Loan Risk Warning
1. Product risk
Loans are risky, so be careful when borrowing. Once the loan is successful, you must pay interest according to the agreed interest rate and repayment plan. If it is overdue, overdue penalty interest and liquidated damages will also be incurred. Therefore, before applying for a loan, please be sure to fully evaluate your repayment ability and plan your funds reasonably to avoid adverse effects on you due to overdue.
This loan transaction is high-risk. If you do not have the ability to repay, please do not borrow.
2. Warning of overdue consequences
1) Overdue fee calculation rules
Account management fee: current expected principal * 1% (charged on schedule)
Overdue fee:
Day 1 to 30 – current remaining principal * 0.26%, charged daily
After the 31st day – current remaining principal * 0.33%, charged daily
Note: The late fee shall not exceed 5% of the current outstanding principal every 30 days.
2) Credit impact
When a user defaults, the lender will report the default information to the local credit system. During the retention period of the default record, the personal credit score will be reduced, which will damage the borrower’s credit. This will greatly hinder their future access to new loans from banks or other financial institutions. Even if approved, they may face higher interest rates, more stringent conditions, or need to provide additional collateral, guarantees, etc.
3) Legal recovery process
If the user defaults on repayment, the lender will first conduct reasonable collection. The lender can transfer the rights and obligations of the agreement to a third party for debt collection. If the dispute is resolved through litigation, the agreement shall be followed by a lawsuit filed in the relevant court within the legal framework of the Republic of the Philippines.
3. Fee transparency
The fees include three aspects: interest, handling fees, and overdue fees.
Interest: 0.08% daily rate
Handling fees: 0.09%~0.42% daily rate
Overdue fees:
(1) Account management fee: current principal to be repaid*1% (charged on schedule)
(2) Overdue fees:
Day 1~30 – current remaining principal*0.26%, charged on a daily basis
Day 31 and beyond – current remaining principal*0.33%, charged on a daily basis
Note: The late fee shall not exceed 5% of the current outstanding principal every 30 days.
4. Data Usage Statement
1) The data we collect may include the following:
Basic identity information
Including your name, gender, ID photo, live body, user ID, detailed address, and phone number, etc., and may also include other relevant personal information you provide.
Financial status related data
Involves sensitive financial content such as your bank account information and transaction history.
Device activity and location information
Includes the approximate location information of your device, network status, advertising ID, SMS, Bluetooth, and calendar.
Technology and application related data
Includes device failure logs, system diagnostic information, application usage activity, application performance data, and may also collect identification information such as device ID.
Device unique identifier
For example, device unique number, battery status information and other device-specific identification data.
Behavioral data
Users’ page visits, inputs, and clicks on the APP
Others
Obtain user-related transaction information from other third parties, such as credit reporting agencies
2) Data sharing instructions
With your authorization, we will share some of your personal information with third-party partners such as Facebook, AppsFlyer, Face++, and Skypay. This information includes general information such as name, email address, user ID, mobile phone number, more sensitive information such as financial status and approximate location, as well as in-app activity records, app performance and device identification details such as device model and battery level. These shared data will serve identity verification, real identity confirmation, credit review, loan approval and issuance, payment settlement process and subsequent repayment management, etc., in order to optimize the lending business process, improve service quality and risk control level.