Loan Summary
Choose loan amounts ranging from ₱5,000 to ₱200,000, with flexible terms between 91 and 180 days. The APR is set at 31.54%, and there are no transaction charges involved. A 1% service fee (from ₱50 to ₱2,000) will be deducted from your approved loan amount upon disbursement.
Sample Repayment Scenario
Say you take out a ₱20,000 loan with a 150-day term, split into five equal installments. Each payment would be around ₱4,518. With an interest of ₱518 per installment, the total interest comes to ₱2,592. Adding that to the principal, the total repayment amount is ₱22,592. After deducting a ₱200 service fee, the cash disbursed to you will be ₱19,800.
Please Note
Always review the loan agreement before applying to understand all the financial terms clearly.
Who Can Apply
This service is available only to Filipino citizens aged 18 to 60 who possess valid government-issued identification and can verify a stable source of income.
1. 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.
2. Language and Governing Law
Under the laws of the Philippines, this Loan Agreement and its Promissory Note are to be interpreted and enforced. Should any disputes arise regarding this Agreement and the Note, including their existence, validity, or discontinuation, such matters will be resolved within the competent Philippine legal venues.
3. 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.
4. Determination of Loan Amount
The Lender agrees to lend to the Borrower, and the Borrower agrees to borrow from the Lender, the full amount of the Loan, as specified in the Loan Decision and reflected in the Borrower's Personal Account.
5. Precondition Required for Release of the Loan
Disbursement of the Loan will only be initiated once the Lender has confirmed that the Borrower has met the required conditions: accurate entry of the Borrower's bank account details is mandatory; the uploading of a photo where the Borrower is holding an identification document in the Borrower's Personal account is required; and the Borrower's acceptance of the Loan Decision must be validated either through SMS confirmation or a direct voice confirmation.
After the Borrower's Loan Application is ratified by the Lender, the Borrower is precluded from revoking the Loan or declining the receipt of the Loan funds, unless such refusal is accompanied by fees related to cancellation, denial, or early settlement as pre-defined by the Lender. The Borrower acknowledges the Lender's sole discretion in deciding on the acceptance or rejection of any Loan cancellation.
The Lender is absolved of any liability for the transfer of Loan funds to an incorrect or different bank account attributable to the Borrower's error in data submission. Furthermore, the Lender is indemnified against any liabilities for delays or issues in the release of Loan funds to third parties, contingent upon the Borrower's written consent and directions.
6. Terms of Loan Repayment
The "Terms of Loan" is defined as the duration during which the Borrower is obligated to repay the principal sum of the Loan, inclusive of all accruing interest, charges, and fees as detailed in the Disclosure Statement. This term may extend from a minimum of ninety-one (91) days to a maximum of one hundred and eighty (180) days, contingent upon the tenure sanctioned within the Loan Decision.
7. Interest on the Loan
The Borrower shall incur an obligation to the Lender for the accruement of interest on the Loan until its full repayment, with said interest to be computed and paid in adherence to the provisions outlined within these General Terms and Conditions.
Interest on the Loan is compounded daily until the Maturity Date. The interest rate is determined individually and explicitly indicated in the Disclosure Statement.
8. 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.
9. Representations and Undertakings
The Borrower hereby represents and warrants to the Lender on a continuing basis that:
The obligation expressed or to be assumed by the Borrower in this Loan Agreement, and any relevant documents are legal, valid, binding and enforceable obligations;
The entry into and performance by the Borrower of, and the transactions contemplated by, this Loan Agreement and any relevant documents do not and shall not conflict with (i) any law or regulation applicable to the Borrower; or (ii) any agreement or instrument binding upon the Borrower;
No event of default is continuing or might reasonably be expected to result from the making available of the Loan;
The Borrower has disclosed to the Lender all information (financial or otherwise) relating to the Borrower and all other relevant parties which is material to be known to the Lender in view of the provisions of this Loan Agreement, and other relevant documents and which is true, complete and accurate in all material respects at the date it was given and is not misleading in any respect;
The Borrower has read, understood and agreed to comply with terms and conditions of the Loan Agreement, Promissory Note, and other relevant documents. The Borrower accepts and agrees to be bound by the Loan Agreement, and other documents including amendments of these documents as an integral part thereof, which the Borrower acknowledges are available for reading or downloading at the Lender's website: and/or notified by the Lender to the Borrower through various communication channels which the Lender deems fit;
The Borrower understands and acknowledges his/her obligations with respect to making the full, complete and timely payment of his/her loan obligation as stipulated in the Loan Agreement;
The Borrower understands and acknowledges that the Lender has the absolute discretion to accept or reject the Loan Application for valid cause, and that the Loan Application and its supporting documents shall become part of the Lender's record and shall not be returned to the Borrower;
The Borrower understands and acknowledges that the Borrower's Loan Application should be regarded as an offer only. Official approval of the loan application shall be decided upon the Lender's appraisal and approval according to the Lender's policy from time to time. The Borrower voluntarily agrees to the Lender's decisions. The Borrower shall not file any complaints, or seek redress against the Lender on these matters;
The Borrower unconditionally acknowledges that the Borrower is truly and lawfully indebted to the Lender on the approved loan amount in case the Lender had disbursed the said amount as stipulated.
The Borrower covenants with the Lender that during the Loan Term:
The Borrower shall apply the loan proceeds to his/her personal use only such as education, hospitalization, emergency, travel, household, and other personal consumption needs of a similar nature;
The Borrower shall comply in all respect with all applicable laws in connection with the performance of the Borrower's obligations under this Loan Agreement, and other relevant documents;
The Borrower shall obtain and maintain in full force and effect any authorization, consent or approval required to enable the Borrower to perform the Borrower's obligations under this Loan Agreement, and other relevant documents and to ensure the legality, validity, enforceability or admissibility in evidence of this Loan Agreement, and other relevant documents;
The Borrower shall notify the Lender in writing of any potential or actual Event of Default (if any is specified in the Loan Agreement) and any event or circumstance which constitutes a default under any other agreement binding upon the Borrower (and, in each case, the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence;
The Borrower shall provide a prior written notice to the Lender of any change in the Borrower's name, date of birth, residential address within three (3) calendar days of such changes;
The Borrower shall notify the Lender of any change in the Borrower's employment, business or profession. In the event the Borrower is self-employed, the Borrower hereby undertakes to keep the Lender informed about the personal financial conditions on a periodic basis as requested by the Lender.
10. 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.
11. Review
This Loan Agreement grants the Lender the prerogative to conduct periodic evaluations of the Loan at any juncture. Additionally, the Lender possesses an absolute right to demand repayment and retract the Loan based on its discretion, a right which the Lender may implement as deemed necessary.
Furthermore, the Lender is entitled to periodically reassess and amend the Terms and Conditions of this Agreement, exercising such authority at its sole discretion.
12. Contact Method
This Agreement becomes effective on the date the loan funds are made available to the Borrower as per the Promissory Note and continues until the outlined obligations are met or are no longer required, unless terminated sooner by the Lender or otherwise revised by agreement of the Parties.
If you have any more questions or require our assistance, feel free to reach out:
Registered Name: EASTFRASER LENDING CORP.
Electronic Mail:
Customer Service Number: 9571826988
Office Location: Autoexpress 1800 Ortigas Avenue Ortigas Center Pasig, Metro Manila, 1600 Philippines