1. Your Loan Guide: Terms and Fees
Loan Amount: PHP 5,000 to PHP 200,000
Loan Term: Minimum of 91 days, up to 180 days
Service Fee: PHP 50 to PHP 200 (1% of the loan amount)
Daily Interest Rate: Up to 0.08%
Annual Percentage Rate (APR): 27.59%
Transaction Fee: None
Sample Loan Calculation:
For a loan of PHP 30,000 with a 91-day term, repaid in 3 installments, the total interest accrued would be PHP 2,041. Including a PHP 300 service fee, the total repayment amount comes to PHP 32,341. Each installment would be approximately PHP 10,680.
2. Use of Funds and Disbursement
Loan Disbursement:
Upon approval, the loan funds will be promptly transferred to your specified bank account. Ensure your bank account details are accurate to avoid delays.
Use of Funds:
The loan funds must be used for legal purposes in accordance with applicable laws. We retain the right to monitor the use of funds, and any misuse may result in appropriate action.
3. General Information and Application Process
IC Lend is dedicated to delivering safe, efficient, and user-friendly loan services. Before utilizing our services, please review the following terms thoroughly to ensure your rights are safeguarded.
Application Requirements:
- Must be of legal age.
- Maintain a good credit history.
- Have a stable income source.
- Show the capability to repay on time.
Information Submission:
Provide accurate, complete, and truthful personal details and documents as required. Your information will be securely protected and used solely for the purpose of loan approval and related services.
Approval Procedure:
Your application will be assessed through credit scoring and income verification. We will inform you of the approval outcome via in-app messages or SMS. Approved applications will receive details on the loan amount, interest rate, and terms.
4. Repayment Terms and Procedures
Repayment Methods:
Various repayment methods are available, which will be specified in the loan agreement.
Repayment Schedule:
Adhere to the repayment schedule as outlined in the loan contract. Early repayment is encouraged to minimize interest costs but may incur additional fees or adjustments.
Handling Late Payments:
Payments not made on time will be considered overdue, leading to late fees, penalties, and potential impacts on your credit score. We may use legal means for collection, including phone calls, SMS reminders, and legal notices.
5. Amendments and Validity of Terms
These terms take effect upon your acceptance and use of our loan services and remain valid until the complete repayment of the loan principal, interest, and any related fees. We reserve the right to modify these terms based on business needs or legal changes, with notifications provided through in-app messages or similar means.
6. Privacy and Information Disclosure
Disclosure of Information:
We will provide all relevant details about our loan services, including terms, rates, and fees. Ensure you understand and accept these details before applying.
Privacy Protection:
Your privacy is a priority. We take reasonable measures to protect your personal data from unauthorized access or misuse. Your information will only be used for loan-related purposes.
7. Contract Breach and Dispute Resolution
Breach of Contract:
Any violation of these terms by either party will result in the breaching party being liable for damages and compensating the other party for any losses incurred.
Dispute Resolution:
Disputes should first be resolved through amicable negotiations. If unresolved, disputes may be taken to the courts in the jurisdiction where our company is located.
