Loan Agreement Overview:
Loan Term: 91 to 180 days
Loan Amount: ₱1,000 to ₱40,000
Annual Interest Rate (APR): 27.56%
Processing Fee: No fee required
Service Charge: 2% of the approved loan amount, ranging from a minimum of ₱20 to a maximum of ₱800
Key Information for Borrowers:
Before submitting your loan request, please ensure that you have carefully reviewed and fully understood all terms and conditions outlined in the Disclosure Statement.
Sample Loan Illustration:
For a ₱20,000 loan over 180 days, with repayment split into 3 installments:
Interest per installment: ₱906
Amount due per payment: ₱7,573
Total interest charged over the loan term: ₱2,718
Service fee applied: ₱400
Total repayment obligation: ₱22,718
Actual loan proceeds received: ₱19,600 (service fee deducted at disbursement)
Eligibility Conditions:
This loan program is available only to Filipino citizens. Applicants must be between 18 and 60 years old. A valid government-issued ID and documented proof of regular income are necessary to complete the application process.
1. Conditions Precedent to the Release of the Proceeds of the Loan
The proceeds of the Loan shall be released only after the conditions set out below have been fulfilled to the Lender`s approval:
Bank account details of the borrower are filled in;
In the Borrower's Personal account are uploaded Borrower's Photo with identity document;
The Loan Decision is reported to, and confirmed and accepted by the Borrower through SMS confirmation and/or verbal confirmation via direct call.
Once the Loan Application submitted by the Borrower is accepted by the Lender, the Borrower shall not be entitled to cancel the Loan or to refuse to accept the Loan proceeds, except for cases when such a refusal entails the application of charges for cancellation, refusal or prepayment as may be stipulated by the Lender. The Borrower agrees that the Lender has the right to approve/reject the cancellation of the Loan as the Lender deems fit.
The Lender shall not be responsible for the release of any Loan proceeds to other/wrong bank account due to data entry errors by the Borrower.
The Lender shall also not be liable for any delays or problems in the release of any Loan proceeds to the third parties upon the written directions and instructions of the Borrower.
2. Loan Use
The credit extended by the Lender must be utilized by the Borrower for purposes that are legitimate and sanctioned. This credit is intended strictly for the personal benefit of the Borrower.
3. 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.
4. Interest
The Borrower shall be answerable to the Lender for the payment of interest on the Loan until the entire sum is discharged, with the interest being computed and disbursed in adherence to the provisions specified in these General Terms and Conditions.
Interest on the Loan accumulates daily until the Maturity Date. The interest rate is determined on an individual basis and elucidated in the Disclosure Statement.
5. Loan Term
The duration, referred to as the "Loan Term," encompasses the interval wherein the Borrower must fully settle the principal of the Loan, along with any associated interest, charges, and fees as specified in the Disclosure Statement. This period spans from ninety-one (91) to one hundred and eighty (180) calendar days, in accordance with the term ratified in the Loan Decision.
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 Pledges
The Borrower hereby declares and assures the Lender that, on a perpetual basis:
The obligations articulated or implied by the Borrower under this Loan Agreement, and any connected documents, stand as lawful, legitimate, binding, and executable without contravention;
The initiation and execution of this Loan Agreement by the Borrower, inclusive of all envisaged dealings, will not result in a breach of (i) any applicable statutory or regulatory mandates pertinent to the Borrower, nor (ii) any contractual or legal obligations incumbent upon the Borrower;
There exists no ongoing or predictable event that would constitute a default as a consequence of availing the Loan under this agreement;
The Borrower has transparently revealed to the Lender all critical information, whether financial or otherwise, regarding themselves and any parties of interest, which holds substantial relevance to the Lender for the purposes of this Loan Agreement. This information is presented as truthful, exhaustive, and precise in all significant respects as of its disclosure and does not mislead in any aspect;
The Borrower has conscientiously reviewed, grasped, and consented to abide by the stipulations within the Loan Agreement, the Promissory Note, and supplementary documents. The Borrower is in agreement to be legally bound by these documents, along with any alterations thereto, which have been made available on the Lender's platform or have been otherwise communicated to the Borrower via suitable channels as deemed appropriate by the Lender;
The Borrower is cognizant of, and acknowledges, their duty towards ensuring the punctual, full, and correct payment of the loan as delineated within the Loan Agreement;
The Borrower recognizes the Lender's unassailable right to either sanction or decline the Loan Application based on legitimate reasons, with the understanding that the application and its supporting documents will be incorporated into the Lender's records and are not subject to return;
The Borrower perceives their Loan Application as solely a proposition, with the definitive approval contingent upon the Lender's evaluation and prevailing policy frameworks. The Borrower willingly accedes to the Lender's determinations and eschews any intentions of contestation or legal recourse against the Lender regarding such decisions;
Without any conditions, the Borrower affirms their genuine and legal obligation to repay the Lender the sanctioned loan amount, assuming its disbursement has been executed as outlined.
Additionally, throughout the duration of the Loan, the Borrower agrees to:
Allocate the loan proceeds strictly for their personal usage, encompassing but not limited to, educational expenses, healthcare emergencies, travel, household needs, or other similar personal expenditure;
Adhere entirely to all applicable regulations and laws in relation to fulfilling their duties under this Loan Agreement and any related documents;
Secure and perpetually uphold any necessary authorizations, consents, or approvals requisite for the performance of their obligations under this Loan Agreement, thereby affirming its legal standing, validity, enforceability, and evidentiary admissibility;
Promptly communicate to the Lender, in writing, about any looming or actual Event of Default as may be defined within the Loan Agreement, or any scenario that could be considered a default under any other binding agreement involving the Borrower, including any attempts to rectify such situations;
Proactively notify the Lender within three (3) days regarding any alterations to their personal information, such as name, birth date, or residential address;
Inform the Lender about any changes in their employment status, business operations, or professional engagements. If the Borrower is self-employed, they commit to regularly updating the Lender on their financial health as per the Lender's requisitions.
8. 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.
9. Contact Details
The terms of this Loan Agreement activate with the lending of funds to the Borrower, as depicted in the Promissory Note, and will stay effective until the terms are deemed unnecessary unless an earlier termination by the Lender occurs or the Parties mutually decide on changes.
For any questions or need for assistance, our contact details are as follows:
Enterprise Name: HAREVE LENDING CORPORATION
Email for Support:
Support Contact: 9038902360
Location Address: P9 Kamagong St. Bidcor Poblacion Bayugan, Agusan Del Sur, 8502 Philippines
10. Review
The Loan is subject to the Lender's review at any time and also subject to the Lender's overriding right of withdrawal and repayment on demand, which the Lender reserves the right to exercise at any time.
The Lender shall have the right to review and revise the Terms and Conditions specified hereunder at any time at its sole discretion.
Loan Term: 91 to 180 days
Loan Amount: ₱1,000 to ₱40,000
Annual Interest Rate (APR): 27.56%
Processing Fee: No fee required
Service Charge: 2% of the approved loan amount, ranging from a minimum of ₱20 to a maximum of ₱800
Key Information for Borrowers:
Before submitting your loan request, please ensure that you have carefully reviewed and fully understood all terms and conditions outlined in the Disclosure Statement.
Sample Loan Illustration:
For a ₱20,000 loan over 180 days, with repayment split into 3 installments:
Interest per installment: ₱906
Amount due per payment: ₱7,573
Total interest charged over the loan term: ₱2,718
Service fee applied: ₱400
Total repayment obligation: ₱22,718
Actual loan proceeds received: ₱19,600 (service fee deducted at disbursement)
Eligibility Conditions:
This loan program is available only to Filipino citizens. Applicants must be between 18 and 60 years old. A valid government-issued ID and documented proof of regular income are necessary to complete the application process.
1. Conditions Precedent to the Release of the Proceeds of the Loan
The proceeds of the Loan shall be released only after the conditions set out below have been fulfilled to the Lender`s approval:
Bank account details of the borrower are filled in;
In the Borrower's Personal account are uploaded Borrower's Photo with identity document;
The Loan Decision is reported to, and confirmed and accepted by the Borrower through SMS confirmation and/or verbal confirmation via direct call.
Once the Loan Application submitted by the Borrower is accepted by the Lender, the Borrower shall not be entitled to cancel the Loan or to refuse to accept the Loan proceeds, except for cases when such a refusal entails the application of charges for cancellation, refusal or prepayment as may be stipulated by the Lender. The Borrower agrees that the Lender has the right to approve/reject the cancellation of the Loan as the Lender deems fit.
The Lender shall not be responsible for the release of any Loan proceeds to other/wrong bank account due to data entry errors by the Borrower.
The Lender shall also not be liable for any delays or problems in the release of any Loan proceeds to the third parties upon the written directions and instructions of the Borrower.
2. Loan Use
The credit extended by the Lender must be utilized by the Borrower for purposes that are legitimate and sanctioned. This credit is intended strictly for the personal benefit of the Borrower.
3. 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.
4. Interest
The Borrower shall be answerable to the Lender for the payment of interest on the Loan until the entire sum is discharged, with the interest being computed and disbursed in adherence to the provisions specified in these General Terms and Conditions.
Interest on the Loan accumulates daily until the Maturity Date. The interest rate is determined on an individual basis and elucidated in the Disclosure Statement.
5. Loan Term
The duration, referred to as the "Loan Term," encompasses the interval wherein the Borrower must fully settle the principal of the Loan, along with any associated interest, charges, and fees as specified in the Disclosure Statement. This period spans from ninety-one (91) to one hundred and eighty (180) calendar days, in accordance with the term ratified in the Loan Decision.
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 Pledges
The Borrower hereby declares and assures the Lender that, on a perpetual basis:
The obligations articulated or implied by the Borrower under this Loan Agreement, and any connected documents, stand as lawful, legitimate, binding, and executable without contravention;
The initiation and execution of this Loan Agreement by the Borrower, inclusive of all envisaged dealings, will not result in a breach of (i) any applicable statutory or regulatory mandates pertinent to the Borrower, nor (ii) any contractual or legal obligations incumbent upon the Borrower;
There exists no ongoing or predictable event that would constitute a default as a consequence of availing the Loan under this agreement;
The Borrower has transparently revealed to the Lender all critical information, whether financial or otherwise, regarding themselves and any parties of interest, which holds substantial relevance to the Lender for the purposes of this Loan Agreement. This information is presented as truthful, exhaustive, and precise in all significant respects as of its disclosure and does not mislead in any aspect;
The Borrower has conscientiously reviewed, grasped, and consented to abide by the stipulations within the Loan Agreement, the Promissory Note, and supplementary documents. The Borrower is in agreement to be legally bound by these documents, along with any alterations thereto, which have been made available on the Lender's platform or have been otherwise communicated to the Borrower via suitable channels as deemed appropriate by the Lender;
The Borrower is cognizant of, and acknowledges, their duty towards ensuring the punctual, full, and correct payment of the loan as delineated within the Loan Agreement;
The Borrower recognizes the Lender's unassailable right to either sanction or decline the Loan Application based on legitimate reasons, with the understanding that the application and its supporting documents will be incorporated into the Lender's records and are not subject to return;
The Borrower perceives their Loan Application as solely a proposition, with the definitive approval contingent upon the Lender's evaluation and prevailing policy frameworks. The Borrower willingly accedes to the Lender's determinations and eschews any intentions of contestation or legal recourse against the Lender regarding such decisions;
Without any conditions, the Borrower affirms their genuine and legal obligation to repay the Lender the sanctioned loan amount, assuming its disbursement has been executed as outlined.
Additionally, throughout the duration of the Loan, the Borrower agrees to:
Allocate the loan proceeds strictly for their personal usage, encompassing but not limited to, educational expenses, healthcare emergencies, travel, household needs, or other similar personal expenditure;
Adhere entirely to all applicable regulations and laws in relation to fulfilling their duties under this Loan Agreement and any related documents;
Secure and perpetually uphold any necessary authorizations, consents, or approvals requisite for the performance of their obligations under this Loan Agreement, thereby affirming its legal standing, validity, enforceability, and evidentiary admissibility;
Promptly communicate to the Lender, in writing, about any looming or actual Event of Default as may be defined within the Loan Agreement, or any scenario that could be considered a default under any other binding agreement involving the Borrower, including any attempts to rectify such situations;
Proactively notify the Lender within three (3) days regarding any alterations to their personal information, such as name, birth date, or residential address;
Inform the Lender about any changes in their employment status, business operations, or professional engagements. If the Borrower is self-employed, they commit to regularly updating the Lender on their financial health as per the Lender's requisitions.
8. 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.
9. Contact Details
The terms of this Loan Agreement activate with the lending of funds to the Borrower, as depicted in the Promissory Note, and will stay effective until the terms are deemed unnecessary unless an earlier termination by the Lender occurs or the Parties mutually decide on changes.
For any questions or need for assistance, our contact details are as follows:
Enterprise Name: HAREVE LENDING CORPORATION
Email for Support:
Support Contact: 9038902360
Location Address: P9 Kamagong St. Bidcor Poblacion Bayugan, Agusan Del Sur, 8502 Philippines
10. Review
The Loan is subject to the Lender's review at any time and also subject to the Lender's overriding right of withdrawal and repayment on demand, which the Lender reserves the right to exercise at any time.
The Lender shall have the right to review and revise the Terms and Conditions specified hereunder at any time at its sole discretion.