1. Accepting the Agreement

1. In addition to this Agreement, Account Holder also acknowledges and agree to be bound to Kredivo’s other policies or terms and conditions (which may include, among others, privacy policy, security policy, terms of use, or a specific policy in relation to certain product of Kredivo) as published and updated from time-to-time in Kredivo’s website, application, and/or any other electronic media means as deemed appropriate by Kredivo.
2. Notwithstanding Clause 2(1) above, without requiring any prior notification to or approval of the Account Holder, Kredivo may use a subcontractor (including, but not limited to, an affiliate of Kredivo) to provide any part of Kredivo’s services, including, without limitation to, software provision, credit scoring, collection, customer services, and any other services as deemed necessary by Kredivo to ensure that the Account Holder will receive efficient and reliable services.

 

2. Issuing of Accounts

1. Use of the Kredivo Account is restricted to the Account Holder and subject to these Terms and Conditions.
2. The Account Holder will not permit any other person to use the Account and will at all times safeguard the Account and any Personal Identification Number (the PIN) issued, and keep it under his/her personal control.
3. Kredivo will maintain an account in the name of the Account Holder to which the value of purchase of goods and services, fees and charges effected by the use of the Account, any other liabilities of the Account Holder arising under these Terms and Conditions and any loss incurred by Kredivo (or its lending partner) arising from the use of the Account shall be charged. A notification about the transactions charged will be sent to the Account Holder at his/her declared email, phone number and mobile phone (in-app) and any such notification shall be deemed to have been received by the Account Holder 3 (three) calendar days after dispatch by Kredivo.
   

3.Use of the Account

1. The Account Holder will be responsible for all credit or other facilities granted by Kredivo (either directly or on behalf of its lending partner) in respect of the Account and for all related charges hereunder, notwithstanding the termination of this Agreement.
2. The Account Holder and or Additional Account Holder must notify Kredivo as soon as possible of any changes in the Account Holder’s employment, office address, home address and telephone number. This can be done by writing to support.ph@kredivo.com
3. Kredivo shall not be liable for the refusal of any merchant establishment to accept or honor the Account, nor shall Kredivo be responsible in any way for the goods and services supplied to the Account Holder. Any complaint by an Account Holder may be resolved by the Account Holder with the merchant establishment. Kredivo shall have no responsibility in this respect. No claim by the Account Holder against the merchant establishment may be the subject of a claim against Kredivo. Kredivo will credit the Account Holder’s Account with the amount of any refund only upon confirmation from the merchant company.
   
4. The Account Holder is prohibited to use its Account and/or credit facility to conduct a transaction that fall into the following categories:
   1. Transactions in which the buyer and seller are the same person or parties who are related or know each other.
   2. Transactions made for the purpose of exchanging goods purchased for cash, checks, or money orders. Example of such a transaction: the purchase of precious metals.
   3. Transactions that involve goods and/ or services that are deemed illegal under the law.
   4. Transactions that violate any law, statute, ordinance or regulation.
      1. Relate to transactions involving (a) narcotics, steroids, certain controlled substances or other products that present a risk to consumer safety, (b) illegal drugs paraphernalia, (c) items that encourage, promote, facilitate or instruct others to engage in illegal activity, (e) stolen goods including digital and virtual goods, (f) the promotion of hate, violence, racial or other forms of intolerance that is discriminatory or the financial exploitation of a crime, (g) items that are considered obscene, (h) items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction, (i) certain sexually oriented materials or services,
         (j) ammunition, firearms, or certain firearm parts or accessories, or (k) certain weapons or knives regulated under applicable law.
      2. relate to transactions that (a) show the personal information of third parties in violation of applicable law, (b) support pyramid or ponzi schemes, matrix programs, other “get rich quick” schemes or certain multi-level marketing programs, (c) are associated with purchases of annuities or lottery contracts, lay-away systems, off- shore banking or transactions to finance or refinance debts funded by a credit card, (d) are for the sale of certain items before the seller has control or possession of the item, (e) are associated with the sale of traveler’s checks or money orders, (g) involve currency exchanges or check cashing businesses, (h) involve certain credit repair, debt settlement services, credit transactions or insurance activities, or (i) involve offering or receiving payments for the purpose of bribery or corruption.
      3. any other transaction or activity that is categorized as prohibited use in accordance with Kredivo’s policy, updated from time-to-time and published in Kredivo’s website, application, and/or any other electronic media means as deemed appropriate by Kredivo.

 

4. Credit limit

1. Kredivo will assign a transaction limit or credit limit to the Account.
2. If an Account Holder exceeds the assigned credit limit without Kredivo’s prior approval, Kredivo may at its sole discretion cancel the Account immediately without prior notice to the Account Holder. Kredivo may also require that all outstanding amounts will thereupon become immediately due and payable.
3. Without prejudice to the above-mentioned provisions of this Article and any other relevant Articles stipulated in this Agreement, Kredivo may (either directly or on behalf of its lending partner), at its sole discretion and from time to time, increase or reduce the assigned credit limit of an Account, as a result of Kredivo’s reasonable assessment to the Account and/or relevant Account Holder based information available to Kredivo. Such increase or reduction of credit limit will be notified by Kredivo to the Account Holder from time to time.

 

5. Currency

1. The value of all Account transactions will be charged to the Account in Philippine Peso.

 

6. Lost/Stolen Account and Unauthorized Transaction

1. The loss or theft of an Account must be reported to Kredivo immediately upon discovery and also confirmed in writing immediately to support.ph@kredivo.com. Kredivo will suspend the Account but up to that point, the Account Holder will be responsible for any authorized and unauthorized transactions made via the Account.
2. Notwithstanding anything to the contrary herein contained, the Account Holder will be liable for all losses to Kredivo arising from the use of the Account by any person obtaining possession of it based on the Account Holder’s consent.
   

7. Fees

1. The Account Holder agrees to pay all finance charges and/or other fees incurred in the Account Holder’s Account at a rate that will be determined by Kredivo (or its lending partner) and notified to the Account Holder from time to time.

8.Finance Charges

1. An Account statement is available to the Account Holder at any time via the mobile or web app, with details of the total amount outstanding on the Account (the Amount Outstanding) and the date by which the payment must be made to Kredivo (the Payment Due Date).
2. On every transaction made by the Account Holder within the Account, depending on the type of such transaction, Kredivo will charge fees in the form of monthly interest (for installment product) or one-time service fee (for non-installment product). Regarding the interest in installment transactions, Kredivo reserves the rights to determine the amount of interest for each transaction, which will be informed by Kredivo before each transaction (in the relevant transaction page), or inside Kredivo’s website, application or any other means electronically for users’ general information.
3. If the Account Holder fails to pay Kredivo (either directly or on behalf of the lending partner) the whole of the Amount Outstanding by the Payment Due Date, the outstanding balance will incur a finance charge calculated in percentage of the outstanding balance and a late fees charge of in percentage of the outstanding balance. These charges compound monthly.
4. If any standing instruction, cheque or any other instrument of the Account Holder is not honored, Kredivo, (either directly or on behalf of its lending partner) may charge the Account Holder a finance charge calculated in percentage of the outstanding balance and a late  fees charge in percentage of the outstanding balance. These charges compound monthly.
5. If the Account Holder disagrees with any charges indicated in the statement, the same should be communicated to Kredivo within 7 (seven) calendar days of the date of the transaction, failing which the Account Holder shall not be entitled to query the charge.
6. The Account Holder acknowledges that Kredivo may exercise its rights under Article 11.4 hereunder in the event that the Account Holder fails to pay the Minimum Amount Due by the Payment Due Date.
7. Without prejudice of the above-mentioned provisions of this Article and any other relevant Articles stipulated in this Agreement, Kredivo may at its sole discretion and /or on behalf of its lending partner, review the finance charges periodically and revise them with due notice to the Account Holder with the form of notification as deemed appropriate by Kredivo.

 

9.Repayment

1. Any payment made by Account Holder will be applied by Kredivo in or towards Kredivo’s actual receipt of payment of Account Holder’s liabilities to Kredivo under these Terms and Conditions. If the Account Holder has more than one payment due, any payment made by the Account Holder will first apply towards the oldest payment due according to the following sequence of amount due; 1) late payment fee then, 2) convenience fee then, 3) interest, and lastly on, 4) principal.
   
2. Should the total amount you paid exceed the amount due (“Excess Payment”), Kredivo shall apply the excess amount to your next payment installment.
3. If there are no other amounts due from you, you may request the return of the Excess Payment by filing a ticket through Kredivo’s Help Center. Kredivo will notify you in writing once Excess Payment has been credited to your appointed account or selected mode.
4. When available in partnership with a bank, the Account Holder may issue a direct debit standing instruction on the Account to settle the Amount Outstanding.
   

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10.Suspension, Cancellation or Termination

1. Subject to Kredivo’s right as stipulated in Article 11.4 below, Kredivo may terminate this Agreement with the Account Holder at any time by canceling the Account by giving 14 (fourteen) calendar days prior written notice and without assigning any reason. The Account Holder or the Additional Account Holder may terminate this Agreement at any time by written notice to Kredivo at support.ph@kredivo.com.
2. Within 3 business days immediately following the execution of the loan agreement, the Account Holder is granted a “Cooling-off Period” within which the Account Holder may consider the costs and risks of a financial  product  or  service, and to cancel the agreement by sending a written notice to support.ph@kredivo.com.
3. The Account remains the property of Kredivo at all times and shall be returned to Kredivo upon request.
4. The whole of the Amount Outstanding on the Account Holder’s Account incurred by the use of the Account but not already paid shall become due and payable to Kredivo upon the termination of this Agreement.
5. If, for any reason, the Account Holder fails to comply with the Terms and Conditions of this Agreement including if the Account Holder misuses the Account by any means whatsoever or does not pay by the due date, Kredivo may at any time without prior notice suspend the Account or terminate this Agreement and proceed to recover the amounts outstanding thereunder. On behalf of itself and/or the lending partner (as the case may be), Kredivo has the right to:
   1. Call the Account Holder and his/her listed emergency contact;
   2. Send email/sms/in-app notifications requesting payment;
   3. Send a reminder through an in-house or third-party agent and/or any other actions that Kredivo deems appropriate within the law;
   4. Verify the Account Holder’s address or contact details from a merchant partner through whom the Account Holder has made a transaction;
   5. The Account Holder shall be responsible for all costs, charges, and expenses incurred by Kredivo (or its lending partner) including legal fees on a full indemnity basis.
6. If the Account Holder still fails to pay the Amount Outstanding within 60 days of passing since the due date, then Kredivo (or its lending partner) reserves the right to engage a third -party agent to recover the amount owed. The Account Holder shall be responsible for all costs, charges, and expenses incurred by Kredivo (or its lending partner) including legal fees on a full indemnity basis.
7. Any dispute arising from the Agreement shall be brought before the proper courts of Metro Manila  to the exclusion of all other courts except for small claims cases.

 

11. Disclosure of Information

1. The Account Holder agrees to the disclosure of his/her credit standing to other credit scoring companies or credit granting companies or financial institutions or subcontractors or any other third party appointed by Kredivo who may be in the process of deciding on granting the Account Holder a loan or credit privilege. At any rate Kredivo will not disclose information about the Account Holder’s Account to third parties other than the above unless it is in Kredivo’s interest, i.e. to protect Kredivo from or to recover a loss.
2. Notwithstanding the above, Kredivo also reserve the right to, and the Account Holder agrees to, disclosure of information to its affiliate or third parties about your Account or the transactions you make: (a) Where it is necessary for completing transactions, or (b) in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or (c) in order to comply with government agency or court orders, subpoenas and other legal documents, or (d) in order to offer you additional products or services, or (e) where such information is required by the credit facility provider, or (f) for the purpose of collection of the outstanding loan, or (g) if you give us your permission for any other sharing not specified herein.
3. For avoidance of doubt, if you believe that your personal information has been misused, you can file a complaint to Kredivo’s contact information or if this does not satisfying yet, subject to the provisions of the applicable laws and regulations, you have the right to request a report on the use of your personal data or ask Kredivo to destroy your personal data by sending an email to dpo.ph@kredivo.com. For the avoidance of doubt, the destruction of such personal data may result in termination of this Agreement and cancellation or closure of the account belonging to the Account Holder in accordance with the provisions of this Agreement.
4. Account Holders may change and/or update data, as well as ask questions and/or complaints regarding all information relating to services provided by Kredivo in connection with the use of personal data through the “Contact Us” link, which can be accessed via the Kredivo website.

 

12. Limitation of Liability

1. Kredivo’s liability is limited with respect to your Account and your use of the Kredivo services. In no event shall Kredivo be liable for lost profits or any special, incidental or consequential damages (including without limitation damages for loss of data or loss of business) arising out of or in connection with our websites, software, systems (including any networks and servers used to provide any of the Kredivo services) operated by us or on our behalf, any of the Kredivo services, or this user agreement (however arising, including negligence), unless and to the extent prohibited by law.
2. In the event of any action which the Account Holder may file against Kredivo from any cause whatsoever, the Account Holder agrees that Kredivo’s liability shall not exceed the amount of PHP5,000.00 (Five Thousand Pesos) or the damages actually proved to have been suffered by the Account Holder, whichever is lesser. In addition, to the extent permitted by applicable law, Kredivo is not liable, and you agree not to hold Kredivo responsible, for any damages or losses (including, but not limited to, loss of money, goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from: (1) your use of, or your inability to use, our websites, software, systems operated by us or on our behalf (including any networks and servers used to provide any of the Kredivo services) or any of the Kredivo services; (2) delays or disruptions in our websites, software, systems operated by us or on our behalf (including any networks and servers used to provide any of the Kredivo services), and any of the Kredivo services; (3) viruses or other malicious software obtained by accessing our websites, software, systems operated by us or on our behalf (including any networks and servers used to provide any of the Kredivo services), any of the Kredivo services, or any website or service linked to our websites; (4) glitches, bugs, errors, or inaccuracies of any kind in our websites, software, systems operated by us or on our behalf (including any networks and servers used to provide any of the Kredivo services), any of the Kredivo services, or in the information and graphics obtained from them; (5) the content, actions, or inactions of third parties; (6) a suspension or other action taken with respect to your Account; or (7) your need to modify your practices, content, or behavior, or your loss of or inability to do business, as a result of changes to this user agreement or Kredivo’s policies.

 

13. Governing Law

1. These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of the Philippines and the Account Holder irrevocably submits to the non-exclusive jurisdiction of the proper courts of Metro Manila to the exclusion of all other courts except for small claims cases,District Court of South of Jakarta provided that such submission shall not prejudice Kredivo’s rights to initiate proceedings in any other jurisdiction.

 

14. Assignment by Kredivo

1. The Account Holder shall not assign the Account Holder’s interest under this Agreement. Kredivo shall be entitled to assign its interest and/or any debt owing to Kredivo under this Agreement to such persons and in such manner as determined by Kredivo in its absolute discretion.
2. The Account Holder consents to Kredivo disclosing confidential information concerning the Account Holder to potential assignees and their advisors.

 

15. Amendment

1. Kredivo reserves the right at all times to vary or amend the Terms and Conditions as stipulated herein. Any such variations or amendments will become effective and binding on the Account Holder upon written notification to the Account Holder by such means as Kredivo deems fit. If the Account Holder does not accept any such variations or amendments, the Account Holder may terminate this Agreement under Article 11.1 of the Terms and Conditions stipulated herein.

 

16. Authorization

1. Unless expressly stipulated otherwise herein, any and all authorities stipulated in these Terms and Conditions are irrevocable and cannot be terminated based on any reason whatsoever, including those set forth in Article 1813, 1814 and 1816 of the Civil Code prevailing in the Republic of Indonesia.

 

17. Entire Agreement

1. Unless specified otherwise herein, this Agreement comprises the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior understandings, agreements, representations and correspondence.