DISCLOSURE AGREEMENT

This agreement is made between you, the Financial Service Provider (“Lender”) and Loansolutions.ph (“Loansolutions”) , owned by Growthsolutions Inc. This agreement is dated the date of your loan request to Loansolutions. By submitting the loan request, you agree to the terms of this agreement.

  1. Loansolutions is a marketing lead generator, an online loans marketplace that enables consumers to compare different loan products of banks and government-registered lenders. Loansolutions does not process applications, make loans or credit decisions in connection with loans, nor does Loansolutions issue commitments or lock-in agreements. Loansolutions’ services are only administrative. Any loan inquiry you submit is NOT an application for credit rather, it is an inquiry to be matched with Lenders in the Philippines to receive loan offers from Lenders. You may have to complete an application with a Lender before they will extend an offer. A matched Lender you select may require you to pay an application or other fee to cover the costs of an appraisal, credit report or other items. The Lender, not Loansolutions, will determine the amount of any such fee and should provide information to you regarding the refundability of any such fee. Loansolutions does not endorse or recommend the products of any particular Lender. Except as otherwise provided from our matching algorithm. You should rely on your own judgment in deciding which available loan and other financial product, terms and Lender best suits your needs and financial means. The Lender is solely responsible for its services to you, and you agree that Loansolutions shall not be liable for any damages or costs of any type arising out of or in any way connected with your use of such services. You understand that Lenders may keep your loan request information and any other information provided by Loansolutions or received by them in the processing of your loan request, whether or not you are qualified for a loan with them or if you make a loan with them. You agree to notify any particular Lender directly if you no longer want to receive communications. Loansolutions will perform the following services for you: (1) make loan request forms available to you; (2) transmit your completed loan request to participating Lenders in our network; (3) offer you access to general educational information concerning financing including glossaries, articles and calculators. If your loan request is forwarded to our participating Lenders, you will receive from the Lenders a good faith estimate of the costs in connection with your loan in accordance with Philippine laws.
  2. Loansolutions is strongly against payday loans or any form of predatory short-term lending. As such, Loansolutions only process loans with minimum payment term of 12 months, with average APR of 15%. The Lender, not Loansolutions, have the sole discretion to assign a lower loan amount than what you initially requested. In the case of loan disapproval, Loansolutions has no obligation to provide an explanation. You also agree to undertake that the proceeds of the loan will not be used in any way that is against Philippine laws.
  3. Loansolutions does not charge you, the consumer, a fee to use our service. Loansolutions is paid by its participating Lenders for the goods, facilities and services provided. If your loan request is forwarded to our participating Lenders, you may be required by the Lender you select to pay an application fee to cover the costs of an appraisal, credit report or other items. The amount of the fee will be determined by the Lender. The documentation you receive from the Lender will include information on the refundability of any fees paid. All the foregoing shall supplement the terms and conditions of the loan documents and other instruments and writings that you shall execute in favour of Loansolutions
  4. Main Fees and Charges. Loansolutions.ph aims to provide as much transparency and easy to understand breakdown of charges for loan products and services Lenders may charge for the loan transaction. This guide is designed specifically for our personal loan consumers. This does not in any way represent a particular Lender in our network and is based on an aggregate estimated charges.
  5. Main Fees and Charges (Estimated)
    Processing FeesRanges between PHP1,000 – 1,500 (deducted from loan proceeds)
    Amendment Fee (for modification of loan details)Ranges between PHP300 – PHP500 per amendment after drawdown
    Late Payment Fee36% per annum to be applied to all overdue amounts or a minimum of between PHP200 – PHP500; plus any actual legal/litigation costs incurred by the Bank
    Documentary Stamp TaxPHP1 for every PHP200 loan amount or a fraction thereof (deducted from loan proceeds)
    Overpayment Reversal FeePHP500 – PHP1000
    Loan Certification FeePHP300 – PHP500
    Disbursement FeePHP1,500 – PHP2,000 for each disbursement
    Effective Interest RateIn accordance with the Philippines Accounting Standards definition, effective interest rate (EIR) is the rate that exactly discounts estimated future cash flows through the life of the loan to the net amount of loan proceeds (BSP Circular No. 730, S2011).

    * Disclaimer: This table provide estimated indicative quote only, bank rates and fees may vary depending on your circumstances and the loan amount you apply for.
    Example Calculation for Monthly Repayment:

    Loan Amount: Php 160, 000.00

    Loan Term: 36 months (or 3 years)

    Interest Rate: 15% APR (or 1.2% Monthly Interest)

    Php 160, 000.00 x 1.2% interest = Php 1, 920.00 monthly interest

    Php 1,920.00 x 36 months = Php 69, 120.00

    Php 69, 120.00 + Php 160, 000.00 = Php 229, 120.00

    Php 229, 120.00 ÷ 36 months = Php 6, 364.44 per month

    Monthly repayment is Php 6, 364.44 for a Php 160, 000.00 loan payable within 36 months or 3 years calculated at 1.2% interest rate.

  6. Loansolutions’ agent in Manila is FINEX Marketing Services, FINEX, with an address of VA Rufino Street, Makati, Metro Manila, Philippines.
    PURSUANT TO LOANSOLUTIONS’S TERMS AND THE CONSENT FOR ELECTRONIC DISCLOSURES, THE DISCLOSURES ARE DEEMED TO BE RECEIVED AND AGREED TO BY YOUR USE OF THE WEBSITE (AS DEFINED IN THE TERMS AGREEMENT)
    This agreement is dated as of the date you submit your loan request.