Chailease Cash Loan Agreement

PART I: BASIC TERMS

1.1 Lending Entity

Lending Entity: Vamo Lending Inc.

SEC Registration Number: CS20200000915

Lending License Number: 3261

Registered Address: Level 10-01, One Global Place, 25th Street & 5th Avenue, Bonifacio Global City, Fort Bonifacio, TAGUIG CITY, FOURTH DISTRICT, NATIONAL CAPITAL REGION (NCR), 1632

1.2 Relationship Between Borrower and Lender

This Agreement governs the legal relationship between the natural person ("Borrower") who applies for and obtains a loan through the Chailease Cash application ("App") and the Lender.

1.3 Effectiveness of Agreement

When the Borrower clicks the "Agree and Accept" button through the App, it signifies full understanding, acceptance, and agreement to be bound by all terms and conditions of this Agreement.

 

PART II: LOAN PRODUCT DETAILS

2.1 Product Specifications

- Loan Amount Range: ₱2,000 to ₱50,000 Philippine Pesos

- Loan Term Range: Minimum 91 days, maximum 180 days

- Annual Interest Rate Range: 8% to 20%

2.2 Interest Calculation Method

Interest accrues daily using the formula:

Daily Interest = Outstanding Principal x Annual Interest Rate / 365

Total Interest = Daily Interest x Number of Days Borrowed

2.3 Illustrative Examples

 

Scenario A: Small Emergency Loan

- Loan Amount: ₱5,000

- Term: 91 days

- Annual Interest Rate: 15%

- Total Interest: ₱187.12

- Total Repayment: ₱5,187.12

- Average Daily Payment: approx. ₱57.00

 

Scenario B: Medium Working Capital Loan

- Loan Amount: ₱20,000

- Term: 120 days

- Annual Interest Rate: 20%

- Total Interest: ₱1,315.07

- Total Repayment: ₱21,315.07

- Average Daily Payment: approx. ₱177.63

 

Scenario C: Large Personal Loan

- Loan Amount: ₱50,000

- Term: 180 days

- Annual Interest Rate: 20%

- Total Interest: ₱4,931.51

- Total Repayment: ₱54,931.51

- Average Daily Payment: approx. ₱305.18

 

Note: The above examples are for illustration only. The actual interest rate will be determined based on your credit assessment results.

 

PART III: APPLICATION AND APPROVAL

3.1 Eligibility Requirements

The Borrower must satisfy all of the following conditions:

1. Philippine citizen or legal permanent resident

2. Age between 20 and 60 years old

3. Hold a valid government-issued ID (driver's license, passport, PhilID, etc.)

4. Have a local Philippine bank account or e-wallet

3.2 Approval Criteria

The Lender will evaluate applications based on the following factors:

- Credit history record

- Income stability and level

- Completeness and truthfulness of application information

- Other risk assessment factors

 

PART IV: REPAYMENT TERMS

4.1 Repayment Methods

The Borrower may choose any of the following repayment methods:

1. Electronic Payment: via GCash, PayMaya, etc.

2. Over-the-Counter Payment: cash payment at partner establishments (e.g., 7-Eleven, MLhuillier)

4.2 Repayment Schedule

- The repayment date is specified in the loan contract

- Early full or partial repayment is allowed

4.3 Late Payment Handling

- Late payment will incur late fees

 

PART V: BORROWER RIGHTS AND OBLIGATIONS

5.1 Borrower Rights

1. Right to Information: the right to know all loan terms and fees

2. Right of Choice: the right to decide whether to accept the loan offer

3. Right to Privacy: the right to have personal information protected by law

4. Right to Complaint: the right to file complaints regarding unsatisfactory services

5.2 Borrower Obligations

1. Provide true, accurate, and complete personal information

2. Repay the loan principal and interest in full and on time

3. Promptly update any changes in contact details

4. Use the loan only for lawful personal consumption

5. Cooperate with necessary identity verification and credit checks

 

PART VI: DATA PRIVACY AND SECURITY

6.1 Information Collected

In compliance with the Philippine Data Privacy Act (RA 10173), we collect:

- Personal identification information

- Contact details

- Financial and income information

- Device and usage data

- Repayment behavior data

6.2 Purposes of Information Use

1. Credit assessment and risk management

2. Identity verification and fraud prevention

3. Account management and customer service

4. Compliance and regulatory reporting

5. Product improvement and marketing (with consent)

6.3 Information Security Measures

- SSL encryption for data transmission

- AES-256 encryption for data storage

- Regular security audits

- Strict data protection training for employees

 

PART VII: DEFAULT AND DISPUTE RESOLUTION

7.1 Events of Default

The following constitute events of default:

1. Failure to pay any amount due on the maturity date

2. Providing false or misleading information

3. Using the loan for unlawful purposes

4. Violating any other term of this Agreement

7.2 Consequences of Default

1. Declaration that the entire loan is immediately due and payable

2. Imposition of late interest and reasonable collection costs

 

PART VIII: MISCELLANEOUS PROVISIONS

8. Amendment of Agreement

The Lender reserves the right to amend this Agreement. Material amendments will be notified in advance. If the Borrower does not accept the amendment, the Borrower may choose to prepay the loan in full.

 

PART IX: IMPORTANT REMINDERS

1. Borrow Responsibly: Apply for an amount appropriate to your actual repayment ability.

2. Repay on Time: Late payment will affect your credit record and future loan applications.

3. Protect Your Information: Keep your account information secure.

4. Official Channels: Only transact through the official App and contact methods.

5. Risk Warning: Lending involves risks; make decisions prudently.