Thank you for choosing the loan service provided by Malig Lending. To ensure that you can clearly understand the loan terms and conditions, please read the following agreement carefully. This agreement is a legal agreement between you and Malig Lending and applies to all your loan applications and loan activities on this platform.
Loan amount: Minimum 5,000, maximum 100,000 (PHP)
Loan term: 3 to 12 months
Repayment method: Equal principal and interest
Loan purpose: You can use the loan funds for any of the following legal purposes, including but not limited to:
Annual interest rate: 12% - 24%, the specific interest rate will be determined based on the following factors:
Interest rate calculation method: The annual interest rate is calculated based on 365 days, and the interest is charged according to the actual number of days borrowed. The interest will be amortized into each repayment period.
The interest rate details will be displayed in your loan contract with specific numbers after your loan application is approved.
Loan Amount:10,000 PHP
Loan Term:12 Months
Annual Interest Rate:15%
Loan Handling Fee:1% (i.e. 100 PHP)
Monthly Repayment Amount:958.33 PHP (including principal and interest)
Total Repayment Amount:11,500 PHP (including interest and handling fee)
Loan Handling Fee: 1% of the loan amount, which will be deducted once when the loan is disbursed. This fee is non-refundable.
Late Payment Fee: If you fail to repay on time, a late payment fee of 5% of the overdue amount will be charged, and we will report the overdue situation to the credit agency.
Other Fees:
Each repayment amount will include principal and interest, and you can repay by the following methods:
Repayment date: Each repayment date will be confirmed when you sign the contract. Please make sure to repay on time before the due date to avoid late fees.
You can check your repayment plan at any time through the Malig Lending app and make early repayments.
You must provide true and accurate personal information when applying for a loan. We promise to strictly abide by data privacy protection regulations, but we may share your information with credit institutions, cooperative banks and other relevant parties for credit assessment when necessary.
You promise to abide by the following terms:
This agreement is governed by the laws of the Republic of the Philippines, and all loan matters are subject to the relevant laws and regulations of the Philippines. Any disputes will be handled in the courts of the Philippines.
We have the right to update this agreement according to market and legal requirements, and will notify you in the application in a timely manner.
If you have any questions after reading this agreement, you can contact us through the customer service channels we provide.
This Agreement shall be deemed effective upon your consent and submission of the loan application. You acknowledge that you have read and understood all the terms of this Agreement and agree to be bound by it.
This Agreement applies only to users in the Philippines.
If you have any questions or suggestions about our loan agreement, please feel free to contact us at any time through the following methods:
Thank you for using Malig Lending loan services. We are committed to providing you with convenient and safe financial services.