Loan Features at a Glance
Term Length: 91 to 180 days
Loan Amount Options: ₱5,000 - ₱200,000
APR (Annual Percentage Rate): 30.63%
Transaction Fee: None
Service Charge: ₱50 to ₱2,000, or 1% of the loan amount
Example of Loan Costs
For a ₱30,000 loan with a 120-day term and six equal installments:
Installment Amount (per payment): ₱5,504
Interest per Installment: ₱504
Total Repayment Amount: ₱33,021
Total Interest: ₱3,021
Service Fee Deduction: ₱300
Disbursed Loan Amount: ₱29,700 (The service fee is deducted before disbursement.)
Important Reminder
Before submitting your loan application, please ensure you thoroughly review the Disclosure Statement to fully understand the terms and conditions.
Eligibility for Loan Application
MeetBrar Loan is available exclusively to citizens of the Philippines. Applicants must be aged between 18 and 60, possess a valid government-issued ID, and demonstrate stable, consistent income.
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: MEETBRAR LENDING & TRADING INC.
Email:
Customer Service: 9519926695
Address: 1407 9th St., Fabie Estate Manila, Metro Manila, 1007 Philippines
2. Loan Purpose
The Loan issued by the Lender is to be used by the Borrower for legal and legitimate purpose. The loan proceeds shall be used by the Borrower exclusively for personal use.
3. Determination of Loan Amount
The Lender agrees to lend to the Borrower, and the Borrower agrees to borrow from the Lender, the full amount of the Loan, as specified in the Loan Decision and reflected in the Borrower’s Personal Account.
4. Loan Term
Loan Term shall refer to the period within which the Borrower shall pay the principal amount of the Loan in full, together with the corresponding interest and all other charges and fees indicated in the Disclosure Statement, which may range from ninety-one (91) calendar days to one hundred and eighty (180) calendar days, depending on the term approved under the Loan Decision, as indicated in the Promissory Note.
5. Interest
The Borrower shall be liable to the Lender for interest on the Loan until the same is paid in full, which interest shall be calculated and paid in accordance with these General Terms and Conditions.
Interest on the Loan is accrued daily until the Maturity Date. The interest rate is determined individually, and indicated in the Promissory Note and Disclosure Statement.
6. Late Payment Penalties and Fees
Any default payment after Maturity Date of any amount made available under the Loan, shall entitle the Lender to require the Borrower in addition to the unpaid amount a default penalty in the amount of PhP1,000 (for new clients) and PhP800 (for repeat clients) single time and interest of 5% of the unpaid amount per day from the first (1st) day of delay and up to thirtieth day (30th) of delay, 4% of the unpaid amount from the thirty-first day (31st) of delay and until the ninetieth (90th) day of delay, and 2% of the unpaid amount from the ninety-first (91st) day of delay and until the day of the total repayment of the Loan.Any default payment after Maturity Date of any amount made available under the Loan, shall entitle the Lender to require the Borrower in addition to the unpaid amount a default penalty in the amount of PhP1,000 (for new clients) and PhP800 (for repeat clients) single time and interest of 5% of the unpaid amount per day from the first (1st) day of delay and up to thirtieth day (30th) of delay, 4% of the unpaid amount from the thirty-first day (31st) of delay and until the ninetieth (90th) day of delay, and 2% of the unpaid amount from the ninety-first (91st) day of delay and until the day of the total repayment of the Loan.
7. Representations and Undertakings
The Borrower hereby represents and warrants to the Lender on a continuing basis that:
The obligation expressed or to be assumed by the Borrower in this Loan Agreement, and any relevant documents are legal, valid, binding and enforceable obligations;
The entry into and performance by the Borrower of, and the transactions contemplated by, this Loan Agreement and any relevant documents do not and shall not conflict with (i) any law or regulation applicable to the Borrower; or (ii) any agreement or instrument binding upon the Borrower;
No event of default is continuing or might reasonably be expected to result from the making available of the Loan;
The Borrower has disclosed to the Lender all information (financial or otherwise) relating to the Borrower and all other relevant parties which is material to be known to the Lender in view of the provisions of this Loan Agreement, and other relevant documents and which is true, complete and accurate in all material respects at the date it was given and is not misleading in any respect;
The Borrower has read, understood and agreed to comply with terms and conditions of the Loan Agreement, Promissory Note, and other relevant documents. The Borrower accepts and agrees to be bound by the Loan Agreement, and other documents including amendments of these documents as an integral part thereof, which the Borrower acknowledges are available for reading or downloading at the Lender's website and/or notified by the Lender to the Borrower through various communication channels which the Lender deems fit;
The Borrower understands and acknowledges his/her obligations with respect to making the full, complete and timely payment of his/her loan obligation as stipulated in the Loan Agreement;
The Borrower understands and acknowledges that the Lender has the absolute discretion to accept or reject the Loan Application for valid cause, and that the Loan Application and its supporting documents shall become part of the Lender’s record and shall not be returned to the Borrower;
The Borrower understands and acknowledges that the Borrower’s Loan Application should be regarded as an offer only. Official approval of the loan application shall be decided upon the Lender’s appraisal and approval according to the Lender’s policy from time to time. The Borrower voluntarily agrees to the Lender’s decisions. The Borrower shall not file any complaints, or seek redress against the Lender on these matters;
The Borrower unconditionally acknowledges that the Borrower is truly and lawfully indebted to the Lender on the approved loan amount in case the Lender had disbursed the said amount as stipulated.
The Borrower covenants with the Lender that during the Loan Term:
The Borrower shall apply the loan proceeds to his/her personal use only such as education, hospitalization, emergency, travel, household, and other personal consumption needs of a similar nature;
The Borrower shall comply in all respect with all applicable laws in connection with the performance of the Borrower’s obligations under this Loan Agreement, and other relevant documents;
The Borrower shall obtain and maintain in full force and effect any authorization, consent or approval required to enable the Borrower to perform the Borrower’s obligations under this Loan Agreement, and other relevant documents and to ensure the legality, validity, enforceability or admissibility in evidence of this Loan Agreement, and other relevant documents;
The Borrower shall notify the Lender in writing of any potential or actual Event of Default (if any is specified in the Loan Agreement) and any event or circumstance which constitutes a default under any other agreement binding upon the Borrower (and, in each case, the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence;
The Borrower shall provide a prior written notice to the Lender of any change in the Borrower’s name, date of birth, residential address within three (3) calendar days of such changes;
The Borrower shall notify the Lender of any change in the Borrower’s employment, business or profession. In the event the Borrower is self-employed, the Borrower hereby undertakes to keep the Lender informed about the personal financial conditions on a periodic basis as requested by the Lender.
8. Conditions Precedent to the Release of the Proceeds of the Loan
The proceeds of the Loan shall be released only after the conditions set out below have been fulfilled to the Lender`s approval:
Bank account details of the borrower are filled in;
In the Borrower's Personal account are uploaded Borrower's Photo with identity document;
The Loan Decision is reported to, and confirmed and accepted by the Borrower through SMS confirmation and/or verbal confirmation via direct call.
Once the Loan Application submitted by the Borrower is accepted by the Lender, the Borrower shall not be entitled to cancel the Loan or to refuse to accept the Loan proceeds, except for cases when such a refusal entails the application of charges for cancellation, refusal or prepayment as may be stipulated by the Lender. The Borrower agrees that the Lender has the right to approve/reject the cancellation of the Loan as the Lender deems fit.
The Lender shall not be responsible for the release of any Loan proceeds to other/wrong bank account due to data entry errors by the Borrower.
The Lender shall also not be liable for any delays or problems in the release of any Loan proceeds to the third parties upon the written directions and instructions of the Borrower.
9. 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 prescribed under Article 7 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.
10. Review
The Loan is subject to the Lender's review at any time and also subject to the Lender's overriding right of withdrawal and repayment on demand, which the Lender reserves the right to exercise at any time.
The Lender shall have the right to review and revise the Terms and Conditions specified hereunder at any time at its sole discretion.
11. Language and Governing Law
This Loan Agreement and the Promissory Note are governed by the laws of the Philippines. The competent courts of Philippines have jurisdiction to settle any dispute arising out of or in connection with this Loan Agreement and the Promissory Note (including all disputes regarding the existence, validity or termination).
12. Disclosure of Information
The Borrower hereby expressly permits the Lender to transfer and disclose to (i) the government authorities; (ii) any party/person proposing or considering to tender any payment towards or purchase the indebtedness under the Loan; (iii) its auditors, lawyers or any other debt collection agents; (v) credit reporting agencies; (vi) insurance companies, agents, contractors or third party service providers who are involved in the provision of products and services to or by the Lender and the holding company, head office, other branches, subsidiaries, related companies of the Lender; or (vii) for provision of or cross selling of products and services, any information relating to the Borrower’s affairs or account in respect of the Loan, this Loan Agreement and the Promissory Note, and at any time and to such extent as the Lender may at its absolute discretion deem expedient or necessary. The Borrower hereby agrees that the aforesaid information may be used, encrypted, transmitted and stored by the Lender and its holding company, head office, other branches, subsidiaries, related companies and/or may be exchanged to or with all such persons as the Lender considers necessary to the extent as permitted by Philippine laws. The aforesaid actions are without liability to the Borrower. The Borrower expressly consents to such actions and declares that no further consent from the Borrower is necessary or required in relation thereto.
Notification Regarding R.A. No. 9510. Pursuant to Republic Act (R.A.) No. 9510 and its Implementing Rules and Regulations (IRR), creating the Credit Information Corporation (CIC) we are mandated to submit your basic credit data (as defined in R.A. No. 9510 and its IRR), as well as any regular updates or corrections thereof, to the CIC for consolidation and disclosure as may be authorized by the CIC, and other credit reporting agencies duly accredited by CIC, for the purpose of establishing your creditworthiness.
In case the Borrower fails to pay fully or correctly or timely the loan obligation, in addition to debt recovery measures as specified herein/therein or in accordance with the Philippine laws, the Lender shall be entitled to provide information on such failure to third parties, including but not limited to collection agencies for the purpose of collecting the loan obligation.
The Borrower agrees that Lender, directly or through its Partners, may collect, retrieve, process, use and store his/her personal data such as name, age, photographs, fingerprints, other biometric data (e.g., facial recognition and voice recognition), mobile number/s, mobile phone usage data, employment details, income, financial data, financial profile, credit standing, loan payment history, and other information required in the application form for the purpose of reviewing and processing the Borrower’s loan application. The Borrower consents to the collection of his/her personal data from the Borrower her/himself, or from other personal information controllers such as, but not limited to, telecommunications companies (e.g., Globe, PLDT, Smart, Sun Cellular), for credit scoring purposes. The Borrower’s personal data such as mobile number, email address, and address, will be shared to a credit scoring service provider for credit investigation, credit scoring, data analytics, and data profiling, which includes the regular updating of the Borrower’s credit score. The personal data secured may also be used for direct marketing of products and services of Partners of the Lender. Throughout the processing of the Borrower’s personal data, his/her rights under the Data Privacy Act of 2012, such as the (1) right to be informed, (2) right to object, (3) right to access, (4) right to rectification, (5) right to erasure or blocking, and (6) right to damages, shall be upheld. Entities to whom Lender share Borrower’s personal data will also respect the same rights.