AKULAKU USER’S AGREEMENT

 

 I.     PRELIMINARIES

  1. Please read before accessing the Akulaku portal. By checking the box indicating acceptance, the User agrees to be bound by the terms and conditions of this Agreement in the use of and access to the portal.
  2. The purpose of the Portal is to enable the User to do shopping and make payment transactions, while accessing and availing benefits connected to “Buy Now Pay Later” (BNPL) loan service of Akulaku.

 

   II.     DEFINITION OF TERMS

  1. Akulaku – refers to Streetcorner Lending Corp., a duly registered corporation with the Securities and Exchange Commission (SEC), and doing business under the name and style of Akulaku.
  2. Akulaku Portal – refers to the mobile application or website to be accessed by the User to avail of BNPL service.
  3. BNPL – Akulaku service whereby loan is extended to enable qualified User to buy products of Akulaku partner merchants now and pay later.
  4. Subscription – refers to the User’s act of enrolling his/her account in Akulaku Portal for auto debit arrangement until full settlement of the loan.
  5. USER – refers to account holder or the individual who uses the Akulaku Portal, whose name appears on the online form, and signed the enrollment or application forms.
  6. Outstanding Balance – means the total amount of the principal loan owed by the User to Akulaku.
  7. Personal Data – refers to data provided to identify, contact or locate the User.
  8. Third Party – refers to contractors, suppliers, or vendors of Akulaku whose products and services support or are used in the Akulaku Portal.

 

 

III. TERMS AND CONDITIONS

  1. BNPL shall only be availed for lawful purposes. Akulaku prohibits any activity that facilitates money laundering or the financing of terrorist or criminal activities in consonance with law.
  2. User undertakes to provide Akulaku with: (a) true, accurate current and complete evidence of User’s identity or personal information, and keep the same updated; (b) any identity documentations as may be requested; and (c) any other information such as Account information, credit card or debit card necessary for the processing of BNPL service or requested transaction.
  3. By subscribing to the Akulaku Portal, User agrees and authorizes Akulaku to debit User’s account on agreed payment schedules or due dates. In case User’s account has insufficient balance, User further authorizes Akulaku to debit the said account again in the succeeding days until payment is received.
  4. User agrees not to use the BNPL service for any purpose that is illegal, unlawful or prohibited by this agreement, or to solicit the performance of any illegal activity or other activity which infringes on the rights of Akulaku or others.
  5. Any BNPL transaction requested by the User may or may not be accepted or processed and the User will be promptly notified of the same.
  6. User understands that Akulaku may modify, suspend, stop or terminate its BNPL Service without notice, at any time, and from time to time.
  7. Akulaku may verify any activity done through the BNPL service in compliance with the Anti Money Laundering and other pertinent laws, rules or regulations.
  8. Akulaku may refuse or cancel BNPL transaction Requests if: (a) Akulaku is unable to verify the User’s identity; (b) the User does not comply with information requests; or (c) Akulaku reasonably believes the User is using the BNPL service, or allowing it to be used, in violation of this Agreement or of any pertinent laws, rules or regulations.
  9. In order to comply with Akulaku’s obligations under pertinent laws, Akulaku reserves the right to ask for further information or evidence relating to the purpose of a transaction.
  10. Akulaku may suspend or block the transaction and Portal account if there is reason to believe that the transaction may be illegal or used for fraudulent or suspicious businesses or by an unauthorized person.
  11. User agrees that by providing its personal information for the purpose of availing the BNLP service, User expressly consents to the processing of the same information for the purpose of creating and maintaining its account, availing the BNLP service, requesting for transactions, or as required by law, rules or regulation. Such consent includes authorization for Akulaku to disclose the said information to concerned third parties.
  12. Akulaku makes no representation or warranties whatsoever about any product, service, content and/ or any other resources provided by the Third Party.

 

IV.    FEES, RATES, AND OTHER CHARGES

  1. User agrees to pay fees, rates and applicable taxes, related to the service and its use, as may be imposed by Akulaku and/or Third Party.
  2. All Fees are non-refundable and shall be debited from the User’s account.

 

 

V.    NON-LIABILITY CLAUSE 

  1. Akulaku makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to any information, products, services, or related graphics contained in the merchant/partner store. Any reliance the User may place on such information is therefore strictly and exclusively at the risk of the User. In no event shall Akulaku be liable for any loss or damage arising from any technical issues on the shopping website (Platform), change of price without prior notice, unavailability of item, delay in delivery, non-delivery of ordered item, defects in the item purchased, enforcement of product warranty, or any other claim, liability or responsibility arising from the availment of merchandise in the store, the quality of the item purchased, or the delivery of the item purchased.

 

VI.  COMMITMENT

  1. For installment or deferred payment options, User hereby apply for a deferred payment facility with Akulaku and in consideration of the processing of the facility:
  1. User hereby authorize the Akulaku to obtain such relevant information concerning the application of the facility as it may require from other institutions or persons and from any other source as Akulaku may deem appropriate and hereby waive the confidentiality of any personal information obtained in the course of the verification. Without limiting the generality of the foregoing. User authorized the Akulaku to:
  1. User guarantee that the emergency contacts and character references the User provided have consented to be qualified as such and have notified said emergency contacts and character references that they may be contacted by Akulaku for the purposes of verification, payment collection, marketing and customer
  2. User agree that all information and documents supplied, or by any authorized representatives, or otherwise obtained by Akulaku in accordance with the foregoing shall be the property of Akulaku. Any such information and documents, as well as any personal or sensitive personal information that the User provide Akulaku or which it may obtain in the course of the verifications permitted here, and may be used by the latter of any lawful purpose at its discretion, including but not limited to providing it to its agents it may retain to assist it in completing the verifications it may conduct pursuant to my application, whether the application is granted or not. Without limiting the generality of the foregoing, User authorized the Akulaku to:
  1. User confirm and acknowledge that the User shall hold Akulaku free and harmless from any liability that may arise from obtaining, transferring, disclosing or storing information and documents relating User’s
  2. In case of disapproval of User’s application, User agree that Akulaku is under no obligation to disclose the particular reason/s for such
  3. User authorize Akulaku to communicate via, phone call, SMS/text, In-App messaging, Social network messaging or chat, mail or any means for the following purposes:
  1. User hereby consent to the recording of telephone conversations or any conversations, communications, online chat, SMS, that may be recorded between myself and any employee, contract assignee, representative or agent of
  2. User hereby warrant to use the loan disbursed for legal purposes
  3. If any of the Consents is held to be or become illegal, invalid or unenforceable in any respect, that shall not affect or impair the legality, validity, or enforceability, of the other Consents. To the extent that Consent would be considered legal, valid and enforceable if the same is limited or qualified, it shall be deemed to be limited or qualified without need for any further action on the User’s part or on the part of Akulaku.

 

VII.         LOAN AGREEMENT

The provisions of this Loan Agreement apply between the User (as borrower) and Akulaku (as creditor).

a.     REPAYMENTS

  1. PAYMENT DUE DATE OF MONTHLY INSTALLMENTS

Each monthly repayment shall be made on or before the Due Date. The first monthly payment will be paid based on the schedule provided in the Payment Schedule as displayed in the Akulaku’s page.

      2. PREPAYMENT

User may prepay the Outstanding Balance in full or prepay more than the monthly payment due before payment due dates at any time without premium or penalty. All prepayments shall first be applied to any outstanding late installment amounts due, then to any late payment fees or in due and thereafter to the Outstanding Balance.

Any such prepayment that exceeds monthly repayment or any prepayment in parts shall be deemed to be advance payment. Such amounts of advance payment if sufficient to cover the monthly prepayment(s) will extend the schedule Due Date (Monthly Due Date) to a later date.

 

 APPLICATION OF PAYMENT

Any and all payments made by the User shall be applied on the following items in the order they are listed:

(1)Any stamp duty or other charges permitted by

(2)In payment of enforcement expenses

(3)Late payment penalties

(4)Past due unpaid items from the oldest due date to the latest in the following order of items:

3. LATE PAYMENT FEE

Upon failure of the User for any cause whatsoever to pay any of the payments when due (single or installment payment), the User hereby acknowledges that the entire outstanding balance of the Loan Amount shall, without need of demand, immediately become due and demandable. Any and all unpaid and demandable installment payments shall be subject to penalty charges at the rate of 1% per day until fully paid. The Loan Agreement and/or the Loan transaction of the User shall be governed by the laws of the Republic of the Philippines.

b.     COLLECTION OF PAYMENT

  1. Upon the occurrence of an event of default, as described in the previous section, Akulaku may, at its sole discretion and without need of notice or demand, take such action and exercise such remedies in order to protect and enforce its rights under these Terms and Conditions and applicable laws.
  2. In the event of delay or failure on your part to settle payment of my obligation, User hereby acknowledge and authorize Akulaku, through its Collection Department or a debt collections agency, to contact you personally or through your emergency contacts, or character references, using any and all information User have entered via the Akulaku service or which have been obtained from the User in any other way in the course of submitting loan application such as, among others, those gathered through our verification process to determine the User’s eligibility for the loan. Akulaku reserves its right to contact the User, in accordance with applicable regulations, by any method necessary including, but not limited to, by letter, email, phone call, SMS or by sending private messages to User’s social media accounts.

Finally, User agree to pay all reasonable legal fees, collection and enforcement charges to the extent permissible by law, in addition to other amounts due. The User likewise warrant to have obtained the consent of their emergency contacts and character references to use their information for the purposes mentioned in this clause.

 

 

VIII.     SEPARABILITY CLAUSE

  1. Should any term or condition in this Agreement be rendered void, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining terms and conditions shall not be affected or impaired thereby.

 

IX.      PRIVACY

  1. All Personal Data provided to Akulaku will be handled, stored, and processed according to our Privacy Policy (“Akulaku Privacy Policy”). By accepting these Terms and Conditions, you acknowledge that you have read and agree with the Akulaku Privacy Policy, and consent to Akulaku’s collection, use and disclosure of your Personal Data for the purposes as set out in the Privacy Policy. 

Ⅹ.      COMPLAINTS HANDLING PROCEDURE

  1. User’s questions, needs and feedbacks are very important to Akulaku. Thus, for any complaint or concern about the service, User may contact Customer Service number: 063282313188, or e-mail Akulaku at paylater.cs@akulaku.com.