This loan program is available exclusively to Filipino nationals. Applicants must be at least 18 years old but not older than 60. A valid government-issued ID and documented proof of a stable income are required during the application process.
Loan Specifications:
Borrowing Range: ₱1,000 to ₱40,000
Repayment Period: 91 to 180 days
Annual Interest Rate (APR): 18.42%
Processing Charges: No processing fee
Service Fee: 2% of the loan amount, ranging from a minimum of ₱20 to a maximum of ₱800
Important Reminder:
Before submitting your application, please take time to read and understand the contents of the Disclosure Statement provided.
Sample Loan Breakdown:
Assuming you borrow ₱8,000 for 120 days, payable in 4 equal installments:
Interest per installment: ₱8,000 x 18.42% / 365 x 30 = ₱121
Each installment payment: ₱8,000 x 18.42% / 365 x 30 + ₱8,000 / 120 x 30 = ₱2,121
Total interest over term: ₱8,000 x 18.42% / 365 x 120 = ₱484
Service fee charged: 2% of ₱8,000 = ₱160
Total repayment due: ₱8,000 + ₱484 = ₱8,484
Funds received: ₱8,000 minus ₱160 (deducted upfront) = ₱7,840
1. Prerequisites for the Release of Loan Funds
Funds from the Loan will be disbursed only after the achievement of specific criteria to the Lender's approval: it is necessary for the Borrower to enter their bank account details accurately; the Borrower's photo with an identity document must be uploaded to their Personal account; the Borrower must also confirm and agree to the Loan Decision through SMS confirmation or a direct call.
Once the Loan Application from the Borrower receives approval from the Lender, the Borrower is not permitted to cancel or refuse the Loan proceeds, except in instances where such refusal attracts charges for cancellation, rejection, or early repayment as stipulated by the Lender. It is agreed by the Borrower that the Lender has the authority to decide on the cancellation of the Loan at its discretion.
The Lender disclaims any liability for the issuance of Loan proceeds to incorrect or other bank accounts due to the Borrower's error in entering data. The Lender is also relieved from responsibility for any delays or difficulties in the disbursement of Loan proceeds to third parties following the Borrower's written instructions.
2. Loan Amount
The lending party commits to providing the borrowing party with the loan's total sum, in accordance with the terms outlined in the Loan Agreement and as detailed within the borrower's account records.
3. Loan Purpose
The Loan issued by the Lender is to be used by the Borrower for legal and legitimate purpose. The loan proceeds shall be used by the Borrower exclusively for personal use.
4. Loan Term
Loan Term shall refer to the period within which the Borrower shall pay the principal amount of the Loan in full, together with the corresponding interest and all other charges and fees indicated in the Disclosure Statement, which may range from ninety-one (91) calendar days to one hundred and eighty (180) calendar days, depending on the term approved under the Loan Decision, as indicated in the Promissory Note.
5. Interest
The Borrower assumes responsibility to the Lender for the accrual of interest on the Loan until complete repayment, with said interest being calculated and settled in compliance with the governing clauses of these General Terms and Conditions.
Interest is compounded daily on the Loan until the Maturity Date. The interest rate is individually determined and clearly outlined in Disclosure Statement.
6. Late Payment Penalties and Fees
Any default payment after Maturity Date of any amount made available under the Loan, shall entitle the Lender to require the Borrower in addition to the unpaid amount a default penalty in the amount of PhP1,000 (for new clients) and PhP800 (for repeat clients) single time and interest of 5% of the unpaid amount per day from the first (1st) day of delay and up to thirtieth day (30th) of delay, 4% of the unpaid amount from the thirty-first day (31st) of delay and until the ninetieth (90th) day of delay, and 2% of the unpaid amount from the ninety-first (91st) day of delay and until the day of the total repayment of the Loan.Any default payment after Maturity Date of any amount made available under the Loan, shall entitle the Lender to require the Borrower in addition to the unpaid amount a default penalty in the amount of PhP1,000 (for new clients) and PhP800 (for repeat clients) single time and interest of 5% of the unpaid amount per day from the first (1st) day of delay and up to thirtieth day (30th) of delay, 4% of the unpaid amount from the thirty-first day (31st) of delay and until the ninetieth (90th) day of delay, and 2% of the unpaid amount from the ninety-first (91st) day of delay and until the day of the total repayment of the Loan.
7. Declarations and Undertakings
The Borrower certifies and warrants to the Lender, continually, that:
Obligations set forth or implied in this Loan Agreement, along with any associated documents, are in full compliance with legal standards, are valid, enforceable, and bind the Borrower legally;
Engaging in this Loan Agreement and the execution of its stipulated transactions by the Borrower does not violate any legal or regulatory requirements applicable to the Borrower or any binding agreements or documents;
There are no ongoing default situations, nor is it reasonable to anticipate any resulting directly from the issuance of the Loan;
The Lender has been provided with all necessary information about the Borrower and relevant third parties, which is significant within the context of this Loan Agreement. Such information is accurate, comprehensive, and not in any way deceptive at the time it was provided;
The Borrower has thoroughly read, understood, and agreed to the conditions laid out in the Loan Agreement, and related documents. The Borrower agrees to abide by these documents and any amendments thereof, which are available on the Lender's website () or have been communicated by the Lender through suitable communication means;
The Borrower is aware of and acknowledges their responsibility to ensure the prompt, full, and accurate repayment of their loan as specified in the Loan Agreement;
The Borrower understands that the Lender has full authority to approve or deny the Loan Application for just reasons, with the application and its accompanying documents to be kept on file by the Lender and not returned;
The Borrower perceives their Loan Application as an initial offer, with the final approval resting on the Lender's evaluation and current policy. The Borrower willingly submits to the Lender's judgement, foregoing any claims or legal action regarding these decisions;
The Borrower unreservedly recognizes their financial obligation to the Lender for the approved loan amount, provided that it has been dispersed according to the agreement.
In addition, for the duration of the Loan Term, the Borrower pledges to:
Apply the loan funds strictly for personal purposes, including but not limited to education, healthcare, emergencies, travel, home improvement, or other similar personal needs;
Fully comply with all relevant laws related to the execution of obligations under this Loan Agreement and related documents;
Secure and keep active all necessary permissions, consents, or endorsements needed to perform under this Loan Agreement, thereby ensuring its legal standing, validity, enforceability, and admissibility in legal proceedings;
Immediately report to the Lender in writing about any impending or actual default events as described in the Loan Agreement, or any condition that may lead to a breach of any other contract the Borrower is part of, including the measures being taken for rectification;
Provide early written notification to the Lender about any alterations in the Borrower's name, birth date, or living address within three days of such changes;
Update the Lender about any shifts in the Borrower's employment status, business operations, or professional engagements, and if the Borrower is self-employed, to regularly inform the Lender of their personal financial situation as per the Lender's request.
8. Default Events
The occurrence of any of the situations below shall constitute Default Events:
Non-compliance or non-fulfillment by the Borrower of any conditions or obligations set forth in the Loan Agreement, Promissory Note, or other related contracts with the Lender;
Failure of the Borrower to remit any principal, interest, or other charges when due as per the obligations to the Lender stipulated in the Loan Agreement;
Discovery that any representation or commitment made by the Borrower regarding the Loan was false or misleading at the instance it was made, regardless of the Lender's actual harm from such falsehood or non-performance;
The Borrower voluntarily discontinues his/her financial engagements or is declared insolvent, cannot meet his/her debt obligations as they mature, or commits any bankruptcy or insolvency act;
If a court of competent jurisdiction imposes a final judgment or decree against the Borrower for a significant amount and it is not satisfied, discharged, or bonded within ten (10) days of its lawful due date;
Death of the Borrower or his/her conviction of a criminal offense that results in a final judgment imposing a penalty that includes civil interdiction, or falls under the conditions outlined in Article 1198 of the Civil Code of the Philippines;
A material adverse change in the Borrower's financial status or condition since the Loan was sanctioned, which, in the Lender's reasonable view, would negatively influence the Borrower's ability to adhere to the Loan Agreement terms.
Implications of Default
In the event a Default Event is triggered:
The Lender may, at its own discretion, declare the total Loan amount as immediately due and require the Borrower for immediate and full repayment;
If the default arises due to the Borrower's delay in loan payment, the prescribed Late Payment Penalties and Fees as described in Article 7 will take effect;
The Lender is entitled to all legal and Promissory Note-sanctioned remedies to pursue its claims against the Borrower.
The Borrower agrees to waive any necessary notices or procedures for the Lender to activate its rights following a Default Event. The Lender's failure or delay in exercising any right or remedy does not constitute a waiver unless explicitly stated in a written agreement by the Lender.
9. Review
The Lender is granted the capability to periodically scrutinize the Loan, along with an unequivocal right to call back the Loan and request immediate repayment, a right that the Lender may activate at its discretion.
The Lender also has the sole prerogative to refine or alter the Terms and Conditions mentioned within this agreement, at any time, according to its determination.
10. Language and Governing Law
This Loan Agreement and the Promissory Note are governed by the laws of the Philippines. The competent courts of Philippines have jurisdiction to settle any dispute arising out of or in connection with this Loan Agreement and the Promissory Note (including all disputes regarding the existence, validity or termination).
11. Contact Us
This Loan Agreement is activated upon the loan's disbursement to the Borrower, following the conditions mentioned in the Promissory Note, and is designed to last until the provisions herein are fulfilled, unless it is terminated in advance by the Lender or adapted by mutual consent of the Parties.
Should you need more information or support, please don't hesitate to reach us at:
Name of Corporation: GENESIS CREDIT MICROLENDING CORP.
Email for Inquiry:
Customer Assistance: 9515659685
Main Office Address: Mh Del Pilar Street Barangay Jaro Iloilo City, Iloilo, 5000 Philippines