We highly advise reviewing the Disclosure Statement in its entirety to fully comprehend the terms and conditions before submitting your loan application.
Loan Program Summary:
Loan Term: Varies from 91 to 180 days
Loan Amount Range: ₱5,000 to ₱200,000
Annual Percentage Rate (APR): 22.89%
Service Fees: Range from ₱150 to ₱6,000, with a 3% service charge applied
Transaction Fees: No fees applicable
Hypothetical Loan Case Study: For a ₱25,000 loan with a 180-day term, repaid in 6 installments:
Interest Per Installment: ₱470
Installment Amount: ₱4,637 per payment
Total Interest Across Loan Term: ₱2,822
Service Charge: ₱750 deducted upfront
Total Amount Due: ₱28,572
Who Qualifies for a Loan:
Credit MS is exclusively available to citizens of the Philippines aged 18 to 60. Applicants must present a valid government-issued ID and demonstrate a reliable source of income.
1. Entire Agreement
This Pact constitutes the entire accord between the Parties, displacing all previous arrangements, interpretations, representations, and warranties, in any form, related to the Agreement's subject.
2. Loan Term
Loan Term shall refer to the period within which the Borrower shall pay the principal amount of the Loan in full, together with the corresponding interest and all other charges and fees indicated in the Disclosure Statement, which may range from ninety-one (91) calendar days to one hundred and eighty (180) calendar days, depending on the term approved under the Loan Decision, as indicated in the Promissory Note.
3. Loan Usage
The monies provided by the Lender are for the Borrower's engagement in activities that are lawful and bona fide. These funds are dedicated exclusively for the personal utility of the Borrower.
4. Loan Amount Confirmation
It is hereby agreed by the Lending Party to provide a loan to the Borrowing Party, and in turn, the Borrowing Party agrees to receive and make use of said loan from the Lending Party, with the sum total as determined in the Loan Decision, evidenced by the Promissory Note and noted in the Borrower’s Personal Account.
5. Interest
The Borrower shall be answerable to the Lender for the payment of interest on the Loan until the entire sum is discharged, with the interest being computed and disbursed in adherence to the provisions specified in these General Terms and Conditions.
Interest on the Loan accumulates daily until the Maturity Date. The interest rate is determined on an individual basis and elucidated in the Disclosure Statement.
6. Penalties and Charges for Late Payment
Should there be a failure in the timely repayment of any sum disbursed pursuant to this Loan agreement post the Maturity Date, it shall confer upon the Lender the right to demand from the Borrower, in addition to the sum that remains unpaid, a default fee. This fee is designated to be PhP1,000 for individuals who are availing of the loan facility for the inaugural time, and PhP800 for individuals who have previously availed of the loan facility, applicable as a one-off charge. Concurrently, an interest penalty will be enforced on the delinquent amount at a rate of 5% per diem starting from the initial day of the delay until the thirtieth day thereof. This rate will be modified to 4% per diem on the overdue sum starting from the thirty-first day of the delay up until the ninetieth day thereof. Following this interval, a further reduced interest rate of 2% per diem will be applied to the overdue sum commencing from the ninety-first day of delay continuing until the full repayment of the Loan.
7. Precondition Required for Release of the Loan
Disbursement of the Loan will only be initiated once the Lender has confirmed that the Borrower has met the required conditions: accurate entry of the Borrower's bank account details is mandatory; the uploading of a photo where the Borrower is holding an identification document in the Borrower's Personal account is required; and the Borrower's acceptance of the Loan Decision must be validated either through SMS confirmation or a direct voice confirmation.
After the Borrower's Loan Application is ratified by the Lender, the Borrower is precluded from revoking the Loan or declining the receipt of the Loan funds, unless such refusal is accompanied by fees related to cancellation, denial, or early settlement as pre-defined by the Lender. The Borrower acknowledges the Lender's sole discretion in deciding on the acceptance or rejection of any Loan cancellation.
The Lender is absolved of any liability for the transfer of Loan funds to an incorrect or different bank account attributable to the Borrower's error in data submission. Furthermore, the Lender is indemnified against any liabilities for delays or issues in the release of Loan funds to third parties, contingent upon the Borrower's written consent and directions.
8. Declarations and Commitments
The Borrower hereby affirms and guarantees to the Lender, on an ongoing basis, that:
The responsibilities and obligations, expressed or implied, undertaken by the Borrower under this Loan Agreement and any pertinent documents, are lawful, valid, binding, and enforceable;
The Borrower's entrance into and fulfillment of the terms of this Loan Agreement, as well as any related transactions, do not and will not contravene any applicable laws or regulations or any agreements or instruments that are binding on the Borrower;
No current event of default exists, nor is any expected to arise from the provision of the Loan;
All material information, financial or otherwise, concerning the Borrower and other relevant entities has been fully disclosed to the Lender, ensuring the Lender is well-informed in accordance with this Loan Agreement. This information is true, accurate, and not misleading in any manner as of its provision date;
The Borrower has meticulously reviewed, comprehended, and consented to adhere to the stipulations of the Loan Agreement, Promissory Note, and related documents. The Borrower consents to be bound by these documents, including any modifications, which are accessible on the Lender's website (
) and have been communicated to the Borrower through various channels chosen by the Lender;
The Borrower is fully aware of and acknowledges their obligations towards the timely and complete repayment of the loan as outlined in the Loan Agreement;
The Borrower recognizes that the Lender reserves the right to accept or reject the Loan Application based on legitimate grounds, and that the application and its supplementary documents will be retained by the Lender and not returned;
The Borrower regards their Loan Application as merely a proposal, with the final approval contingent upon the Lender's evaluation and policy. The Borrower willingly acquiesces to the decisions made by the Lender, agreeing not to lodge any grievances or seek legal recourse in these matters;
The Borrower unequivocally acknowledges their indebtedness to the Lender for the sanctioned loan amount, assuming it has been disbursed as agreed.
Furthermore, throughout the Loan Term, the Borrower commits to:
Utilize the loan exclusively for personal needs, such as education, medical emergencies, travel, household expenses, or similar personal expenditures;
Abide by all applicable laws in performing obligations under this Loan Agreement and associated documents;
Acquire and maintain any necessary authorizations, consents, or approvals required to fulfill their obligations under this Loan Agreement and to affirm its legality, validity, enforceability, or admissibility as evidence;
Promptly inform the Lender in writing of any potential or actual default events specified in the Loan Agreement, including any situations that may constitute a default under any other agreements to which the Borrower is a party, along with any remedial actions being undertaken;
Notify the Lender within three calendar days of any changes to their name, date of birth, or residential address;
Inform the Lender of any changes in employment, business, or professional activities, and if self-employed, provide updates on personal financial conditions as periodically requested by the Lender.
9. Incidents of Default
The following circumstances shall be recognized as Incidents of Default:
The Borrower's failure to abide by or execute any stipulations of the Loan Agreement, the Promissory Note, or any ancillary agreements with the Lender;
The Borrower's inability to settle any due principal sums, interests, or costs that are required to be paid to the Lender under the terms of the Loan Agreement;
Any declaration or assurance provided by the Borrower, in relation to the Loan, is discovered to have been inaccurate or misleading at the time it was given, irrespective of the Lender's actual detriment due to such inaccuracies or omissions;
The Borrower's decision to halt or terminate his/her financial activities, declaration of insolvency, incapability to discharge debts as they mature, or engagement in any act of bankruptcy or insolvency;
A final judgment or order for a significant monetary amount, damages, or penalties is imposed on the Borrower by a competent court and remains unsettled, discharged, or fully bonded within ten (10) days following its due date as per the applicable laws;
The Borrower's demise or conviction in a criminal case with a final judgment that entails a penalty of civil interdiction, or falls within the scenarios described in Article 1198 of the Civil Code of the Philippines;
Any significant alteration in the Borrower's financial situation or condition since the loan's approval that, in the Lender's reasonable judgment, negatively impacts the Borrower's capacity to fulfill the Loan Agreement obligations.
Default Consequences
Upon the occurrence of an Incident of Default:
The Lender is entitled to deem the entire Loan amount as immediately payable, demanding the Borrower for swift and complete settlement;
Should the default result from the Borrower's delay in loan repayment, the Late Payment Penalties and Fees outlined in Article 7 shall be enforced;
The Lender reserves all rights to remedies available in the Promissory Note and under the law to secure its claims against the Borrower.
The Borrower consents to forgo any notices or formalities required for the Lender to enforce its rights post-Default. Any non-exercise or delay in exercising such rights, options, or privileges shall not constitute a waiver thereof, except as expressly stated in a written waiver by the Lender.
10. Information Disclosure
The Borrower unconditionally allows the Lender to disclose pertinent information about the Borrower’s financial engagements or accounts related to this Loan, the Loan Agreement, and the Promissory Note to various parties including (i) regulatory and government bodies; (ii) individuals or entities considering the acquisition or payment of the debt under this Loan; (iii) the Lender's auditors, legal advisors, or collection agencies; (iv) credit reporting entities; (v) insurance firms, agents, third-party service providers, or contractors linked to the Lender's or its affiliates' service and product offerings, including its parent company, branches, subsidiaries, and affiliates; or (vi) for the purpose of marketing or cross-selling relevant services or products. The Lender is granted full discretion to decide the extent of such information sharing as deemed necessary or required, in full compliance with Philippine laws, absolving the Lender of any liability towards the Borrower for such actions. The Borrower acknowledges this agreement and negates the necessity for any additional consent regarding these disclosures.
In compliance with Republic Act No. 9510 and its Implementing Rules and Regulations, establishing the Credit Information Corporation (CIC), the Lender is required to forward the Borrower’s basic credit data and any subsequent updates or corrections to the CIC. This data may be shared with the CIC and other duly accredited credit reporting agencies to evaluate the Borrower’s credit standing.
If the Borrower fails to meet their loan obligations on time, accurately, or completely, in addition to the Lender undertaking debt recovery actions as prescribed or under Philippine law, the Lender may report such non-compliance to third-party agencies, including collection agencies, aimed at recovering the loan debt.
The Borrower consents for the Lender and its partners to collect, recover, process, utilize, and store personal information including, but not limited to, name, age, biometric identifiers, contact details, employment and financial status for processing the loan application. This consent includes acquiring personal data directly from the Borrower or through other data controllers for purposes such as credit scoring. The Borrower’s personal information may be shared with credit scoring providers for the purpose of credit investigation and scoring, data analysis, and regular credit score updates. Furthermore, the Borrower’s data may be employed for the direct marketing of the Lender’s partner offerings. All personal data processing will respect the Borrower’s rights under the Data Privacy Act of 2012, ensuring entities involved adhere to the same standards of data rights protection.
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: MYSON LENDING INVESTOR INC.
Email:
[email protected]
Customer Service: +63 967732606
Address: P. Burgos Street Sto. Niño Marikina, Metro Manila, 1800 Philippines
12. 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.
