Loan Agreement Details:
Loan Duration: 91 to 180 days
Loan Amount: ₱1,000 to ₱40,000
Annual Percentage Rate (APR): 12.45%
Transaction Fee: No transaction fee
Service Fee: Between ₱20 and ₱800 (with a 2% charge).
Important Notice: Please ensure that you thoroughly read and comprehend the terms stated in the Disclosure Statement before applying for the loan.
Sample Breakdown of Loan Costs: For a ₱8,000 loan over 180 days with 3 installments:
Interest Per Installment: ₱164
Each Installment Amount: ₱2,830
Total Interest for the Loan Term: ₱491
Service Fee Deduction: ₱160
Total Amount Payable: ₱8,491
Net Disbursed Amount: ₱7,840 (Service fee deducted upon disbursement)
Qualifications for Loan Application:
Lendmo is only available to citizens of the Philippines. Applicants must be aged between 18 and 60 years, possess a valid government-issued ID, and demonstrate a stable income source.
1. Information Disclosure
The Borrower unconditionally allows the Lender to disclose pertinent information about the Borrower’s financial engagements or accounts related to this Loan, the Loan Agreement, and the Promissory Note to various parties including (i) regulatory and government bodies; (ii) individuals or entities considering the acquisition or payment of the debt under this Loan; (iii) the Lender's auditors, legal advisors, or collection agencies; (iv) credit reporting entities; (v) insurance firms, agents, third-party service providers, or contractors linked to the Lender's or its affiliates' service and product offerings, including its parent company, branches, subsidiaries, and affiliates; or (vi) for the purpose of marketing or cross-selling relevant services or products. The Lender is granted full discretion to decide the extent of such information sharing as deemed necessary or required, in full compliance with Philippine laws, absolving the Lender of any liability towards the Borrower for such actions. The Borrower acknowledges this agreement and negates the necessity for any additional consent regarding these disclosures.
In compliance with Republic Act No. 9510 and its Implementing Rules and Regulations, establishing the Credit Information Corporation (CIC), the Lender is required to forward the Borrower’s basic credit data and any subsequent updates or corrections to the CIC. This data may be shared with the CIC and other duly accredited credit reporting agencies to evaluate the Borrower’s credit standing.
If the Borrower fails to meet their loan obligations on time, accurately, or completely, in addition to the Lender undertaking debt recovery actions as prescribed or under Philippine law, the Lender may report such non-compliance to third-party agencies, including collection agencies, aimed at recovering the loan debt.
The Borrower consents for the Lender and its partners to collect, recover, process, utilize, and store personal information including, but not limited to, name, age, biometric identifiers, contact details, employment and financial status for processing the loan application. This consent includes acquiring personal data directly from the Borrower or through other data controllers for purposes such as credit scoring. The Borrower’s personal information may be shared with credit scoring providers for the purpose of credit investigation and scoring, data analysis, and regular credit score updates. Furthermore, the Borrower’s data may be employed for the direct marketing of the Lender’s partner offerings. All personal data processing will respect the Borrower’s rights under the Data Privacy Act of 2012, ensuring entities involved adhere to the same standards of data rights protection.
2. Loan Usage
The monies provided by the Lender are for the Borrower's engagement in activities that are lawful and bona fide. These funds are dedicated exclusively for the personal utility of the Borrower.
3. Loan Amount Agreement
Pursuant to the agreement herein, the Lender shall furnish a loan to the Borrower, and the Borrower shall accept and employ the loan furnished by the Lender, in the total amount delineated in the Loan Decision, as reflected in the Promissory Note and the Borrower’s Personal Account.
4. Loan Term
"Loan Term" refers to the span over which the Borrower is to settle the principal value of the Loan, in addition to the relevant interest, charges, and fees as stated in the Disclosure Statement. This duration is set to range from ninety-one (91) calendar days to a maximum of one hundred and eighty (180) calendar days, subject to the term agreed upon in the Loan Decision.
5. Interest
The Borrower shall be liable to the Lender for interest on the Loan until the same is paid in full, which interest shall be calculated and paid in accordance with these General Terms and Conditions.
Interest on the Loan is accrued daily until the Maturity Date. The interest rate is determined individually, and indicated in the Promissory Note and Disclosure Statement.
6. Late Payment Penalties and Costs
If there is a delay in payment after the Maturity Date of the disbursed loan amount, the Lender is entitled to enforce, along with the overdue amount, a default penalty of PhP1,000 for first-time borrowers and PhP800 for those returning. Additionally, an interest of 5% of the outstanding amount per day will be applied from the first day of delay up to the thirtieth day, 4% from the thirty-first day until the ninetieth day of delay, and 2% from the ninety-first day of delay until the complete repayment of the loan.
7. Prerequisite Conditions for Disbursement of the Loan
The disbursement of the Loan funds will be executed solely upon the satisfactory fulfillment of the subsequent conditions to the Lender's approval: the Borrower must provide accurate bank account details; a photo of the Borrower alongside an identity document must be uploaded to the Borrower's Personal account; and the Borrower must acknowledge and accept the Loan Decision through an SMS confirmation or a verbal confirmation via a direct phone call.
Once the Lender accepts the Loan Application submitted by the Borrower, the latter loses any right to cancel or decline the Loan proceeds, except in situations where such denial results in fees for cancellation, refusal, or early repayment as determined by the Lender. The Borrower concedes that the decision to permit or deny the Loan cancellation rests solely with the Lender.
The Lender bears no responsibility for funds released to an incorrect bank account due to the Borrower's data entry mistakes. Moreover, the Lender will not be held accountable for any delays or issues in the disbursement of Loan funds to third parties, as per the Borrower's written directives and instructions.
8. Declarations and Pledges
The Borrower hereby declares and assures the Lender that, on a perpetual basis:
The obligations articulated or implied by the Borrower under this Loan Agreement, and any connected documents, stand as lawful, legitimate, binding, and executable without contravention;
The initiation and execution of this Loan Agreement by the Borrower, inclusive of all envisaged dealings, will not result in a breach of (i) any applicable statutory or regulatory mandates pertinent to the Borrower, nor (ii) any contractual or legal obligations incumbent upon the Borrower;
There exists no ongoing or predictable event that would constitute a default as a consequence of availing the Loan under this agreement;
The Borrower has transparently revealed to the Lender all critical information, whether financial or otherwise, regarding themselves and any parties of interest, which holds substantial relevance to the Lender for the purposes of this Loan Agreement. This information is presented as truthful, exhaustive, and precise in all significant respects as of its disclosure and does not mislead in any aspect;
The Borrower has conscientiously reviewed, grasped, and consented to abide by the stipulations within the Loan Agreement, the Promissory Note, and supplementary documents. The Borrower is in agreement to be legally bound by these documents, along with any alterations thereto, which have been made available on the Lender's platform or have been otherwise communicated to the Borrower via suitable channels as deemed appropriate by the Lender;
The Borrower is cognizant of, and acknowledges, their duty towards ensuring the punctual, full, and correct payment of the loan as delineated within the Loan Agreement;
The Borrower recognizes the Lender's unassailable right to either sanction or decline the Loan Application based on legitimate reasons, with the understanding that the application and its supporting documents will be incorporated into the Lender's records and are not subject to return;
The Borrower perceives their Loan Application as solely a proposition, with the definitive approval contingent upon the Lender's evaluation and prevailing policy frameworks. The Borrower willingly accedes to the Lender's determinations and eschews any intentions of contestation or legal recourse against the Lender regarding such decisions;
Without any conditions, the Borrower affirms their genuine and legal obligation to repay the Lender the sanctioned loan amount, assuming its disbursement has been executed as outlined.
Additionally, throughout the duration of the Loan, the Borrower agrees to:
Allocate the loan proceeds strictly for their personal usage, encompassing but not limited to, educational expenses, healthcare emergencies, travel, household needs, or other similar personal expenditure;
Adhere entirely to all applicable regulations and laws in relation to fulfilling their duties under this Loan Agreement and any related documents;
Secure and perpetually uphold any necessary authorizations, consents, or approvals requisite for the performance of their obligations under this Loan Agreement, thereby affirming its legal standing, validity, enforceability, and evidentiary admissibility;
Promptly communicate to the Lender, in writing, about any looming or actual Event of Default as may be defined within the Loan Agreement, or any scenario that could be considered a default under any other binding agreement involving the Borrower, including any attempts to rectify such situations;
Proactively notify the Lender within three (3) days regarding any alterations to their personal information, such as name, birth date, or residential address;
Inform the Lender about any changes in their employment status, business operations, or professional engagements. If the Borrower is self-employed, they commit to regularly updating the Lender on their financial health as per the Lender's requisitions.
9. Event of Default
Any and all of the following shall constitute Events of Default:
Failure by Borrower to comply with or perform any of the terms and conditions of the Loan Agreement, Promissory Note, or any other agreements between Borrower and Lender;
Borrower fails to pay when due and payable any principal amounts, interests, costs which Borrower is obliged to pay the Lender under the Loan Agreement;
Any representation or warranty made by Borrower herein or otherwise in connection with the Loan shall prove to have been incorrect or misleading as of the time it was made or deemed to have been made, and without reference to whether or not Lender was in fact prejudiced by such untruthfulness and/or non-fulfillment;
Borrower voluntarily suspends or ceases his/her personal financial conditions or becomes insolvent or is unable to pay his/her debts when they become due or commits or permits any act of bankruptcy or insolvency;
Any final judgment or decree for a substantial sum of money, damages or for a fine or penalty is entered against Borrower by a court of competent jurisdiction and is not paid, discharged or fully bonded within ten (10) days after the date when payment of such judgment or decree is due under applicable laws;
Borrower dies or is convicted of a criminal offense with final judgment carrying with it a penalty of civil interdiction affecting Borrower, or in any of the cases covered by Article 1198 of the Civil Code of the Philippines;
There shall have occurred a material change in the financial circumstances or condition of Borrower reckoned from the approval of the Loan, which, in the reasonable opinion of Lender, would adversely affect the ability of Borrower to perform the obligations under the Loan Agreement.
Consequence of Default
Should an Event of Default occur:
Lender shall have the right, at its discretion, to consider the full amount of the Loan as immediately due and demandable, and require Borrower to make full and immediate payment thereof;
If the default is a result of a failure of the Borrower to timely pay the Loan, the Late Payment Penalties and Fees prescribed under Article 7 shall apply;
Lender shall have all the rights to the remedies provided in the Promissory Note and in law for purposes of enforcing its claims against the Borrower.
To the extent allowed under Philippine law, Borrower accepts to waive any notice or formality meant to enable the Lender to exercise its rights arising from the occurrence of an Event of Default. The failure or the delay to exercise any right, options, power or privilege hereunder shall not operate as a waiver of any right of the Lender to exercise the same hereunder, unless said waiver is given in writing by the Lender, and then only to the extent specifically set forth in said writing.
10. 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.
11. 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: LENDMO LENDING CORPORATION
Email for Support:
Support Contact: 9266332661
Location Address: 2ND FLOOR BACHRACH BUILDING 23RD STREET COR RAILROAD STREET Manila, Metro Manila, 1018 Philippines
12. Complete Agreement
This Accord is the definitive arrangement among the Parties, eclipsing all antecedent agreements, understandings, statements, and assurances, encompassing those made both in writing and orally, pertinent to the Agreement's scope.
