In applying for loan in Meloan, you signify that you have read, understood, and agreed to be bound by all of the Terms and Conditions below.

I. Purpose

The Borrower is applying for a loan from Meloan (the “Lender”) for his or her personal use.

II. Loan Amount

Meloan has agreed to lend to the Borrower the amount stipulated in the Loan Agreement, in Philippine Currency. The Borrower understands that the approval of this loan is subject to submission of documents required by Meloan.

III. Loan Requirements

The following are the requirements in applying short-term loan:

a. Students Short-Term Loan

i. School ID

ii. School registration form/pre-enrolment form

b. Employees Short-Term Loan

i. Government Valid ID

ii. Company ID

iii. Certificate of Employment / Payslip

iv. Proof of Billing

IV. Term

The Loan shall have a terms of seven (7) days, fourteen (14) days, and not more than twenty-eight (28) days, which term shall start from the date of the Borrowers’ receipt of the Loan.

V. Loan Release

The Loan shall be released to the Borrower through bank transfer and pera padala. No release of loan shall be made unless the Borrower complies with all the conditions required by Meloan and the provisions of the Agreement.

VI. Interest, Fees and Charges

The Borrower agrees to the following:

a. The Loan will carry interest at 0.5% per day as agreed to the Loan Agreement.

b. The Processing Fee of (10%) will be deducted from loan proceeds.

c. The Cash-out Fee of (10%) will be deducted from loan proceeds.

d. The Borrower must pay the loan on or before the due date. A penalty of 2% shall be charged for every succeeding day of missed payment, each with an accumulation of penalty from the previous day as the basis for computation.

VII. Payment

a. Payment must be given on or before the due date. If the due date lands on a holiday or non-working day/s, payment should be done on the closest business day before the due date.

VIII. Borrower’s Particulars

The Borrower shall notify Meloan promptly of any changes in his/her home address and contact information and as may be required by Meloan, any other information previously provided to Meloan in connection with the loan.

IX. Communications

All messages or communications sent to the Borrower’s contact details provided to Meloan, including approval of the loan, are considered to be duly received by the Borrower if the message is sent through the email address and/or phone number registered by the Borrower. Once the message is sent, Meloan is no longer responsible for its security, confidentiality, or any acts of any respective service providers, nor any acts caused by unauthorized use of the Borrower’s email address and/or phone number.

X. Privacy Information

Meloan shall observe privacy of personal information of the Borrower obtained in connection with the Loan Application. Meloan, including its employees, agents, representatives, officers and directors, who are involved in the processing of Borrower’s personal information, shall operate and hold personal information under strict confidentiality, which undertaking shall survive the termination of this Agreement.

XI. Changes to Terms and Conditions

This Terms and Conditions is effective as of and will remain in effect except with respect to any changes in its provisions in the future, which will be in effect immediately after being posted on this page.

We reserve the right to update or change our Terms and Conditions at any time and you should check this Terms and Conditions periodically. Your continued use of the Service after we post any modifications to the Terms and Conditions on this page will constitute your acknowledgment of the modifications and your consent to abide and be bound by the modified Terms and Conditions.

If we make any material changes to this Terms and Conditions, we will notify you either through the email address you have provided us, or by placing a prominent notice on our website/social media.