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OK LOANS recognizes the importance of data protection and security of personal and sensitive information that we collect from you, our valued clients in accordance with the Data Privacy Act (RA 10173), its Implementing Rules and Regulations (IRRs), as well as National Privacy Commission Issuances.
OK LOANS may ask you to provide certain information by which you can be personally identified when using our website and/or mobile applications, application thru our branches and/or communication with our employees or authorized representatives. We are giving you the assurance that any and all information collected in such manner will only be used in accordance with the terms in this Privacy Notice. This Privacy Notice informs you of our privacy practices and describes the way we may collect, use, protect, store, disclose, and dispose information.
Users (hereinafter referred to as “User”, individually, and “Users”, collectively) of the website http://okloans.ph (hereinafter referred to as “Website”) are provided with the appropriate technical resources so that, prior to the voluntary completion of User Data, Users can access this Privacy Notice and any other relevant information on the Protection of User Data.
This Privacy Notice is applicable to any User of the aforementioned Website, Mobile and/or offline/branch application by any applicant for a loan with OK LOANS, so Users are advised to review it periodically for updates that are implemented on a regular basis.
The User is advised to read this Privacy Notice intently. After reviewing the terms and conditions herein, User is given the choice to agree or disagree to such terms and conditions. Note that disagreeing to the terms and conditions would mean that OK LOANS cannot proceed with the processing of your loan application.
DEFINITION OF TERMS:
a. Personal Information refers to any information, whether recorded in material form, from which the identity of an individual is apparent or can be reasonably and directly ascertained by the entity holding the information, or when put together with other information would directly and certainly identify an individual.
b. Sensitive Personal Information refers to personal information about an individual’s race, marital status, age, color, and religious, philosophical, or political beliefs; health, education, genetic information, sexual life or involvement of a person in a legal proceeding. It may also include, social security numbers, health records and licenses, pin codes and account numbers.
c. Privileged Information refers to any form of data, which, under the Rules of Court and other pertinent laws constitute privileged communication.
d. Data Subject / User – refers to an individual whose Personal, Sensitive or Privileged information is processed.
e. Processing – refers to any operation or any set of operations performed upon personal, sensitive and privileged information including but not limited to the collection, recording, organization, storage, updating or modification, retri, consultation, use, consolidation, blocking, erasure or destruction of data. Processing may be performed through automated means, or manual processing if the personal data are contained or are intended to be contained in a filing system.
f. User Data – refers to the Personal, Sensitive or Privileged Information of a Data Subject/ User.
The processing of personal, sensitive and privileged information is generally prohibited to be processed without User’s consent.
PERSONAL / SENSITIVE INFORMATION WE MAY COLLECT:
a. Full name
b. E-mail address
c. Social Media account details
d. Gender
e. Birthday
f. Telephone/ mobile number
g. ID type and number
h. Politically Exposed Person Status Declaration
i. Residential Address
j. Employment Status and Position
k. Company / Business Name, Address and Contact Number
l. Monthly Income
m. Business Permit Details
n. Name of relatives and contact number
o. Name of co-workers and contact number
p. Bank Name
q. Bank Account number
r. Information OK LOANS receives when making a decision about the data subject, data subject’s loan or application (including information collected from credit bureaus or other sources), details of the loans the data subject have and have had with us and all transactions, details of when the data subject contacted DIGIDO and when the latter contacted the data subject, mobile device data (such as SIM, IMEI, or other device identifiers type of device, device operating system, device settings, user account information for your mobile device or Google Play Store account, information about mobile network provider, device specifications), location data (such as mobile device location, time zone setting); phone data (such as contact lists and metadata, SMS metadata, types and nature of mobile applications found on your mobile device), mobile app usage data (such as traffic volume, mobile app usage) and telecommunications usage data or “telco usage score,” and any other information which OK LOANS reasonably need to operate data subject’s account, make decisions about the data subject or fulfil our regulatory obligations.
I. General terms
a.) OK LOANS collects, stores, and processes personal data from its current, past and prospective clients, starting with the information provided at application and to information collected throughout the whole course of the transaction by the client with OK LOANS and its affiliates and/or subsidiaries. This will include but not limited to the following: OK LOANS may also collect, store, and process personal data and information of persons in the data subject’s contact list in his or her mobile device, for proper identification and verification of data subject’s identity, fraud prevention, credit scoring and credit verification to establish credit worthiness of the data subject, and compliance to the Anti-Money Laundering and Terrorist Prevention Laws of the Republic of The Philippines. The disclosing data subject may be requested to give consent in sharing the personal data of those persons in his contact list, and may include but not limited to personal data such as name, mobile number, relationship with the disclosing data subject, residence and email address, and employment details. For this, it is the obligation of the disclosing data subject to inform the nominated reference and/or guarantor and obtain the appropriate consent of the latter. Relative to the immediately preceding paragraph, data subject is also informed that DIGIDO may make and manage phone calls for proper identification and verification of data subject’s identity, fraud prevention, credit scoring and credit verification to establish credit worthiness of the data subject, compliance to the Anti-Money Laundering Laws of the Republic of The Philippines, and enhance user experience of data subjects. Furthermore, data subjects may also allow DIGIDO to access the mobile devices location for purposes of fraud prevention and detection, compliance to the Anti-Money Laundering and Terrorist Prevention Laws of the Republic of The Philippines, and enhancement of user experience of data subjects.
b.) This Privacy Notice is valid in relation to all User Data received by OK LOANS from the natural person holding such User Data at the time of using or attempting to use the services of OK LOANS, including contracting loans.
c.) User accepts this Privacy Notice through the use of the OK LOANS website, mobile app, branch application and communication with employees and authorized representatives of OK LOANS and gives consent for the collection, processing, use, storage and transmission of the User’s Data in the formats prescribed by the applicable Philippine laws and regulations as well as this Privacy Notice.
d.) The purpose of this Privacy Notice is to respect the Users’ rights to the User Data in relation to the collection, use and processing of such User Data by OK LOANS.
II. User Data
1. Collection of User Data is done through several sources:
a.) by virtue of the registration on the Website or Mobile Application
b.) upon completing the loan application form thru Website, Mobile App or Offline/ Branch Application;
c.) by virtue of communication with DIGIDO employees or representatives;
d.) by virtue of credit reports and data; and,
e.) by virtue of navigation through the Website or Mobile App.
2. User Data are both Personal and Non-Personal Information:
a.) Personal Information is any information from which the identity of a User can be reasonably and directly ascertained, or when put together with other information would directly and certainly identify an individual, such as name, gender, date of birth, address, telephone/mobile number, email address, proof of identification, etc. It also includes information about:
i.) the data that would help DIGIDO evaluate the User’s credit standing such as spouse details, financial details, business details, and other data points whenever applicable;
ii.) the location of the User’s device, whether desktop, laptop, or mobile devices, as used to access the Website; and
iii.)the User’s navigation experience when accessing the Website to see activities done in the Website, the pages visited, and the sequence thereof.
b.) Non-Personal Information is any information that does not identify the User individually, and includes statistical and analytical data, and anonymous and aggregate reports.
c.) The User may also be requested to update Personal Information from time to time. Should the User be unable to supply the required Personal Information, DIGIDO may be unable to provide the User with requested products and services and updates on the latest offerings. The User may also be unable to participate in DIGIDO events, promotions or other activities.
d.) Depending on the Users’ device or Internet browser settings, when Users access the Website and electronically communicate with DIGIDO, DIGIDO may use cookies, web beacons, small data text files or similar technologies to identify the Users’ devices and record the Users’ preferences, with the Users’ consent.
e.) The User has the duty to inform DIGIDO of any change in the information provided, in order to keep it updated and avoid errors.
III. Purposes of User Data Processing
User Data may be treated, collected, used and processed by OK LOANS among others for the following purposes:
a.) Verify the User’s identity;
b.) Manage the provision of services being offered, such as processing the loan application or rendering the loan credit decision, among others;
c.) Evaluate the User’s credit standing through external credit report providers and bureaus;
d.) Contact the User;
e.) Contact the User’s indicated references in the event that the User cannot be contacted;
f.) Transfer the loan proceeds;
g.) Manage, collect and recover User’s outstanding loan either thru DIGIDO or external collection agencies, lawyers or third party service providers;
h.) Update the information regarding the loan granted;
i.) Enhance the User’s customer experience and improve, develop and determine customized products to meet customer preferences and needs;
j.) Send commercial or marketing communications on the products and services;
k.) Improve the service and contents of the service through statistical analysis and market research;
l.) Abide by any safety, security, public service or legal requirements and processes;
m.) Process information for statistical, analytical, and research purposes; and
n.) Any other purpose expressly provided in the Loan Application Form and/or in the General Conditions as well as in the Promissory Note / Disclosure Statement.
OK LOANS also uses the User’s Personal Information to the extent necessary to comply with the requirements of the law and legal process, such as a court order; to comply with legal obligations; or to prevent all damages to public security, safety or order.
OK LOANS also uses the User’s Non-Personal Information for statistical, analytical, and research purposes to create anonymous and aggregate reports.
User consents to the above Purposes and for DIGIDO to maintain the User Data provided even when the loan application has not been accepted, in order to ensure compliance with legal obligations and avoid duplication in the new applications treatment.
User agrees and consents that the User Data may be used, processed, encrypted, transmitted and stored by OK LOANS and its holding company, head office, other branches, subsidiaries, affiliates and related companies as well as with other third parties as OK LOANS considers necessary to the extent permitted by Philippine laws.
OK LOANS outsources or contracts the processing of User Data to third parties, such as but not limited to the following parties: vendors, service providers, partners or other telecommunications operators, to fulfill any of the above purposes. These parties are only authorized to use User Data for such contracted purposes. These parties may have access to User Data for a limited time under reasonable contractual and technical safeguards to limit their use of such information. OK LOANS requires these parties to protect User Data in compliance with this Privacy Notice, the Data Privacy Act, its IRR as well as the NPC Issuances.
IV. Your Rights as Data Subjects
We recognize and take seriously our responsibility to protect the User Data you entrust to us from loss, misuse, or unauthorized access. Here is a summary of your data protection rights:
a. Right to access your personal data
b. Right to request restriction of access
c. Right to limit and prevent disclosure
d. Right to amend or update personal data
e. Right to authorize other uses
f. Right to receive notice of privacy breaches
g. Right to destruction of personal data
h. Right to lodge a complaint with the National Privacy Commission (NPC), provided that complaints shall first be raised to DIGIDO’s Data Protection Officer (DPO) for appropriate remedial measures prior to the filing of complaints with the NPC.
If you would like to make a request to access, review, or correct the data collected about you, please contact our DPO. (Contact details are provided below). We reserve the right to charge an appropriate fee for complying with your request where allowed by applicable law, and/or to deny you request where, subject to DIGIDO’s discretion, if request is considered unfounded, excessive, or otherwise unacceptable under the law.
V. Retention of User Data
DIGIDO shall retain your User Data for the period necessary to fulfill the purposes outlined in this Privacy Notice unless a longer retention period is required or permitted by law. When we no longer require your User Data, DIGIDO or our service providers will securely delete and/or archive the information.
VI. Third-Party Links and Other Companies / Organizations
Links to other websites (i.e. third-party links) may appear on which have its own privacy notice and are understood as accepted by clicking on them. This Privacy Notice does not apply to such third-party links that may appear on the Website. The responsibility of OK LOANS with regard to the User’s Data extends only to the Website proper. This Privacy Notice also does not regulate the data processing activities of other companies and organizations that advertise OK LOANS’ services.
VII. Business Transfer
If ownership of all or substantially all of our business changes, or we undertake a corporate re-organization(including a merger or consolidation) or any other action or transfer between other entities, including assignment of agreements, you expressly consent to OK LOANS transferring your User Data to the new owner, successor entity, purchaser or assignee so that we can continue providing our services.
Moreover, if OK LOANS or substantially all of its assets were acquired, User Data would be one of the assets that is reviewed and transferred or acquired by third party, you acknowledge that such transfers may occur and that any acquirer of OK LOANS may continue to use User Data as set forth in this Privacy Notice.
VIII. Anti-Money Laundering and Credit Information System Act Compliance
a.) The Anti-Money Laundering Act (hereinafter referred to as “AMLA”), as amended, requires all Covered Institutions to obtain, verify, and record information that identifies each person who applies for a loan.
b.) Being a Covered Institution under AMLA, OK LOANS will ask for the User’s name, address, date of birth, business, tax identification number, Social Security System or Government Service Insurance System numbers, and other information that will allow OK LOANS to identify the User.
c.) OK LOANS may also ask to see the User’s driver’s license, passport, or other competent evidence of identity bearing the User photograph and signature in order to comply with AMLA and other applicable laws and regulations.
b.) The Credit Information System Act (here referred to as “CISA”) in line with its mandate to establish a central repository of credit information of individuals requires the collection and submission to the Credit Information Corporation the basic credit data of a borrower which is composed of positive and negative information about a borrower provided to a submitting entity.
IX. Contact Details
For any concerns regarding the processing of User’s Data, the duly-designated Data Protection Officer of DIGIDO may be contacted, as follows:
Address:
Unit 3 & 4, 15th Floor IBP Tower, Jade Drive, Ortigas Center, San Antonio, Pasig City, Philippines
Phone Number: (02) 8876-84-84
Mobile Number:+639177069988
Email Address: [email protected]
Website: https://okloans.ph
Should the User have any complaints regarding the processing of his/her User Data, kindly fill out the Data Subject Complaint Form and follow all the procedures indicated therein. DIGIDO will address your complaints within 30 days from receipt of said complaint.
Please include your contact information and a detailed description of your request or privacy concern.
File a complaint
Request to exercise Privacy Rights
This General terms and Conditions are developed in accordance with the laws of the Republic of the Philippines.
Art.1. Definitions
As used in this Agreement, the following terms and expressions shall have the meanings specified below:
1.1 Borrower – a Loan Applicant whose Loan Application is accepted by the Lender.
1.2 Borrower’s Obligations – includes payment of the outstanding principal amount of the Loan, interest on the Loan, all other interest, fees, costs, charges, expenses, processing fee and all other sums whatsoever arising from or incident to the loan, and payable by the Borrower to the Lender on or before the Maturity Date, in accordance with the Terms and Conditions contained herein, the Promissory Note, and other related documents
1.3 Calendar Day– any day, including weekends and public holidays in the Philippines on which the Lender operates in the ordinary course of business.
1.4 Loan Agreement – the agreement entered into by and between the Lender and the Borrower providing for the Loan and such other related agreements as may be entered into force from time to time by the Parties. The Loan Agreement includes the General Terms and Conditions stated hereunder, the Promissory Note, Disclosure Statement, Amortization Schedule, the Loan Decision, and all schedules and agreements supplemental thereto.
1.5 Disclosure Statement – the statement given by the Lender to the Borrower before the latter accepts the Loan setting forth the total amount to be financed, the finance charge, all charges in connection with the Loan, and all other items required under the Truth in Lending Act.
1.6 Distance Service – any communication technique through telematic networks facilitated by the Lender so that the Borrower can make the Loan Application and receive the Loan Decision. Distance Service should be understood as the Website çor any other similar means or facility that the Lender makes available to the Loan Applicant for the purpose stated in this Article 1.6.
1.7 General Terms and Conditions – the terms and conditions governing the Loan as contained herein, the Loan Agreement consisting of the Promissory Note, Disclosure Statement of Loan/ Credit Transaction, the General Terms and Conditions of loan, including all other agreements or documents executed by the Lender and/or the Borrower which shall govern the Borrower’s loan with the Lender.
1.8 Lender – OK FINANCE., with its principal address at Unit C, Murphy Center, 187, Bonny Serrano Road, Socorro, Quezon City, Second District, NCR, Philippines, 1109
1.9 Loan – the loan entered into by the Lender and the Borrower, and governed by these General Conditions, the Promissory Note, Disclosure Statement and the other documents forming an integral part of the Loan Agreement, whereby the Lender grants a personal loan to the Borrower through the Distance Service.
1.10 Loan Applicant – a natural person who files the Loan Application who shall be of Filipino nationality, over eighteen (18) years of age at the time of the filing of the Loan Application, with full capacity to contract and enter into the Loan, and with permanent address in the Philippines.
1.11 Loan Application – declaration of intention made by the Loan Applicant through the Distance Service, to request for a Loan in accordance with these General Conditions, the Promissory Note, and all other documents forming an integral part of the Loan Agreement. The Loan Application shall take effect from the date it is submitted to the Lender for evaluation and will be subject to the internal policies and procedures of the Lender. The approved Application will be credited to the Personal Account of the Borrower on the Lender’s website within one (1) to three (3) calendar days from Lender’s receipt of Borrower’s acceptance of the Loan Decision.
1.12 Loan Decision – the final irrevocable decision made by the Lender granting or denying the Loan Application in accordance with these General Conditions, the Promissory Note, and all other documents forming an integral part of the Loan Agreement. It shall contain the Loan Amount and the Maturity Date. It shall be issued by the Lender to the Borrower no later than one (1) day from the date that the Loan Application is received by Lender. The Loan Decision can be provided to the Borrower by SMS and/or direct call via mobile number, depending on the method specified by the Borrower in the Loan Application or on the Lender’s discretion, if either method is unavailable at the time of Loan Decision.
1.13 Loan Term – the period provided under Article 4 of these General Conditions.
1.14 Maturity Date – the last day of the Loan Term (as provided under Section 4 or the applicable Payment/Installment Due Date) when the Loan Amount and the interest and all other fees and charges are due.
1.15 Party – Loan Applicant, the Lender or the Borrower, considered individually. Likewise, the “Parties” are collectively the Lender, and the Loan Applicant or the Borrower.
1.16 Personal Account – means the user account created by the Borrower on Lender’s web site.
1.17 Promissory Note – the corresponding Promissory Note containing the Borrower’s unconditional promise to pay the Loan, the terms of the Loan pursuant to the Loan Decision, other terms and conditions of the Loan, and which shall form an integral part of the Loan Agreement. It shall be made available to the Loan Applicant upon approval of the Loan Application.
The Promissory Note shall be confirmed by the Loan Applicant by SMS, e-mail and/or direct call via mobile number (for applications filed and processed on the Website) or handwritten signature (for applications filed and processed in the Lender`s branch).
The Promissory Note, together with the Disclosure Statement provided pursuant to the Truth in Lending Act, will be sent to Borrower’s e-mail address and made available to the Borrower in his/her Personal Account on the Lender’s website or mobile application.
1.18 Website – Lender’s website (https://okloans.ph.
Art.2. Loan Acceptance.
The Borrower acknowledges that the Promissory Note, Disclosure Statement of Loan/ Credit Transaction, Amortization Schedule, this General Terms and Conditions, including all other agreements or documents executed by the Lender and/or the Borrower (collectively, the “Loan Agreement”) were duly provided to the Borrower for review and acceptance personally or thru the Lender’s online loan application portal, website or mobile application (the “Application Portal”). Such Application portal may be proprietary to the Lender or provided by a third party in partnership with the Lender. The Borrower acknowledges that the acceptance of the Loan Agreement through the aforementioned Application Portal constitutes an electronic signature under Republic Act No. 8792 or “The Electronic Commerce Act of 2000” and its Implementing Rules and Regulations, and its amendments.
Art.3. 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 Promissory Note and the Borrower’s Personal Account.
Art.4. Loan Term.
Loan Term shall refer to the period within which the Borrower shall pay the principal amount of the Loan in full or applicable Amortization Schedule, together with the corresponding interest and all other charges and fees indicated in the Disclosure Statement.
Art.5. Interest
5.1 The Borrower shall be liable to the Lender for interest on the Loan until the same is paid in full, which interest shall be calculated and paid in accordance with the Loan Agreement and these General Terms and Conditions.
5.2 Interest on the Loan is accrued daily until the Maturity Date. The interest rate is determined individually, and indicated in the Promissory Note, Disclosure Statement and the Loan Agreement.
Art.6. Late Payment Penalties and Fees
6.1 Any default payment after Maturity Date of any amount made available under the Loan or applicable Payment/Installment Due Date, shall entitle the Lender to require the Borrower in addition to the unpaid amount a Late Payment Charge ad Late Payment Interest in accordance with the Promissory Note, the Disclosure Statement and the Loan Agreement.
6.2 Any amount received by the Lender from the Borrower after Maturity Date will be applied in the order as listed below:
Any and all charges permitted by law
Enforcement expenses payment
Late payment penalties and fees
All Loan related amounts in the following order: fees, interest amount, principal amount
Art.7. Conditions Precedent to the Release of the Proceeds of the Loan.
7.1 The proceeds of the Loan shall be released only after the conditions set out below have been fulfilled to the Lender`s approval:
Loan Application is filled in, signed
Borrower’s loan disbursement account details are filled in;
In the Borrower’s Personal account Borrower’s Photo with identity document is uploaded;
The Loan Decision is reported to, and confirmed and accepted by the Borrower through SMS confirmation, email, actual signature, signature via OTP electronic signature and/or verbal confirmation via direct call.
The Promissory Note is confirmed and accepted by the Borrower.
7.2 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.
7.3 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.
7.4 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.
Art.8. Full/Partial and Early Loan Repayment.
8.1 The Borrower must pay all Loan amount plus interest accrued on the Maturity Date or applicable Payment/Installment Due Date.
8.2 The Borrower may prepay the whole or any part of the Loan amount provided that at least seven (7) calendar days from date that the proceeds are remitted to the Borrower have elapsed.
8.3 In the event that the Borrower decides to pay the Loan in full ahead of the time specified in Clause 8.2. hereof, the Borrower must pay the full Loan amount plus interest accrued on the Maturity Date, calculated at the rate specified in the Promissory Note.
8.4 The amount of the full Loan repayment for the current day will be available to the Borrower in the Personal account on the Lender’s website or mobile application.
8.5 Information regarding all available methods and channels for Loan repayment will be posted and made available to the Borrower in the Personal account in Lender’s website or mobile application.
Art.9 Representations and Undertakings
9.1 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 the Promissory Note, 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 the Promissory Note, 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;
The Borrower is not a Politically-Exposed Person (PEP) as defined under the Anti-Money Laundering Act of 2001, as amended.
No event of default is continuing or might reasonably be expected to result from the making available of the Loan; and
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 the Promissory Note, 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 disclosed to the Lender all information relating to the Borrower which is material to the Lender in view of the provisions of the Promissory Note and other relevant documents and which is true, complete and accurate in all material respects as at the date it was given and is not misleading in any respect. The Borrower hereby authorized the Lender to request and obtain data from third party(ies) to verify any information the Borrower provided to the Lender in connection with this Loan Application.
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, Promissory Note 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: www.okloans.ph 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 and the Promissory Note.
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.
9.2 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 the Promissory Note, and other relevant documents;
The Borrower shall obtain and maintain in full force and effect any authorisation, consent or approval required to enable the Borrower to perform the Borrower’s obligations under this Loan Agreement and the Promissory Note, and other relevant documents and to ensure the legality, validity, enforceability or admissibility in evidence of this Loan Agreement, Promissory Note, 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/or the Promissory Note) 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.
Art. 10. Default
10.1 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 and the Promissory Note;
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 and the Promissory Note.
10.2 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.
Art. 11. Indemnity
The Borrower shall indemnify the Lender against any cost, loss or liability incurred by the Lender as a result of:
The occurrence of any Event of Default;
The information produced or confirmed by the Borrower being or being alleged to be misleading and/or deceptive in any respect;
Any inquiry, investigation, subpoena (or similar order or litigation with respect to the Borrower) or with respect to the transactions contemplated or financed under this Loan Agreement and the Promissory Note;
Art. 12. Disclosure of Information
12.1 The Borrower hereby expressly permits the Lender to transfer and disclose to (i) the government authorities; (ii) any party/person proposing or considering to tender any payment towards or purchase the indebtedness under the Loan; (iii) its auditors, lawyers or any other debt collection agents; (v) credit reporting agencies; (vi) insurance companies, agents, contractors or third party service providers who are involved in the provision of products and services to or by the Lender and the holding company, head office, other branches, subsidiaries, related companies of the Lender; or (vii) for provision of or cross selling of products and services, any information relating to the Borrower’s affairs or account in respect of the Loan, this Loan Agreement and the Promissory Note, and at any time and to such extent as the Lender may at its absolute discretion deem expedient or necessary. The Borrower hereby agrees that the aforesaid information may be used, encrypted, transmitted and stored by the Lender and its holding company, head office, other branches, subsidiaries, related companies and/or may be exchanged to or with all such persons as the Lender considers necessary to the extent as permitted by Philippine laws. The aforesaid actions are without liability to the Borrower. The Borrower expressly consents to such actions and declares that no further consent from the Borrower is necessary or required in relation thereto.
12.2 Notification Regarding R.A. No. 9510. Pursuant to Republic Act (R.A.) No. 9510 and its Implementing Rules and Regulations (IRR), creating the Credit Information Corporation (CIC) we are mandated to submit your basic credit data (as defined in R.A. No. 9510 and its IRR), as well as any regular updates or corrections thereof, to the CIC for consolidation and disclosure as may be authorized by the CIC, and other credit reporting agencies duly accredited by CIC, for the purpose of establishing your creditworthiness.
12.3 In case the Borrower fails to pay fully or correctly or timely the loan obligation, in addition to debt recovery measures as specified herein/therein or in accordance with the Philippine laws, the Lender shall be entitled to provide information on such failure to third parties, including but not limited to collection agencies for the purpose of collecting the loan obligation.
12.4 The Borrower agrees that Lender, directly or through its Partners, may collect, retrieve, process, use and store his/her personal data such as name, age, photographs, fingerprints, other biometric data (e.g., facial recognition and voice recognition), mobile number/s, mobile phone usage data, employment details, income, financial data, financial profile, credit standing, loan payment history, and other information required in the application form for the purpose of reviewing and processing the Borrower’s loan application. The Borrower consents to the collection of his/her personal data from the Borrower her/himself, or from other personal information controllers such as, but not limited to, telecommunications companies (e.g., Globe, PLDT, Smart, Sun Cellular), for credit scoring purposes. The Borrower’s personal data such as mobile number, email address, and address, will be shared to a credit scoring service provider for credit investigation, credit scoring, data analytics, and data profiling, which includes the regular updating of the Borrower’s credit score. The personal data secured may also be used for direct marketing of products and services of Partners of the Lender. Throughout the processing of the Borrower’s personal data, his/her rights under the Data Privacy Act of 2012, such as the (1) right to be informed, (2) right to object, (3) right to access, (4) right to rectification, (5) right to erasure or blocking, and (6) right to damages, shall be upheld. Entities to whom Lender share Borrower’s personal data will also respect the same rights.
Art. 13. Set-off
The Lender at its discretion without prior Borrower’s consent shall set-off or deduct any amount from any account of the Borrower held at the Lender against any obligation due from the Borrower under this Loan Agreement, the Promissory Note, and other related documents, regardless of the place of payment, booking branch or currency of either obligation. Any set-off of fixed deposit by the Lender shall be deemed as premature withdrawal by the Borrower. If the currency of obligation is different from the currencies of accounts, the Lender may convert the currencies of the account into the currency of the obligation by reference to the market rate of exchange in its usual course of business.
Art. 14. Review
14.1 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.
14.2 The Lender shall have the right to review and revise the Terms and Conditions specified hereunder at any time at its sole discretion.
Art. 15. Notices
15.1 Notice to the Borrower
A notice given to the Borrower in connection with this Loan Agreement and/or the Promissory Note may be delivered by hand or sent by prepaid ordinary post or sent by email (electronic mail) or sent by facsimile to the facsimile number of the addressee or sent by message to the mobile number of the addressee which is specified in the Loan Application form and/or the Promissory Note. A notice given to the Borrower shall be treated as having been given and received:
(i) If delivered, on the day of delivery if a Calendar Day, otherwise on the next Business Day;
(ii) If sent by prepaid mail, on the second Business Day after posting;
(iii) If sent by email and no failure notice is received by the sender, one hour after the time of the sending of the email;
(iv) If transmitted by facsimile and a correct and complete transmission report is received, at the time of transmission recorded on that transmission report;
(v) If sent by text message and no failure notice is received by the sender, at the time of sending.
15.2 Notice to the Lender
Notices, demands or other communications shall be addressed to the Lender at its place of residence and may be delivered personally, by leaving it at such address, by facsimile transmission or telex, or email, or by phone and shall be deemed to have been delivered to the Lender on the day of actual receipt.
Art. 16. Entire Agreement
This Agreement constitutes the entire agreement and supersedes all prior agreements, understandings, representations, warranties and arrangements of whatever nature whatsoever, both written and oral, among the Parties with respect to the subject matter of this Agreement.
Art. 17. Assignment and Transfer
Notwithstanding any other provisions of this Loan Agreement and/or the Promissory Note, the Lender may at any time: (i) assign or transfer its rights and obligations; or (ii) create security in or over any and all of its rights or obligations under this Loan Agreement and the Promissory Note to any person on provision of seven (7) Business Day written notice to the Borrower. The Borrower is not permitted to assign or transfer any of the Borrower’s rights or obligations under this Loan Agreement and the Promissory Note without prior written consent of the Lender.
Art. 18. Waiver
The delay or failure of the Lender to exercise of any of its rights whether under this Loan Agreement, the Promissory Note, or otherwise, shall not be construed or deemed as a waiver of the Lender to such rights.
Art. 19. 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).
Art. 20. Term of the Loan Agreement
Unless terminated by the Lender, this Loan Agreement shall take effect from the date the funds are remitted to the Borrower in the manner specified in Promissory Note until such time as the provisions specified hereunder are needed to remain in force and effect between the Parties unless otherwise agreed by the Parties.
1. You hereby represent and warrant that you have obtained the agreement of the people whose names you listed as character references on your loan application with OK Finance.
2. If OK Loans is unable to reach you after two (2) unsuccessful tries, they will get in touch with these character references for identity and background checks, as well as for collection needs. We won’t be able to accept your application if you check or click I DO NOT AGREE with the Privacy Statement below.
3. In accordance with the demands of The Data Privacy Act of 2012 RA 10173 (“DPA”), I hereby consent to the processing of my application with OK Finance, including verification, validation, payment collection, evaluation, and sharing of information with third party partners.
My personal information, sensitive personal information, and any other information that OK Loans may have obtained directly or indirectly and may obtain in the future through its own verification and validation, in public spaces, or through other legally acceptable methods and means as defined by the DPA and any of its amendments, as well as other laws pertinent to the confidentiality, data privacy, and protection of personal information
You can review and obtain our privacy notice here: PRIVACY NOTICE
General
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Your use of this website and any dispute arising out of such use of the website is subject to the laws of the Philippines.
To the extent permitted by law, OK Loans reserves the right, at its sole discretion, to change this User Agreement from time to time.
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