Loan Information:
Amount You Can Borrow: ₱1,000 to ₱40,000
Loan Duration: Ranges from 91 days to 180 days
APR: 23.25%
Transaction Fees: None
Service Fees: Between ₱20 and ₱800, with a 2% fee
Note: Always read the Disclosure Statement before applying to make sure you're fully informed.
Example Loan Calculation: If you take out a ₱10,000 loan for 120 days with 3 payments, the total amount to be paid will include interest, service fees, and the principal amount. For this example, the monthly installment would be around ₱3,588, with an interest total of ₱764 for the loan period. A service fee of ₱200 is deducted upfront, so you will receive ₱9,800 as your net disbursed amount. The total payment you will make for the loan is ₱10,764.
Who Can Apply?
This app is only for Filipino citizens who are between the ages of 18 and 60. You'll need a government ID and proof of steady income to apply.
1. Review
At any point in time, the Lender may undertake a review of the Loan, holding a sovereign right to demand its repayment or to rescind the Loan at will.
In addition, the Lender has the unilateral authority to revisit and adjust the Terms and Conditions stipulated herein, as per its discretion.
2. Loan Use
The credit extended by the Lender must be utilized by the Borrower for purposes that are legitimate and sanctioned. This credit is intended strictly for the personal benefit of the Borrower.
3. Loan Amount Specification
It is hereby agreed by the Lender to provide a loan to the Borrower, and in turn, the Borrower, agrees to receive and make use of said loan from the Lender, with the sum total as determined in the Loan Decision, evidenced by the Promissory Note and noted in the Borrower’s Personal Account.
4. Terms of Loan Repayment
"Terms of Loan" signifies the timeframe within which the Borrower is required to remit payment of the Loan's principal amount, plus the pertinent interest, charges, and fees as enumerated in the Disclosure Statement. The duration of this term may vary from ninety-one (91) to one hundred and eighty (180) calendar days, based on the duration approved in the Loan Decision.
5. Interest on the Loan
The Borrower is obligated to the Lender for the payment of interest on the Loan until the total amount is discharged, with the interest being computed and remitted in adherence to the regulations specified within these General Terms and Conditions.
Interest on the Loan accrues on a daily basis until the Maturity Date. The interest rate is determined on a case-by-case basis and disclosed in Disclosure Statement.
6. Penalties and Fees for Late Payment
Any failure to pay the loan amount by the due Maturity Date will obligate the Borrower to pay not only the outstanding amount but also a fixed default charge of PhP1,000 for individuals availing for the first time and PhP800 for those who are repeated clients. A daily interest rate of 5% on the overdue amount will be levied from the first day of delay until the thirtieth day, 4% on the unpaid amount from the thirty-first day until the ninetieth day of delay, and a continual rate of 2% from the ninety-first day of delay until the entirety of the Loan is settled.
7. Prerequisites for the Release of Loan Funds
Funds from the Loan will be disbursed only after the achievement of specific criteria to the Lender's approval: it is necessary for the Borrower to enter their bank account details accurately; the Borrower's photo with an identity document must be uploaded to their Personal account; the Borrower must also confirm and agree to the Loan Decision through SMS confirmation or a direct call.
Once the Loan Application from the Borrower receives approval from the Lender, the Borrower is not permitted to cancel or refuse the Loan proceeds, except in instances where such refusal attracts charges for cancellation, rejection, or early repayment as stipulated by the Lender. It is agreed by the Borrower that the Lender has the authority to decide on the cancellation of the Loan at its discretion.
The Lender disclaims any liability for the issuance of Loan proceeds to incorrect or other bank accounts due to the Borrower's error in entering data. The Lender is also relieved from responsibility for any delays or difficulties in the disbursement of Loan proceeds to third parties following the Borrower's written instructions.
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. Disclosure of Information
The Borrower explicitly gives the Lender the right to share details of the Borrower’s transactions or loan account under this Agreement, including the Loan Agreement and the Promissory Note, with the following entities: (i) public regulatory agencies; (ii) any parties considering the acquisition or fulfillment of the Loan’s debt obligations; (iii) professional consultants such as auditors and legal advisors, in addition to collection firms; (iv) entities specializing in credit evaluation; (v) insurance providers, intermediaries, or any third-party firms engaged in delivering services or products on behalf of or to the Lender and its affiliated entities, including its parent company, overseas offices, branches, and subsidiaries; or (vi) for the facilitation or marketing of various products and services. This disclosure, determined at the Lender's sole discretion as necessary or appropriate, will adhere to the governing laws of the Philippines, exempting the Lender from any borrower liability. The Borrower acknowledges this consent and confirms that no additional approval is required for such disclosures.
Pursuant to the provisions of Republic Act No. 9510, along with its Implementing Rules and Regulations establishing the Credit Information Corporation (CIC), the Lender is compelled to submit the Borrower's primary credit information and any future amendments or corrections to the CIC. This action is intended for the consolidation and authorized disclosure of such data by the CIC and other CIC-accredited credit reporting bodies to assess the Borrower's credit reliability.
In the event of the Borrower's failure to adequately, correctly, or promptly settle the loan obligations, beyond adopting specified debt recovery actions herein or as outlined by Philippine regulations, the Lender is authorized to report such failures to third-party entities, including but not limited to, agencies tasked with debt collection, to facilitate the recovery of the loaned sum.
By agreeing to this clause, the Borrower permits the Lender and its associates to retrieve, process, utilize, and maintain the Borrower's personal data such as identifying details, demographic information, biometrics, communication channels, employment background, financial status, and other necessary information stated in the loan application for the purpose of appraising and administering the loan request. This consent encompasses the acquisition of personal data directly from the Borrower or from other controlling bodies for credit scoring purposes. Furthermore, the Borrower's personal details will be communicated to credit scoring agencies for credit investigation, scoring, analytics, and profiling, including regular reassessment of the Borrower's credit standing. The obtained personal data may also be leveraged for direct marketing of the Lender's partner services and products. Throughout this data processing phase, the Borrower's privileges under the Data Privacy Act of 2012, including rights to information, objection, access, correction, deletion or blocking, and indemnity, will be honored. All entities to which the Lender disseminates the Borrower’s personal information will equally uphold these rights.
11. Language and Applicable Law
The legal framework governing this Loan Agreement and associated Promissory Note is the law of the Philippines. The authorized courts within the Philippines hold jurisdiction over disputes stemming from or connected to this Agreement and the Promissory Note, covering issues of existence, applicability, or dissolution.
12. Contact Details
The terms of this Loan Agreement activate with the lending of funds to the Borrower, as depicted in the Promissory Note, and will stay effective until the terms are deemed unnecessary unless an earlier termination by the Lender occurs or the Parties mutually decide on changes.
For any questions or need for assistance, our contact details are as follows:
Enterprise Name: R N G GOLD EN LENDING CORPORATION
Email for Support:
Support Contact: 9499837712
Location Address: Zone 8 Miranda Poblacion Pamplona, Camarines Sur, 4416 Philippines
