LOAN AGREEMENT
The provisions of this Loan Agreement apply between the User (as borrower) and Akulaku (as creditor).
1. INTRODUCTION
1.1 This Loan Agreement is subject to the amendment of supplementary Akulaku regulations, including the General User Agreement. The User agrees to any potential revisions or modifications made to the agreement in compliance with pertinent Philippine laws and regulations, which shall be made known to the User through a notice or any reasonable measure. User’s continued use of the Site or the Services after any change to this Agreement signifies User’s agreement to be bound by any such changes.
1.1 The User acknowledges understanding and agreeing to this Agreement and other relevant documents.
2. FINANCED AMOUNT
2.1 The User acknowledges that Akulaku will directly pay the retailer in full in exchange for the goods and/or services.
3. RATE OF INTEREST
3.1 The User agrees to pay interest on the financed amount accumulated starting from its effective date according to the disclosure statement and payment schedule.
4. APPLICATION OF PAYMENT
4.1 Any and all payments made by the User shall be applied to the following items in the order they are listed:
4.1.1 Any stamp duty or other charges permitted
4.1.2 In payment of enforcement expenses
4.1.3 Late payment penalties
4.1.4 Past due unpaid items from the oldest due date to the latest in the following order of items:
4.1.4.1 Originating Fees
4.1.4.2 Interest
4.1.4.3 Principal
5. REPAYMENT
5.1 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 on Akulaku’s page.
6. PREPAYMENT
6.1 The 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.
6.1.1 Any such prepayment that exceeds monthly repayment or any prepayment in parts shall be deemed to be an advance payment. Such amounts of advance payment if sufficient to cover the monthly prepayment(s) will extend the scheduled Due Date (Monthly Due Date) to a later date.
7. LATE PAYMENT FEE
7.1 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.
8. COLLECTION OF PAYMENT
8.1 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.
8.2 In the event of delay or failure on your part to settle payment of my obligation, User hereby acknowledges and authorizes 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.
8.3 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 the User’s social media accounts.
8.4 The User agrees 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 warrants to have obtained the consent of their emergency contacts and character references to use their information for the purposes mentioned in this clause.
9. OTHER TERMS AND CONDITIONS
9.1 Users agree not to use the 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 others.
9.2 The User acknowledges that in no way does the User have any rights over the App and Technology of Akulaku other than the right to use each of them in accordance with the terms of the User Agreement.
9.3 Users are responsible for maintaining the confidentiality of their account credentials, including their username and password, and all activities that may occur in the User’s account. Users agree to notifying Akulaku immediately of any unauthorized use of their account or any other breach of security.
9.4 The User represents and warrants compliance with the SIM registration requirements of the Republic Act No. 11934 otherwise known as the SIM Registration Act, and verification of the ownership of the SIM used for loan application.
9.5 Upon the occurrence of an event of default, 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.
10. COLLECTION OF COMPLAINTS
10.1 A User’s questions, needs, and feedback are very important to Akulaku. Thus, for any complaint or concern about the service, the User may contact the Customer Service number: 063282313188, or e-mail Akulaku at paylater.cs@akulaku.com
11. DISCLOSURE OF POTENTIAL CONFLICT OF INTEREST
11.1 The User understands that a representative from the retailer or Akulaku may provide assistance and that this representative may have a personal interest in the approval of the sale and/or loan.