Credit Agreement

This Agreement constitutes the relationship between client’s valid full name (hereinafter referred to as the “User“) and the Lender (hereinafter referred to as "CashG Pro") and the use of related functions and affiliated services (hereinafter referred to as "this Agreement"). After the User agrees to this Agreement, it is deemed that the user has agreed and clearly agreed to the terms and conditions of this agreement, and is bound by the terms, conditions and obligations described therein. The contents of this Agreement shall include all CashG Pro terms and conditions (including but not limited to related registration agreements, notices and privacy policies, etc.). All terms and conditions form an integral part of this Agreement and shall exist between the parties.

Recital

1. CashG Pro is a company engaged in the provision of personal loan service.

2. The user applies for a personal loan through CashG Pro and provides basic information so that CashG Pro can check and verify this information for loan approval.

3. CashG Pro provides a risk rating service, which is similar to the credit rating service used by the Credit Management Association of the Philippines (CMAP) when granting future and additional loans.

4. CashG Pro is a local service tailored to the needs of Filipinos. The use of CashG Pro services outside the Philippines should be immediately refused.

5. Please refer to the "DISCLOSURE STATEMENT ON LOAN" for various loan fees, interest and all loan details, which are an integral part of this contract.

User must abide by the following undertakings:

  1. User undertakes that: 

a) They have a fixed paid job and/or are able to pay the loan they apply for.

b) They will comply with the terms and conditions of the agreement.

c) They will not do following:

1. Provide false, untrue, fraudulent and invalid information to obtain CashG Pro loans;

2. Provide misleading information to CashG Pro;

3. Collusion, conspiracy, collusion or other plans to obtain or provide loans with CashG Pro directors, partners and employees;

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

Violation of the above commitments will result in the cancellation of this agreement, and the user shall be liable for the full loan and interest and/or damages as appropriate.

  1. The Loan Purpose

    The loan issued by the lender will be used by the borrower for justifiable and lawful purposes.

  2. Loan Amount

    The borrower agrees to borrow from the lender, and the lender agrees to provide the borrower with the specific amount specified in the Approval Notice.
     

  3. Loan Term

a. The initial term of each Loan should be determined by the Lender according to the loan term applied by the Borrower. The term of the loan may vary depending on the lender’s choice of application, but must be approved by the Lender and provided to the Lender via Registered Phone and/or other means deemed appropriate by the Lender.

b. In the case of using the Prolongation Service, the next term of the Loan should be extended according to the instructions on the CashG Pro app, subject to approval by the Lender, starting from the initial due date. If Interest has been paid, this service can be used before or after the Due Date.

  1. Charges

  1. Charge on each Loan shall begin to accrue on the First Drawdown Date of that Loan.

  2. During Loan Term, service charge at the rate of 25% plus 1% per day shall be charged on the Loan. The Default penalty shall be charged at the rate of 5% on the next day and 3% on the next preceding days addition to the Loan Charges against the Outstanding Loan when the Borrower fails to pay on or before the Due Date as shown on the Notice of Repayment provided to the Borrower

  1. Repayment and Prepayment

    a. The Borrower must repay the Borrower’s Dues on the Due Date.

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

    c. The Borrower shall be required to make payment/repayment of the Borrower’s Dues with cash at the Payment Service Providers in partnership with the Lender.

 

  1. Enrollment and Usage

a) Users must download the CashG Pro application to their mobile phone or device. Then, the user should provide the information required for registration. After successful registration, the user will get his/her account details. The user can then proceed with the loan application as expected.

b) CashG Pro is a platform that requires a steady and stable Internet connection. For registration and loan application purposes, users must connect to a secure Internet connection via WIFI or LTE as appropriate. In order to use CashG Pro’s services, an internet connection is necessary. Location access is also required so that CashG Pro can verify that the user is indeed located in the Philippines.

c) The User should fill in the fields as required. The information provided must be valid and true, as this will be subject to validation and verified by CashG Pro. CashG Pro shall process, collect, use and retain this information, subject to the restrictions imposed by relevant laws and implementation rules and regulations related to the Data Privacy Act of the Philippines.

d) The User must fill in the mobile phone number, password and verification code according to the instructions in order to use the CashG Pro application correctly.

e) Subject to the provisions of the Privacy Policy, the User agrees, consents and authorizes CashG Pro 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 User undertakes that all personal information provided to CashG Pro is true and valid. CashG Pro is permitted to verify and/or validate such information through credit services verification, bank information verification, background investigation, company information verification, and other sources of information necessary to achieve the purpose of this Agreement.

g) CashG Pro ensures that users' personal information is protected from unauthorized access, destruction, disclosure or sharing. The user agrees, consents and authorizes CashG Pro to use, manage, and disclose personal data, information, files, and data sources to third parties to achieve the purpose of this Agreement, including but not limited to collection, data verification, and use of telecommunications operators. other. Subject to the "Data Privacy Law" and its Implementation Rules and Regulations.

h) The user agrees, consents and authorizes CashG Pro to use the User's name to sign the "Loan Approval" or "Loan Contract", which will be in electronic form. CashG Pro will transmit these data to relevant banking institutions to ensure the security of the aforementioned loans.

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

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

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

3. If after the loan is cancelled the User fails to settle the amount due as determined, CashG Pro 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 inability to contact the User and his reference contact persons among others, CashG Pro 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 CashG Pro’s contact information.

j) User is allowed to terminate this Agreement provided he pays the total amount due plus interest as determined and agreed upon by the Parties.

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

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

m) The User agrees, consents, and authorizes CashG Pro to use User information to make business recommendations. CashG Pro will send out business and commercial ads to mobile phones, emails, and SMS among others.

  1. Obligations of the Parties

a) After the User signs the contract, the User is obliged to return the amount owed in accordance with this Agreement. For example, the due date and the due amount specified in the loan details.

b) Without CashG Pro’s express written consent, the User has no right to transfer the rights under this Agreement to any third party, otherwise the transfer will be declared invalid.

c) CashG Pro reserves the right to cancel the User's loan, if the User violates the provisions of the Agreement.

d) This Agreement may only be modified, amended or terminated when both parties agree to such proposed amendment. CashG Pro 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.

e) During the life of the Agreement, CashG Pro shall provide the User with the services agreed upon.

f) The User shall pay the service fee and other related fees to CashG Pro in accordance with the terms and conditions of this Agreement.

g) CashG Pro has the right to use the user's personal data information for data inspection and risk assessment. CashG Pro may recommend a loan plan that suits the user's ability to pay.

h) CashG Pro has the right to verify and validate the information and data provided by the User. The User undertakes to provide correct information.

i) To ensure transaction security, CashG Pro has the right to ascertain whether the User uses the application in a legal manner. CashG Pro reserves the right to let the User explain in writing any discovery, report or information of illegal use before taking action.

j) If CashG Pro discovers that the User has provided false and invalid information, or attempted to deceive or has deceived CashG Pro through fraud or conspiracy, CashG Pro has the right to terminate or cancel transactions with the User without prior notice.

  1. Delinquent Payments

a) When the User is late in paying the arrears and cannot contact the user, CashG Pro will contact the emergency contact provided and may try to collect the payment from the emergency contact.

b) If the provided emergency contact cannot be reached or is false or invalid, the User authorizes and agrees that CashG Pro will use the collected telephone contacts to locate the user. CashG Pro will not disclose nor divulge any information about the loan or this Agreement. However, CashG Pro will notify the Third-Party contact that the User cannot be reached, and CashG Pro will require the User's new contact information.

c) If the User is late in payment, CashG Pro shall have the right to collect the payment by issuing notices in the User's account, seek assistance from a collection company or pursue legal recourse by filing the corresponding Civil and Criminal action necessary against the erring User.

d) CashG Pro shall have the right to transfer, assign, or cede all or part of the claims to third parties including but not limited to such as the use of collection companies and others. The User agrees, consents, and authorizes CashG Pro to disclose necessary information in order that the collection companies may properly serve its purpose subject to the restrictions of the Data Privacy Act.

e) The Collection attempt will only stop after the full amount has been settled or the User has arranged to settle the minimum amount payable on a specific date. Failure to resolve the payment arrangement will result in CashG Pro continuing attempts to collect payments in accordance with the provisions of this Agreement.

  1. Privacy of Information

    The lender shall observe the privacy of the Borrower’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 Borrower’s personal information from any accidental or illegal destruction, modification and disclosure, and any other illegal processing. The borrower shall operate and store personal information in strict confidentiality, and this obligation shall continue even after the termination of the employment or contractual relationship.

  2. Disclosure of Information

    The Borrower 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, 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) for provision of or cross selling of products and services, any information relating to the Borrower’s affairs or account in respect of the Loan, this Credit Agreement, and at any time and to such extent as the Lender may at its absolute discretion deem expedient or necessary. The Borrower hereby agrees that the aforesaid information may be used, encrypted, transmitted and stored by the Lender and its holding company, head office, other branches, subsidiaries, related companies and/or may be exchanged to or with all such persons as the Lender considers necessary to the extent as permitted by Philippine laws. The aforesaid actions are without liability to the Borrower. The Borrower expressly consents to such actions and declares that no further consent from the Borrower is necessary or required in relation thereto.

     Notification regarding R.A. No. 9510

    Pursuant to Republic Act (R.A.) No 9510 and its Implementing Rules and Regulations (IRR), creating the Credit Information Corporation (CIC) , are mandated to submit your basic credit data (as defined in R.A. No. 9510 and its IRR), as well as any regular updates or corrections thereof, to the CIC for consolidation and disclosure as may be authorized by the CIC, and other credit reporting agencies duly accredited by CIC, for the purpose of establishing your creditworthiness.

  3. Set-off

    The Lender shall decide on its own to offset or deduct any obligations of the Borrower under this Credit Agreement and other related documents from any account held by the borrower, 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 Borrower. 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.

  4. Breach of Contract

Any party who violates any provisions of this Agreement, performs incompletely or erroneously any of its obligations under this Agreement, makes any false statement, any material failure to disclose or omit any important facts, or fails to perform any undertaking under this Agreement, shall constitute a violation of this Agreement. The breaching Party shall be liable for any such breach in accordance with applicable laws.

  1. Force Majeure

If both Parties are unable to perform their obligations due to war or national emergency, civil commutation, strikes and labor disputes, acts of God, force majeure or other reasons beyond their control, this Agreement shall be deemed to be suspended during this period; however, after the termination of this Agreement, unless its effective period expires during this period, this Agreement shall be deemed to be automatically effective again. In this case, the renewal of this Agreement shall be negotiated by both parties.

  1. Applicable Law and Dispute Resolution

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

 

  1. Validity of Contracts, Termination and Separability

a) This Agreement has been reviewed by both parties. Both Parties have ample opportunity to negotiate the terms and conditions of this Agreement. Therefore, both Parties expressly waive any common law or statutory interpretation rules, that is, the ambiguity should be interpreted as unfavorable to the drafters of this Agreement, and agree, promise and express that the language of all parts of this Agreement should be interpreted as a whole under all circumstances, according to its fair meaning and for the pursuit of its legitimate purpose.

b) In case any provision in this Agreement shall be declared invalid, illegal or unenforceable by a court of competent jurisdiction, the validity, legality and enforceability of the remaining provisions hereof and thereof shall not in any way be affected or impaired thereby.

c) If the User has clicked "Completed" in the CashG Pro platform, the User will be deemed to have agreed to the terms and conditions of this Agreement and thus the Agreement shall be binding between the User and CashG Pro.

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

e) Except as otherwise provided in this Agreement, 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.