Terms and Conditions - MoneyTree Quick Loan

GENERAL TERMS AND CONDITIONS

1. Keywords

balance owing on the loan account means for the loan account, at any time, the difference between all the amounts credited and all the amounts debited to it at that time. When this amount is to be calculated at the end of a day, it includes all debits and credits assigned to that day.

business day means a day other than a Saturday or a Sunday or a day gazetted as a public holiday throughout the Philippines.

Details means the Personal Loan Agreement Details which names you as ‘Customer’ and which are part of this agreement.

loan account means, for a loan amount, an account we establish in your name for recording all transactions in connection with it.

loan amount means, the amount described as such in the Details.

loan term means the length of the loan term as stated in the Details beginning on the date we lend any of the loan amount.

nominal amount outstanding means, for the loan amount on a day, that part of the loan amount which would have been outstanding if the repayments owing under this agreement had been paid on the due dates required under this agreement and no additional repayments had been made.

settlement date means the date we lend you any of the loan amount.

total amount owing means, at any time, the balance owing on the loan account at that time, plus all accrued interest charges, default interest charges and other amounts which you must pay under this agreement but which have not been debited to the loan account at that time.

you means the person or persons named on the front cover of the Details. If there are more than one, you means each of them separately and every two or more of them jointly. You includes your successors and assigns. Your has a corresponding meaning.

we and us means MoneyTree Quick Loan and its successors and assigns. Our has a corresponding meaning.

2. How and when the loan is made

We agree to lend you the loan amount but we only have to lend to you if:

(a) you borrow the loan amount by the last date for borrowing shown in the Details;

(b) you are not in default under this agreement (for example by not paying a fee);

(d) we have obtained satisfactory credit reports about you;

(e) we have carried out a credit assessment on you that is satisfactory to us;

(f) following your loan application, nothing has happened which has led to a significant adverse change in your financial circumstances or which we reasonably believe could lead to this; and

(g) you have provided us with any documents or information we reasonably require and we are satisfied with those documents and that information.

3. Repayments

You must pay to us the loan amount and any other amount you owe us under this agreement (including interest charges, credit fees and charges, reasonable enforcement expenses, government taxes and duties and charges) by making repayments up until the last day of the loan term shown in the Details. On the last day of the loan term (or, if you default, on the day on which the balance owing on the loan account becomes due), you must pay us:

(a) the balance owing on the loan account; and

(b) any amounts charged, accrued or payable but not yet debited to your loan account.

You must make the repayments at the intervals set out in the Details.

We may review, at any time, the repayments you have to make.

If, in our opinion, your repayments are not sufficient to enable you to pay:

(a) the loan; and

(b) all interest charges; and

by the last day of the loan term, then we may increase your repayments to ensure that this can be done.

4. Interest charges

(a) Obligation to pay

You must pay us interest charges every 15 day on the balance owing on the loan account for the end of that day.

We will calculate interest charges by applying the 15 days rate to the balance owing on the loan account at the end of each day.

(b) When debited

Interest charges are debited to the loan account on the last business day of each month and on the day when the total amount owing under this agreement is finally paid.

5. Early repayment

You may prepay the whole or any part of the balance owing on the loan account and any other money owing under this agreement at any time before the due date for last repayment.

If you prepay only part of the loan account early, the amount of your repayments under this agreement and the due dates for payment of the repayments remain unchanged unless we agree to change the repayments.

If you choose to prepay the total amount owing (that is, the whole of the balance owing on the loan account and any other money owing under this agreement) at any time before the end of the loan term, so that your loan account has either a zero or credit balances:

(a) we may close your loan account and we will usually do this within one business day of the account having a zero or credit balance; and

(b) if we do this, this agreement is ended.

The total amount owing on your account is subject to change. You can check with us to see if a prepayment will pay out and close your loan account

6. Defaults

You are in default if:

(a) you do not pay a repayment, or any other amount, on time under this agreement;

(b) you breach any other requirement of this agreement or a provision of any other agreement you have with us;

(d) you become bankrupt or insolvent, or have an administrator appointed; or

If you are in default, then, unless we notify you to the contrary, we may bring enforcement proceedings against you where the Small Claims Court law applies to this agreement and:

we have given you a default notice allowing you at least 30 days from the date the default notice is taken to be given to remedy the default; and
the notice contains whatever is required by the Small Claims Court; and
the default has not been remedied within that period

7. Changes to this agreement

We may:

(a) if you have a variable annual percentage rate, change that annual percentage rate by changing our relevant indicator rate; and

(b) change the amount, frequency or time for payment of the credit fees and charges shown in the Details (including government charges); and

(d) impose a new fee or charge; and

(e) change the repayments as set out in the Details.

We may also change any of the other provisions of this agreement without your consent, but:

(a) if you have a fixed annual percentage rate we will not change that rate during the loan term; and

(b) if any law regulates the change, we may only change to the extent permitted by, and subject to, the requirements of that law.

If we change this agreement we will give you notice of the change(s) in the manner set out below.

8. Co-operation

You must:

(a) give us promptly any information we reasonably ask for about your financial position;

(b) do anything (such as producing and signing documents) that we reasonably require to give full effect to these terms and conditions; and notify us promptly if you change your residential or postal address.

9. Assignment

We may assign or otherwise deal with our rights or beneficial interests under this agreement in any way we consider appropriate. You agree that we may disclose any information or document we consider necessary to help us exercise this right.

Your rights are personal to you and may not be assigned.

10. Payments and effective dating

If a day on which a payment must be made is not a business day then the payment must be made no later than the next business day.

11. Notices

A notice, statement, certificate or other communication must be in writing.
If you wish to give us a notice, you may send it by post, facsimile transmission or some other form of electronic transmission.

If we wish to give you a notice, we may:

(a) deliver it personally to each of you; or
(b) leave it at, or send it by post, facsimile transmission or some other form of electronic transmission to the address nominated by you in writing to us, or if you do not nominate an address, to the place of residence or the postal address of each of you last known to us.

For the purposes of this agreement a notice is taken to be given:
(a) in the case of a notice given personally – on the date it bears or the date it is received by the addressee, whichever is the later; or
(b) in the case of a notice sent by post – on the date it bears or the date it would have been delivered in the ordinary course of post, whichever is the later; or
(c) in the case of a notice sent by facsimile transmission or some other form of electronic transmission – on the date it bears or the date on which the machine from which the transmission was sent produces a report indicating that the notice was sent to the number of the addressee, whichever is the later; or
(d) in the case of a communication given by newspaper advertisement – on the date it is first published.
We will give you a statement of your loan account every 6 months or at such lesser intervals as you and we may agree.

If we deliver a notice to you electronically:
• you may not receive paper documents;
• we may notify you that information is available electronically (including on our systems, SMS or electronic mail).
• You must check electronic communications, including our systems, regularly;
• you may change your nominated electronic address or withdraw your agreement to receive information by electronic mail by giving us notice; and
• you may request a paper copy of a communication given electronically within 6 months of the electronic copy being received or made available.

12. Read down & Severance

If a provision of this agreement is, for any reason, illegal, void, voidable or unenforceable by us, the provision is to be read down and construed as if it were varied, to the minimum extent necessary, so that the provision is not illegal, void, voidable or unenforceable by us.

If, despite reading down, a provision of this agreement is still illegal, void, voidable or unenforceable by us, and the provision would not be illegal, void, voidable or unenforceable if a word, part of a provision or the whole provision were severed, then the offending word, part or whole provision is severed, to the minimum extent necessary, and the remainder of this agreement has full force and effect.

13. How we may exercise our rights

Where this agreement confers on us a discretion, we will exercise that discretion reasonably and in accordance with our business interests.

We may exercise a right or remedy, or give or refuse our consent or agreement to any request you make, in any way we consider appropriate including by imposing conditions.

If we do not exercise a right or remedy fully or at a given time, we can still exercise it later.

Our rights and remedies under this agreement are in addition to other rights and remedies provided by law independently of it.

Our rights and remedies may be exercised by any of our employees or any other person we authorise.

We are not liable for loss caused by the exercise or attempted exercise of, failure to exercise, or delay in exercising, a right or remedy where:

(a) there is no breach of a legal duty of care owed to you by us or by any of our employees or agents; or

(b) such loss or damage is not a reasonably foreseeable result of any such breach.

We will not be responsible for any loss or damage resulting from a breach by you of any term of this agreement.