Terms and Conditions - Philippines

General Terms and Conditions

PAYJOY PHILIPPINES FINANCE INC., with registration details and address above stipulated in the Loan Details (the “Creditor”), has decided to approve Debtor’s credit application, and has granted Debtor a loan (“Credit”) subject to the payment of the interest and other charges stipulated in the above Disclosure Statement for the exclusive purpose of purchasing a mobile phone (“Equipment”) as described in the Purchase Details above.

In view of the foregoing and in consideration of the premises and the mutual agreements and covenants hereinafter set forth, the parties agree to execute this agreement with respect to the Creditor’s grant of the Credit to the Debtor, which will be governed by the following terms and conditions:

Introduction

The Debtor (or the “Seller’s Customer”) is applying for a Credit from the Creditor to finance the former’s purchase of the Equipment from the Seller, as indicated in the above Loan Details and Purchase Details. The Debtor understands that the approval of the Credit is subject to the submission by the Debtor of documents required by the Creditor, completion of the credit approval process and guidelines of the Creditor, and the final decision of the Creditor. The Credit shall be payable in monthly installments with a Monthly Interest Rate as indicated in the Disclosure Statement and as agreed upon by the Debtor and the Creditor. The entirety of this document is referred to as “Consumer Financing Agreement”.
The Debtor agrees to the Purchase Details and Disclosure Statement above, the Installment Amount in the Payment Schedule, and the terms and conditions in this Consumer Financing Agreement.
The Debtor made a partial payment of the Equipment in the amount stipulated in the Disclosure Statement (“Downpayment”). It is known to the Creditor that Debtor paid the Downpayment before the signing of this Consumer Financing Agreement. The Downpayment shall not form part of the Credit or Financed Amount.
No penalties for late payment or non-payment will accrue on the Credit.

Credit

The Debtor agrees that the Credit or the Financed Amount will be paid directly by Creditor to the Seller as full payment for the Equipment.

Rate of Interest

Interest on the Credit will begin to accrue on and from the Effective Date, and shall be paid by the Debtor in accordance with the Disclosure Statement and the Payment Schedule.

Payment

The Debtor agrees to pay each Installment Amount on or before the Due Date, and exclusively through the payment channels identified by Creditor. Payments shall become due on each Due Date as stated in the Disclosure Statement, without need of any further notice or demand.
The Debtor expressly waives the benefit of Article 1252 (Application of Payments) of the Civil Code of the Philippines, Republic Act No. 386, and agrees that any payment to Creditor for the purpose of settling any Installment Amount or any other amount due in relation to the Credit shall be applied to the Installment Amount or such other amount that fell due earlier, and in the order as specified in this Consumer Financing Agreement.
After the Cooling-Off Period (as defined below), the Debtor is prohibited from cancelling the Consumer Financing Agreement, without regard to the Debtor returning the Equipment to the Seller for whatever reason or disposing of the Equipment to any party in whatever manner. To terminate the Consumer Financing Agreement after the Cooling-Off Period, the Debtor shall either pay the outstanding Installment Amounts in accordance with Clause 4.1 or convey by way of dation in payment the Equipment to the Creditor as full and complete settlement of the Debtor’s obligations in this Consumer Financing Agreement. By surrendering and delivering the Equipment to the Creditor or its duly authorized representative, the Debtor shall hereby voluntarily cede, transfer and convey the Equipment, free from all encumbrances and liens not otherwise provided in this Consumer Financing Agreement, unto the Creditor by way dation in payment, and the Debtor hereby accepts the same as full settlement of the Debtor’s obligations under in this Consumer Financing Agreement. The Debtor and Creditor agree that no further act or deed shall be required to effect the dation in payment under this provision. The Debtor shall surrender the Equipment to the address of the Creditor specified in this Consumer Financing Agreement. Notwithstanding the above, the conveyance of the Equipment to PayJoy by way of dation in payment will only be completed if the Equipment passes the basic diagnostic procedure of PayJoy, which will determine if the Equipment is acceptable (i.e. in good working condition and is not damaged by the Debtor). The diagnostic procedure will be completed within five (5) business days from receipt of the Equipment from the Debtor. If the Equipment fails the diagnostic procedure, Debtor’s liability in this Consumer Financing Agreement can only be terminated by payment of the outstanding Installment Amounts in accordance with Clause 4.1.

Cooling-Off Period

The Debtor is entitled to a cooling-off period of no more than three (3) business days from the signing of the Consumer Financing Agreement (“Cooling-Off Period”) during which s/he may cancel the Consumer Financing Agreement and the Credit without any form of penalty, provided that during the Cooling-Off Period, the Debtor must submit a written request for cancellation to the Creditor, a template for which is made available at the Creditor’s website https://www.payjoy.com/ph/, to the Creditor’s email address support-ph@payjoy.com. As used throughout this Consumer Financing Agreement, it is understood that “business days” shall refer to any day except Saturday, Sunday, or any day which is a legal holiday in Taguig City. Within ten (10) business days from the receipt of the written request for cancellation, the Creditor shall inform the Debtor that s/he must return the Equipment to the Seller and the Creditor shall likewise inform the Seller of the Debtor’s use of the Cooling-Off Period.
The Debtor shall return the Equipment to the Seller within a period of three (3) business days from receiving the notice from the Creditor. Only after the Debtor has returned the Equipment and the Seller has accepted the same will Creditor cancel Consumer Financing Agreement under this Clause and send the Debtor a notice of cancellation through his/her email indicated above.
The Debtor shall return the Equipment to the Seller under this Clause in good working condition in accordance with the policies of the Seller, including the imposition of a cancellation or return fee, if any. If the Seller does not accept the Equipment on the ground of it being damaged caused by the Debtor, the Debtor shall surrender the damaged Equipment to the Creditor at its address indicated in this Consumer Financing Agreement. In such a case, the Downpayment shall be forfeited by the Creditor and the Debtor shall not receive any refund of the Downpayment from the Seller or Creditor.
The Debtor understands that by signing the Consumer Financing Agreement, no amount of the Credit or the Financed Amount will be transferred, provided or remitted to him/her as the Credit or the Financed Amount is directly paid by the Creditor to the Seller. If the Debtor paid the Downpayment directly to the Seller, any request for the refund of the Downpayment shall be communicated by the Debtor directly to the Seller and made in accordance with the policies of the Seller. In such a case, the Creditor shall not be held liable for any delay or failure in the refund of the Downpayment. If the Debtor paid the Downpayment to a representative of the Creditor assigned at the store of the Seller, the Downpayment shall be refunded by Creditor to the Debtor’s account.
Upon compliance by the Debtor with this Clause 5.1 above, this Consumer Financing Agreement shall be considered cancelled, and the Debtor and Creditor shall have no further obligations in respect of this Consumer Financing Agreement. This, however, shall be without prejudice to and not operate as a waiver of any obligation previously incurred by the Debtor prior to the termination of this Consumer Financing Agreement.

Understanding and Obligations of the Debtor with Respect to the Equipment

Upon Debtor’s payment of the Downpayment, the Seller will install an application in the Equipment, which will enable the Creditor to limit Debtor’s access to the Equipment (“PayJoy Lock App”) in case Debtor defaults in paying any of the Installment Amounts on their respective Due Dates. In case of activation of the PayJoy Lock App, Debtor will still be able to call emergency numbers and contact Creditor to settle pending amounts. The Debtor hereby acknowledges and consents to the installation of the PayJoy Lock App and the activation thereof in case of Debtor’s default in paying any of the Installment Amounts on their respective Due Dates. To uninstall the PayLock App from the Equipment, the Debtor shall contact the Creditor to make such request by providing his/her reason/s.
The Debtor must pay the Installment Amounts in accordance with the Payment Schedule, notwithstanding the fact that the Equipment is totally or partially damaged, deteriorates, has manufacturing defects, stops working, or functions incorrect or undesiredly, is lost, or stolen. In the event of theft or loss, the Debtor shall report such event to the competent authorities (i.e., police), and to the provider of telecommunications networks and services with whom the Equipment or the mobile number is linked (the “Mobile Operator”). The Debtor shall also report any case of theft or loss to the Creditor’s Customer Service number, at the number +639624275398, or via Creditor’s email address support-ph@payjoy.com, so that the Creditor can proceed with the disabling of the Equipment, which the Debtor expressly authorizes.
The Debtor understands and acknowledges that the Creditor is not a Mobile Operator nor a Seller. The Creditor is not responsible for the quality, safety, and operation of the Equipment, nor does it make such guarantee or warranty on behalf of the Seller, the manufacturer, or the Mobile Operator, in accordance with consumer protection and telecommunications regulations in the Philippines. Any claim related to these matters must be made by the Debtor directly to the Seller and/or manufacturer of the Equipment, or the Mobile Operator, if applicable, and waives, to the extent that the laws and regulations allow, to claim from the Creditor for the operation, quality or security of the Equipment.
The Debtor understands and acknowledges that the Creditor is not a party to the relationship between (i) the Debtor and the Seller and/or manufacturer of the Terminal or (ii) the Debtor and the Mobile Operator.
The Debtor acknowledges and understands that the Credit request and processing thereof are not tied or linked to the sale of the Equipment by its Seller, nor to the sale of a mobile cellular telephone plan or plans by the Mobile Operator, nor vice versa. The Debtor has decided on his/her own free will to apply for the Credit and sign and execute this Consumer Financing Agreement, and has not been constrained or forced to do so. The Debtor also acknowledges and understands that the sale and provision of the mobile telephone service and other related services of the Mobile Operator are not conditioned on the Debtor applying for the Credit or the execution of the Consumer Financing Agreement.
There is no restriction for the Debtor to use the Equipment by contracting the service of any Mobile Operator. Even though the Creditor is not part of the relationship between the Debtor and the Mobile Operator, the Debtor states that s/he knows, accepts, and that s/he was fully informed before applying for Credit for the purchase of the Equipment, that the Equipment may be affiliated with the SIM card with which the Credit was processed. In any case in which the Debtor wants to change the SIM card with which the Credit was processed, or make as many changes as s/he considers during the term of the Credit, s/he may call the Creditor’s Customer Service hotline at +639624275398 to inform the Creditor of the change of SIM card. The Creditor’s Customer Service personnel will proceed to make the corresponding change to prevent the commission of fraud against the Creditor, including the sale of the financed Equipment when the Debtor has not fully paid the Creditor. It is also useful to limit the functionality of the Terminal in the event of theft, without this replacing the procedure that the Debtor must complete before the Mobile Operator. Taking into account the purpose indicated here, in the event that the Debtor changes the SIM card connected with the financed Equipment without informing the Creditor’s Customer Service, the Creditor shall be entitled to disable the Equipment and will be enabled again from the time the Debtor notifies the Creditor of such change.
The Debtor acknowledges and accepts that the financed Equipment has been chosen by him/her freely, and that it corresponds to the Equipment that s/he requested to purchase from the Seller.
The Equipment financed by the Consumer Financing Agreement is/are to be used for the benefit of the Debtor, and shall not be used for any illegal means.
Debtor agrees the Equipment shall be for personal use and s/he shall not sell, transfer or convey the same until full payment of the Credit.
The Creditor will not be responsible either to the Debtor or to third parties for the Debtor’s use of the Equipment.

Distribution and application of payments

The payments made by the Debtor to the Creditor will be applied in the following order: first, to applicable fees and charges; second, to the interest; and third, to the principal amount.
If there is excess of Debtor’s payment, it will be applied to other obligations of the Debtor with the Creditor, if any, or it will be returned or refunded to the Debtor via the preferred means of Creditor.

Default and Effects of Default

The Creditor may declare the Debtor in default with respect to the Credit, and initiate any available judicial or extra-judicial action, for the following reasons (each of the following events constitute an “Event of Default”):

If the Debtor fails to pay any of the Installment Amounts on Due Date;
If the Debtor becomes: (i) criminally convicted by the competent authorities for crimes of drug trafficking, terrorism, kidnapping, money laundering, financing of terrorism, administration of resources related to terrorist activities, or other crimes related to money laundering and terrorism financing; (ii) included in sanctions lists for the control of money laundering and terrorism financing administered by any national or foreign authority, such as, but not limited to, those issued by the Office of Foreign Assets Control (“OFAC”) issued by the Treasury Office of the United States of America, the United Nations, the Anti-Money Laundering Council (“AMLC”); or (iii) convicted by the competent authorities in any type of judicial process related to the commission of any other crime;
If the Debtor engages in criminal conduct, or in any act contrary to the laws of the Republic of the Philippines, while using the Equipment;
If during the term of the Credit, the Debtor sells or encumbers, in whole or in part, the Equipment without the express prior written consent of the Creditor, or if in any way loses ownership or possession of the Equipment;
If damage is caused to third parties by the Debtor while using the Equipment, or if the Equipment is used for the commission of crimes or illicit activities, or acts harmful or dangerous to the interests of the Creditor and/or the community in general, or contrary to the laws of the Republic of the Philippines;
If the Debtor fails to comply with any of his/her obligations set forth in this Consumer Financing Agreement;
If the Debtor breaches any of his/her representations and warranties, and covenants;
In case of fraud, false representation or identity theft, or any other similar conduct, committed by the Debtor while applying for the Credit and during the evaluation and approval by the Creditor of the Credit, or in relation to the purchase of the Equipment or to the connection of the Equipment with the services of a Mobile Operator, or in case of falsification of the documents, information or statements that served as the basis for the evaluation and approval of the Credit, or the purchase of the Equipment, or connection to the services of a Mobile Operator; and
If Debtor uninstalls, modifies or makes any attempt to uninstall or modify the PayJoy Lock App in the Equipment.

Upon occurrence of any Event of Default stipulated above, Creditor may, at its sole discretion, without need of notice or demand, and without limiting Creditor’s rights under applicable laws or under the Consumer Financing Agreement:

limit Debtor’s access to the Equipment by activating the disabling feature of PayJoy Lock App;
take such action and exercise such remedies in order to protect and enforce its rights under the Consumer Financing Agreement;
declare the Consumer Financing Agreement, including all charges, fees, and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived by the Debtor.

Upon the occurrence of any Event of Default stipulated above, all outstanding loans of the Debtor with Creditor, if any, shall become due and demandable.
The rights available to Creditor under the Consumer Financing Agreement and applicable law, may be exercised by Creditor alternatively, successively, concurrently, and/or cumulatively, at the option of the Creditor.

Collection.

The Debtor shall pay the Installment Amount through any of the payment channels approved by the Creditor as specified in the Creditor’s website, www.payjoy.com/ph. Any changes to the payment channels shall be notified to the Debtor through website announcement. Prior to making each payment, the Debtor shall verify the list of payment channels on the website of the Creditor.
The Creditor shall not be held liable for, and the Debtor bears the risk of, any delay or failure in crediting or remitting any payment to Creditor, due to any event or circumstance, including but not limited to, the closure, nonfunctioning, or malfunctioning of the payment channel.

Prepayments. The Debtor, at any time during the term of the Credit may make advance payments of any of the Installment Amounts, which will not generate any additional charge, nor will the Debtor be required to pay the unpaid interest pertaining to such prepaid installment. The prepayment will not be subject to any sanction of any kind.

Assignment.

The Creditor may assign the Credit or this Consumer Financing Agreement to any person. The consent of the Debtor is not required for any such assignment. The Creditor will notify the Debtor of such assignment in the terms set forth in the applicable regulations. The Debtor hereby acknowledges and agrees that: (i) any such assignment or transfer shall conclusively bind the Debtor; (ii) the Debtor shall be bound to fulfill and perform all his/her obligations to such transferee or assignee, including the payment of the Installment Amounts; (iii) the transferee or assignee shall have the authority of the Debtor to collect the due amount. The Debtor for this purpose waives any rights he/she may have under Article 1634 of the Civil Code of the Philippines, Republic Act No. 386.
The Debtor shall not assign the Credit or this Consumer Financing Agreement to any party without the prior written consent of the Creditor.

Prohibited Activities.

The Creditor has a policy to prevent money laundering, financing of terrorism, proliferation of weapons of mass destruction, bribery, and corruption (the “Prohibited Activities”). In this sense, the Creditor declares that it has implemented measures and procedures that allow it to detect and report suspicious operations related to the Prohibited Activities.
By signing this Consumer Financing Agreement, the Debtor expressly and irrevocably authorizes the Creditor to: a) carry out the measures, procedures and controls set forth in its policies in relation to the Prohibited Activities, and to verify in the binding sanctions lists that are issued from time to time by official authorities, including but not limited to the OFAC, United Nations, the AMLC, among others (the “Restrictive Lists”), that the name of the Debtor is not included in these Restrictive Lists, b) make reports to the competent authorities in relation to the Prohibited Activities that are required in accordance with the relevant laws and regulations. If a Debtor is found to be in the Restrictive List, or is found to have committed or has aided in the commission of an act considered by the competent authority as any of the Prohibited Activities, the Creditor shall be entitled to terminate this Consumer Financing Agreement.

Representations and Warranties.

The Debtor represents and warrants to Creditor as follows:

The Debtor does not have any criminal record, and freely and voluntarily enters into the Consumer Financing Agreement.
All of the Debtor’s loans and obligations with other lenders (including but not limited to banks, financing companies, and credit card companies) are updated and not delinquent or past due.
All documents presented to the Creditor by the Debtor, either directly to Creditor or through the Seller, are current, authentic, and may be relied upon by Creditor.
All oral representations and communications, including contact information, made to Debtor by the Debtor remain true, correct and accurate.
All the information provided to Creditor contained in the Consumer Financing Agreement including mobile number and e-mail address, are correct, complete, and updated. Debtor agrees to inform Creditor without any undue delay, of any change concerning Debtor’s contact details by calling Creditor’s Customer Service hotline or sending an email to support-ph@payjoy.com. Unless receiving notice of any change, Creditor will continue to communicate with Debtor via the contact details that are on file with the Creditor. In case of minor discrepancy in the name of the Debtor as stated in this Consumer Financing Agreement and the documents submitted due to an error during processing (i.e., misspelling, typographical error), Creditor can re-issue the Consumer Financing Agreement and other documents with the corrected name. It shall suffice that notice was given to the Debtor through his/her contact details on file with the Debtor, and no signature is needed from the Debtor to make the corrected Consumer Financing Agreement and other documents valid and binding.
The Consumer Financing Agreement shall be valid, enforceable and binding upon the Debtor.

Personal Data Processing and Recording

The Debtor expressly consents to the collection, use, storage, disclosure, updating and processing by Creditor of any information provided by the Debtor or otherwise obtained by Creditor, in relation to or in connection with the Consumer Financing Agreement, for purposes of administering the Credit, processing the transactions, and enforcing the Debtor’s obligations under the Consumer Financing Agreement.
The Debtor expressly consents to the collection and processing of personal information about and/or relating to the Debtor, and to the transfer of such information to third parties including any of the affiliates, subsidiaries or subcontractors of Creditor, credit bureaus (e.g. Credit Information Corporation), government agencies (e.g. Anti-Money Laundering Council), for the purpose of meeting Creditor’s obligations under existing laws and regulations, including but not limited to, the conduct of customer due diligence, obligation to keep transaction and customer records, reporting of covered and suspicious transactions, and credit reporting.
The Debtor expressly consents to the collection, processing and disclosure of his/her personal data to Creditor’s third party service providers if any, for the purpose of enforcing Creditor’s rights and obligations under this Consumer Financing Agreement, including but not limited to, facilitating the collection of the payment under this Consumer Financing Agreement, processing any query, complaint or issue raised by the Debtor, credit scoring, data analytics, among others.
The Debtor further consents to the use by Creditor of all information provided by the Debtor in connection with the Consumer Financing Agreement for the purpose of processing future loans or credit products that the Debtor may apply from Creditor.
The Debtor expressly consents to the collection and processing of his/her personal data, which may include his/her full name, email address, mobile number, selfie, address and proof of billing, among others, to meet the purposes provided above.
Authorization for the processing of additional personal data, or authorization to process such personal data for additional purpose or use other than the ones enumerated in this Consumer Financing Agreement, shall be addressed and identified in a consent form that will be provided by the Creditor and signed by the Debtor.
For any concern or question about the Creditor’s processing of personal data, the Debtor may contact the Creditor’s Data Protection Officer at privacy.ph@payjoy.com. For more information on the data processing of the Creditor, the Debtor may review the Creditor’s Privacy Notice at https://www.payjoy.com/ph/, which the Creditor may update from time to time.
In order for Creditor to render prompt and accurate service, the Debtor authorizes Creditor to record (without Creditor being necessarily obligated to do so) any and all telephone conversations between Debtor and Creditor, regardless of who initiated the telephone conversation. Such authorization to record includes, but is not limited to, recording of instructions, statements, complaints, inquiries by the Debtor, and information regarding the Credit and reminders by Creditor.
Creditor may also use such recordings for any legal purpose, particularly as evidence in any judicial or administrative hearing or proceeding.

Complaints

Any complaints by the Debtor pertaining to the Consumer Financing Agreement shall be communicated to Creditor via its Customer Service hotline at +639624275398, or through Creditor’s email address support-ph@payjoy.com, and the Debtor shall provide Creditor with all necessary information and/or documents in order to properly resolve the complaint.
For other concerns, the Debtor may call Creditor’s Customer Service at +639624275398 or e-mail at support-ph@payjoy.com. To know more about the Creditor’s service channels, the Debtor may visit https://www.payjoy.com/ph/. Creditor shall conduct a thorough investigation and provide the necessary feedback, clarification, resolution details, updates, to the Debtor within ten (10) business days from receipt of the concern. Creditor is regulated by the Securities and Exchange Commission (“SEC”) (www.sec.gov.ph) with email address at flcd_complaints@sec.gov.ph (or any subsequent URL or email address that the SEC may designate at any time).

Disclosure of Potential Conflict of Interest

The Debtor acknowledges that he/she may be assisted by a representative of the Seller or Creditor, and the Debtor understands that such representative may have interest in the approval of the sale and/or of the loan.

Miscellaneous

No failure, omission or delay on the part of Creditor in exercising any right or power under this Consumer Financing Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any further exercise thereof. Acceptance by Creditor of any payment after its Due Date or after any Event of Default has occurred or after legal proceedings have been commenced against the Debtor shall not constitute an extension of time for payment or a modification or novation of the terms of this Consumer Financing Agreement or in any way prejudice the Creditor.
This Consumer Financing Agreement shall be governed by the laws of the Republic of the Philippines.
Any suit arising out of or relating to this Consumer Financing Agreement shall be exclusively tried and resolved in the appropriate courts of Taguig City. The Creditor and Debtor hereby consent and submit to the exclusive jurisdiction and venue of these courts.
This Consumer Financing Agreement may be executed electronically or by way of electronic signature and such electronic signatures shall be deemed original signatures, having the same force and effect as manual signatures and binding upon the Creditor and Debtor. Additionally, the Consumer Financing Agreement may also be executed through single-use authentication mechanisms, such as one-time passwords (“OTP”), or other authentication and identification verification mechanism used as an electronic signature that allows the Debtor to be identified as a signatory of the Consumer Financing Agreement. If this Consumer Financing Agreement shall be executed electronically through any of the means described in this clause, the best evidence thereof shall be a copy of this Consumer Financing Agreement bearing an electronic signature or OTP, in portable document format (.pdf) form, or in any other electronic format intended to preserve the original graphic and pictorial appearance of a document.
Creditor may, at any time, update the terms and conditions of the Consumer Financing Agreement with notice to the Debtor, and such amendments shall bind the Debtor after sixty (60) calendar days from the time of notification. Creditor may notify the Debtor by publication, including through Creditor's website https://www.payjoy.com/ph/, and/or other means of communication (such as telephone, online portal, SMS, push notification, email, social media account, etc.).
All notices, demands, or other communications required or permitted to be given or made by Creditor to the Debtor hereunder shall be in writing and delivered either personally, by registered post, by text message, by electronic mail or through general announcements in its website https://www.payjoy.com/ph/ or social media and other channels. The Creditor may change any of its website, contact number and email address referenced in this Consumer Financing Agreement, and any change will be communicated to the Debtor in the manner provided in this Clause 17.4.

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Terms of Service