We highly encourage you to carefully read the Disclosure Statement before submitting your loan application. This will help ensure you have a full understanding of all terms, fees, and obligations associated with the loan.
Key Loan Program Details:
Loan Term: 91 to 180 days
Loan Amount: ₱5,000 to ₱200,000
Annual Interest Rate (APR): Fixed at 23.58%
Service Fee: 3% of the loan amount, ranging from ₱150 to ₱6,000
Transaction Fees: No additional charges apply
Example Loan Scenario:
For a ₱25,000 loan over 120 days, payable in 4 installments:
Interest per installment: ₱485
Each installment payment: ₱6,735
Total interest over the loan term: ₱1,938
Service fee deducted upfront: ₱750
Total repayment amount: ₱26,938
Total cash you receive: ₱24,250 (after service fee deduction)
Applicant Qualification Criteria:
Goodwill Loan is available exclusively to Filipino citizens who are at least 18 years old but not older than 60. To be considered for a loan, applicants must present a valid ID issued by the government and demonstrate a consistent and verifiable income source.
1. Language and Governing Law
Under the laws of the Philippines, this Loan Agreement and its Promissory Note are to be interpreted and enforced. Should any disputes arise regarding this Agreement and the Note, including their existence, validity, or discontinuation, such matters will be resolved within the competent Philippine legal venues.
2. Precondition Required for Release of the Loan
Disbursement of the Loan will only be initiated once the Lender has confirmed that the Borrower has met the required conditions: accurate entry of the Borrower's bank account details is mandatory; the uploading of a photo where the Borrower is holding an identification document in the Borrower's Personal account is required; and the Borrower's acceptance of the Loan Decision must be validated either through SMS confirmation or a direct voice confirmation.
After the Borrower's Loan Application is ratified by the Lender, the Borrower is precluded from revoking the Loan or declining the receipt of the Loan funds, unless such refusal is accompanied by fees related to cancellation, denial, or early settlement as pre-defined by the Lender. The Borrower acknowledges the Lender's sole discretion in deciding on the acceptance or rejection of any Loan cancellation.
The Lender is absolved of any liability for the transfer of Loan funds to an incorrect or different bank account attributable to the Borrower's error in data submission. Furthermore, the Lender is indemnified against any liabilities for delays or issues in the release of Loan funds to third parties, contingent upon the Borrower's written consent and directions.
3. Loan Use
The credit extended by the Lender must be utilized by the Borrower for purposes that are legitimate and sanctioned. This credit is intended strictly for the personal benefit of the Borrower.
4. Loan Amount Agreement
Pursuant to the agreement herein, the Lender shall furnish a loan to the Borrower, and the Borrower shall accept and employ the loan furnished by the Lender, in the total amount delineated in the Loan Decision, as reflected in the Promissory Note and the Borrower's Personal Account.
5. Terms of Loan Repayment
"Terms of Loan" signifies the timeframe within which the Borrower is required to remit payment of the Loan's principal amount, plus the pertinent interest, charges, and fees as enumerated in the Disclosure Statement. The duration of this term may vary from ninety-one (91) to one hundred and eighty (180) calendar days, based on the duration approved in the Loan Decision.
6. 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.
7. Penalties and Fees for Late Payment
Any failure to pay the loan amount by the due Maturity Date will obligate the Borrower to pay not only the outstanding amount but also a fixed default charge of PhP1,000 for individuals availing for the first time and PhP800 for those who are repeated clients. A daily interest rate of 5% on the overdue amount will be levied from the first day of delay until the thirtieth day, 4% on the unpaid amount from the thirty-first day until the ninetieth day of delay, and a continual rate of 2% from the ninety-first day of delay until the entirety of the Loan is settled.
8. Declarations and Pledges
The Borrower hereby declares and assures the Lender that, on a perpetual basis:
The obligations articulated or implied by the Borrower under this Loan Agreement, and any connected documents, stand as lawful, legitimate, binding, and executable without contravention;
The initiation and execution of this Loan Agreement by the Borrower, inclusive of all envisaged dealings, will not result in a breach of (i) any applicable statutory or regulatory mandates pertinent to the Borrower, nor (ii) any contractual or legal obligations incumbent upon the Borrower;
There exists no ongoing or predictable event that would constitute a default as a consequence of availing the Loan under this agreement;
The Borrower has transparently revealed to the Lender all critical information, whether financial or otherwise, regarding themselves and any parties of interest, which holds substantial relevance to the Lender for the purposes of this Loan Agreement. This information is presented as truthful, exhaustive, and precise in all significant respects as of its disclosure and does not mislead in any aspect;
The Borrower has conscientiously reviewed, grasped, and consented to abide by the stipulations within the Loan Agreement, the Promissory Note, and supplementary documents. The Borrower is in agreement to be legally bound by these documents, along with any alterations thereto, which have been made available on the Lender's platform or have been otherwise communicated to the Borrower via suitable channels as deemed appropriate by the Lender;
The Borrower is cognizant of, and acknowledges, their duty towards ensuring the punctual, full, and correct payment of the loan as delineated within the Loan Agreement;
The Borrower recognizes the Lender's unassailable right to either sanction or decline the Loan Application based on legitimate reasons, with the understanding that the application and its supporting documents will be incorporated into the Lender's records and are not subject to return;
The Borrower perceives their Loan Application as solely a proposition, with the definitive approval contingent upon the Lender's evaluation and prevailing policy frameworks. The Borrower willingly accedes to the Lender's determinations and eschews any intentions of contestation or legal recourse against the Lender regarding such decisions;
Without any conditions, the Borrower affirms their genuine and legal obligation to repay the Lender the sanctioned loan amount, assuming its disbursement has been executed as outlined.
Additionally, throughout the duration of the Loan, the Borrower agrees to:
Allocate the loan proceeds strictly for their personal usage, encompassing but not limited to, educational expenses, healthcare emergencies, travel, household needs, or other similar personal expenditure;
Adhere entirely to all applicable regulations and laws in relation to fulfilling their duties under this Loan Agreement and any related documents;
Secure and perpetually uphold any necessary authorizations, consents, or approvals requisite for the performance of their obligations under this Loan Agreement, thereby affirming its legal standing, validity, enforceability, and evidentiary admissibility;
Promptly communicate to the Lender, in writing, about any looming or actual Event of Default as may be defined within the Loan Agreement, or any scenario that could be considered a default under any other binding agreement involving the Borrower, including any attempts to rectify such situations;
Proactively notify the Lender within three (3) days regarding any alterations to their personal information, such as name, birth date, or residential address;
Inform the Lender about any changes in their employment status, business operations, or professional engagements. If the Borrower is self-employed, they commit to regularly updating the Lender on their financial health as per the Lender's requisitions.
9. Default Determinants
The occurrence of any of these situations will be recognized as Default Determinants:
The Borrower's failure to observe or execute any terms and agreements specified in the Loan Agreement, Promissory Note, or other related documents binding the Borrower and the Lender;
The Borrower's negligence in repaying any owed principal amounts, interests, or charges as mandated by the Loan Agreement with the Lender;
Any declarations or commitments made by the Borrower regarding the Loan are found to be inaccurate or misleading at the point of assertion, regardless of the actual impact or detriment to the Lender;
The Borrower's decision to discontinue or halt his/her economic activities, declaration of insolvency, inability to satisfy debts upon their due dates, or the undertaking of any bankruptcy or insolvency-related actions;
A conclusive legal judgment or decree demanding a considerable amount from the Borrower that is not satisfied, settled, or bonded within ten (10) days from its legal payment deadline;
The Borrower's passing or criminal conviction which results in a final verdict imposing a penalty including civil interdiction, or instances outlined by Article 1198 of the Civil Code of the Philippines;
A material adverse shift in the Borrower's financial health or circumstances since the Loan's sanction, which, in the Lender's reasoned judgment, might negatively influence the Borrower's commitment to the Loan Agreement.
Consequences of Default
In the event of Default:
The Lender is empowered to treat the entire Loan balance as immediately due and require the Borrower for prompt and full settlement;
Should the default arise from the Borrower's lag in payment, Late Payment Penalties and Fees as specified in Article 7 shall be imposed;
The Lender is granted all rights to enforce remedies as outlined in the Promissory Note and under prevailing legal statutes to secure its claims against the Borrower.
The Borrower consents to waive any procedural notices or formalities for the Lender to exercise its rights upon a Default event. The Lender's inaction or delay in exercising any such right or remedy shall not be deemed as a waiver thereof, unless such waiver is explicitly issued in writing by the Lender.
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. Information Disclosure
The Borrower explicitly authorizes the Lender to divulge details about the Borrower's transactions or accounts concerning the Loan, alongside information in this Loan Agreement and the Promissory Note, to (i) state authorities; (ii) prospective or actual buyers of the debt; (iii) entities such as auditors, legal advisors, or agencies engaged in collection; (iv) credit bureaus; (v) insurers, agents, or any third-party providers linked to the Lender's services or products, including its parent, branches, subsidiaries, and affiliated firms; or (vi) for marketing or offering various services or products. This disclosure is subject to the Lender's absolute discretion, in line with Philippine laws, without any liability to the Borrower. The Borrower acknowledges and agrees to these practices, waiving any need for further consent.
Following the stipulations of Republic Act No. 9510 and its Implementing Rules and Regulations, which created the Credit Information Corporation (CIC), the Lender must report the Borrower's credit data to the CIC and any updates or corrections thereto. This data will be used by the CIC and other authorized credit reporting bodies to evaluate the Borrower's credit standing.
In the event of the Borrower's inability to meet the loan repayment requirements as specified, beyond the pursuit of debt collection actions as outlined or under Philippine law, the Lender may report such delinquencies to third parties, including collection agencies, for debt retrieval purposes.
The Borrower agrees to allow the Lender, along with its associates, to gather, access, process, and retain personal details as provided in the loan application for the purpose of loan evaluation and approval. This includes collecting information from the Borrower and other sources for credit scoring and sharing with entities for credit analysis, profiling, and updating credit scores. The Borrower's information may also be utilized for promotional purposes by the Lender's partners. The Borrower's rights under the Data Privacy Act of 2012 will be fully upheld by the Lender and its third-party associates handling personal data.
12. Contact Us
This Loan Agreement is activated upon the loan's disbursement to the Borrower, following the conditions mentioned in the Promissory Note, and is designed to last until the provisions herein are fulfilled, unless it is terminated in advance by the Lender or adapted by mutual consent of the Parties.
Should you need more information or support, please don't hesitate to reach us at:
Name of Corporation: GOODWILL STAR LENDING PHILS. CORP.
Email for Inquiry:
Customer Assistance: 9707101524
Main Office Address: Unit 12, 2nd floor JRCS Building Manuela Compound, Balibago Angeles City, Pampanga, 2009 Philippines
