Eligibility for Borrowing:
This app is available to Filipino citizens between the ages of 18 and 60. To qualify, you'll need to provide a valid government-issued ID and proof of a stable income.
Key Loan Information You Need to Know:
Borrowing Range: ₱5,000 to ₱200,000
Loan Term: Between 91 days and 180 days
APR (Annual Percentage Rate): 27.37%
Transaction Fees: None
Service Charge: 2% of the loan amount (₱100 to ₱4,000)
Repayment Breakdown for Your Loan:
If you borrow ₱50,000 for 180 days, the loan will be repaid in six equal installments of ₱9,458. Each installment includes ₱1,125 in interest, totaling ₱6,749 in interest for the full loan term. After deducting the ₱1,000 service fee in advance, the amount you will receive is ₱49,000.Your total repayment will be ₱56,749.
Be sure to carefully read the Disclosure Statement to fully understand the loan terms before submitting your application.
1. Determination of Loan Amount
The Lender agrees to lend to the Borrower, and the Borrower agrees to borrow from the Lender, the full amount of the Loan, as specified in the Loan Decision and reflected in the Borrower's Personal Account.
2. Intended Use of the Loan
The financial assistance dispensed by the Lender is aimed for utilization by the Borrower in a manner that adheres to legal and rightful purposes. The disbursement of these funds must be confined exclusively to the Borrower's personal use.
3. Terms of Loan Repayment
"Terms of Loan" signifies the timeframe within which the Borrower is required to remit payment of the Loan's principal amount, plus the pertinent interest, charges, and fees as enumerated in the Disclosure Statement. The duration of this term may vary from ninety-one (91) to one hundred and eighty (180) calendar days, based on the duration approved in the Loan Decision.
4. Interest on the Loan
The Borrower shall incur an obligation to the Lender for the accruement of interest on the Loan until its full repayment, with said interest to be computed and paid in adherence to the provisions outlined within these General Terms and Conditions.
Interest on the Loan is compounded daily until the Maturity Date. The interest rate is determined individually and explicitly indicated in the Disclosure Statement.
5. Penalties and Fees for Late Payment
Any failure to pay the loan amount by the due Maturity Date will obligate the Borrower to pay not only the outstanding amount but also a fixed default charge of PhP1,000 for individuals availing for the first time and PhP800 for those who are repeated clients. A daily interest rate of 5% on the overdue amount will be levied from the first day of delay until the thirtieth day, 4% on the unpaid amount from the thirty-first day until the ninetieth day of delay, and a continual rate of 2% from the ninety-first day of delay until the entirety of the Loan is settled.
6. Prerequisite Conditions for Disbursement of the Loan
The disbursement of the Loan funds will be executed solely upon the satisfactory fulfillment of the subsequent conditions to the Lender's approval: the Borrower must provide accurate bank account details; a photo of the Borrower alongside an identity document must be uploaded to the Borrower's Personal account; and the Borrower must acknowledge and accept the Loan Decision through an SMS confirmation or a verbal confirmation via a direct phone call.
Once the Lender accepts the Loan Application submitted by the Borrower, the latter loses any right to cancel or decline the Loan proceeds, except in situations where such denial results in fees for cancellation, refusal, or early repayment as determined by the Lender. The Borrower concedes that the decision to permit or deny the Loan cancellation rests solely with the Lender.
The Lender bears no responsibility for funds released to an incorrect bank account due to the Borrower's data entry mistakes. Moreover, the Lender will not be held accountable for any delays or issues in the disbursement of Loan funds to third parties, as per the Borrower's written directives and instructions.
7. Declarations and Undertakings
The Borrower certifies and warrants to the Lender, continually, that:
Obligations set forth or implied in this Loan Agreement, along with any associated documents, are in full compliance with legal standards, are valid, enforceable, and bind the Borrower legally;
Engaging in this Loan Agreement and the execution of its stipulated transactions by the Borrower does not violate any legal or regulatory requirements applicable to the Borrower or any binding agreements or documents;
There are no ongoing default situations, nor is it reasonable to anticipate any resulting directly from the issuance of the Loan;
The Lender has been provided with all necessary information about the Borrower and relevant third parties, which is significant within the context of this Loan Agreement. Such information is accurate, comprehensive, and not in any way deceptive at the time it was provided;
The Borrower has thoroughly read, understood, and agreed to the conditions laid out in the Loan Agreement, and related documents. The Borrower agrees to abide by these documents and any amendments thereof, which are available on the Lender's website or have been communicated by the Lender through suitable communication means;
The Borrower is aware of and acknowledges their responsibility to ensure the prompt, full, and accurate repayment of their loan as specified in the Loan Agreement;
The Borrower understands that the Lender has full authority to approve or deny the Loan Application for just reasons, with the application and its accompanying documents to be kept on file by the Lender and not returned;
The Borrower perceives their Loan Application as an initial offer, with the final approval resting on the Lender's evaluation and current policy. The Borrower willingly submits to the Lender's judgement, foregoing any claims or legal action regarding these decisions;
The Borrower unreservedly recognizes their financial obligation to the Lender for the approved loan amount, provided that it has been dispersed according to the agreement.
In addition, for the duration of the Loan Term, the Borrower pledges to:
Apply the loan funds strictly for personal purposes, including but not limited to education, healthcare, emergencies, travel, home improvement, or other similar personal needs;
Fully comply with all relevant laws related to the execution of obligations under this Loan Agreement and related documents;
Secure and keep active all necessary permissions, consents, or endorsements needed to perform under this Loan Agreement, thereby ensuring its legal standing, validity, enforceability, and admissibility in legal proceedings;
Immediately report to the Lender in writing about any impending or actual default events as described in the Loan Agreement, or any condition that may lead to a breach of any other contract the Borrower is part of, including the measures being taken for rectification;
Provide early written notification to the Lender about any alterations in the Borrower's name, birth date, or living address within three days of such changes;
Update the Lender about any shifts in the Borrower's employment status, business operations, or professional engagements, and if the Borrower is self-employed, to regularly inform the Lender of their personal financial situation as per the Lender's request.
8. Default Events
The occurrence of any of the situations below shall constitute Default Events:
Non-compliance or non-fulfillment by the Borrower of any conditions or obligations set forth in the Loan Agreement, Promissory Note, or other related contracts with the Lender;
Failure of the Borrower to remit any principal, interest, or other charges when due as per the obligations to the Lender stipulated in the Loan Agreement;
Discovery that any representation or commitment made by the Borrower regarding the Loan was false or misleading at the instance it was made, regardless of the Lender's actual harm from such falsehood or non-performance;
The Borrower voluntarily discontinues his/her financial engagements or is declared insolvent, cannot meet his/her debt obligations as they mature, or commits any bankruptcy or insolvency act;
If a court of competent jurisdiction imposes a final judgment or decree against the Borrower for a significant amount and it is not satisfied, discharged, or bonded within ten (10) days of its lawful due date;
Death of the Borrower or his/her conviction of a criminal offense that results in a final judgment imposing a penalty that includes civil interdiction, or falls under the conditions outlined in Article 1198 of the Civil Code of the Philippines;
A material adverse change in the Borrower's financial status or condition since the Loan was sanctioned, which, in the Lender's reasonable view, would negatively influence the Borrower's ability to adhere to the Loan Agreement terms.
Implications of Default
In the event a Default Event is triggered:
The Lender may, at its own discretion, declare the total Loan amount as immediately due and require the Borrower for immediate and full repayment;
If the default arises due to the Borrower's delay in loan payment, the prescribed Late Payment Penalties and Fees as described in Article 7 will take effect;
The Lender is entitled to all legal and Promissory Note-sanctioned remedies to pursue its claims against the Borrower.
The Borrower agrees to waive any necessary notices or procedures for the Lender to activate its rights following a Default Event. The Lender's failure or delay in exercising any right or remedy does not constitute a waiver unless explicitly stated in a written agreement by the Lender.
9. Review
The Lender is granted the capability to periodically scrutinize the Loan, along with an unequivocal right to call back the Loan and request immediate repayment, a right that the Lender may activate at its discretion.
The Lender also has the sole prerogative to refine or alter the Terms and Conditions mentioned within this agreement, at any time, according to its determination.
10. Disclosure of Information
The Borrower explicitly gives the Lender the right to share details of the Borrower's transactions or loan account under this Agreement, including the Loan Agreement and the Promissory Note, with the following entities: (i) public regulatory agencies; (ii) any parties considering the acquisition or fulfillment of the Loan's debt obligations; (iii) professional consultants such as auditors and legal advisors, in addition to collection firms; (iv) entities specializing in credit evaluation; (v) insurance providers, intermediaries, or any third-party firms engaged in delivering services or products on behalf of or to the Lender and its affiliated entities, including its parent company, overseas offices, branches, and subsidiaries; or (vi) for the facilitation or marketing of various products and services. This disclosure, determined at the Lender's sole discretion as necessary or appropriate, will adhere to the governing laws of the Philippines, exempting the Lender from any borrower liability. The Borrower acknowledges this consent and confirms that no additional approval is required for such disclosures.
Pursuant to the provisions of Republic Act No. 9510, along with its Implementing Rules and Regulations establishing the Credit Information Corporation (CIC), the Lender is compelled to submit the Borrower's primary credit information and any future amendments or corrections to the CIC. This action is intended for the consolidation and authorized disclosure of such data by the CIC and other CIC-accredited credit reporting bodies to assess the Borrower's credit reliability.
In the event of the Borrower's failure to adequately, correctly, or promptly settle the loan obligations, beyond adopting specified debt recovery actions herein or as outlined by Philippine regulations, the Lender is authorized to report such failures to third-party entities, including but not limited to, agencies tasked with debt collection, to facilitate the recovery of the loaned sum.
By agreeing to this clause, the Borrower permits the Lender and its associates to retrieve, process, utilize, and maintain the Borrower's personal data such as identifying details, demographic information, biometrics, communication channels, employment background, financial status, and other necessary information stated in the loan application for the purpose of appraising and administering the loan request. This consent encompasses the acquisition of personal data directly from the Borrower or from other controlling bodies for credit scoring purposes. Furthermore, the Borrower's personal details will be communicated to credit scoring agencies for credit investigation, scoring, analytics, and profiling, including regular reassessment of the Borrower's credit standing. The obtained personal data may also be leveraged for direct marketing of the Lender's partner services and products. Throughout this data processing phase, the Borrower's privileges under the Data Privacy Act of 2012, including rights to information, objection, access, correction, deletion or blocking, and indemnity, will be honored. All entities to which the Lender disseminates the Borrower's personal information will equally uphold these rights.
11. Contact Information
Unless terminated by the Lender, this Loan Agreement shall take effect from the date the funds are remitted to the Borrower in the manner specified in Promissory Note until such time as the provisions specified hereunder are needed to remain in force and effect between the Parties unless otherwise agreed by the Parties.
Don't hesitate to contact us if you have further questions or you need our help:
Corporate Name: MC TUA LENDING CORPORATION
Email:
Customer Service: 9640929384
Address: Cagangohan Bayside View Village Palompon, Davao Del Norte, 6538 Philippines
