CUSTOMER LOAN AGREEMENT
This Customer Loan Agreement (" Agreement") is entered into by, and among:
Maya Bank, Inc., a corporation organized and existing under the laws of the Philippines, and licensed to do business as a digital bank, with principal office address at 6th Floor Launchpad Building, 9 Reliance corner Sheridan Streets, Barangay Highway Hills, Mandaluyong City (hereinafter referred to as the " Lender");
Lightning Financing Company Inc., a corporation organized and existing under the laws of the Philippines, with principal office address at 30th Floor, Discovery Suites, 25 ADB. Avenue, Ortigas Center, Pasig City (hereinafter referred to as " Facility Manager");
WeFund Lending Corp., a corporation organized and existing under the laws of the Philippines, with principal office address at 30th Floor, Discovery Suites, 25 ADB. Avenue, Ortigas Center, Pasig City (hereinafter referred to as the " JuanHand Owner"); and
An individual having his/her information reflected in the Lender's system and identified through the KYC documents provided to the Lender (hereinafter referred to as the " Customer").
(The Lender, Facility Manager, JuanHand Owner, and the Customer hereinafter collectively referred to as the " Parties" and individually as a " Party").
RECITALS
a.WHEREAS, the Customer intends to obtain a Customer Loan from the Lender through the JuanHand Application, a mobile application that is owned by JuanHand Owner; and the Lender intends to provide a Customer Loan to the Customer, which shall be channeled by the Facility Manager; and
b.WHEREAS, the Parties have agreed to govern the terms and conditions for the provision of Customer Loan from the Lender to the Customer to be channeled by the Facility Manager based on this Agreement.
THEREFORE, the Parties hereby agree as follows:
ARTICLE 1
DEFINITION AND INTERPRETATION
1.1. Definition– Except as otherwise specified herein, all terms defined in this Agreement shall have the following meaning:
a." Affiliate" means any person or entity controlling, controlled by, or under common control with Lender or Facility Manager (as the case may be), and "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such person or entity, whether through ownership of voting securities or by contract or otherwise.
b." Amortization Schedule" means the schedule attached to the Disclosure Statement, which includes the Monthly Installments that consist of the Customer Loan Amount, Bank’s Interest, and other fees applicable to the Customer Loan.
c." Bank’s Interest" means, with respect to each Customer Loan, the aggregate amount of interest payable by the Customer to the Lender, which shall accrue on the Customer Loan in accordance with this Agreement.
d." Bank’s Interest Rate" means the rate of interest Lender receives for providing the Customer Loan.
e." BIR" means Bureau of Internal Revenue.
f." Calendar Day" means any day from Monday to Sunday without any exception.
g." Conditional Charges" means expenses that may be incurred by the Customer based on the Customer’s chosen disbursement or repayment channels or other charges imposed by third party channels that the Customer has selected.
h." Credit Information Corporation" means the entity authorized by the Credit Information System Act to act as a central registry or central repository of credit information.
i." Credit Information Systems Act" means Republic Act No. 9510 and its Implementing Rules and Regulations.
j." Customer's Account" means the bank account, e-wallet, or other account that the Customer has designated in the JuanHand Application as the account into which the Customer Loan Amount will be electronically transferred, and of which the Customer is the account holder and legal owner.
k." Customer Loan" means a financing facility in the amount of the Customer Loan Amount granted by the Lender to the Customer through the Facility Manager subject to the terms and conditions as stipulated in this Agreement.
l." Customer Loan Amount" means the total amount of the Customer Loan credited to the Customer.
m." Customer Loan Application" means the credit application made by the Customer on the JuanHand Application, which has been reviewed, evaluated, selected, qualified, and approved by the Lender, subject to its credit manuals, internal policies and applicable regulations.
n." Disbursement Date" means the date set forth in the relevant Disclosure Statement on which the Customer Loan Amount will be disbursed to the Customer in accordance with the terms of this Agreement.
o." Disclosure Statement" means the statement issued to the Customer describing the specific terms, conditions, and characteristics of the Customer Loan, including the related Monthly Installment, and the Effective Interest Rate (which disclosure with respect to any Customer Loan may, for the avoidance of doubt, be that set forth in the JuanHand Application at the time the Customer expressed acceptance to such Customer Loan through his/her electronic signature and/or other digital means).
p." Effective Monthly Charges" refers to the monthly rate of interest that Customer will pay over the course of the Customer Loan, which includes the Monthly Installments plus other fees and charges, but excludes Late Penalty and other penalties.
q." Facility Charges" means all charges, including the related Service Fees, and other costs, except any Late Penalty, Conditional Charges, and Platform Fee payable by the Customer on any Customer Loan.
r." GRT" means Gross Receipts Tax levied as required under applicable law.
s." Installment Program" refers to the program of repayment of the Customer Loan by installment to be paid by the Customer in accordance with the Amortization Schedule.
t." JuanHand Application" means the mobile application owned by JuanHand Owner, which Lightning has the limited right to use, and through which the Customer Loan will be provided.
u." Late Penalty" means the fees to be paid by the Customer in the formula or amount computed using the late rate, as specified in the Disclosure Statement, in the event that the Customer fails to repay the Monthly Installment by the Maturity Date in accordance with this Agreement.
v." Maturity Date" means, with respect to any Customer Loan, the date set forth in the relevant Disclosure Statement which shall be the last date for payment of the Monthly Installment. After which, the Customer Loan becomes delinquent and is subject to the imposition of Late Penalty.
w." Monthly Installment" means the portion of the Customer Loan Amount, Platform Fee, Service Fee, as well as the Bank Interest component that the Customer must pay to the Lender every Maturity Date, as stated in the Disclosure Statement and Amortization Schedule.
x." Outstanding Principal" refers to the unbilled principal amount of the Customer Loan as of the current installment period.
y." Personal Data" is as defined under Republic Act No. 10173, otherwise known as the Data Privacy Act of 2012.
z." Platform Fee" means the fee that the Customer shall pay that is accruing to the JuanHand Owner for the use of JuanHand Application.
aa." Service Documents" means the Terms and Conditions, privacy policy, and frequently asked questions as available from time to time on the JuanHand Application.
bb." Service Fee" means the fee that the Customer shall pay that is accruing to the Facility Manager for the latter’s facilitation of his or her loan.
cc." Terms and Conditions" means all general terms and conditions stipulated by the Lender and Facility Manager in connection with the Customer Loan and provided in the JuanHand Application, including the terms outlined in this Agreement and Appendix “B” hereof.
dd." Total Repayment Amount" means the total amount of money that must be paid by the Customer on Maturity Date and reflected in the Disclosure Statement. The Total Repayment Amount shall consist of the sum of the Customer Loan Amount, Bank’s Interest, Platform Fee, Service Fee and Late Penalty (if any).
ee." Truth in Lending Act" refers to Republic Act No. 3765.
1.2. Interpretation– In this Agreement, unless the context otherwise requires:
a.all and any calculation under this Agreement shall be made in accordance with the following provisions:
i.In relation to the payment of the Customer Loan, the calculation factor is three hundred and sixty (360) Calendar Days in a year and thirty (30) Calendar Days in a month; and
ii.In relation to any payment other than the Customer Loan, calculation is made based on the actual days upon which the liability arises with the calculation factor of three hundred and sixty (360) Calendar Days in a year;
b.A reference to any document (including this Agreement) is to that document as varied, novated, ratified or replaced from time to time;
c.Words in the singular include the plural and vice versa, and words in one gender include any other gender;
d.A reference to any Party includes its successors in title and permitted assigns, a reference to a “person” includes any individual firm, body corporate, association or partnership, government, or state (whether or not having a separate legal personality), and a reference to a clause is to a clause of this Agreement;
e.The heading of clauses is for convenience only and will not affect the interpretation of this Agreement;
f.Any undertaking under this Agreement not to do any act or thing will be deemed to include an undertaking not to permit or suffer the doing of that act or things; and
g.The word “includes” in any form is not a word of limitation.
ARTICLE 2
ROLE OF FACILITY MANAGER AND JUANHAND OWNER
2.1. Appointment of Facility Manager- The Parties agree that the Facility Manager may act as the facility manager or loan channeling agent, and proxy of the Lender in connection with this Customer Loan, particularly in connection with Article 7 (Collection) and Article 9 (Rights and Obligations of the Parties).
2.2. Role of JuanHand Owner– The Parties understand that JuanHand Application is owned by JuanHand Owner. For the use of the JuanHand Application, the Customer shall pay Platform Fee to JuanHand Owner.
ARTICLE 3
CUSTOMER LOAN
3.1 Customer Loan– Subject to the terms of this Agreement and the Terms and Conditions, the Lender hereby provides the Customer Loan to the Customer and the Customer hereby receives the Customer Loan from the Lender. The provision of the Customer Loan is performed through the Facility Manager using the JuanHand Application under the terms of this Agreement.
3.2 Application– As part of the process for the application, the Lender will require certain personal data and financial information from the Customer, conduct Know-Your-Customer (" KYC") procedures, and credit check.
3.3 Purpose and Disbursement of Customer Loan- The Parties agree that the Customer Loan shall be utilized to purchase on installment a house, lot, motor vehicle, appliance or furniture for personal use of the Customer or that of his family only.
The Customer Loan Amount shall be electronically transferred to the Customer’s Account. Upon the completion of the above transfer, this Agreement comes into effect. In connection with this, the Customer irrevocably acknowledges and agrees that any Customer Loan Amount credited to the Customer’s Account shall constitute due delivery and irrefutable proof of the receipt of the Customer for all legal purposes, notwithstanding any contrary indication in the JuanHand Application or elsewhere.
3.4 Availment of Loan– The availment of a loan shall be evidenced by the acknowledgment receipts and other records of the Lender and/or the Facility Manager evidencing the receipt, withdrawal as cash, or transfer of fund to the specified Customer’s Account. All evidence of loan availment shall remain as the property of the Lender. In case of dispute, the above evidence and the corresponding Disclosure Statement, which the Customer have reviewed and confirmed prior to the loan disbursement, are valid proofs of availment of the Customer Loan.
3.5 Installment Program- The installment payment shall be in accordance with the Amortization Schedule as set out in the Disclosure Statement.
3.6 Change of Lender- In case of the following events: (a) a mismatch in the KYC documents of the Customer is identified, (b) it was assessed that the Customer does not meet the additional risk assessment and KYC criteria, (c) the Customer commits fraud in relation to this Customer Loan, (d) the Total Repayment Amount is sixteen (16) days past due, or (e) the Customer dies before repaying the Total Repayment Amount, the Customer acknowledges and agrees that the rights and obligations of the Lender may be transferred in accordance with Article 9.1.1.c of this Agreement.
ARTICLE 4
REPAYMENT AND LATE PENALTY
4.1. Repayment of Customer Loan– The Customer shall pay the Monthly Installment not later than the Maturity Date in accordance with the Amortization Schedule and Disclosure Statement. The repayment shall be made without the need for any prior notice, notification, or other requirement.
The Customer shall make payments under this Agreement through any of the means established by the Lender and the Facility Manager for such purpose in the payment channels reflected in JuanHand Application, such as but not limited to Maya, Gcash, ShopeePay, 7-11, RD Pawnshop, True Money, or through any other payment facilities that may be made available by the Lender and/or the Facility Manager. The Customer shall bear all the Conditional Charges that may be applicable.
In the event that no receipt of payment is provided through any of the means of payment allowed through the JuanHand Application, the Customer shall send to the Facility Manager by any reasonable means specified by the Facility Manager a true copy of the receipt relevant to such payment. The non-compliance by the Customer of this requirement may result in such payment being deemed not made on the relevant Maturity Date; hence, a Late Penalty will be charged to the Customer.
Notwithstanding the foregoing, the Customer agrees that the Lender and/or its assignees or transferees, as applicable, may, at any time, instruct the Customer to pay the Monthly Installment via a different payment channel such as to a different bank account, as specified by the Lender and/or its assignees or transferees, as applicable, to the Customer by sending a revised payment instruction via e-mail or registered mail or SMS or through notification in the JuanHand Application. In the event the Customer is so instructed to make payments via a different payment channel, the Customer undertakes to comply with the revised payment instruction.
4.2. Payment Application– The Customer waives any rights under Article 1252 of the Civil Code of the Philippines and agree that any payment made by the Customer to the Lender for the purpose of repayment of any amount due under this Agreement shall be applied in the following order: (i) first, to taxes on any applicable Late Penalty; (ii) second, to any applicable Late Penalty; (iii) third, to taxes on any applicable Bank’s Interest; (iv) fourth, to the applicable Bank’s Interest; (v) fifth, to taxes on the applicable Service Fee; (vi) sixth, to the applicable Service Fee; (vii) seventh, to taxes on the applicable Platform Fee; (viii) eight, to the applicable Platform Fee; and (ix) ninth, to the unpaid balance of such Customer Loan.
4.3. Prepayment- The Customer may prepay the Total Repayment Amount or a portion of it, at any time before its Maturity Date subject to the payment of all accrued Bank’s Interest, Service Fee, and Platform Fee. Such prepayment shall not be subject to additional fees as long as the Customer has made all payments due and arising under this Agreement prior to the time of such prepayment.
4.3.1.If the Customer elects to only prepay a portion of the Monthly Installment, the Customer shall continue to repay the outstanding amount and interest accrued in accordance with this Agreement. The Lender reserves the right to set a minimum amount for partial prepayments which shall be disclosed by the Facility Manager through the JuanHand Application. Once such prepayment is credited under the terms of this Agreement, the Lender, through the Facility Manager, shall update the balance statement of the relevant Customer Loan to reflect the prepayment made by the Customer. The Facility Manager shall make such statement available to the Customer through the JuanHand Application.
Each time the Customer makes a prepayment either in whole or in part, the Lender, through the Facility Manager, will issue a receipt of such payment available via the JuanHand Application.
4.3.2.In case of overpayment, the amount paid in excess of the Monthly Installment due will be applied as prepayment for the Outstanding Principal as of the current installment period, subject to the application of payments in Section 4.2. In case there is no Outstanding Principal due, the overpayment shall be credited to the Customer’ Account.
4.4. Late Penalty- The Customer shall be imposed with Late Penalty for any late repayment of the Monthly Installment.
The Late Penalty shall be imposed for any repayment of the outstanding amount after the lapse of the Maturity Date as mentioned in the Disclosure Statement.
4.4.1.In case of partial repayment of the Monthly Installment due, the Late Penalty shall be imposed on the remaining balance of the Monthly Installment due.
ARTICLE 5
FEES AND CHARGES
5.1 Disclosures- The necessary disclosures under the Truth in Lending Act may be found in the Disclosure Statement/Amortization Schedule. The applicable Facility Charges may change from time to time. The Lender will notify the Customer through the Facility Manager.
The Customer acknowledges the integrity of the Disclosure Statement/Amortization Schedule as an electronic document pursuant to the provisions of the Electronic Commerce Act and agree to pay on the Maturity Date any amount stated therein without need for the presentation of signed documents.
Should there be any prepayment, overpayment, or partial repayment in accordance with Sections 4.3.1, 4.3.2, and 4.4.1 of this Agreement, respectively, an updated Amortization Schedule will be provided to the Customer.
5.2 Service Fee– The Customer shall pay the Facility Manager equivalent to an amount of the total collections related to such loan less (a) Customer Loan Amount, (b) the Bank Interest Rate gross of GRT, (c) Platform Fee gross of VAT, and (d) pertinent share of the Lender in the Late Penalty gross of GRT, if any. The Service Fee shall be described in the relevant Disclosure Statement.
5.3 Platform Fee– The Customer shall pay the JuanHand Owner a Platform Fee gross of VAT, equivalent to the rate as presented in the Disclosure Statement/Amortization Schedule.
ARTICLE 6
CREDIT INFORMATION SYSTEMS ACT
6.1 Submission of Customer’s Data- Pursuant to the Credit Information Systems Act, the Lender is mandated to submit the Customer's basic credit data as defined under the law, as well as any regular updates or corrections thereof, to the Credit Information Corporation for consolidation and disclosures as may be authorized by the Credit Information Corporation. Consequently, the Customer's credit data may be shared with other entities as authorized or accredited by the Credit Information Corporation for the purpose of establishing the Customer's creditworthiness. The Customer agrees that this Agreement constitutes as his/her written consent for such submission and disclosure of information relating to the Customer Loan for the mentioned purpose and under applicable laws, rules, and regulations.
ARTICLE 7
COLLECTION
7.1 Appointment of Collection Agent– The Customer agrees that the Lender has the right to appoint and authorize, as it hereby appoints and authorizes, the Facility Manager to collect all and any outstanding sums due to the Lender.
7.2 Alternative Contact Details– The Customer acknowledges and agrees that the Lender or the Facility Manager may secure alternate contact details from the Customer’s listed character references if the Lender does not receive any response from the Customer using the contact details the Customer provided. For this purpose, the Customer warrants that it has authorized the listed character references to share the Customer’s contact information to the Lender. The Customer waives his/her right to file a complaint against the Lender or the Facility Manager for merely contacting the character references.
ARTICLE 8
PERSONAL DATA
8.1 Customer’s Personal Data– The Customer agrees that his/her Personal Data may be collected, received, processed, used and/or disclosed to the Lender, Facility Manager, or their Affiliates for the purpose of giving effect to this Agreement. Otherwise, no disclosure of any Personal Data shall be permitted without the written consent of the Customer.
8.1.1.The Customer also agrees that his/her Personal Data and any information in his/her Customer Loan Application may be used by the Lender to pre-fill any future applications for other products and services of the Lender and its Affiliates.
8.1.2.The Customer further agrees with the use of his/her Personal Data and any information in his/her Customer Loan Application to provide him/her with updates, offers, and subscriptions about the different products and services of the Lender and its Affiliates. With the Customer’s consent, the Lender may send the Customer news, offers, and promotions about Lender and its Affiliates’ products, services, and programs by different channels of communications such as by email, telephone, or SMS (Short Message Services). For the avoidance of doubt, the Customer will only receive marketing communications that he/she wants to receive. When the Customer opts-in to receiving promotional materials either in-app through the JuanHand Application or when the Customer signs up on the Lender and/or its Affiliates’ websites and provide his/her details specifically and expressly in order to receive marketing communications specified above, the Lender and its Affiliates will periodically contact the Customer via his/her preferred channel(s).
8.1.3.The Customer likewise agrees that the act of entering into this Customer Loan includes the act of consenting to the privacy notices or privacy policies available in the JuanHand Application, as well as those found in the Lender and Facility Manager’s websites ( http://www.mayabank.ph/privacy) and ( https://www.juanhand.com/privacy-policy/). Further, the Customer agrees that the Lender or the Facility Manager may process his/her Personal Data using other lawful criteria as provided in relevant laws aside from consent including, such as but not limited to legitimate interest.
For the avoidance of doubt, Personal Data is any data from which the identity of an individual is apparent or can be reasonably and directly ascertained, or when put together with other data would apparent or can be reasonably and directly ascertained, or when put together with other data would identify an individual. This includes, but is not limited to the Customer’s name, address, birthday, email address, other contact details, government-issued identification cards and financial information.
8.1.4 All skip-tracing efforts shall (i) be conducted in good faith and in accordance with Bangko Sentral ng Pilipinas (BSP) Circular No. 1160, particularly its provisions prohibiting abusive, deceptive, or harassing collection practices; (ii) be limited to contacting third parties solely for the purpose of verifying or obtaining the Borrower’s whereabouts or updated contact information, and shall occur no more than once per third party unless new or relevant information emerges; and (iii) strictly avoid disclosing the nature, status, or amount of the Borrower’s financial obligation. Skip-tracing activities shall only be pursued to the extent necessary and shall cease once the Borrower’s correct and updated contact details have been reasonably confirmed. Any personal data collected in the course of skip tracing shall be used exclusively for the purpose of locating the Borrower, retained only for as long as necessary to achieve that purpose, and processed in compliance with Republic Act No. 10173 (Data Privacy Act of 2012) and its implementing rules and regulations.
ARTICLE 9
RIGHTS AND OBLIGATIONS OF THE PARTIES
9.1 Rights and Obligations of the Lender.
9.1.1.Without prejudice to the other rights set forth in this Agreement, the rights of the Lender shall be as follows:
a.To receive full payment from the Customer of the Total Repayment Amount except the Service Fee, Platform Fee, and the share of Lightning to the Late Penalty based on the separate agreement between Lightning and Maya;
b.To obtain information relating to the Customer (including any changes of the data of Customer) as submitted during the KYC process;
c.To sell, transfer, or assign, to which the Customer hereby consents to such sale, transfer or assignment, any of its rights and obligations hereunder to any third person or entity (" Transferee").
For this purpose, the Lender shall notify the Customer of the transfer of its right by any of the following means:
i.Sending of email to the known email address of the Customer;
ii.Sending of a text message to the known mobile phone number of the Customer; and
iii.Sending a message to the Customer though the Facility Manger; or
iv.Any other reasonable means of notification provided in the JuanHand Application.
The Customer hereby acknowledges that the transfer of the rights and obligations of the Lender shall take effect upon the act of sending such notice to the Customer through any or all of the available means as mentioned above; and
9.1.2.Without prejudice to the other obligations set forth in this Agreement, the Lender shall implement all provisions under this Agreement in connection with the granting of the Customer Loan.
9.2 Rights and Obligations of the Facility Manager.
9.2.1Without prejudice to the other rights set forth in this Agreement, the rights of the Facility Manager shall be as follows:
a.To receive full payment from the Customer of the Service Fee and the share of Lightning to the Late Penalty based on the separate agreement between Lightning and Maya;
b.To carry out identification and verification activities on behalf of the Lender;
c.To facilitate change in lender in the event of any such requirement as mentioned in Article 3.6 of this Agreement; and
d.To carry out the collection process for all obligations to be performed by the Customer under this Agreement through the Lender and third parties appointed by the Lender.
9.2.2Without prejudice to the other obligations set forth in this Agreement, the Facility Manager shall implement all provisions under this Agreement in connection with the granting of the Customer Loan.
9.3 Rights and Obligations of JuanHand Owner.
9.3.1Without prejudice to the other rights set forth in this Agreement, JuanHand Owner shall have the right to receive full payment from the Customer of the Platform Fee; and
9.3.2Without prejudice to the other obligations set forth in this Agreement, the Juanhand Owner shall provide the platform where Lender, Facility Manager, and Customer can exercise their rights and fulfill their obligations as set forth in this Agreement.
9.4 Rights and Obligations of Customers.
9.4.1.Without prejudice to the other rights set forth in this Agreement, the rights of the Customer shall be as follows:
a.To receive the Customer Loan Amount pursuant to the provisions of this Agreement; and
b.To request and receive information relating to the Customer Loan, including but not limited to information relating to repayment of the Customer Loan.
c. Cooling-Off Right. The Borrower may cancel and terminate this Loan Agreement without incurring any penalties, fees, or charges, provided that: (a) the Borrower returns the full principal amount disbursed under this Loan; and (b) the Borrower delivers written notice of such intention to cs@juanhandph.com within three (3) business days or seventy-two (72) hours from the date and time the Loan proceeds are credited to the Borrower’s designated account. Upon fulfillment of these conditions, this Loan shall be deemed null and void, and neither party shall have any further obligations under this Agreement.
9.4.2.Without prejudice to the other obligations set forth in this Agreement, the obligations of the Customer shall be as follows:
a.To pay on time the Monthly Installment and all payment obligations arising from or as a result of this Agreement;
b.To notify the Lender in writing in accordance with this Agreement for any change of data of the Customer as specified through the KYC process;
c.In case of sale, assignment, or transfer pursuant to Article 9.1.1.c, to honor the rights and obligations in favor of the Transferee and comply with the terms of this Agreement and the Terms and Conditions in the same manner as the Customer would have with the Lender; and
d.To implement and comply with all of the provisions under this Agreement, the Terms and Conditions, and the applicable laws and regulations in good faith and with full responsibility.
ARTICLE 10
REPRESENTATION AND WARRANTIES
10.1Customer’s Representation and Warranties. The Customer hereby represents and warrants that:
a.The Customer is a citizen of the Philippines and is subject to the law of the Philippines, and is a legal person who is competent under the law to enter into and execute this Agreement in accordance with the applicable provisions of laws and regulations, and has obtained the necessary third party consents and/or consents required by law for the purpose of obtaining the Customer Loan from the Lender;
b.All facts, data, information, documents, and explanations provided to the Lender are true, accurate, and complete in accordance with their actual circumstances. The documents given to the Lender in the form of photocopies or other copies are true and identical to the originals;
c.The Customer guarantees that the purpose for the Customer Loan is true and lawful and undertakes to use the Customer Loan Amount in accordance with the purpose set out in Section 3.3 of this Agreement;
d.The Customer is the party liable for any other taxes that may be due on the Customer Loan Amount, if any;
e.The Customer agrees that he or she shall not engage in any of the following:
i.Fraudulently applying for a Customer Loan with the Lender by way of deliberately changing or fabricating his/her identity and capacity to pay; and
ii.Other activities prohibited by relevant laws and regulations for digital banks and other forms of financing;
f.There is no Event of Default (as defined under Article 11.1 hereof) that has or is currently occurring based on another agreement where the Customer is a party, and there is no other agreement with another party that shall be violated by signing of this Agreement by the Customer;
g.To the best of his knowledge, the Customer does not have any outstanding tax assessments which will materially affect the fulfillment of the Customer's obligations to the Lender and the exercise of the Lender's rights under this Agreement;
h.No laws, regulations, statutes, decisions of the court or administrative bodies, or other agreements and/or documents binding on the Customer or binding on the Customer's assets which are violated by the execution of this Agreement by the Customer, and the Customer is not in a dispute that may affect the validity of this Agreement, affect the implementation of this Agreement or affect the financial condition or business of the Customer or may interfere with its ability to perform its obligations under this Agreement;
i.The Customer has read and understood and has received the necessary advice regarding the implementation of the provisions of this Agreement, and the Customer has read and understood the Terms and Conditions which form an inseparable part of this Agreement;
j.The Customer is not directly or indirectly involved with terrorist networks, criminal. organizations, money laundering syndicates, human trafficking syndicates, narcotics and drug cartels, organizations for smuggling of illegal goods, and similar organizations at the national and/or international level;
k.The usage of electronic signatures by the Parties in this Agreement and all documents forming a part thereto is valid, true, in accordance with prevailing laws and may be used as valid evidence in a court in the event of a dispute between the Parties;
l.The Customer shall indemnify the Lender and the Facility Manager from any liability in respect of any risks, damages, costs, penalties, and/or interest resulting from or related to the Event of Default (as defined under Article 11.1 hereof) by the Customer;
m.All funds and other resources used by the Customer to make any payments related to the Customer Loan are or will be at the time of any such payment owed by the Customer and shall be derived solely from lawful and legal sources. The Customer assumes any liability arising out of or in connection with the origin of the funds which the Customer will use to make any payments to the Lender through the JuanHand Application;
n.The Customer acknowledges that the Lender, through the JuanHand Application, the Disclosure Statement/Amortization Schedule, Terms and Conditions, and this Agreement has disclosed the definitive terms of the Customer Loan granted hereunder, as well as the Facility Charges and other applicable fees under this Agreement, to which the Customer expresses his/her acceptance by means of electronic signature;
o.The Customer acknowledges that the Lender has duly informed and disclosed to the Customer the Effective Interest Rate of any Customer Loan granted hereunder as reflected in the JuanHand Application, the Disclosure Statement, and this Agreement; and
p.The representations and warranties set out in this Article shall be deemed repeated at all times up to the full payment of the Customer's repayment obligations.
ARTICLE 11
DEFAULT AND EARLY TERMINATION
11.1. Events of Default– An event of default arises when one or more of the following events occur (" Event of Default"):
a.If the Customer, for any reason whatsoever, has failed to pay the Monthly Installment on Maturity Date;
b.If the Customer fails to comply with or perform any provision in this Agreement, including but not limited to, the occurrence of a breach representation and warranties by the Customer as referred to in Article 10 of this Agreement;
c.If the Customer refuses to agree to any change of the terms set out in this Agreement or the Disclosure Statement, insofar as these terms will not result to an additional financial burden to the Customer;
d.If with respect to any other loan, credit, or financing agreement with any other lender or financial institution, the Customer: (i) defaults in the payment of any principal or interest, or (ii) breaches any other terms or conditions thereon, and such results to the acceleration of the maturity of the indebtedness of the Customer therein or enabling the holder of such indebtedness to cause such indebtedness to become due prior to its stated maturity;
e.If the assets or property of the Customer is attached, seized, subjected to a distress or execution process, or levied upon, or comes under the control of any receiver, trustee, custodian, or similar official, and such condition is not cured or vacated within thirty (30) days;
f.If the Customer is sued by any other creditor and such legal action is not dismissed or settled within thirty (30) days of its initiation;
g.If the Customer's assets are, partially or wholly, seized or possession thereof is taken by any mortgagor, receiver, manager, court, or any government agency, or third party;
h.If the terms of this Agreement cease to be legal, valid, or binding obligation because of change in law or regulations;
i.Security breach of Lender’s, Facility Manager’s, or their Affiliates’ systems, processes, or applications; or
j.Any event which, in the reasonable opinion of Lender, would result in the likelihood that any of the obligations of the Customer under this Agreement will not be performed or fulfilled.
11.2. Consequences of an Event of Default– If one or more of the Event of Default as mentioned in Article 11.1 of this Agreement occurs, the Customer unconditionally and irrevocably agrees that the Lender shall have the right to terminate this Agreement and/or to exercise, or procure the exercise of, any of the following measures, alternatively, cumulatively, or concurrently:
a.To declare this Agreement, including the Total Repayment Amount, and all charges, fees, and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest, or further notice of any kind, all of which are herein expressly and specifically waived by the Customer;
b.To impose and collect from the Customer the Late Penalty as provided in this Agreement and such other fees incurred in connection with enforcing the obligations of the Customer under this Agreement; and
c.To freeze/suspend the Customer's Customer Loan and to direct the Facility Manager to freeze/suspend any and all linked accounts of the Customer on the JuanHand Application.
11.3. Early Termination– The Lender may at any time terminate this Agreement and accelerate any outstanding Total Repayment Amount which shall become immediately due and payable in the event that the Customer defaults on any of his/her obligations under this Agreement or if any of the following occurs, each in the sole and reasonable opinion of the Lender:
a.If the Customer uses the Customer Loan Amount for an unlawful purpose or activity and/or the Customer fails to make any payment required by this Agreement;
b.If any of the representations and warranties made by the Customer in the Customer Loan Application or in this Agreement are false;
c.If any lawsuit or claim of any kind is filed against the Customer that adversely affects his/her ability to comply with any of his/her obligations under this Agreement; or
d.If rescission or early termination of this Agreement is required by applicable law.
Upon the occurrence of any of the events described in this Clause 11.3 or in the event that the Customer fails to comply with any other obligation set forth in this Agreement, then the Lender shall be entitled to accelerate all outstanding payments owed by the Customer under this Agreement, without prior notice to or demand on the Customer, or liability on the part of Lender, and without the need for judicial or extrajudicial resolution of this Agreement. The Lender, through the Facility Manager, shall notify the Customer in writing or through the JuanHand Application of the acceleration of the outstanding Total Repayment Amount within five (5) Business Days following any such acceleration.
11.4. Survivability– The termination of this Agreement does not abolish the existing obligations of the Parties and/or those that arise up to the date of termination of this Agreement, including but not limited to the settlement of any and all other payment rights owed by the Customer to the Lender until the termination date of this Agreement.
11.5. Governing Law– This Agreement and its performance are governed by the law of the Philippines and shall therefore be interpreted in accordance with the laws of the Philippines. In the event of any dispute, controversy, claim, or difference of any kind whatsoever arising between the Parties in connection with this Agreement, including the breach, termination, or validity of this Agreement, or in connection with the determination of any matters which are subject to objective determination pursuant to this Agreement (" Dispute"), the Parties shall attempt, for a period of thirty (30) days after the receipt by one (1) Party of a notice from the other Party of the existence of a Dispute (the " Dispute Notice"), to settle such Dispute in the first instance by mutual discussions between the representatives of each of the Parties. If the Dispute cannot be settled by mutual discussions within the thirty (30) day period, the Parties hereby agree that the exclusive venue for any Dispute arising from or relating to this Agreement shall lie with the exclusive jurisdiction of the courts of Mandaluyong City.
ARTICLE 12
GOVERNING LAW AND DISPUTE SETTLEMENT
12.1 Legal Costs– The Customer agrees to pay the legal service fees, suffered by the Lender in connection with the settlement of disputes between the Lender and the Customer in relation to this Agreement.
ARTICLE 13
TAXES
13.1 Taxes– All payments due to Lender and Facility Manager, whether of principal, Facility Charges, or otherwise, shall include and be made without set-off or counterclaim, free and clear of, and without deduction or withholding for or on account of, any taxes as applicable, all of which shall be for the account of the Customer. If the Customer shall be required by any law or regulation to make any deduction or withholding in respect of taxes from any payment hereunder, the sum payable by the Customer shall be increased as will result in the receipt by Lender and Facility Manager, as the case may be, after such deduction or withholding, of the amount that would have been received if such deduction or withholding had not been required.
In such case, the Customer shall pay the full amount deducted and withheld to the relevant tax authority or other governmental authority in accordance with applicable law. Within fifteen (15) days of the Customer's payment of any taxes, the Customer shall furnish to the Lender or Facility Manager, whichever is applicable, the original copy of Withholding Tax Certificates evidencing the amount of Taxes withheld.
ARTICLE 14
CUSTOMER SUPPORT
14.1 Customer Support Channels– The Lender, through the Facility Manager, has provided various support channels that can assist the Customer with their queries and concerns relevant to the Customer's Customer Loan.
ARTICLE 15
MISCELLANEOUS
15.1 Confidentiality– Regardless of whether this Agreement has been terminated, the Parties agree that they shall not directly or indirectly disclose any information regarding and/or relating to this Agreement including all related transactions and documents (" Confidential Information"), without the prior written consent of the other Party
The Party receiving the Confidential Information may, without the need of prior written consent, disclose such Confidential Information to its (i) legal counsel, financial advisor, accountant, employees, or agents, of the Party concerned (collectively, " Representative(s)"); (ii) the authorized institution or authorities under applicable laws and regulations; and/or (iii) in accordance with the applicable laws, regulations, judicial procedures, or listing requirements, or otherwise agreed upon in this Agreement.
The Party receiving the Confidential Information shall nevertheless ensure that the Representative(s) adhere to the confidentiality obligation under this Agreement.
The following information shall not be classified as Confidential Information:
a.any information that the receiving Party previously acquired lawfully from a third party;
b.information that has entered into public domain not due to the fault of the receiving Party or any breach of this Agreement; and
c.the Party receiving the information obtained the information lawfully from another source after the latter received such information.
Notwithstanding any other provision of this Agreement, the legal obligations and effects of this article shall not be affected by the suspension or termination of this Agreement.
15.2 Due Diligence– By signing this Agreement, the Customer hereby irrevocably authorizes the Lender and the Facility Manager to conduct due diligence on the Customer and his/her ability to comply with the provisions of this Agreement by making reasonable inquiries with his/her employer, character references, or other persons identified in the JuanHand Application or otherwise and with the BIR, Credit Information Corporation, or other government offices. The Customer hereby waives the benefit of confidentiality of information in relation to his/her personal information, income tax, and other credit information with the BIR, Credit Information Corporation, or other government offices.
The Customer further agrees and authorizes the Lender and the Facility Manager to share such information with their Affiliates or any other third party as may be relevant or necessary to carry out the above due diligence.
15.3 Term- This Agreement shall be effective and binding upon the Lender and the Customer as of the disbursement of the Customer Loan. In the event that the Customer has settled all amounts owed under this Agreement, then this Agreement shall automatically terminate.
15.4 Assignment- The Customer is not permitted to assign, in whole or in part, all of its rights and obligations to the Customer Loan under this Agreement without the prior written consent of the Lender, except in the event that the Customer dies. The Lender may transfer any or all of its rights and/or obligations in this Agreement to any third party, with prior notification to the Facility Manager.
15.5 Binding Effect– The Parties acknowledge the legal effect and integrity of the electronic copy hereof. The Parties agree that in the event of conflict, the interpretation of the Lender and the version of this Agreement saved in the server of the Lender shall prevail.
15.6 Amendments- The Lender may unilaterally modify this Agreement from time to time, in its sole and absolute discretion; provided, that, the Lender shall notify the Customer, through the JuanHand Application, at least sixty (60) Business Days in advance of any such modification becoming effective, at which time the Customer may access the JuanHand Application to view the related changes.
In the event that the Customer does not agree with any such modification, the Customer may request the early termination of this Agreement and pre-pay any outstanding Total Repayment Amount and all amounts relevant to such outstanding Total Repayment Amount within twenty (20) Business Days after receipt of the notification referred to in the preceding paragraph without prepayment penalty.
If the Customer accepts such modifications by opting not to terminate this Agreement and not prepaying any outstanding amount, any Total Repayment Amount then outstanding shall be subject to this Agreement as modified accordingly.
15.7 Notification- Any notice, demand, or other communication given pursuant to this Agreement to the Customer shall be made in writing through electronic mail, registered mail, in-App notification, or other electronic communications media as specified in the KYC process.
15.8 Completeness- The Service Documents shall be an inseparable part of and shall be read in conjunction with this Agreement.
15.9 Separability- If any provision of this Agreement should be held to be void, invalid, illegal or unenforceable, in whole or in part, the validity of the remaining provisions shall remain unaffected hereby. Such provision or part thereof shall be treated as severable and shall be modified accordingly.
15.10 Counterparts- This Agreement may be executed in any number of counterparts by the Parties, each of which when so executed (including by electronic form) shall be an original, but all counterparts shall together constitute the same document which governs the same matter.
15.11 Waiver- The voluntary waiver by a Party of its right to enforce any provision of this Agreement after any breach or default of the other Party shall not be considered a waiver of such Party’s rights in respect of any subsequent breaches of the same or any other provisions; nor shall the delay or omission in the exercise of any right, authority or privilege operate as a waiver of rights in the event of breach or default by the other Party.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed on ___________.
THIS AGREEMENT IS INTENDED TO BE SIGNED THROUGH ELECTRONIC MEANS IN ACCORDANCE WITH APPLICABLE LAW.
APPENDIX “A”
DATA AND INFORMATION OF CUSTOMER
| Particulars | Data and Information of Customer |
| First Name | |
| Middle Name | |
| Last Name | |
| Government-issued ID Number | |
| Permanent Address | |
| Email Address | |
| Contact Number |
APPENDIX “B”
1. General Terms and Conditions
1.1These terms and conditions (" T&C" or " Terms") govern the terms under which you will avail of the loan products of Maya Bank Inc., through the Facility Manager, Lightning Financing Company Inc 1.[ 1Lightning Financing Company Inc. is the partner of Maya Bank in channeling and managing the transactions with respect to Maya Customer Loan and in accordance with the terms hereof.] (" Lightning") via the mobile application owned by WeFund Lending Corp., JuanHand Application. By applying for and availing of the Maya Customer Loan, you agree to be bound by the General Terms and Conditions (" GT&Cs") of Maya Bank accessible through this link: https://mayabank.ph/terms-conditions/.In case of conflict or inconsistency between the GT&Cs and these T&C, the terms of these T&C shall prevail.
1.2Under these T&C, the terms “Maya Bank”, “Maya”, “we”, “us”, and “our” refer to Maya Bank, Inc. with its employees, directors, affiliates, successors, service providers, agents, and assigns. Maya Bank is duly authorized to engage in the business of providing loan products.
1.3The terms “you” and “your” refer to the applicant of Maya Customer Loan.
1.4These T&C shall be effective, valid, and binding from the time that you signify your agreement to these Terms or have availed any of Maya Bank’s products or services, including the Maya Customer Loan services, and will be in full force and effect up to the time that it is terminated by you or us, save for some provisions which shall remain effective after termination, as stated in this T&C, under any law, rule, or regulation.
2.Definition of Terms
2.1Affiliates – refers to any person or entity controlled by, or under common control with, another person. For purposes of these T&C, any of the entities under the MVP Group of Companies, including but not limited to Maya Philippines, Inc., PLDT, Inc., Metro Pacific Investments Corporation, Smart Communications, Inc., The Manila Electric Company, Maynilad Water Services, Inc., Metro Pacific Tollways Corporation, and MediaQuest Holdings, Inc. shall be considered as Affiliates of Maya Bank.
2.2Amortization Schedule – refers to the schedule attached to the Disclosure Statement, which includes the Monthly Installments that consist of the principal, interest, and other fees applicable for your loan.
2.3Customer – refers to the person / party who avails of Maya Customer Loan from Maya Bank through the JuanHand Application.
2.4Customer Loan Agreement – refers to the agreement setting out the terms and conditions for the provision of the Maya Customer Loan to be entered into and executed in an electronic form by the Customer, Lightning, JuanHand Owner, and Maya Bank, as represented by Lightning through its designated employees, agents, or representatives.
2.5Channeling Partner – refers to the partner appointed by Maya Bank to perform certain functions for and on its behalf, having the function and duty to channel and manage transactions with respect to Maya Customer Loan in accordance with the terms hereof.
2.6Disclosure Statement – refers to the disclosure statement required under the Truth in Lending Act (Republic Act No. 3765) and other relevant laws and regulations.
2.7Electronic Commerce Act – refers to Republic Act No. 8792 and its Implementing Rules and Regulations.
2.8JuanHand Application – means the mobile application which Lightning has the right and limited license to operate and through which Maya Customer Loans will be provided.
2.9JuanHand Owner – refers to WeFund Lending Corp. who owns JuanHand Application.
2.10Late Penalty Fee – refers to the penalty fee that is incurred in your account for each day after the Maturity Date that you have any overdue principal balance in your Maya Customer Loan. The Late Penalty Fee will be calculated from the day immediately following the Maturity Date until full and final settlement of the overdue balance.
2.11Loan Amount – refers to the principal amount that was approved for your Maya Customer Loan.
2.12Loan Booking Date – refers to the date the Maya Customer Loan was disbursed by Maya Bank as stated in the Disclosure Statement.
2.13Loan Channeling Partnership Agreement – refers to the master agreement between Maya Bank and Channeling Partner for the performance of certain functions for and on behalf of the latter, having the function and duty to channel and manage transactions with respect to Maya Customer Loan in accordance with the terms hereof.
2.14Loan Tenor – refers to the period within which you are obliged to repay your loan. This is the number of months stated in your Disclosure Statement and Amortization Schedule.
2.15Maturity Date – refers to the last date for payment of the Total Amount Due. After which, the Maya Customer Loan becomes delinquent and is subject to penalty fee if unpaid.
2.16Maya Customer Loan – refers to the financing facility provided by Maya Bank to a Customer through the JuanHand Application in accordance with the terms hereof, which shall be binding on the Customer under the related Customer Loan Agreement.
2.17Monthly Installment - refers to the portion of your Loan Amount and the interest component that you must pay to Maya Bank every Maturity Date, as stated in the Disclosure Statement and Amortization Schedule.
2.18Nominated Customer Account – refers to the bank account, e-wallet, or other account that the Borrower has designated in the JuanHand Application as the account into which the Loan Amount will be disbursed, and of which you are the account holder and legal owner.
2.19Notice of Payment – refers to the notification sent by the Channeling Partner through in-App notifications, and/or SMS (and other similar channels), and also accessible in JuanHand Application, to inform you of the Total Amount Due for your Maya Customer Loan and the Maturity Date thereof.
2.20Outstanding Principal – refers to the unbilled principal amount of your Maya Customer Loan as of the current installment period.
2.21Platform Fee – refers to the fee that the Customer shall pay that is accruing to the JuanHand Owner for the use of JuanHand Application.
2.22Service Fee – refers to the fee that you shall pay to the Lightning for the facilitation of the Maya Customer Loan loan.
2.23Total Amount Due or Amount Due – refers to the sum of all amounts payable on the Maturity Date, inclusive of the following:
a.Unpaid Monthly Installment;
b.Service Fee; and
c.Platform Fee.
2.24Total Outstanding Balance – refers to the balance from your Total Amount Due that is not yet paid as of the current date, which shall constitute the Outstanding Principal, the total interest payable, Service Fee, and Platform Fee.
3.Application Processing and Availment of Maya Customer Loan
3.1At your own discretion, you have applied for the Maya Customer Loan through the JuanHand Application. You warrant that all the information you provided in your Maya Customer Loan application are valid, true, and correct. You also agree that any information or documents provided in support of the application shall remain property of Maya Bank.
3.2You authorize us to make, directly or through third parties, any inquiries necessary to verify your identity and to assess your capability to make payments in accordance with Maya Customer Loan policies. You further agree and authorize us to share such information with any company or business entity that is our Affiliates or any other third party as may be relevant or necessary to carry out the above assessment by Maya Bank.
3.3You agree to periodically provide your updated duly stamped received income tax returns, if applicable, to Maya Bank, along with any supporting financial documents that Maya Bank may require, from time to time. You agree to waive your confidentiality on the aforementioned documents and authorize Maya Bank or its authorized representative, to verify, at any time, the authenticity of the submitted documents with the Bureau of Internal Revenue, and other appropriate sources, including your employer, if any.
3.4You agree that Maya Bank will validate such submission with available information on the applicant's accounts, credit information, and credit status from applicable entities, banks and financial institutions, and credit bureaus, and other applicable institutions.
3.5You authorize the holder, controller, and processor of the information from the foregoing sources to confirm, release and verify the existence, truthfulness, and/or accuracy of such information to Maya Bank.
3.6You agree that the information in the Customer Loan Agreement may be used by Maya Bank to pre-fill any future applications for other products and services of Maya Bank and its Affiliates.
3.7You warrant that incomplete and/or inaccurate information declared in your Maya Customer Loan application is sufficient ground for legal action or rejection of your application. If Maya Bank discovers that you have misdeclared any information or have made any misrepresentation, which is material in the approval of your application, Maya Bank has the right to terminate the Maya Customer Loan and demand immediate payment of any outstanding amount in accordance with the law.
3.8You agree to promptly notify Maya Bank in the event that there has been a material change in any of the information or documents previously provided to Maya Bank.
3.9You acknowledge that Maya Bank reserves the right to approve or reject your Maya Customer Loan application and has no obligation to disclose reasons for the rejection or disapproval of such application. Maya Bank has the sole discretion to approve only a portion of the requested Loan Amount.
3.10You understand that your approved Loan Amount will depend on your credit standing and is subject to Maya Bank’s credit underwriting policy.
3.11You agree to indemnify and hold Maya Bank free and harmless against any and all claims arising from your relationship with Lightning or from the use of JuanHand Application in relation to the Maya Customer Loan.
3.12You agree to promptly perform all other obligations under these Terms, including the payment of the Total Amount Due, notwithstanding any relationship you have with Lightning.
3.13You agree to allow Maya Bank to notify Lightning in occurrence of your loan delinquency.
3.14Your availment of a loan shall be evidenced by the acknowledgment receipts and other records of Maya Bank evidencing the receipt, withdrawal as cash, or transfer of fund to your specified account. You agree that all evidence of your loan availment shall remain property of Maya Bank. In case of dispute, the above evidence and the corresponding Disclosure Statement, which you have reviewed and confirmed prior to account opening and loan disbursement, are valid proofs of your availment of Maya Customer Loan.
3.15You acknowledge the integrity of the Disclosure Statement as an electronic document pursuant to the provisions of the Electronic Commerce Act and agree to pay on the Maturity Date any amount stated on the JuanHand Application without need for the presentation of signed documents.
3.16You understand that the interest component of your Monthly Installment is computed on the Outstanding Principal at the end of each installment period; hence, the interest component shall be on a diminishing basis towards your loan maturity date as your Outstanding Principal becomes smaller.
3.17Upon the full settlement of the Loan Amount, you understand that your Maya Customer Loan account will be closed and any succeeding loan availment will require a new Maya Customer Loan application to be submitted in the JuanHand Application. Maya Bank reserves the right to approve or reject your application and assign a Loan Amount based on your latest credit standing and subject to Maya Bank’s credit underwriting policy.
4.Loan Amount
4.1The Loan Amount shall be disbursed through the JuanHand Application to your Nominated Customer Account within one (1) banking day from the Loan Booking Date indicated on your Disclosure Statement, and in accordance with the provisions of the Customer Loan Agreement.
5.Repayment
5.1You agree to the applicable interest, fees, and other charges stated in the Disclosure Statement. Such applicable interest, fees, and other charges may change over time, subject to existing laws and regulations.
5.2Notices of Payment are sent via in-App notifications, and/or SMS (and other similar channels), and accessible in the JuanHand Application to inform you of the Total Amount Due. The Total Amount Due should be paid on or before the Maturity Date, as stated in the Notice of Payment. If you have clarifications on the Notice of Payment, please report your concerns through hotline found in JuanHand Application or through the customer service number and social media network found in Section 14 of this Term. You agree that the non-receipt of the Notice of Payment prior to the relevant Maturity Date shall not relieve you of your obligation to pay the Total Amount Due and all other amounts due on such date. Your right to question any item in the Notice of Payment shall be deemed waived if no such report has been made within ten (10) calendar days from receipt thereof.
5.3You agree to pay the Total Amount Due on or before the Maturity Date indicated in your Disclosure Statement and/or in your JuanHand Application through any of the means established by Maya Bank and Lightning for such purpose in the JuanHand Application, such as over-the-counter deposits, electronic fund transfers (via Pesonet, Instapay, or otherwise) from a bank account or an e-wallet or otherwise to any account that Maya Bank or any subsequent holder of the rights to the Customer Loan, at the time, may indicate shall be used for such purpose (such account, the “Payment Account”). Payment shall be deemed made on the day the funds become available in the Payment Account. You shall fully pay the Total Outstanding Balance and other fees and charges incurred in your account within the Loan Tenor.
5.4In case of failure to pay the Total Amount Due on the Maturity Date, you acknowledge that your Maya Customer Loan will be considered past due and you shall be liable to pay a Late Penalty Fee on the overdue principal amount per day, in addition to interest and other fees as indicated in the Disclosure Statement. The Late Penalty Fee will be calculated from the day immediately following the Maturity Date until full and final settlement of the overdue balance. The table of fees may change over time, subject to existing laws and regulations.
5.5You waive any rights under Article 1252 of the Civil Code of the Philippines and agree that any payment made by you to Maya Bank for the purpose of repayment of any Total Amount Due pursuant to the Maya Customer Loan transaction shall be applied in the order of priority set forth in the related Customer Loan Agreement.
5.6Subject to the payment of all accrued monthly interest charges, penalties, or Amounts Due, you are entitled to repay early the Total Outstanding Balance or a portion of it, at any time before its Maturity Date. In case of overpayment, the amount paid in excess of the Amount Due will be applied as prepayment for the Outstanding Principal as of the current installment period, subject to the application of payments in Section 5.5.
5.7In the event Maya Bank shall be required to pay any taxes or other fees on or with regard to the execution, formalization or perfection of any documentation contemplated hereunder or delivered pursuant hereto, you shall, upon notice, reimburse Maya Bank for such taxes or fees paid.
6.Representations and Warranties
6.1You represent and warrant that: (i) you are of legal age, of sound mind, able to contract in any kind of agreement, and possess no legal disability or any criminal record of any kind to apply for a loan and accept these Terms; (ii) your loans and obligations with other banks, lending, financing or credit card companies and the like are updated and not delinquent as of Loan Booking Date; (iii) any and all documents you may have submitted are current, authentic, and may be relied upon by Maya Bank as of Loan Booking Date; (iv) All oral representations and communications you made to Maya Bank remain true, correct and accurate as of Loan Booking Date; and (v) you entered into the Agreement willingly and without influence or duress from any party.
6.2You warrant that your Maya Customer Loan shall be used only for the purpose indicated in your application.
6.3These Terms, the GT&Cs of Maya Bank, and other documents and instruments mentioned and related hereto, when executed, shall be valid and binding upon you and enforceable in accordance with the respective terms and conditions hereof.
7.Covenants
7.1As long as any of the Loan Amount remains outstanding and unpaid, you shall: (i) punctually pay all Total Amount Due and perform all other obligations, undertakings and covenants hereunder and shall not allow your account to be in default in any way; (ii) submit documents and provide information, which may be required by the government regulators or Maya Bank at any time; (iii) notify Maya Bank for every change of data by updating your account in the JuanHand Application immediately after such change; and (iv) execute and deliver such other instruments and documents as may be requested by Maya Bank to give full force and effect to these Terms and other documents and instruments executed in connection therewith or to comply with Maya Bank’s internal policies.
7.2In opening and maintaining a savings account and/or availing of any Maya Bank products and services covered under these Terms, you agree to waive, without need of notice, in favor of Maya Bank, including any of its Affiliates, service providers, shareholders, associates, subsidiaries, officers, employees, agents, lawyers, partners, and other consultants your rights under Section 55.1 (b) of Republic Act No. 8791 (The General Banking Law of 2000), under Republic Act No. 1405, or any other right pertaining to secrecy of bank deposits for any of the following purposes:
a.Updating your Maya Bank account upon your request;
b.Validating your identity before providing our services, or responding to any of your queries, applications, feedback, and complaints;
c.Managing our day-to-day business operations;
d.Keeping your information updated through our official data touchpoints;
e.Providing customer service and support;
f.Performing credit checks or due diligence checks to minimize risks or frauds;
g.Safeguarding your account and protect you against fraud and other criminal activity;
h.Settling claims or disputes involving any of our products and services;
i.Complying with all applicable laws and regulations as well as performing our obligations from any legal authorities;
j.Marketing and credit scoring;
k.Updating you on changes to our products or services; and
l.For any other lawful purpose that Maya Bank may deem fit or necessary.
8.Disclosure of Information
8.1You allow Maya Bank to use any of the information you provided to Maya Bank through the JuanHand Application and/or gathered by Maya Bank in the course of your application or at any time during the period of your loan.
8.2You agree and allow Maya Bank to use, share, obtain, or update your information provided to Maya Bank through the JuanHand Application and/or gathered by Maya Bank with the credit bureaus or other external parties, as well as any government agencies, such as but not limited to, the Credit Information Corporation, Social Security System, Government Service Insurance System, Bureau of Internal Revenue and Department of Labor and Employment, for underwriting and credit scoring, pre-due reminder, collection and other legitimate purposes.
8.3You allow Maya Bank to disclose your information to collection agencies, counsels, Affiliates, or other agents or partners of Maya Bank in the event that Maya Bank is constrained to enforce its rights against you.
8.4You authorize Maya Bank, Affiliates, third-party service providers, and its official partners to collect, hold, use, and process the personal information that you have provided directly or indirectly in our data collection touchpoints relevant to the respective purposes furnished to you in our privacy notices. With your active use of the Maya Customer Loan and the JuanHand Application, you agree to the privacy notices of Maya Bank and Lightning found on their websites ( http://www.mayabank.ph/privacyand https://www.juanhand.com/privacy-policy/).
9.Collection
9.1By signing this T&C, you agree that Maya Bank has the right to appoint and authorize, as it hereby appoints and authorizes, Lightning to collect all and any outstanding sums due to Maya Bank in relation to the Maya Customer Loan.
9.2Subject to and not in derogation of its rights under these Terms, Lightning as the Channeling Partner shall have the right, at its sole discretion, and when it deems necessary to appoint and authorize agent/s of its choice and on its behalf to perform reminder calls or send messages via SMS, email, messaging apps, and social media accounts, among other channels, for pre-due loans, or collect all and any sums due to Maya Bank from you. Lightning may appoint and authorize these agents, which may be a call center agency, business process outsourcing company, or collection agency, to carry out such pre-due reminder calls or collection calls. The authorization of any of these agents shall be subject to a written notification through the JuanHand Application at least seven (7) days prior to the actual endorsement, in compliance with the requirements of applicable laws, rules, and regulations.
9.3If Maya Bank and/or Lightning hires the services of an attorney and/or collection agencies, to collect the obligations in this Agreement and incur expenses arising from the same, Maya Bank or Lightning, or their assignee or transferee of the loan, shall be entitled to recover from you, any and all attorney’s fees and agency fee, in the amount incurred in connection with the collection of the Total Amount Due.
10.Events of Default
10.1Each of the following events constitutes an Event of Default, irrespective of the reason for its occurrence and whether it is voluntary or involuntary or occurs as a result of any court order, law, or regulation:
11.Consequences of Default.
11.1If an Event of Default occurs, then at any time thereafter, Maya Bank may, at its sole discretion, without need of notice or demand:
11.2In case of default in your Maya Customer Loan or in case of any form of breach of these Terms or applicable laws, Maya Bank may terminate, suspend, or revoke your right to use your Maya Customer Loan, Maya Credit, Maya PayLater and other credit facilities with Maya Bank, provided always that you shall remain responsible or accountable for any omission, or actions taken through the use of your Maya Customer Loan account before such termination or suspension. Maya Bank reserves the right to reactivate or restore your account/s at its sole discretion upon your compliance of its requests or upon considering copies of the relevant records or documents provided by you, and at its discretion, Maya Bank may limit, restrict, suspend or terminate your access to its system, application or platform, whether temporarily or permanently.
12.Non-waiver of rights
12.1Acceptance by Maya Bank of any payment after its Maturity Date or after an Event of Default has occurred or after legal proceedings have been commenced against you shall not constitute an extension of time for payment or a modification or novation of the terms of this Agreement or in any way prejudice or adversely affect Maya Bank’s cause of action against you.
12.2Failure, omission, or delay on the part of Maya Bank to exercise its right or remedies under these Terms shall not operate as a waiver. Any such waiver shall be valid only when reduced in writing and delivered to you.
13.General Provisions
13.1Maya Bank has the right to offer you different product features/services and/or promos in accordance with a separate agreement with Lightning. Maya Bank reserves the right to vary the method of calculation of service fee, interest rate, and any other applicable fees, charges or levies provided for herein for any reason whatsoever (whether arising from the change in your risk profile or otherwise) including the effective date of any such change with reasonable notice to you.
13.2All notice requirements shall be as stated in these Terms. If Maya Bank is required to send notice to you, it shall do so through available channels including but not limited to, In-App notifications via JuanHand Application, SMS (and other similar channels), email, or registered mail which shall be sent to your registered address. Publication on Maya Bank or Lightning’s website shall also be sufficient notice, as may be required by the Customer Loan Agreement.
13.3Maya Bank has the right, at its option, to sell, transfer or assign any of its rights and obligations hereunder to its Channeling Partner, any person, company, or entity without need of consent. Any such sale, assignment, or transfer shall conclusively bind you. You shall be bound to fulfil and perform all your obligations to such transferee or assignee. The transferee or assignee shall have the authority to collect the due amount.
13.4Maya Bank and Lightning shall have the absolute right to terminate the Customer Loan Agreement together with any other document executed among you, Maya Bank, and Lightning at any time due to any breach in any of the terms and conditions of the Customer Loan Agreement.
13.5Maya Bank reserves the right to amend any of the terms and conditions contained under these Terms, provided that such change will be communicated to you. By continuing to use Maya Customer Loan, you are agreeing to the updated Terms.
13.6In case any provision of these Terms shall be declared to be invalid, illegal, or unenforceable in any respect, the validity, legality or unenforceability of any other provision therein shall not in any way be affected or impaired thereby.
13.7These Terms shall be construed and governed in accordance with the laws of the Philippines.
13.8You understand and agree that these Terms including all disputes relative to your use of the services of Maya Bank and relating to your Account shall be governed by the laws of the Republic of the Philippines without regard to conflict of laws principles. In case of any dispute arising out of these Terms or your use of the Services, you hereby agree, undertake, and commit to resolve or attempt to resolve such dispute promptly and in good faith. In case of failure to resolve any such dispute, you agree to the jurisdiction by and venue in the appropriate courts of Mandaluyong City, Philippines, to the exclusion of all other courts, and waive as you hereby waive, any objection to such jurisdiction or venue.
13.9You authorize Maya Bank, Lightning as its Channeling Partner, and other official partners to process the personal information that you have provided directly or indirectly in our data collection touchpoints relevant to the relevant purposes furnished to you in our privacy notices.
14.Customer Service
At Maya Bank, we consider our Customer's financial questions, needs, and feedback very important. Our Channeling Partner will do its best to address any complaints and issues within fifteen (15) days. Should your concern require more time to be resolved, we will update you every step of the way.
You may contact the following customer service number and social media network:
|
Channel |
Details |
| JuanHand Application Customers - Hotline | Customer Service No.: 09190599918
OR Domestic Toll-Free Landline: (02) 85390150 |
|
|
|
| Lightning Support Web Page |
https://www.juanhand.com/ |
Maya Bank is regulated by the Bangko Sentral ng Pilipinas.: www.bsp.gov.ph
APPENDIX “C”
DISCLOSURE STATEMENT/ AMORTIZATION SCHEDULE
| Particulars | Terms |
| Agreement Number | |
| Disbursement Date | |
| Method of Disbursement | Via JuanHand Application |
| Name of Lender | Maya Bank, Inc. |
| Name of Facility Manager | Lightning Financing Company Inc. |
| Name of Platform Owner | WeFund Lending Corp. |
| Name of Customer |
| Customer Loan Amount | |
| Other Charges Collected | |
|
Platform Fee for JuanHand Owner
|
___% per month |
|
Service Fee for the Facility Manager
|
___% per month |
| Bank’s Interest | ____% p.a. |
| Monthly Installment (Please refer to the Amortization Schedule for the Maturity Dates) | |
| Effective Monthly Charges (%) | ____% |
| Late Penalty (%) | ____ |
| Conditional Charges | / |