Eligibility Criteria:
Only Filipino citizens are permitted to use the application.
Applicants must be between the ages of 18 and 60.
A valid government-issued ID and proof of consistent income are necessary.
Note: Ensure you read the Disclosure Statement carefully before submitting your application.
Loan Information:
Loan Amount: From ₱1,000 up to ₱40,000
Repayment Period: 91 to 360 days
Interest Rate: Annual Percentage Rate (APR) of 28.12%
Transaction Fees: None
Service Charge: ₱20 to ₱800 (a 2% fee on the loan amount)
Sample Loan Calculation:
For a ₱8,000 loan over 120 days with 4 installments:
Interest per Installment: ₱8,000 x 28.12% / 365 x 30 = ₱185
Installment Payment: ₱8,000 x 28.12% / 365 x 30 + ₱8,000 / 120 x 30 = ₱2,185
Total Interest: ₱8,000 x 28.12% / 365 x 120 = ₱740
Service Charge: ₱8,000 x 2% = ₱160
Total Repayment Amount: ₱8,000 + ₱740 = ₱8,740
Net Amount Disbursed: ₱8,000 - ₱160 = ₱7,840 (The service fee is deducted in advance)
1. Contact Information
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.
Don't hesitate to contact us if you have further questions or you need our help:
Corporate Name: METRO EAST TECHNOLOGY RESOURCES, INC.
Email: contactus@metroeasttech.com
Customer Service: 9352390817
Address: Unit 615 Tower 2 Pioneer Highlands (Globe Telecom Plaza) Pioneer Corner Madisons Streets Mandaluyong, Metro Manila, 1550 Philippines
2. Language and Applicable Law
This Loan Agreement and the Promissory Note are regulated by Philippine legal provisions. The resolution of any conflicts concerning this Agreement and the Promissory Note, which includes arguments about their inception, validity, or cessation, falls under the jurisdiction of the Philippine judiciary system.
3. Loan Term
"Loan Term" refers to the span over which the Borrower is to settle the principal value of the Loan, in addition to the relevant interest, charges, and fees as stated in the Disclosure Statement. This duration is set to range from ninety-one (91) calendar days to a maximum of three hundred and sixty (360) calendar days, subject to the term agreed upon in the Loan Decision.
4. Loan Applications
Funds granted by the Lender are to be employed by the Borrower strictly for purposes that are legal and valid. Exclusively, the use of these funds is restricted to the Borrower's individual requirements.
5. Loan Amount Agreement
Pursuant to the agreement herein, the Lender shall furnish a loan to the Borrower, and the Borrower shall accept and employ the loan furnished by the Lender, in the total amount delineated in the Loan Decision, as reflected in the Promissory Note and the Borrower's Personal Account.
6. Interest on the Loan
The Borrower is obligated to the Lender for the payment of interest on the Loan until the total amount is discharged, with the interest being computed and remitted in adherence to the regulations specified within these General Terms and Conditions.
Interest on the Loan accrues on a daily basis until the Maturity Date. The interest rate is determined on a case-by-case basis and disclosed in Disclosure Statement.
7. 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.
8. Late Payment Penalties and Costs
If there is a delay in payment after the Maturity Date of the disbursed loan amount, the Lender is entitled to enforce, along with the overdue amount, a default penalty of PhP1,000 for first-time borrowers and PhP800 for those returning. Additionally, an interest of 5% of the outstanding amount per day will be applied from the first day of delay up to the thirtieth day, 4% from the thirty-first day until the ninetieth day of delay, and 2% from the ninety-first day of delay until the complete repayment of the loan.
9. 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.
10. 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 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.
11. Disclosure of Information
The Borrower explicitly gives the Lender the right to share details of the Borrower's transactions or loan account under this Agreement, including the Loan Agreement and the Promissory Note, with the following entities: (i) public regulatory agencies; (ii) any parties considering the acquisition or fulfillment of the Loan's debt obligations; (iii) professional consultants such as auditors and legal advisors, in addition to collection firms; (iv) entities specializing in credit evaluation; (v) insurance providers, intermediaries, or any third-party firms engaged in delivering services or products on behalf of or to the Lender and its affiliated entities, including its parent company, overseas offices, branches, and subsidiaries; or (vi) for the facilitation or marketing of various products and services. This disclosure, determined at the Lender's sole discretion as necessary or appropriate, will adhere to the governing laws of the Philippines, exempting the Lender from any borrower liability. The Borrower acknowledges this consent and confirms that no additional approval is required for such disclosures.
Pursuant to the provisions of Republic Act No. 9510, along with its Implementing Rules and Regulations establishing the Credit Information Corporation (CIC), the Lender is compelled to submit the Borrower's primary credit information and any future amendments or corrections to the CIC. This action is intended for the consolidation and authorized disclosure of such data by the CIC and other CIC-accredited credit reporting bodies to assess the Borrower's credit reliability.
In the event of the Borrower's failure to adequately, correctly, or promptly settle the loan obligations, beyond adopting specified debt recovery actions herein or as outlined by Philippine regulations, the Lender is authorized to report such failures to third-party entities, including but not limited to, agencies tasked with debt collection, to facilitate the recovery of the loaned sum.
By agreeing to this clause, the Borrower permits the Lender and its associates to retrieve, process, utilize, and maintain the Borrower's personal data such as identifying details, demographic information, biometrics, communication channels, employment background, financial status, and other necessary information stated in the loan application for the purpose of appraising and administering the loan request. This consent encompasses the acquisition of personal data directly from the Borrower or from other controlling bodies for credit scoring purposes. Furthermore, the Borrower's personal details will be communicated to credit scoring agencies for credit investigation, scoring, analytics, and profiling, including regular reassessment of the Borrower's credit standing. The obtained personal data may also be leveraged for direct marketing of the Lender's partner services and products. Throughout this data processing phase, the Borrower's privileges under the Data Privacy Act of 2012, including rights to information, objection, access, correction, deletion or blocking, and indemnity, will be honored. All entities to which the Lender disseminates the Borrower's personal information will equally uphold these rights.
12. Review
This Loan Agreement grants the Lender the prerogative to conduct periodic evaluations of the Loan at any juncture. Additionally, the Lender possesses an absolute right to demand repayment and retract the Loan based on its discretion, a right which the Lender may implement as deemed necessary.
Furthermore, the Lender is entitled to periodically reassess and amend the Terms and Conditions of this Agreement, exercising such authority at its sole discretion.
