Alwan Credit: Credit Facility Agreement

This agreement is between you, the borrower, and Alwan ("the lender"). The lender operates the Alwan online lending platform, lends its own funds and holds your account. No other lender, investor or marketplace is a party.

Your own numbers are not written here. They are in the Credit Facility Disclosure Statement generated for your account, which forms part of this agreement.

Part A: Credit Facility Disclosure Statement (shown before you accept)

Each cash-out has its own disclosure. Before you confirm a cash-out, the app shows the amount, the term you chose, your rate, the service fee, what you will receive, every installment with its due date, the finance charge, the total repayment and the effective rate. Your confirmation is bound to that exact disclosure. The cash-out is sent only on the same day you confirm; if it cannot be, you are asked to confirm again.

Part B: Standard terms

1. The credit line. The lender makes a credit line available up to your credit limit. Nothing is borrowed until you confirm a cash-out. Your available credit is your limit, less what you owe and less any cash-out being sent. It is never less than zero.
2. Cash-outs. You may cash out from PHP 100 up to your available credit. You can have several cash-outs at once; a new one can be made once the previous one has been sent. A cash-out is sent to the payout account you choose, in your own name or someone else's, and you state its purpose. An account already registered to another Alwan borrower is checked by the lender first. You can keep up to three payout accounts. Each cash-out is confirmed with your PIN from the phone you registered with Alwan, and you remain responsible for repaying it whoever receives it. The lender may hold a cash-out for review where the law or its anti-fraud controls require it, and charges nothing for a cash-out that is not sent.
3. Your rate. Your monthly rate is the one shown in the disclosure you accept. Each cash-out shows the rate that applies to it.
4. Repayment in installments. Each cash-out is repaid in equal monthly installments over the term you chose for it, on your monthly due date. Each installment includes principal, interest and a share of the service fee; the last one may differ slightly because of rounding. The amounts shown assume each installment is paid on its due date.
5. Interest. Simple interest accrues daily at your rate on the principal outstanding at the end of each day. Interest is not charged on amounts already repaid. It does not compound.
6. Statements. A statement is prepared each month. It shows each cash-out's installment due, any overdue amount, late charges, the statement balance and the due date. An issued statement is never changed; any correction appears as an adjustment on a later statement.
7. Payments. You may pay the amount due, any other amount, or everything you owe, at any time, and you may choose which cash-out to pay. Late charges are paid first. Anything extra reduces your principal immediately, which lowers the interest you pay later. A payment counts only when the payment provider confirms it; your available credit comes back only then. If you pay more than you owe, the excess is refunded on request.
8. Paying off early. You may pay off a cash-out, or everything, at any time with no early-repayment fee. You pay the principal, the interest up to that day, the service fee still unpaid and any late charges. Interest for later periods is not charged.
9. If an installment is not paid by the due date. Cash-out stops at once. After the grace period, the disclosed late charge applies to the overdue installment only. After the disclosed number of days the account is locked. You can always make payments, and the account becomes current again when the overdue amount is paid.
10. Help if you are struggling. You may ask for a payment arrangement before or after a missed payment, or promise a payment within three days. A person reviews the request, and nothing changes unless the lender offers a plan and you accept it. An accepted arrangement sets new payment dates and amounts, for up to 12 months. If a plan payment is missed, the arrangement ends and the normal terms apply again from that day.
11. Limit changes. The lender may raise your limit after on-time payments, up to ₱50,000 for eligible borrowers, if your repayment record and affordability allow it. You are notified of any change. The lender may lower your limit for risk reasons and will notify you. A lower limit does not make what you already owe due early.
12. Collection. Every reminder or collection message identifies the lender. Reminders are sent 10 days and 3 days before each due date and on the due date, and once a day while a payment is overdue, for up to six months, only between 6:00 AM and 10:00 PM. The lender never reads your phone contacts, never contacts your family, friends or employer about what you owe, and never uses threats, insults or public shaming. A character reference you named is never told about your debt and is never treated as a guarantor.
13. Credit information. The lender does not report to the Credit Information Corporation yet. You will be told before it starts.
14. Closing the account. You may close the credit line at any time once you owe nothing and no cash-out is being sent. The lender may suspend or close it for a reason it gives you; what you already owe stays due.
15. Your data. The Privacy Notice explains how your data is used and your rights.
16. Support and complaints. Open a support ticket or a complaint in the app, or use the channels on our Contact page. Every message gets a reply within 24 business hours; a complaint is resolved within 3 business days; a payment applied incorrectly is corrected within 3 business days of the lender confirming the problem.
17. Electronic acceptance. You accept electronically (Republic Act No. 8792). The lender records the version you accepted, a fingerprint of the exact disclosure statement you were shown, and the time. It e-mails you a copy where it has your e-mail address.
18. Governing law. Philippine law.