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Terms and Conditions

TERMS

BORROWER TERMS AND CONDITIONS

These Borrower Terms and Conditions (“Terms”) constitute the agreement between KREDIT HERO INC. (“KHI”, “We”, “Our” or any other similar pronouns)  and  you as the Client (“Borrower”,“User”, “You”, “Your” or any other similar pronouns) which applies to your use and access of the electronic platform and the corresponding services and functions of KHI (the “Services”).

(KHI and the User may be referred to herein individually as a “Party” and jointly as the “Parties”)

BY SIGNING UP AND USING THE SERVICES, YOU AGREE TO BE BOUND BY THESE TERMS AND ACKNOWLEDGE THAT YOU HAVE CAREFULLY READ AND UNDERSTOOD THEM. PLEASE READ THESE TERMS CAREFULLY BEFORE ACCEPTING THEM. IF YOU DO NOT AGREE TO ALL OR ANY PART OF THESE TERMS, PLEASE DO NOT CLICK THE “CONTINUE” BUTTON AND EXIT THE PLATFORM.

ABOUT KREDIT HERO

KREDIT HERO is an online marketplace (the “Website”, “Platform”) that would allow  and assist  you  to  view, access and  filter loan products posted  by  participating lending and financial  institutions that  are  in  the  business  of  extending loans,  such  as  but not limited to banks and other non-bank financial institutions, (collectively the “Participating Lenders”) which are duly registered with the Bangko Sentral ng Pilipinas (“BSP”) and the Securities and Exchange Commission (“SEC”), as may be applicable. This  will  allow  you  to  browse, compare and  apply  for loans, receive approval from  the  Participating Lender and monitor your loan application  status  electronically. 

KHI DOES NOT IN ANY WAY PROMISE, REPRESENT, OR GUARANTEE THAT IT IS A LENDER OR A FINANCIAL ADVISER DULY REGISTERED WITH THE SEC OR THE BSP. NOTHING IN THIS WEBSITE AND IN THIS AGREEMENT SHOULD BE DEEMED AS PROVIDING BORROWERS WITH FINANCIAL, TAX, LEGAL OR OTHER ADVICE. 

USER AGREEMENT

By using and availing our Services, you consent to such processing, and you promise that all data provided by you is accurate and will be timely updated for accuracy, as applicable. We are always working on improving our existing services and adding additional features to the Services we provide. We reserve the right to amend, change, and/or modify these Terms from time to time (“Updated Terms”); provided, that any changes reflected in the Updated Terms will be communicated to you at least 60 days before the effectivity of such changes, unless immediate effectivity is required under applicable Laws. You are strongly advised to regularly review and read these Terms. 

Once the updated Terms come into effect and you have been given with the required notice, you will be bound by them upon your continued use of the Services. If you do not agree with any changes to the Services or the Updated Terms, you must notify us or terminate your relationship with us free of charge in accordance with the provisions in these Terms.

In addition to these Terms, please also review KHI’s Privacy Notice available at kredithero.com/dataprivacy, which describes or sets out our practices related to the collection, use and processing of the information you have provided to us in relation to your use of our Services. 

ACCOUNT CREATION AND REGISTRATION

You acknowledge that your account shall be created only for the use of Services within the Platform.

In accepting these Terms, you agree to register and create a Kredit Hero Account (“Account”) account through the Platform. You acknowledge and agree to create an Account and provide information in the interest of account creation, such as, but not limited to:

  1. Complete name or corporate name;
  2. Residence address and  Business address;
  3. E-mail address, landline number and mobile numbers;
  4. Certified true copy  of  SEC Registration No. and  Certificate of Authority No.;
  5. Name of Authorized Representative;
  6. Residence address of Authorized Representative;
  7. Proof of billing statement showing residence address of authorized representative;
  8. 2 Valid government I.D. of Authorized Representative;
  9. Secretary’s Certificate  appointing the Authorized Representative;
  10. DTI Registration;
  11. Business Permit from LGU;
  12. BIR Registration;
  13. Certified true copy of the Certificate of Authority issued by the BSP, if any; and
  14. Signature and/or biometrics of Borrower or Authorized Representative.

Any information you provide through the registration process will be handled in accordance with KHI’s Privacy Notice. You likewise expressly authorize, consent, and permit KHI to use and conduct verification using all necessary appropriate means to establish the accuracy and completeness of the information you have provided, for the purposes set forth herein, or to the extent KHI otherwise determines is necessary and/or advisable, in its sole discretion, to comply with applicable laws, including engaging third-party service providers to assist with the verification process. We reserve the right to request additional information or documents to aid us in the verification or in relation to the use of the Services.

You can only have one (1) Account. You understand and acknowledge that you are prohibited from registering multiple accounts and availing of any Services through such multiple accounts. 

IF THE INFORMATION YOU PROVIDED THROUGH THE REGISTRATION PROCESS CHANGES OR IS NO LONGER ACCURATE, YOU MUST IMMEDIATELY UPDATE THIS VIA THE PLATFORM. YOU MUST IMMEDIATELY INFORM US IF YOU LOSE YOUR CAPACITY TO ENTER INTO CONTRACTS.

ARRANGEMENTS WITH BORROWERS

THE BORROWER AGREES AND UNDERSTANDS THAT ALL LOAN APPLICATIONS AND/OR LOAN AGREEMENTS SHALL BE BETWEEN THE PARTICIPATING LENDER AND THE BORROWER ONLY. IN NO CASE SHALL KHI BE A PARTY THERETO IN ANY CAPACITY. 

The Borrower acknowledges that the assessment of the application and final decision to proceed with the application and/or grant the loan shall be subject only to the Participating Lender’s discretion and in no event shall KHI be involved in the assessment of the loan application. Once the Lender has approved the application, KHI is under no obligation to update the Lender of any subsequently acquired information from the Borrower.

Furthermore, the Lender is primarily responsible for extending customer support and assistance to its Borrowers with the use  of  the  platform, and  KHI is under no obligation to provide support and assistance to the Borrowers relating to the loan applications and/or loan agreements. 

The  Lender agrees to communicate with the Borrower exclusively through the Platform. In no case shall the Lender directly contact the Borrower unless expressly allowed by KHI through a written consent and notice to that effect.

The Lender acknowledges and agrees that KHI is under no obligation to, and will not, at any time, be involved in the collection of monies from the Borrower for the repayment of the Borrower’s loan obligations to the Lender. 

TERMINATION

This agreement may be terminated or suspended by either Party, subject to at least one (1) month notice period, for any reason. Termination of your access to the Platform and use of the Services shall not relieve you of any obligations arising or accruing prior to termination or limit any liability that you otherwise may have to KHI, the Lender, or any third-party.

Without prejudice to KHI’s other rights, we may, at our sole discretion and without need of prior notice, suspend or terminate this Agreement for any reason, including but not limited to the following:

  1. You had made incorrect statements or did not provide adequate information;
  2. You had used the Platform for any unauthorized or illegal purpose or where KHI detects any abuse/misuse, breach of content, fraud or attempted fraud relating to your use of the Services;
  3. In compliance with an order or instruction of or a recommendation from any competent authority such as but not limited to any law, regulation, court order, or regulatory instructions;
  4. KHI reasonably suspects or believes that you are in breach of these Terms;
  5. KHI has good reason to believe that your continuing use of the Platform could damage our reputation or goodwill;
  6. In case of bankruptcy; and
  7. If you have lost your legal capacity and/or authority to enter into these Terms; 

Following the termination, you will not be able to use the Platform anymore, and we may delete your information obtained through the registration process and other information stored on our servers in accordance with our internal procedures. 

LIMITATION OF LIABILITY

To the maximum extent permitted by law, KHI nor its directors, officers, shareholders, employees, and affiliates shall not be liable for damages of any kind (including, but not limited to, special, incidental, or consequential damages, lost profits, or lost data, regardless of the foreseeability of those damages) arising out of or in connection with your use of the Platform including, but not limited to, damages arising from or related to any of the following:

  1. Any claim related to personal or bodily injury in connection with the use of the Service;
  2. Any harm or damage caused by, or otherwise related to, your reliance on information provided through the Service;
  3. Any loss or unauthorized and/or fraudulent use and/or disclosure of data;
  4. Any harm or damage caused by, or otherwise related to, your use of or interaction with any Services offered through the Platform;
  5. Any claims arising from the Borrower if he/she is unable to perform or complete any transaction through the Platform; and
  6. Disruption, failure or delay relating to or in connection with the website and/or its services due to circumstances beyond the control of KHI, unforeseen events, fortuitous events such as but not limited to prolonged power outages, breakdown in computers, software, operating systems and telecommunication facilities, typhoons, floods, public disturbance, calamities and other acts of nature or acts of God; and
  7. Any violations of applicable laws and other agreements.

INTELLECTUAL PROPERTY

KHI has the copyright in all materials on this website and in the platform, including but not limited to, the text, data, articles, design, source code, software, photos, images and other information (collectively the “Content”). It is protected by the laws of the Republic of the Philippines and international copyright laws or treaties. It is strictly prohibited to copy, reproduce, distribute, republish, display, post or transmit in any form or by any other means, including, but not limited to, electronic, mechanical, photocopying, recording or such other similar means without the express prior written consent of KHI as copyright owner. At all times, the Content is and shall remain the property of KHI.

You may not alter, modify, participate in the sale or transfer of, or create derivative works based on any Content, in whole or in part. The use of the Content on any other website, including by linking or framing or in any networked computer environment for any purpose whatsoever is strictly prohibited without the express prior written consent of KHI. The strict prohibition extends to the “mirroring” of any Content contained in this website or the Platform on any server. 

Any unauthorized use of any Content shall be deemed a violation of the applicable laws such as but not limited to, the laws on copyright, trademark or intellectual property. It is likewise strictly prohibited to publish and distribute any data obtained from or provided by KHI regardless of the method of delivery and will always be subject to KHI’s data terms of use. Significantly any data provided by KHI, regardless of the method of delivery, shall not be used for any illegal, improper and competing purpose. Such data may only be used to allow loan applications using the products or services of KHI.

The website, platform and their contents shall be used only for lawful purposes. All users of the website or platform are enjoined from using the website, platform and content in violation of any applicable law, rules, regulations or ordinance of any nationality, state or locality or of any international law or treaty or that could give rise to any civil, criminal or administrative liability to KHI or any third party. It is strictly prohibited to use the website, platform or their content to any unauthorized use or entry into KHI systems, misuse of passwords or information posted on the platform. The eligibility to use the product or service in the Platform is subject to the final determination of KHI.

All logos of KHI (collectively the “trademarks”) are trademarks or service marks of KHI. Other company, product and service names and logos displayed and used on this website or in the platform are trademarks and service marks owned by other Lenders and other companies participating in the Platform. Nothing in this website or Platform should be construed as granting, by implication, estoppel or any other means, any right or license to use any of the trademarks shown or displayed in this website or platform without the express prior written consent of the trademark owners.

DATA PRIVACY

Protecting your privacy is very important to us. Please review Privacy Notice available at https://kredithero.com/privacy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your information. 

The Parties hereby adhere to the provisions of Republic Act 10173, otherwise known as the Data Privacy Act of 2012 (“DPA”), its Implementing Rules and Regulations, and the issuances of the National Privacy Commission of the Philippines or any such other applicable privacy laws (collectively, “Privacy Laws”), recognizing the importance of appropriate privacy protections for data subjects.

AVAILABILITY OF THE PLATFORM

To the maximum extent permitted by law, the Platform is provided on an “as is” basis without any warranties of any kind. We make no representations, warranties or guarantees of any kind regarding the availability or operation of the Platform or that the Platform will be secure, uninterrupted or free of defects.

Your access to the Platform may be suspended or restricted occasionally to allow for maintenance, repairs, upgrades, or the introduction of new facilities or services. We will always try to limit the frequency and duration of any planned disruption, but we will not be liable to you if for any reason the Platform is unavailable at any time or for any period.

MISCELLANEOUS 

Communications

We’ll communicate with you through our progressive web application at https://app.kredithero.com/#/. This is how we will provide information with respect to applications. Make sure you regularly check the Platform for this information. We may also communicate with you by email from the @kredithero.com domain, or via SMS using the KREDIT HERO sender ID, so you should regularly check your designated email account and SMS app.

Your consents, approvals, acceptances and other statements in relation to the use of the Services given using the Platform shall have the same legal validity as your signature on a written document. Your agreements concluded with us via the Platform, if any, shall be deemed to be written agreements concluded between you and us. 

Non-Disparagement

You agree not to disparage KHI, and KHI’s officers, directors, employees, shareholders and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that you shall respond accurately and fully to any question, inquiry or request for information when required by legal process.

Disclosures and Notices; Electronic Signature Consent

By registering for this Service, you agree that such registration constitutes your electronic signature, and you consent to electronic provision of all disclosures and notices from KHI (“Notices”), including those required by Law. You also agree that your electronic consent will have the same legal effect as a physical signature.

You agree that KHI can provide Notices regarding the Services to you through the Platform. We will consider a Notice to have been received by you within 24 hours of the time a Notice is posted to you. Due to the nature of the Services, you will not be able to begin using the Services without agreeing to electronic delivery of Notices. 

Contracts and Authorizations

Your use of the Services may be conditioned on your agreement to certain contracts and authorizations. By signifying your consent and permissions therein, you agree to be bound by these Terms and such contracts and authorizations shall be deemed validly and voluntarily executed by you. Upon request, KHI may furnish you with electronic copies of such documents.

Governing Law and Dispute Resolution

These Terms are governed by and construed in accordance with laws of the Republic of the Philippines.

The parties shall use their good faith efforts to resolve any dispute, controversy or claim of any nature whatsoever arising out of or in relation to or in connection with these Terms. To this end, the parties in dispute shall each promptly appoint representatives of appropriate standing who shall meet and attempt to resolve any dispute between them. In the event that an amicable settlement has not been reached within thirty (30) calendar days of the parties’ meeting as aforesaid, the following provisions of this clause shall apply.

Any dispute, controversy or claim arising out of or relating to these Terms, or the breach, termination or invalidity thereof shall be settled by arbitration in accordance with the Philippine Dispute Resolution Centre, Inc. (“PDRCI”) Arbitration Rules in force at the time of the commencement of the arbitration. 

In the event of failure to settle disputes via arbitration, all matters, claims or disputes arising out of or in connection with these Terms shall be submitted to the exclusive jurisdiction of the courts of Quezon City.

Entire Agreement

These Terms and all policies and procedures that are incorporated by reference to constitute the entire agreement between you and KHI for provision and use of the Services. Except where expressly stated otherwise in writing executed between you and KHI, these Terms will prevail over any conflicting policy or agreement for the provision or use of the Services. These Terms set forth your exclusive remedies with respect to the Services. If any provision or portion of these Terms is held to be invalid or unenforceable, then it will be reformed and interpreted to accomplish the objectives of such provision to the greatest extent possible, and all remaining provisions will continue in full force and effect.

Non-Assignment

You may not assign or transfer your rights or delegate your duties under the Terms, including your login details.

Severability

If any of the provisions in these Terms is found unenforceable, all other terms and conditions will remain unaffected and in full force and effect. The failure to enforce any provision of these Terms is not a waiver of our right to do so later, and no waiver shall be effective unless made in writing and signed by an authorized representative of the waiving party.

Survival

All provisions of these Terms that give rise to a party’s ongoing obligation will survive termination of these Terms.

Representations and Warranties

By accepting the terms of these, you represent and warrant that: (a) you are eligible to register and use the Services and have the authority to execute and perform the obligations required by these Terms; (b) any information you provide us is accurate and complete; (c) you will comply with all Laws applicable to use of the Services; (d) you will not use the Services, directly or indirectly, for any fraudulent or illegal undertaking, or in any manner that interferes with the normal operation of the Services.

DIGITALLY SIGNED

I HAVE READ THESE TERMS AND CONDITIONS AND AGREE TO ALL THE PROVISIONS CONTAINED HEREIN AND ANY FUTURE REVISION. BY CLICKING THE “CONTINUE” BUTTON IN THE KREDIT HERO ONBOARDING INTERFACE, I UNDERSTAND THAT I AM CREATING A DIGITAL SIGNATURE, WHICH I INTEND TO HAVE THE SAME FORCE AND EFFECT AS IF I HAD SIGNED MY NAME MANUALLY.