Terms and Conditions

1. INTRODUCTION

   1. 1.1.This document sets out the general terms and conditions applicable to the Loan Agreement (hereinafter referred to as “Consumer Agreement”), extended by Advantage Lending Corp. (herein referred to as “Advantage Lending to the Customer”). This is the document referred to in the Consumer Agreement as General Terms and Conditions. Unless otherwise defined, capitalized terms used herein shall have the same meaning ascribed to them in the Specific Terms and Conditions applicable to the Consumer Agreement.

   
   

   2. 1.2.The provisions of the General Terms and Conditions shall form part of the Consumer Agreement as far as they are applicable. Provisions of this document shall apply to existing loans or products being offered and all future loans or products that will be offered by Advantage Lending, including, but not limited to Cash Loan services.

   
   

   3. 1.3.Terms defined and used in the Consumer Agreement shall have the same meaning when used in this General Terms and Conditions.




2. REPRESENTATIONS AND WARRANTIES

   1. 2.1.The Customer represents and warrants to Advantage Lending as follows:

      1. 2.1.1.The Customer does not have any criminal record, and freely and voluntarily enters into the Consumer Agreement.

      
      

      2. 2.1.2.All of the Customer’s loans and obligations with other lenders (including but not limited to banks, financing companies, and credit card companies) are updated and not delinquent or past due.

      
      

      3. 2.1.3.All documents presented to Advantage Lending by the Customer are current, authentic, and may be relied upon by Advantage Lending.

      
      

      4. 2.1.4.All oral representations and communications, including contact information, made to Advantage Lending by the Customer remain true, correct and accurate.

      
      

      5. 2.1.5.All the information provided to Advantage Lending contained in the Consumer Agreement including mobile number, e-mail address, or social media account (Registered Contact Details), are correct, complete, and updated. Customer agrees to inform Advantage Lending without any undue delay.

      
      

      6. 2.1.6.In case of minor discrepancy in the name of the Customer as stated in the Loan Agreement and the documents submitted due to an error during processing (i.e misspelling, typographical error), Advantage Lending can re-issue the Loan Agreement and other documents with the corrected name. It shall suffice that notice was given to the Customer through his Registered Contact Details, and no signature is needed from the Customer to make the corrected Loan Agreement and other documents valid and binding.

      
      

      7. 2.1.7.The Consumer Agreement shall be valid and binding upon the Customer and enforceable in accordance with its Specific Terms and Conditions.

   
   

   2. 2.2.The representations and warranties of the Customer are made as of the Effective Date as stated in the Disclosure Statement and are deemed repeated on each day that any amounts are outstanding under the Consumer Agreement.




3. COVENANTS

   1. 3.1.As long as any Loan Amount or any other fees, charges, or amounts owing under the Consumer Agreement remain outstanding and unpaid, the Customer shall:

      1. 3.1.1.promptly perform all of the Customer’s obligations under the Consumer Agreement, including but not limited to the payment of amounts due under the Disclosure Statement.
      
      
      2. 3.1.2.promptly submit and provide to Advantage Lending all documents and information, execute and deliver such other instruments and documents, and perform or refrain from performing any such other acts, as may be required by Advantage Lending, whether for compliance with government regulations or Advantage Lending’s own policies.



4. PAYMENT CHANNELS

   1. 4.1.Any and all payments made by the Customer in connection with the Consumer Agreement shall be made through the designated banks or third parties appointed by Advantage Lending from time to time to accept payments from the Customer (Payment Channels). Any changes to the Payment Channels shall be notified to the Customer through website announcement. Prior to making each payment, the Customer shall verify the list of Payment Channels on the website of Advantage Lending.

   
   

   2. 4.2.Advantage Lending shall not be held liable for, and the Customer bears the risk of, any delay or failure in crediting or accepting any payment to Advantage Lending, due to any event or circumstance, including but not limited to, the closure, non-functioning, or malfunctioning of the Payment Channel.




5. PROCESSING AND USE OF INFORMATION

   1. 5.1.The Customer expressly consents to the use by Advantage Lending of any information provided by the Customer or otherwise obtained by Advantage Lending, in relation to or in connection with the Consumer Agreement, for purposes of enforcing the Customer’s obligations under the Consumer Agreement.

   
   

   2. 5.2.The Customer expressly consents to the collection and processing of personal information about and/or relating to the Customer, and to the transfer of such information to third parties including without limitation any of the affiliates or subsidiaries of Advantage Lending, credit bureaus, government agencies, and collection agencies.




6. PAYMENT

   1. 6.1.In accordance with the Consumer Agreement, the Customer expressly waives the benefit of Article 1252 of the Civil Code of the Philippines, Republic Act No. 386, and agrees that any payment to Advantage Lending for the purpose of settling any Installment Amount or any other amount due in relation to the Consumer Agreement shall be applied to the Installment Amount or such other amount that fell due earlier.

   
   

   2. 6.2.Payment made by the Customer shall be applied in the following order: first, to the principal; second, to the interest; third to the fees; and fourth, to the penalties and charges.

   
   

   3. 6.3.In case the Customer has several loans, Advantage Lending may apply any excess payment it receives from the Customer as payment for any outstanding obligation arising from other loans which the Customer has with Advantage Lending.




7. EVENTS OF DEFAULT

   1. 7.1.Each of the following events constitutes an event of default (Event of Default), irrespective of the reason for its occurrence, or whether it is voluntary or involuntary, or whether it occurs as a result of any court order, law or regulation:

      1. 7.1.1.the Customer breaches or otherwise fails to promptly perform any of his/her obligations under the Consumer Agreement;

      
      

      2. 7.1.2.the Customer breaches any of his/her representations, warranties, or covenants;

      
      

      3. 7.1.3.the Customer is in default in respect of any other facility or indebtedness granted by Advantage Lending or third parties; and

      
      

      4. 7.1.4.any event which, in the reasonable opinion of Advantage Lending, would result in the likelihood that any of the Customer’s obligations under the Consumer Agreement and General Terms and Conditions will not be performed or fulfilled, including but not limited to, the death or incapacity of the Customer, Advantage Lending’s reasonable suspicion that the Customer applied for the Consumer Agreement in order to defraud Advantage Lending or the Retailer, a change in any law or regulation that affects the validity or enforceability of the Consumer Agreement.




8. CONSEQUENCES OF DEFAULT

   1. 8.1.Upon the occurrence of an Event of Default, Advantage Lending may, at its sole discretion, without need of notice or demand, and without limiting Advantage Lending’s rights under applicable law or under the Consumer Agreement, and General Terms and Conditions:

      1. 8.1.1.take such action and exercise such remedies in order to protect and enforce its rights under the Consumer Agreement;

      
      

      2. 8.1.2.declare the Consumer Agreement, including all charges, fees, penalties and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived by the Customer

      
      

      3. 8.1.3.Impose and collect the Collection Charge and the Penalties as stated in the Consumer Agreement. The Collection Charge shall be imposed on each Installment Amount that is not paid by the Customer within five days after the relevant due date. The relevant Penalty shall be imposed if the Customer fails to pay an Installment Amount within 30, 60, or 90 days, as applicable, after the relevant due date. The Collection Charge and the Penalties are cumulative and shall be added to the principal obligation.

      
      

      4. 8.1.4.impose and recover from the Customer the Attorney’s Fees and Agency Fee in the amount stated in the Consumer Agreement and incurred in connection with enforcing the Customer’s obligations under the Consumer Agreement once the account is referred to legal collections or a collection agency; and

   
   

   2. 8.2.Upon the occurrence of an Event of Default, all outstanding loans of the Customer with Advantage Lending shall become due and demandable. In such case, Advantage Lending may exercise its rights under section 9.1 hereof.

   
   

   3. 8.3.The rights available to Advantage Lending under the Consumer Agreement and applicable law, may be exercised by Advantage Lending alternatively, successively, concurrently, and/or cumulatively, at the option of Advantage Lending.




9. GENERAL PROVISIONS

   1. 9.1.No failure, omission or delay on the part of Advantage Lending in exercising any right or power under the Consumer Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any further exercise thereof. Acceptance by Advantage Lending of any payment after its Due Date or after an Event of Default has occurred or after legal proceedings have been commenced against the Customer shall not constitute an extension of time for payment or a modification or novation of the terms of the Consumer Agreement or in any way prejudice Advantage Lending.

   
   

   2. 9.2.Advantage Lending shall be entitled to sell, transfer, or assign any of its rights and obligations hereunder to any person, company, or entity without the consent of the Customer. Any such sale, assignment, or transfer shall conclusively bind the Customer. The Customer shall be bound to fulfill and perform all his/her obligations to such transferee or assignee, including the payment of the Installments. The transferee or assignee shall have the authority of the Customer to collect the due amount. The Customer for this purpose waives any rights he/she may have under Article 1634 of the Civil Code of the Philippines, Republic Act No. 386.

   
   

   3. 9.3.In any dispute arising out of or in connection with the Consumer Agreement, the entries made in the accounts maintained by, and the records of, Advantage Lending are prima facie evidence of the matters to which they relate, absent any manifest error

   
   

   4. 9.4.if any provision of the Consumer Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law, such invalidity, illegality or unenforceability shall not affect any other provision of the Consumer Agreement. The Consumer Agreement shall be reformed, construed and enforced to the fullest extent possible as if such invalid, illegal or invalid, illegal or unenforceable provision had never been included.

   
   

   5. 9.5.Should there be questions, concerns or complaints, the Customer has been furnished with the customer service number 09177740710. Any dispute arising from the Consumer Agreement shall be brought exclusively in the courts that has jurisdiction over the principal place of business of Advantage Lending.

   
   

   6. 9.6.All notices, demands, or other communications required or permitted to be given or made by Advantage Lending to the Customer hereunder shall be in writing and delivered either personally, by registered post, by text message, by electronic mail or through general announcements in its website or social media and other channels.

   
   

   7. 9.7.In case of any inconsistency between the provisions of this General Terms and Conditions and the Specific Terms and Conditions of the loan, the Specific Terms and Conditions contained in the Consumer Agreement shall prevail.

   
   

   8. 9.8.The Consumer Agreement shall be governed by the laws of the Republic of the Philippines.




10. PROVISIONS APPLICABLE TO ADVANTAGE LENDING EMPLOYEES

    1. 10.1.A Customer who is an employee of Advantage Lending or a Customer who will subsequently be an employee of Advantage Lending who is granted a loan under this Agreement hereby authorizes Advantage Lending to deduct the monthly installment of the loan from his salary. In case of credit cards, the minimum amount due shall be deducted from his monthly salary

    
    

    2. 10.2.Upon resignation or separation of the Customer from employment, Advantage Lending reserves the right to deduct from the full amount of the Final Pay any outstanding balance and charges that need to be collected from the Customer, subject to the provisions on Early Repayment, if applicable.

    
    

    3. 10.3.In the event that the Final Pay is not sufficient to pay the outstanding balance and charges, the Customer shall pay the remaining balance of the loan based on the Recommended Payment Dates provided in the Payment Schedule.

Acceptance

The Customer confirms having read and understood and agrees to the entire General Terms and Conditions constituting of above clauses, including the Loan Details and Payment Schedule as applicable. The General Terms and Conditions and the other documents have been explained to the customer in the language understood by the Customer. The Customer is aware that Advantage Lending has agreed to grant a loan to the Customer only after the Customer has agreed to abide by the terms of this Agreement.