Loan Contract

Who Is Eligible to Use the App: To borrow from this app, you must be a Filipino citizen aged 18 to 60. You'll also need a government-issued ID and proof of steady income.

Quick Loan Facts:

Loan Amounts: ₱5,000 - ₱200,000
Loan Term: 91 -360 days
APR (Annual Interest): 21.15%
No Transaction Fees
Service Fees: with a 1% service charge, from ₱50 - ₱2,000

Loan Breakdown Example: If you borrow ₱35,000 for 180 days, paid in 6 installments, your total repayment will be ₱38,651. This includes ₱3,651 in interest and a ₱350 service charge. Each installment payment will be around ₱6,442, with ₱608 being the interest for each one. Your credited amount is ₱34,650 after deductions.

Before applying, make sure to check out the Disclosure Statement to understand the loan terms.





1. Loan Term
"Loan Term" refers to the span over which the Borrower is to settle the principal value of the Loan, in addition to the relevant interest, charges, and fees as stated in the Disclosure Statement. This duration is set to range from ninety-one (91) calendar days to a maximum of three hundred and sixty (360) calendar days, subject to the term agreed upon in the Loan Decision.




2. 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.




3. Determination of Loan Amount
The Lender agrees to lend to the Borrower, and the Borrower agrees to borrow from the Lender, the full amount of the Loan, as specified in the Loan Decision and reflected in the Borrower's Personal Account.




4. 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.




5. Prerequisites for the Release of Loan Funds
Funds from the Loan will be disbursed only after the achievement of specific criteria to the Lender's approval: it is necessary for the Borrower to enter their bank account details accurately; the Borrower's photo with an identity document must be uploaded to their Personal account; the Borrower must also confirm and agree to the Loan Decision through SMS confirmation or a direct call.

Once the Loan Application from the Borrower receives approval from the Lender, the Borrower is not permitted to cancel or refuse the Loan proceeds, except in instances where such refusal attracts charges for cancellation, rejection, or early repayment as stipulated by the Lender. It is agreed by the Borrower that the Lender has the authority to decide on the cancellation of the Loan at its discretion.

The Lender disclaims any liability for the issuance of Loan proceeds to incorrect or other bank accounts due to the Borrower's error in entering data. The Lender is also relieved from responsibility for any delays or difficulties in the disbursement of Loan proceeds to third parties following the Borrower's written instructions.




6. Declarations and Commitments
The Borrower hereby affirms and guarantees to the Lender, on an ongoing basis, that:

The responsibilities and obligations, expressed or implied, undertaken by the Borrower under this Loan Agreement and any pertinent documents, are lawful, valid, binding, and enforceable;

The Borrower's entrance into and fulfillment of the terms of this Loan Agreement, as well as any related transactions, do not and will not contravene any applicable laws or regulations or any agreements or instruments that are binding on the Borrower;

No current event of default exists, nor is any expected to arise from the provision of the Loan;

All material information, financial or otherwise, concerning the Borrower and other relevant entities has been fully disclosed to the Lender, ensuring the Lender is well-informed in accordance with this Loan Agreement. This information is true, accurate, and not misleading in any manner as of its provision date;

The Borrower has meticulously reviewed, comprehended, and consented to adhere to the stipulations of the Loan Agreement, Promissory Note, and related documents. The Borrower consents to be bound by these documents, including any modifications, which are accessible on the Lender's website () and have been communicated to the Borrower through various channels chosen by the Lender;

The Borrower is fully aware of and acknowledges their obligations towards the timely and complete repayment of the loan as outlined in the Loan Agreement;

The Borrower recognizes that the Lender reserves the right to accept or reject the Loan Application based on legitimate grounds, and that the application and its supplementary documents will be retained by the Lender and not returned;

The Borrower regards their Loan Application as merely a proposal, with the final approval contingent upon the Lender's evaluation and policy. The Borrower willingly acquiesces to the decisions made by the Lender, agreeing not to lodge any grievances or seek legal recourse in these matters;

The Borrower unequivocally acknowledges their indebtedness to the Lender for the sanctioned loan amount, assuming it has been disbursed as agreed.
Furthermore, throughout the Loan Term, the Borrower commits to:

Utilize the loan exclusively for personal needs, such as education, medical emergencies, travel, household expenses, or similar personal expenditures;

Abide by all applicable laws in performing obligations under this Loan Agreement and associated documents;

Acquire and maintain any necessary authorizations, consents, or approvals required to fulfill their obligations under this Loan Agreement and to affirm its legality, validity, enforceability, or admissibility as evidence;

Promptly inform the Lender in writing of any potential or actual default events specified in the Loan Agreement, including any situations that may constitute a default under any other agreements to which the Borrower is a party, along with any remedial actions being undertaken;

Notify the Lender within three calendar days of any changes to their name, date of birth, or residential address;

Inform the Lender of any changes in employment, business, or professional activities, and if self-employed, provide updates on personal financial conditions as periodically requested by the Lender.




7. Incidents of Default
The following circumstances shall be recognized as Incidents of Default:

The Borrower's failure to abide by or execute any stipulations of the Loan Agreement, the Promissory Note, or any ancillary agreements with the Lender;

The Borrower's inability to settle any due principal sums, interests, or costs that are required to be paid to the Lender under the terms of the Loan Agreement;

Any declaration or assurance provided by the Borrower, in relation to the Loan, is discovered to have been inaccurate or misleading at the time it was given, irrespective of the Lender's actual detriment due to such inaccuracies or omissions;

The Borrower's decision to halt or terminate his/her financial activities, declaration of insolvency, incapability to discharge debts as they mature, or engagement in any act of bankruptcy or insolvency;

A final judgment or order for a significant monetary amount, damages, or penalties is imposed on the Borrower by a competent court and remains unsettled, discharged, or fully bonded within ten (10) days following its due date as per the applicable laws;

The Borrower's demise or conviction in a criminal case with a final judgment that entails a penalty of civil interdiction, or falls within the scenarios described in Article 1198 of the Civil Code of the Philippines;

Any significant alteration in the Borrower's financial situation or condition since the loan's approval that, in the Lender's reasonable judgment, negatively impacts the Borrower's capacity to fulfill the Loan Agreement obligations.

Default Consequences

Upon the occurrence of an Incident of Default:

The Lender is entitled to deem the entire Loan amount as immediately payable, demanding the Borrower for swift and complete settlement;

Should the default result from the Borrower's delay in loan repayment, the Late Payment Penalties and Fees shall be enforced;

The Lender reserves all rights to remedies available in the Promissory Note and under the law to secure its claims against the Borrower.

The Borrower consents to forgo any notices or formalities required for the Lender to enforce its rights post-Default. Any non-exercise or delay in exercising such rights, options, or privileges shall not constitute a waiver thereof, except as expressly stated in a written waiver by the Lender.




8. Penalties and Charges for Late Payment
Should there be a failure in the timely repayment of any sum disbursed pursuant to this Loan agreement post the Maturity Date, it shall confer upon the Lender the right to demand from the Borrower, in addition to the sum that remains unpaid, a default fee. This fee is designated to be PhP1,000 for individuals who are availing of the loan facility for the inaugural time, and PhP800 for individuals who have previously availed of the loan facility, applicable as a one-off charge. Concurrently, an interest penalty will be enforced on the delinquent amount at a rate of 5% per diem starting from the initial day of the delay until the thirtieth day thereof. This rate will be modified to 4% per diem on the overdue sum starting from the thirty-first day of the delay up until the ninetieth day thereof. Following this interval, a further reduced interest rate of 2% per diem will be applied to the overdue sum commencing from the ninety-first day of delay continuing until the full repayment of the Loan.



9. 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.




10. Contact with Us
The effectiveness of this Loan Agreement begins when the loan amount is disbursed to the Borrower, in accordance with the procedures stated in the Promissory Note, and will remain operative until the requirements set forth herein are no longer applicable, except if earlier terminated by the Lender or altered through mutual consent of the Parties.

Should you require further information or assistance, do not hesitate to contact us:
Legal Entity Name: BERKMAN SYSTEMS, INC.
Email Contact: contact@berkmansystems.com
Customer Service Line: 9065871495
Physical Address: Suites 207-210, 2nd Floor VAG Building Ortigas Avenue, Greenhills San Juan City, Metro Manila, 1502 Philippines




11. Entire Agreement
This Agreement constitutes the entire agreement and supersedes all prior agreements, understandings, representations, warranties and arrangements of whatever nature whatsoever, both written and oral, among the Parties with respect to the subject matter of this Agreement.