GENERAL TERMS AND CONDITIONS

These General Terms and Conditions are created following the laws of the Republic of the Philippines.


1. Loan Purpose

The Borrower shall use the Loan provided by the Lender for legal and legitimate purposes. All proceeds issued by the Lender are to be used by the Borrower solely for the type of Loan he/she has applied for.

2. Loan Amount

The loan amount that the Lender and the Borrower agree upon shall be identified on the Loan Decision, the Promissory Note, and the Borrower's Personal Account.

3. Loan Term

The Loan Term shall determine the total period at which the Borrower is obliged to pay the amount of the loan in full, including all charges, fees, and interest, as specified in the Disclosure Statement and which may be from seven to fourteen calendar days to twenty-one (21) calendar days, is subject to the term approved based on the Loan Decision, and as specified in the Promissory Note.

4. Mode of Payment

The mode of payment will vary based on the type of Loan the Borrower applied for; it will be discussed during the application process (phone interview). The mode of payment is as follows:

4.1 Post-Dated Check

4.1.1 All loan borrowers with issued post-dated checks must ensure the availability of funds in their account before the due date and the bank's cut-off time for check clearing. The cut-off time for check clearing depends on the depository bank.

4.2 Bank to Bank

4.2.1 The Borrower must be well aware that Vidalia’s payment cut-off time for direct bank deposit is at 2 o’clock pm.

5. Interest

5.1 The interest shall be paid by the Borrower, to which the Borrower is accountable to the Lender for the fixed interest on the issued Loan until it is paid in full. Accordingly, interest shall be paid in accordance with these General Terms and Conditions.

5.2 The interest will vary upon the type of loan the Borrower has applied for. Fixed interest rates are given to all types of Loans offered by Vidalia Lending Corp., as also indicated in the Promissory Note and Disclosure Statement.

6. Other Charges for Late Payment

6.1 Any payment made after the declared maturity date, or any amount remaining past due, shall entitle the Lender to impose applicable penalty charges, including late payment and matured loan penalties, in addition to the outstanding principal, interest, and other charges. The rates and amounts of such penalties are fully disclosed in the Loan Disclosure Statement provided to the Borrower upon loan availment, in accordance with applicable laws, rules, and regulations.

6.2 For every hold check request, the Borrower must send an email notification at least three (3) business days before the due date, subject to approval by the Lender. A fee of PHP 1,000 shall apply for each approved request. Holding of checks is limited to a maximum of twenty (20) calendar days and up to three (3) requests per loan cycle. The applicable fee must be deposited one (1) business day before the due date; otherwise, the request shall be deemed invalid.

6.3 As for every returned check, an additional penalty charge will be given to the Borrower.

7. Co-Borrower / Co-Maker

The Co-Borrower / Co-Maker shall have the same loan obligations with the Borrower as stipulated in this Loan Agreement and Promissory Note. If in case the Borrower fails to fulfill his/her loan obligations, all declared loan obligations thereof may be demanded from the Co-Borrower / Co-Maker.

8. Release of the Proceeds of the Loan

8.1 Loan proceeds shall be released only after the conditions listed below have been fulfilled and upon the Lender’s approval:

  • The online Loan application has been completed. Bank account details of the Borrower are given.

  • All required documents have been submitted by the Borrower.

  • The Loan decision has been reported to, confirmed, and accepted by the Borrower through online confirmation.

  • The Promissory Note is accepted and confirmed by the Borrower.

8.2 Upon the submission of the Loan Application and is accepted by the Lender, the Borrower is then entitled to cancel the Loan or not accept the Loan proceeds with exclusions for such refusal cases that entail the application of charges for cancellation, non-acceptance or prepayment as may be identified by the Lender. The Borrower agrees that the Lender has the right to approve or reject the refusal of the acceptance of the Loan as the Lender deems fit.

8.3 The Lender shall not be held accountable for the release of any Loan proceeds to other or wrong bank account due to errors in data entry by the Borrower.

8.4 The Lender shall not also be held liable for the delays and problems connected to the release of the loan proceeds to third parties upon the written directions and instructions of the Borrower.

9. Representations and Warranties

The Borrower represents and warrants the Lender of the following:

9.1 All obligations declared to the Borrower as stipulated in this Loan Agreement and the Promissory Note, including all relevant documents are legal, valid, binding, and enforceable obligations.

9.2 All personal information disclosed by the Borrower, including information provided by or obtained from third parties, as well as all documents required to be disclosed to the Lender pursuant to this Loan Agreement and the Promissory Note, shall be deemed true, correct, and complete in all material respects as of the date such information or documents are provided, and shall not be misleading in any respect. The Borrower hereby authorizes the Lender to request, verify, and obtain information from third parties for verification and due diligence purposes.

9.3 The Borrower has fully read, understood, and agreed to comply with the terms and conditions of this Loan Agreement, the PromissoryNote, and other documents, this includes alterations to such documents that may occur as a vital part of the Company’s progression.

9.4 The Borrower fully understands that the Loan Application is deemed as an offer, ONLY. The Borrower acknowledges that the approval of the Loan applications is decided upon by the Lender which will be based upon the Lender’s policies and guidelines. Thus, the Borrower shall agree to the Lender’s decision and shall not file any complaints with regards to this matter.

10. Conditions for Default

10.1 In the event that the Borrower fails to make any payment on time, the Borrower shall be in default. The Lender may then demand immediate payment of the entire unpaid balance of the loan, without giving any further notice.

10.2 If the Borrower has not paid the full amount of the loan when the final payment is due, the lender will charge interest on the unpaid balance.

10.3 In the event that the Borrower's account will be turned over to an attorney-at-law for enforcement. The Borrower shall pay twenty-five percent (25%) of all sums due as attorney's fees, plus an additional sum of five percent (5%) per annum on all sums due (exclusive of attorney's fees) for and as liquidated damages.

10.4 In the event the Borrower has issued checks with insufficient funds, Section 1 of Batas Pambansa Blg. 22 known as The Anti-Bouncing Check Law shall be imposed.

11. Indemnity

The Borrower shall free the Lender from indemnities of any cost, loss, or liability as acquired by the Lender, and as a result of (i) An event of Default. (ii) The information given and confirmed by the Borrower being or allegedly being misleading and/or fraudulent in any respect. (iii) Any investigation, inquiry, or subpoena (or with the equivalent order, or any litigation concerning the Borrower) is respective to the transactions under this Loan Agreement and the Promissory Note.

12. Credit Information Reporting

Vidalia Lending Corp. is a duly registered Submitting Entity of the Credit Information Corporation (CIC) pursuant to Republic Act No. 9510 (Credit Information System Act). By accepting and availing of a loan, the Borrower expressly authorizes Vidalia Lending Corp. to submit the Borrower’s credit data, including personal information, loan details, payment history, and credit status, to the CIC and its accredited credit bureaus. Such credit data shall be submitted on a monthly basis commencing upon acceptance and release of the loan and shall continue for the duration of the loan and thereafter as required by law. The Borrower acknowledges that such submission is mandatory, made for compliance with legal and regulatory requirements, and may be accessed by authorized users in accordance with applicable laws.

13. Disclosure of Information

The Borrower grants the Lender authority to transfer and disclose any personal information to any legal third party/ies, which are defined in the Privacy Policy,in the event the Borrower fails to comply with all loan obligations.

14. Right to Set Off

The Lender shall have the right, at any time and without prior notice, to set off or apply any liability or indebtedness owed by the Borrower to the Lender against any funds, deposits, or accounts of the Borrower maintained with the Lender, in satisfaction of any obligation due under this Loan Agreement, the Promissory Note, and other related documents. This right shall apply regardless of the place of payment, booking branch, or currency of either the obligation or the account.

15. Entire Agreement

This Agreement comprises the entire agreement and displaces prior agreements, arrangements, warranties, understandings, and representations, both written and oral, among all parties, respective to the subject matter of this agreement.

16. Loan Assignment and Transfer

Regardless of any other provisions specified in this Loan Agreement and/or the Promissory Note, the Lender may at any time: (i) Assign or Transfer its rights and obligations, or (ii) Generate security in or over any of its rights or obligations under this Loan Agreement and the Promissory Note to any person on the provision of seven (7) Business Days’ notice that is written to the Borrower. Thus, the Borrower is not entitled to Assign or Transfer any of the Borrower’s rights or obligations under this Loan Agreement as well as the Promissory Note without the prior written consent of the Lender.

17. Waiver

In case the Lender fails or delays to execute any of its rights either within this Loan Agreement, the Promissory note, or otherwise, unless the Lender has not performed all the means to remind and notify the Borrower of such loan obligations (via email, SMS, and phone call), it must not be deemed or interpreted as a waiver of the Lender to such rights.

18. Governing Law

All terms and conditions stipulated in this Loan Agreement, as well as in the Promissory Note, are governed by the laws of the Philippines. The courts of the Philippines shall have jurisdiction over any dispute arising out of or in connection with this Loan Agreement and the Promissory Note, including any dispute regarding their existence, validity, or termination.

19. Loan Agreement Term

This Loan Agreement shall be in effect, unless terminated by the Lender, from the date the loan is issued to the Borrower in the manner specified in the Promissory Note until the time the provisions specified under this Agreement shall remain in force and effect between both Parties unless otherwise agreed by such.