PeraBag Loan Agreement

This Loan Agreement ("Agreement") outlines the terms and conditions under which the lender, Got-It Lending Inc. ("Lender"), offers personal loans to qualified users ("Borrower") via the PeraBag mobile application. Specific loan parameters including amount, fees, term, and interest will be confirmed in a Loan Confirmation Notice, which becomes part of this Agreement upon issuance.

1. Loan Activation and Disbursement

1.1 Confirmation and Acceptance

Upon approval, the Borrower will receive a Loan Confirmation Notice via SMS and/or in-app notification. The Borrower must formally accept the terms within the app and sign the digital Promissory Note.

1.2 Release of Funds

Loan proceeds will be disbursed to the Borrower's chosen channel (e-wallet, bank transfer, or cash pickup) within 24 hours after acceptance, subject to system availability.

2. Loan Terms and Repayment

2.1 General Terms

Loan Amount: ₱1,000 – ₱100,000
Loan Term: 120 – 365 days
Service Fee: 0% – 10% (one-time fee)
Maximum APR: 15% (monthly 1.25%)

Example:

Loan amount: ₱10,000
Term: 120 days
Service Fee (5%): ₱500
Interest: ₱10,000 × 15% × 120/365 = ₱493
Total Repayment: ₱10,993
Monthly Payment: Approximately ₱2,748.25

2.2 Repayment Obligations

Borrowers must follow the repayment schedule indicated in the Loan Confirmation Notice.
Interest accrues daily, including weekends and holidays.
If the due date falls on a public holiday or weekend, payment must be made on the next business day.

2.3 Early Settlement

Borrowers may repay the loan ahead of schedule without penalty. Charges and interest will only be computed up to the date of payment.

3. Responsibilities of the Borrower

The Borrower undertakes to:

Fully repay the loan as scheduled;
Provide accurate and updated personal and financial information;
Use loan proceeds strictly for lawful purposes;
Inform the Lender of any circumstances that may affect repayment ability.

4. Events of Default

A Borrower shall be deemed in default if they:

Fail to pay any installment by the due date;
Submit false or misleading information;
Engage in fraudulent acts or misuse of the platform.

Consequences of default may include:

Immediate demand for the full outstanding balance;
Additional late charges or default interest (up to 0.08% per day on overdue sums);
Collection actions, including third-party or legal remedies, as allowed under Philippine law.

5. Communication

The Lender may reach the Borrower through SMS, email, mobile app notifications, or phone calls. It is the Borrower's duty to ensure that all contact details provided remain accurate and updated at all times.

6. Governing Law and Dispute Resolution

This Agreement is subject to the laws of the Republic of the Philippines. In case of disputes:

Borrowers are encouraged to contact the Lender's customer support through the app as the first step.
If issues remain unresolved, the matter may be brought to arbitration or the proper courts, as applicable.
The Lender adheres to the rules and regulations of the Securities and Exchange Commission (SEC) and other competent regulators.

7. Miscellaneous Provisions

If any section of this Agreement is held invalid or unenforceable, the remaining provisions shall continue to be effective. The Lender reserves the right to amend this Agreement, and any updates will be communicated through the PeraBag mobile application or other official digital channels.