This Agreement herein referred to as the “Agreement” is made and executed on _____ between the Lender and the User herein referred to as the “Parties”:
Sea Credit is owned and operated by 618 Smart Lending Inc., a fully regulated lending company with SEC Registration No. CS201903907 and CA No. 2909 and address at Ambrosio St. San Buenaventura, Buhi, Camarines Sur, Bicol, Philippines herein referred to as “the Lender”
and
________________, of legal age, a Filipino citizen, holder of ID________ with ID. Number______ and address at ________, herein referred to as “the User”
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. This Agreement shall include all the terms and conditions of the Lender including but not limited to all the terms and conditions in relation to registration agreements, undertaking, enrollment and usage, obligation of the parties, disclosure of information notices and privacy policies, and the credit statement. All the terms under this Agreement shall constitute an integral part of this Agreement and shall be binding between the parties.
RECITALS:
The Lender is an application under the company 618 Smart Lending Inc., that is engaged in the business of providing personal loan services and loan management services. The use of its services is only limited to users within the Philippines, thus any applications and use of the application from outside the Philippines is prohibited and therefore shall be denied. The Lender provides risk rating services wherein it is kin 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 in order 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:
a.) They are at least 18 years of age
b.) Resident of the Philippines; (for foreigners provide proof of residency)
c.) They are employed and/or have the financial capacity to pay the loan they apply for.
d) They will abide by the terms and conditions of the Agreement.
e) They will not do the following:
1. Provide false, untrue, fraudulent, and invalid information in order 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 prior to and during the life of this agreement.
f) The User undertakes that all personal information provided to the Lender is true and valid. The lender is 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
a) Sea Credit is a platform that is downloadable and requires a steady and stable internet connection. For purposes of registration, loan application, and the actual use of the platform, the user must be connected to a secure internet connection. An Internet connection is necessary in order to use the services of the Lender.
b) The app is only available for users located in the Philippines. Thus, Location access is needed in order for the User to use the application.
c) The User must download the Lender’s 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. After such, the User may proceed with the loan application.
d) All the fields in the registration must be filled by the User. All the information provided must be valid and true. All the information provided shall 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 in relation to the Data Privacy Laws of the Philippines.
e) The User must follow the instructions in filling out the mobile phone number, password, and verification code in order to properly use the Lender’s application.
f) 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 in order to achieve the purpose of this Agreement.
f) The Lender ensures that the personal information of the User shall be protected and secured from unauthorized access, breach, disclosure, or sharing.
h) The User agrees, consents, and authorizes the Lender to use, manage, and disclose personal data, information, archives, and data sources to Third Parties in order to achieve the purpose of this Agreement including but not limited to collection, data verification, use telecom operators, among others. Subject to the limitations as set forth under the Data Privacy Act and its Implementing Rules and Regulations.
i) The User agrees, consents, and authorizes the Lender to use the 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.
j) 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.
k) 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
a) The Lender shall provide the User with the services agreed upon.
b) The User shall provide correct information.
c) The Lender shall ensure the confidentiality of the credit information of the User
d) The User shall have a right to access their own credit information.
e) The User shall have the right to be informed about the causes of the cancellation, termination, or denial of their loan.
f) The Lender shall ascertain whether the User is using the application for legal means to ensure the security of transactions.
g) The Lender shall verify and validate the information and data provided by the User.
h) The User shall pay back what is owed in accordance with the Agreement such as the due date and the amount due stated in the loan details.
i) 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.
j) The User is required to pay the Lender for the service fee and other related fees in accordance with the terms and conditions of this Agreement.
k) 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.
l) 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.
m) 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:
(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;
(iv) credit reporting agencies;
(v) 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;
(vi) 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. As provided under the Privacy Policy of the Lender.
The Credit
• 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.
• Loan Term
The initial term of each Loan should be determined by the Lender according to the loan term applied by the user. The term of the loan may vary depending on the user’s choice of application subject to approval by the Lender.
The loan term may be extended subject to the User’s application for a loan extension.
• Charges
Charges on each Loan shall begin to accrue on the First Drawdown date of that Loan.
During the Loan Term, a 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.
• Prepayment and Repayment
a) The User must repay the User’s Dues on or before the Due Date.
b) 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 draw down Date.
c) 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.
• Delinquent Payments
a) If the User cannot be contacted, the Lender will contact the emergency contact which was provided only to help the Lender reach the User.
b) If the emergency contacts provided cannot be contacted as well or are otherwise false or invalid information, the User authorizes and consents that the Lender will use the other contacts provided by the User in order 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.
c) 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.
d) 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.
e) 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.
• 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.
• Validity of the Contract
• After signing the relevant information from the Lender’s platform the User has been provided their distinctive customer number, and the User has agreed to all the terms and conditions and proceeded to continue with their loan application. The Agreement shall be binding between the User and the Lender.
• Only after the User has successfully paid off their loan with the Lender, shall this Agreement be automatically terminated unless the User will reloan. The terms and conditions of this agreement shall be binding upon the User subject to future amendments and the consent of the User.
• 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 as an Amendment to this Agreement.
• Termination
• 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 evaluation process, it will be denied;
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 cancellation of the loan, 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 contact references, 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.
b) 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.
c) 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 the appropriate fees as provided as reflected in the application.
d) The Lender reserves the right to cancel the User's loan, if the User violates any of the provisions of this Agreement.
• 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.
• 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 Montalban, Rizal, Philippines.
• Separability
In case any provisions of this Agreement are deemed 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 the remaining provisions of this Agreement.
ACCEPTANCE AND EXECUTION OF AGREEMENT
The Parties read and understood the Agreement and its Terms and Conditions and Privacy Policy and agree to accept such Terms and Conditions and Privacy under this Agreement.
The Lender:___ The User
Name of User:
Date of Registration:
Mobile Number:
Customer Number:
DISCLOSURE STATEMENT ON LOAN/CREDIT TRANSACTION
| loan granted | ₱ | |||
| Finance Charges | ₱ | |||
| a. Transfer fee | ₱ | |||
| b. Process fee | ₱ | |||
| Interest Fee | ₱ | |||
| DISCOUNT OF INTEREST FEE | ₱ | |||
| DAILY MANAGEMENT FEE | ₱ | |||
| REWARDS | ₱ | |||
| NET PROCEEDS OF LOAN | ₱ | |||
| Schedule of payment | ||||
| SINGLE PAYMENT DUE DATE:(date) | ₱ | |||
| SINGLE PAYMENT DUE ON: (date) | ₱ | |||
| ADDITIONAL CHARGES | ||||
| PENALTY FEE | ₱ | |||
| DAILY OVERDUE FEE | ₱ | |||
Fee Explanation:
a. Transfer Fee - the fees incurred in paying and repaying the loan
b. Process Fee - contains Loan Platform Usage fee, Risk Valuation Service fee, and Data query fee. Face recognition fee, SMS Fee.
c. Interest Fee - based on the user’s score on the Lender, which may be affected by their information and loan history. Daily interest ranges from 0.1% ~ 0.5%.
d. Discount of Interest Fee - offered during the promotion period or for certain preferred customers.
e. 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.
f. Additional Charges Fee - 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: