MYEG PHILIPPINES TERMS AND CONDITIONS
- This document sets out the general terms and conditions applicable to the Loan Agreement extended by MYEG Philippines to the Borrower. This is the document referred in the Loan 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.
- Provisions of this document shall apply to existing loans or products being offered and all loans or products that will be offered by MYEG Philippines, including but not limited to Cash Loan and Insurance.
- Terms defined and used in the Loan Agreement shall have the same meaning when used in this General Terms and Conditions.
- REPRESENTATIONS AND WARRANTIES
- The Borrower represents and warrants to MYEG Philippines as follows:
- The Borrower does not have any criminal record, and freely and voluntary enters into the Loan Agreement.
- All of the Borrower 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.
- All documents presented to MYEG Philippines by the Borrower are current, authentic, and may be relied upon by MYEG Philippines.
- All oral representations and communications, including contact information, made to MYEG Philippines by the Borrower remain true, correct and accurate.
- All the information provided to MYEG Philippines contained in the Loan Details including mobile number and e-mail address (Registered Contact Details), are correct, complete, and updated.
- The Loan Agreement shall be valid and binding upon the Borrower and enforceable in accordance with its Specific Terms and Conditions.
- The representations and warranties of the Borrower 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 Loan Agreement.
- The Borrower represents and warrants to MYEG Philippines as follows:
- As long as any Loan Amount or any other fees, charges, or amounts owing under the Loan
Agreement remain outstanding and unpaid, the Borrower shall:
- Promptly perform all of the Borrower’s obligations under the Loan Agreement, including but not limited to the payment of amounts due under Disclosure Statement.
- Promptly submit and provide to MYEG Philippines all documents and information, execute and deliver such other instruments and perform or refrain from performing any such other acts, as may be required by MYEG Philippines, whether for compliance with government regulations or MYEG Philippines own policies.
- As long as any Loan Amount or any other fees, charges, or amounts owing under the Loan Agreement remain outstanding and unpaid, the Borrower shall:
- Any and all payments made by the Borrower in connection with the Loan Agreement shall be made through the designated banks or third parties appointed by MYEG Philippines from time to time to accept payments from the Borrower. Any changes to the Payment Channels shall be notified to the Borrower through website announcement. Prior to making each payment, the Borrower shall verify the list of Payment Channels on the website of MYEG Philippines.
- MYEG Philippines shall not be held liable for, and the Borrower bears the risks of, any delay or failure in crediting or accepting any payment to MYEG Philippines, due to any event or circumstance, including but not limited to
the closure, non-functioning, or malfunctioning of the Payment Channel.
- PROCESSING AND USE OF INFORMATION
- The Borrower expressly consents to the use by MYEG Philippines of any information provided by the Borrower or otherwise obtained by MYEG Philippines, in relation to or in connection with Loan Agreement, for the purpose of enforcing the Borrower’s under the Loan Agreement.
- The Borrower expressly consents to the collection and processing of personal information about and/or relating to the Borrower and to the transfer of such information to third parties including without limitation any of the affiliates or subsidiaries of MYEG Philippines, credit scoring providers (Credo Lab), government agencies, and collection agencies (Admerex).
- In accordance with the Loan Agreement, the Borrower expressly waives the benefit of Article 1252 of the Civil Code of the Philippines, Republic Act No.386, and agrees that any payment to MYEG Philippines for the purpose of settling any Installment Amount or such other amount that fell due earlier.
- Payment made by the Borrower shall be applied in the following order: first, to the penalties and charges; second, to the fees; third to the interest; and fourth to the principal.
- EVENTS OF DEFAULT
- 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:
- The Borrower breaches or otherwise fails to promptly perform any of his/her obligations under the Loan Agreement.
- The Borrower breaches any of his/her representations, warranties, or covenants;
- The Borrower is in default in respect of any other facility or indebtedness granted by MYEG Philippines or third parties; and
- Any event which, in the reasonable opinion of MYEG Philippines, would result in the likelihood that any of the Borrower’s obligations under the Loan Agreement and General Terms and Conditions will not be performed or fulfilled, including but not limited to, the death or incapacity of the Borrower, MYEG Philippines reasonable suspicion that the Borrower applied for the Loan Agreement in order to defraud MYEG Philippines, a change in any law or regulation that affects the validity or enforceability of the Loan Agreement.
- 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:
- CONSEQUENCES OF DEFAULT
- Upon the occurrence of an Event of Default, MYEG Philippines may, at its sole
discretion, without need of notice or demand, and without limiting MYEG Philippines
rights under the Loan Agreement and General Terms and Conditions:
- Take such action and exercise such remedies in order to protect and enforce its rights under the Loan Agreement;
- Declare the Loan 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 Borrower;
- Impose and collect the Collection Charge and the Penalties as stated in the Loan Agreement. The Collection Charge shall be imposed on each Installment Amount that is not paid by the Borrower within five days after the relevant due date. The relevant Penalty shall be imposed if the Borrower 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.
- Impose and recover from the Borrower the Attorney’s Fee and Agency Fee in the amount stated in the Loan Agreement and incurred in connection with enforcing the Borrower’s obligations under the Loan Agreement.
- Upon the occurrence of an Event of Default, all outstanding loans of the Borrower with MYEG Philippines shall become due and demandable. In such case, MYEG Philippines may exercise its rights under section 8.1 hereof.
- The rights available to MYEG Philippines under the Loan Agreement and applicable law, may be exercised by MYEG Philippines alternatively, successively, concurrently, and/or cumulatively, at the option of MYEG Philippines.
- Upon the occurrence of an Event of Default, MYEG Philippines may, at its sole discretion, without need of notice or demand, and without limiting MYEG Philippines rights under the Loan Agreement and General Terms and Conditions:
- ALTERNATIVE LOAN APPLICATION CHANNELS
- MYEG Philippines may offer and the Borrower can apply for and receive approval of additional loans or products, make changes to this Loan Agreement and receive or give information related to the loan using other service channels. Alternative loan application channels include but not limited to, telephone, website, e-mail, online customer portal, SMS, social media account, and other technical means such as mobile application, made available by MYEG Philippines. However, MYEG Philippines does not guarantee the availability of all convenient service channels or all the functions at all times to the Borrower.
- Customer authorizes MYEG Philippines or its representative to (i) contact MYEG Philippines and his/her alternate contacts through personal means of communications or Registered Contact Details at any time during and after the Financing Period as allowed by prevailing laws, (ii) share and use Borrower’s personal data for other various financing offer schemes or promotional schemes which may be offered and provided by MYEG Philippines, or by any third party engaged by MYEG Philippines, and (iii) Use Registered Contact Details as means to obtain any future consent and approval from Borrower for such Additional Financing Offer or Promo, which may be offered and provided by MYEG Philippines, or by any third party engaged by MYEG Philippines.
- Borrower’s consent provided through his/her Registered Contact Details shall be sufficient and legally binding for all future financing that may be offered by MYEG Philippines and may be accepted by Borrower.
- Borrower also agrees that all calls, communications, conversation, consent and/or approval through Borrower’s Registered Contact Details shall be recorded and kept by MYEG Philippines in its discretion.
- ONLINE LOAN APPLICATION (E-SERVICES)
- MYEG Philippines will provide Borrower with on-line application service for its consumer financing and other products, including third parties, services and products that MYEG Philippines provides under the authorization of such third parties, accessible via MYEG website or at any other online platform of MYEG Philippines communicated to the Borrower.
- All messages or communications sent to the Borrower’s Registered Contact Details provided to MYEG Philippines are considered to be duly received by the Borrower if the message is sent by MYEG Philippines to the email address or phone number registered by the Borrower. Once the message is sent by MYEG Philippines to the email address or phone number registered, MYEG Philippines is no longer responsible for its security, confidentiality, or any acts of any respective service providers (email service provider, mobile operator), nor any acts caused by unauthorized use of the Borrower’s email address or phone number.
- Borrower is responsible for all damages, losses, or other risks that may occur before MYEG Philippines receives a notice of change in the Registered Contact Details, in accordance with Section 2.1.5 hereof.
- The Parties shall comply with the provisions of the Data Privacy Act of 2012.
- GENERAL PROVISIONS
- No failure, omission or delay on the part of MYEG Philippines in exercising any right or power under the Loan 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 MYEG Philippines of any payment after its Due Date or after an Event of Default has occurred or after legal proceedings have been commenced against the Borrower shall not constitute an extension of time for payment or modification or novation of the terms of the Loan Agreement or in any way prejudice MYEG Philippines.
- MYEG Philippines shall entitled to sell, transfer, or assign any of its rights and obligations hereunder to any person, company, or entity without the consent of the Borrower. The Borrower 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 Borrower to collect the due amount. The Borrower for this purpose waives any rights he/she may have under Article 1634 of the Civil Code of the Philippines, Republic Act No.386.
- In any dispute arising out of or in connection with the Loan Agreement, the entries made in the accounts maintained by, and the records of, MYEG Philippines are prima facie evidence of the matters to which they relate, absent any manifest error.
- If any provision of the Loan Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law, such invalidity, illegality or unenforceable shall not affect any other provision of Loan Agreement. The Loan 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.
- Any dispute arising from this Loan Agreement shall be brought exclusively in the courts that has jurisdiction over the principal place of business of MYEG Philippines.
- All notices, demands, or other communications required or permitted to be given or made by MYEG Philippines to the Borrower 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.
- 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 of the loan contained in the Loan Agreement shall prevail.
- The loan agreement shall be governed by the laws of the Republic of the Philippines.
The Borrower 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. The General Terms and Conditions and the other documents have been explained to the Borrower in the language understood by the Borrower. The Borrower is aware that MYEG Philippines has agreed to grant a loan to the Borrower only after the Borrower has agreed to abided by the terms of this Agreement. This General Terms and Conditions upon notice to the Borrower, and such amendments shall bind the Borrower, provided that MYEG Philippines posts the update through its website https://myeg.ph