and the User shall be held liable for the full amount of the loan with interest and/or damages as the case may be.

Enrollment and Usage

1. Advance Salary is a platform that requires a steady and stable internet connection. For purposes of registration and loan application, the user must be connected to a secure internet connection. An Internet connection is necessary to use the services of the Lender. Location access is also needed for the Lender to verify and validate if the user is indeed located in the Philippines.

2. (For App) The User must download the Advance Salary application to their mobile phone or device. The user shall then provide the required information for purposes of registration. After successful registration, the user will be given their account details. The User may then proceed with the loan application as intended.

   
   

   (For Web) The User must go to the website of Advance Salary from their respective browser. The user shall then provide the required information for purposes of registration. After successful registration, the user will be given their account details. The User may then proceed with the loan application as intended.

   
   

3. The User shall fill out the fields as required. The information provided must be valid as this will be subject to validation and verification by the Lender. These pieces of information shall be processed, collected, used, and retained by the Lender subject to the limitations as mandated by the pertinent Laws and Implementing Rules and Regulations concerning Data Privacy Laws of the Philippines.

   
   

4. The User must follow the instructions in filling out the mobile phone number, password, and verification code to properly use the Advance Salary application.

   
   

5. Subject to the provisions of the Privacy Policy, the User agrees, consents, and authorizes the Lender to collect, process and retain personal information of the User such as, but not limited to name, address, phone number, mobile phone number, financial information, credit status information, phone contacts, and other related information to achieve the purpose of this Agreement.

   
   

6. The Lender ensures that the personal information of the User shall be protected and secured from unauthorized access, breach, disclosure, or sharing.

   
   

7. The User agrees, consents, and authorizes the Lender to use, manage, and disclose personal data, information, archives, and data sources to Third Parties to achieve the purpose of this Agreement including but not limited to collection, data verification, use telecom operators, among others. Subject to the limitations set forth under the Data Privacy Act and its Implementing Rules and Regulations.

8. The User agrees, consents, and authorizes the Lender to use User's name to sign "Loan Approval" or "Loan Contract", which will be in electronic form. The Lender will transmit this data to allied Banking Institutions for purposes of securing the said loan.

   
   

9. The User agrees, consents, and authorizes that the Lender may deduct the corresponding charges, fees, interest, and other related fees from the time the User’s loan has been approved.

   
   

10. The User agrees, consents, and authorizes the Lender to use User information to make business recommendations. The Lender will send out business and commercial ads to mobile phones, emails, and SMS among others.

Obligations of the Parties

1. The Lender shall provide the User with the services agreed upon.

   
   

2. The Lender shall ascertain whether the User is using the application for legal means to ensure the security of transactions.

   
   

3. The Lender shall only use the personal data information of the User within the extent of this Agreement, to perform data checking and risk assessment.

   
   

4. The Lender shall verify and validate the information and data provided by the User.

   
   

5. The Lender shall ensure the confidentiality of the credit information of the User

   
   

6. The User shall provide correct information.

   
   

7. The User shall pay back what is owed following the Agreement such as the due date and the amount due stated in the loan details.

   
   

8. The User shall not transfer the rights to any third party under the Agreement Without the express written consent of the Lender, otherwise the transfer shall be declared null and void.

9. The User is required to pay the Lender for the service fee and other related fees following the terms and conditions of this Agreement.

   
   

10. The User shall have a right to access their credit information.

    
    

11. The User shall have the right to be informed about the causes of the cancellation, termination, or denial of their loan.

    
    

12. In case of insolvency of the User or by any reason loss of his/her source of income, the Lender shall have all the rights for claims against the User.

    
    

13. This Agreement may only be modified, amended, or terminated when both parties agree to such proposed amendment. The Lender reserves the right to change, by written notice to the User, the provisions of this Agreement in any way it may deem necessary or advisable to carry out the purpose of this Agreement as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision.

    
    

    Disclosure of Information

    
    

    The User hereby expressly permits the Lender to transfer and disclose to:

    
    

    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, collection 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;

    6. the Lender and its holding company, head office, other branches, subsidiaries, related companies, and other persons as the Lender may deem necessary to the extent permitted by Philippine laws. The aforesaid actions are without liability to the User. The User expressly consents to such actions and declares that no further consent from the User is necessary or required in relation thereto.

       
       

       Privacy of Information

       
       

       The lender shall observe the privacy of the User’s personal information obtained as a result of the loan application. The Lender has implemented reasonable and appropriate organizational, physical, and technical measures to protect the User’s personal information from any accidental or illegal destruction, modification and disclosure, and any other illegal processing. The user shall operate and store personal information in strict confidentiality, and this obligation shall continue even after the termination of the employment or contractual relationship.

       
       

       The Credit

       
       

       1. Loan Amount

          
          

          The user agrees to borrow from the lender, and the lender agrees to provide the user with the specific amount specified in the Agreement.

          
          

       2. Loan Term

          
          

          The initial term of each Loan should be determined by the Lender according to the loan term applied by the user. The loan term may vary depending on the user’s choice of application subject to approval by the Lender.

          
          

       3. Charges

          
          

          1. Charges on each Loan shall begin to accrue on the First Drawdown date of that Loan.

          2. During Loan Term, the service charge will depend on the type of loan the User has applied for. If the User fails to pay on or before the Due Date, the additional charges will be reflected on the disclosure statement of the loan.

             
             

       4. Prepayment and Repayment

          
          

          1. The User must repay the User’s Dues on or before the Due Date.

             
             

          2. The User may prepay the whole or any part of the Loan provided the Loan Term has passed at least half and not earlier than after days stated on the application from The First drawdown Date.

             
             

          3. The User shall be required to make payment/repayment of the User’s Dues with cash at the Payment Service Providers in partnership with the Lender or through any payment facilities as directed by the Lender from time to time.

             
             

       5. Delinquent Payments

          
          

          1. If the User cannot be contacted, the Lender will contact the emergency contact which was provided and a collection attempt may be made on the said emergency contact.

             
             

          2. If the emergency contacts provided cannot be contacted as well or is otherwise a piece of false or invalid information, the User authorizes and consents that the Lender will use the phone contacts collected to locate the User. The Lender will not disclose nor divulge any information regarding the loan or this Agreement. However, the Lender will notify the Third-Party contact that the User cannot be contacted and that the Lender will need the User’s new contact information.

             
             

          3. If the User is late in payment, the Lender shall have the right to collect the payment by issuing notices in the User's account, seeking assistance from a collection company, or pursuing legal recourse by filing the corresponding legal actions necessary against the erring User.

             
             

          4. The Lender shall have the right to transfer, assign, or cede all or part of the claims to third parties including but not limited to such as the use of collection companies and

             others. The User agrees, consents, and authorizes the Lender to disclose necessary information so that the collection companies may properly serve their purpose subject to the restrictions of the Data Privacy Act.

             
             

          5. Collection attempts will only cease once the full amount has been settled or when the User has made an arrangement to settle the minimum amount due to be paid on a specific date. Failure to settle the payment arrangement shall cause the Lender to continue its collection attempt as provided under this Agreement.

             
             

       6. Set-off

          
          

          The Lender shall decide on its own to offset or deduct any obligations of the User under this Credit Agreement and other related documents from any account held by the User, regardless of the place of payment, the booked branch, or any currency of the obligation. The offset of the time deposit by the Lender is regarded as an early withdrawal by the User. If the debt currency is different from the account currency, the Lender can convert the account currency into the debt currency by referring to the market exchange rate in the course of their daily business.

          
          

       7. Validity of the Contract

          
          

          1. After signing the relevant information from Advance Salary’s platform and the User has been provided their distinctive customer number, the User is deemed to have agreed to the terms and conditions of this Agreement. Therefore the Agreement shall be binding between the User and the Lender.

             
             

          2. Once the User has successfully paid off his loan with the Lender, this agreement shall automatically be terminated unless the User opts to start a new loan. In such case, the terms and conditions of this agreement shall be binding upon the User subject to future amendments and the consent of the User.

             
             

          3. If any provision contained in this Agreement conflicts with any provision in any other documents, the provision contained in this Agreement shall take precedence. Except when the subsequent document is considered an Amendment to this Agreement.

       8. Termination

          
          

          1. The User expressly agrees that if prior to or during the life of the "Loan Contract", the said User breaches its terms and conditions, the Lender is authorized to do the following:

             
             

             1. If the loan is under process, it will be denied outright;

                
                

             2. If the loan has already been approved, it will be canceled and the User shall be liable for the entire loan amount along with interest and/or damage as the case may be;

                
                

             3. If after the loan is canceled the User fails to settle the amount due as determined, the Lender shall consider the same as a delinquent account and refer the same to the proper department for collection;

                
                

             4. If the collection attempts fail due to the inability to contact the User and his reference contact persons among others, the Lender shall attempt to contact individuals from the phone contacts collected from the User subject to the limitations set forth under pertinent laws. No loan information shall be disclosed to Third Party contacts except for the User’s name and the Lender’s contact information.

                
                

          2. The User is allowed to terminate this Agreement provided he pays the subject total amount due with interest as determined and agreed upon by the Parties.

             
             

          3. The User agrees that if the User chooses to pre-terminate the transaction, the User will be held liable to pay the full amount of the loan, subject to interests and pre-termination fees which may be deducted from the Bank account directly.

             
             

          4. The Lender reserves the right to cancel the User's loan, if the User violates any of the provisions of this Agreement.

             
             

       9. Breach of Contract

          
          

          Any violation of any provision hereof, any incomplete or mistaken performance of any obligation provided hereunder, any misrepresentation made hereunder, any material

          nondisclosure or omission of any material fact, or any failure to perform any covenants provided hereunder by any Party shall constitute a breach of this Agreement. The breaching Party shall be liable for any such breach pursuant to the applicable laws.

          
          

       10. Applicable Law and Dispute Resolution

           
           

           In case of a suit arising out of or in connection with the interpretation or enforcement of any provision of this Agreement, the exclusive venue therefore shall be the proper courts of the Philippines.

           
           

       11. Separability

In case any provisions of this Agreement are deemed to be void, invalid, or unenforceable by a court of competent jurisdiction, that provision shall only be void, invalid, or unenforceable and will not cause nor affect the validity and enforceability of remaining provisions of this Agreement.

ACCEPTANCE AND EXECUTION OF THE AGREEMENT

The Parties read and understood the Agreement and its Terms and Conditions and Privacy Policy and agreed to accept such Terms and Conditions and Privacy under this Agreement.

The Lender: Advance Salary
The User Name of User:
Date of Registration:
Mobile Number:
Customer Number:

DISCLOSURE STATEMENT ON LOAN/CREDIT TRANSACTION

Loan Agreement Date:
Order ID:
Registered Mobile Number:
Registered Employer:
Principal Amount:
Daily Management Fee:
Processing Fee:
Net Proceeds
Loan Term
Penalty

Fee Explanation:

1. Process Fee - contains Loan Platform Usage fee, Risk Valuation Service fee, and Data query fee. Face recognition fee, SMS Fee.

   
   

2. Daily Management Fee - for loans longer than the default loan term (10 days), there will be a daily charge for the usage of the loan starting the 11th day until the due day. Daily Management is free of charge for the first 10 days.

   
   

3. Penalty - charged if the payments were not made on time

I ACKNOWLEDGE THE RECEIPT OF A COPY OF THIS STATEMENT PRIOR TO THE CONSUMMATION OF THE CREDIT TRANSACTION AND THAT I UNDERSTAND AND FULLY AGREE TO THE TERMS AND CONDITIONS THEREOF.

Name of User:

Mobile Number:

Customer Number:

Date: