YINSHAN LENDING INC.
“HAPPYCASH”
SEC Registration No.: CS201900108
Certificate of Authority No.: 2860
GENERAL TERMS AND CONDITIONS
This General terms and Conditions are developed in accordance with the laws of the Republic of the Philippines.
Effective: January 2025.
I. Introduction
1.1 Welcome to Yinshan Lending Inc. doing business under the name “Happycash”. Please read these Terms and Conditions carefully before using the Services (as defined below), so that you are aware of your rights and obligations with respect to the Services.
1.2 These Terms and Conditions describe the terms and conditions applicable to your use of the Services on the Happycash Platform and constitute an agreement that creates a legally binding relationship between you and us. You acknowledge and accept that these Terms and Conditions also constitute an integral part of the Service Documents.
1.3 By using the Services, you agree to be legally bound to these Terms and Conditions. You represent and warrant to have read, understood and accepted these Terms and Conditions and that you will only use the Services for your own benefit (as the beneficial owner of your Account with us), or that of the corporation, partnership, or sole proprietorship that you duly represent, and not for the benefit of any other person or entity. If you do not agree to these Terms and Conditions or if you are not the beneficial owner or the Authorized Representative (as defined below) in using the Services, you must cease your use of the Services.
1.4 In using the Services, you acknowledge and agree that you are bound by the additional terms and conditions as provided under the relevant Loan Agreement (including any other document referred to in the Loan Agreement, such as additional terms and conditions) which will be deemed incorporated herein by reference and made available to you by the relevant Lender prior to, or at the time of, their provision of the relevant Credit Facility to you. In the event of any conflict or inconsistency between the provisions of these Terms and Conditions and the provisions of the Loan Agreement, the provisions of the latter will prevail.
1.5 You acknowledge and agree that activation of any Credit Facility on the Platform and the reflection of an Available Credit Limit does not automatically grant you a Credit Facility and such activation and limit only reflect that you can apply for a Credit Facility to a certain amount and that we will process such application. For the avoidance of doubt, your application for a Credit Facility shall still be subject to the approval and grant of the Lender and or Facility Manager, as may be applicable.
II. Definitions:
As used in this Agreement, the following terms and expressions shall have the meanings specified below:
1. Borrower - a Loan Applicant whose Loan Application is accepted by the Lender.
2. Borrower's Obligations - includes payment of the outstanding principal amount of the Loan, interest on the Loan, all other interest, fees, costs, charges, expenses, processing fee and all other sums whatsoever arising from or incident to the loan, and payable by the Borrower to the Lender on or before the Maturity Date, in accordance with the Terms and Conditions contained herein, the Promissory Note, and other related documents
3. Calendar Day- any day, including weekends and public holidays in the Philippines on which the Lender operates in the ordinary course of business.
4. Loan Agreement - the agreement entered into by and between the Lender and the Borrower providing for the Loan and such other related agreements as may be entered into force from time to time by the Parties. The Loan Agreement includes the General Terms and Conditions stated hereunder, the Promissory Note, the Loan Decision, and all schedules and agreements supplemental thereto.
5. Disclosure Statement - the statement given by the Lender to the Borrower before the latter accepts the Loan setting forth the total amount to be financed, the finance charge, all charges in connection with the Loan, and all other items required under the Truth in Lending Act.
6. Distance Service - any communication technique through telematic networks facilitated by the Lender so that the Borrower can make the Loan Application and receive the Loan Decision. Distance Service should be understood as the Website https://www.happycash.ph/ or any other similar means or facility that the Lender makes available to the Loan Applicant for the purpose stated in this Article 1.5.
7. General Terms and Conditions - the terms and conditions governing the Loan as contained herein, the Loan Agreement consisting of the Promissory Note, Disclosure Statement of Loan/ Credit Transaction, the General Terms and Conditions of loan, including all other agreements or documents executed by the Lender and/or the Borrower which shall govern the Borrower's loan with the Lender.
8. Lender – Yinshan Lending Inc. with its principal address at 26th Floor, The World Centre, Gil Puyat Ave., Brgy. Bel-Air, Makati City, Metro Manila, Philippines.
9. Loan - the loan entered into by the Lender and the Borrower, and governed by these General Conditions, the Promissory Note and the other documents forming an integral part of the Loan Agreement, whereby the Lender grants a personal loan to the Borrower.
10. Loan Applicant - a natural person who files the Loan Application who shall be of Filipino nationality, over eighteen (18) years of age at the time of the filing of the Loan Application, with full capacity to contract and enter into the Loan, and with permanent address in the Philippines.
11. Loan Application - declaration of intention made by the Loan Applicant through Happycash platform, to request for a Loan in accordance with these General Conditions, the Promissory Note, and all other documents forming an integral part of the Loan Agreement. The Loan Application shall take effect from the date it is submitted to the Lender for evaluation and will be subject to the internal policies and procedures of the Lender. The approved Application will be credited to the Personal Account of the Borrower on the Lender’s website within _____________ calendar days from Lender’s receipt of Borrower’s acceptance of the Loan Decision.
12. Loan Decision - the final irrevocable decision made by the Lender granting or denying the Loan Application in accordance with these General Conditions, and all other documents forming an integral part of the Loan Agreement. It shall contain the Loan Amount and the Maturity Date. It shall be issued by the Lender to the Borrower no later than one (1) day from the date that the Loan Application is received by Lender. The Loan Decision will be provided by the Lender immediately upon completion of the final step of the loan application.
13. Loan Term - the period provided under Article 4 of these General Conditions.
14. Maturity Date - the last day of the Loan Term (as provided under Section 4) when the Loan Amount and the interest and all other fees and charges are due.
15. Party - Loan Applicant, the Lender or the Borrower, considered individually. Likewise, the "Parties" are collectively the Lender, and the Loan Applicant or the Borrower.
16. Personal Account - means the user account created by the Borrower on Lender’s web site.
17. Website - Lender's website (https://www.happycash.ph/).
III. LOAN TERMS
1. Loan Purpose.
The Loan issued by the Lender is to be used by the Borrower for legal and legitimate purpose. The loan proceeds shall be used by the Borrower exclusively for personal use.
2. 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 Loan Agreement and the Borrower’s Personal Account.
3. Loan Term.
Loan Term shall refer to the period within which the Borrower shall pay the principal amount of the Loan in full, together with the corresponding interest and all other charges and fees indicated in the Disclosure Statement, which may range from ________________ calendar days, depending on the term approved under the Loan Decision, as indicated in the Promissory Note.
4. Interest
i. 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.
ii. 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. Late Payment Penalties and Fees
6. Any amount received by the Lender from the Borrower after Maturity Date will be applied in the order as listed below:
· Any and all charges permitted by law
· Enforcement expenses payment
· Late payment penalties and fees
· All Loan related amounts in the following order: fees, interest amount, principal amount
7. Conditions Precedent to the Release of the Proceeds of the Loan.
a. The proceeds of the Loan shall be released only after the conditions set out below have been fulfilled to the Lender`s approval:
· Loan Application is filled in, signed by SMS and sent to the Lender
· Bank account details of the borrower are filled in;
· In the Borrower's Personal account are uploaded Borrower's Photo with identity document;
· The Loan Decision is reported to, and confirmed and accepted by the Borrower through SMS confirmation and/or verbal confirmation via direct call.
· The Loan Agreement is confirmed and accepted by the Borrower.
b. Once the Loan Application submitted by the Borrower is accepted by the Lender, the Borrower shall not be entitled to cancel the Loan or to refuse to accept the Loan proceeds, except for cases when such a refusal entails the application of charges for cancellation, refusal or prepayment as may be stipulated by the Lender. The Borrower agrees that the Lender has the right to approve/reject the cancellation of the Loan as the Lender deems fit.
c. The Lender shall not be responsible for the release of any Loan proceeds to other/wrong bank account due to data entry errors by the Borrower.
d. The Lender shall also not be liable for any delays or problems in the release of any Loan proceeds to the third parties upon the written directions and instructions of the Borrower.
8. Full/Partial and Early Loan Repayment.
a. The Borrower must pay all Loan amount plus interest accrued on the Maturity Date.
b. The Borrower may prepay the whole or any part of the Loan amount provided that at least half of the Loan Term has elapsed, and at all times not earlier than after __________ calendar days from date that the proceeds are remitted to the Borrower.
c. The amount of the full Loan repayment for the current day will be available to the Borrower in the Personal account on the Lender's website.
d. Information regarding all available methods and channels for Loan repayment will be posted and made available to the Borrower in the Personal account in Lender's website.
IV. REPRESENTATIONS AND UNDERTAKINGS
1. The Borrower hereby represents and warrants to the Lender on a continuing basis that:
· The obligation expressed or to be assumed by the Borrower in this Loan Agreement and the Terms & Conditions, and any relevant documents are legal, valid, binding and enforceable obligations;
· The entry into and performance by the Borrower of, and the transactions contemplated by, this Loan Agreement and the Terms & Conditions, and any relevant documents do not and shall not conflict with (i) any law or regulation applicable to the Borrower; or (ii) any agreement or instrument binding upon the Borrower;
· The Borrower is not a Politically-Exposed Person (PEP) as defined under the Anti-Money Laundering Act of 2001, as amended.
· No event of default is continuing or might reasonably be expected to result from the making available of the Loan;
· The Borrower has disclosed to the Lender all information (financial or otherwise) relating to the Borrower and all other relevant parties which is material to be known to the Lender in view of the provisions of this Loan Agreement and the Promissory Note, and other relevant documents and which is true, complete and accurate in all material respects at the date it was given and is not misleading in any respect
· The Borrower has disclosed to the Lender all information relating to the Borrower which is material to the Lender in view of the provisions of the Promissory Note and other relevant documents and which is true, complete and accurate in all material respects as at the date it was given and is not misleading in any respect. The Borrower hereby authorized the Lender to request and obtain data from third party(ies) to verify any information the Borrower provided to the Lender in connection with this Loan Application.
· The Borrower has read, understood and agreed to comply with terms and conditions of the Loan Agreement, Promissory Note, and other relevant documents. The Borrower accepts and agrees to be bound by the Loan Agreement, Terms & Conditions and other documents including amendments of these documents as an integral part thereof, which the Borrower acknowledges are available for reading or downloading at the Lender's website: https://www.happycash.ph/ and/or notified by the Lender to the Borrower through various communication channels which the Lender deems fit.
· The Borrower understands and acknowledges his/her obligations with respect to making the full, complete and timely payment of his/her loan obligation as stipulated in the Loan Agreement and the Promissory Note.
· The Borrower understands and acknowledges that the Lender has the absolute discretion to accept or reject the Loan Application for valid cause, and that the Loan Application and its supporting documents shall become part of the Lender’s record and shall not be returned to the Borrower.
· The Borrower understands and acknowledges that the Borrower’s Loan Application should be regarded as an offer only. Official approval of the loan application shall be decided upon the Lender’s appraisal and approval according to the Lender’s policy from time to time. The Borrower voluntarily agrees to the Lender’s decisions. The Borrower shall not file any complaints, or seek redress against the Lender on these matters.
· The Borrower unconditionally acknowledges that the Borrower is truly and lawfully indebted to the Lender on the approved loan amount in case the Lender had disbursed the said amount as stipulated.
2. The Borrower covenants with the Lender that during the Loan Term:
· The Borrower shall apply the loan proceeds to his/her personal use only such as education, hospitalization, emergency, travel, household, and other personal consumption needs of a similar nature.
· The Borrower shall comply in all respect with all applicable laws in connection with the performance of the Borrower’s obligations under the Loan Agreement and this Terms & Conditions, and other relevant documents;
· The Borrower shall obtain and maintain in full force and effect any authorization, consent or approval required to enable the Borrower to perform the Borrower’s obligations under this Loan Agreement and this Terms & Conditions, and other relevant documents and to ensure the legality, validity, enforceability or admissibility in evidence of this Loan Agreement, Terms & Conditions, and other relevant documents.
· The Borrower shall notify the Lender in writing of any potential or actual Event of Default (if any is specified in the Loan Agreement) and any event or circumstance which constitutes a default under any other agreement binding upon the Borrower (and, in each case, the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence;
· The Borrower shall provide a prior written notice to the Lender of any change in the Borrower’s name, date of birth, residential address within three (3) calendar days of such changes;
· The Borrower shall notify the Lender of any change in the Borrower’s employment, business or profession. In the event the Borrower is self-employed, the Borrower hereby undertakes to keep the Lender informed about the personal financial conditions on a periodic basis as requested by the Lender.
V. DEFAULT
1. Event of Default
Any and all of the following shall constitute Events of Default:
· Failure by Borrower to comply with or perform any of the terms and conditions of the Loan Agreement, Terms & Conditions, or any other agreements between Borrower and Lender;
· Borrower fails to pay when due and payable any principal amounts, interests, costs which Borrower is obliged to pay the Lender under the Loan Agreement and the Terms & Conditions;
· Any representation or warranty made by Borrower herein or otherwise in connection with the Loan shall prove to have been incorrect or misleading as of the time it was made or deemed to have been made, and without reference to whether or not Lender was in fact prejudiced by such untruthfulness and/or non-fulfillment;
· Borrower voluntarily suspends or ceases his/her personal financial conditions or becomes insolvent or is unable to pay his/her debts when they become due or commits or permits any act of bankruptcy or insolvency;
· Any final judgment or decree for a substantial sum of money, damages or for a fine or penalty is entered against Borrower by a court of competent jurisdiction and is not paid, discharged or fully bonded within ten (10) days after the date when payment of such judgment or decree is due under applicable laws;
· Borrower dies or is convicted of a criminal offense with final judgment carrying with it a penalty of civil interdiction affecting Borrower, or in any of the cases covered by Article 1198 of the Civil Code of the Philippines;
· There shall have occurred a material change in the financial circumstances or condition of Borrower reckoned from the approval of the Loan, which, in the reasonable opinion of Lender, would adversely affect the ability of Borrower to perform the obligations under the Loan Agreement and the Promissory Note.
2. Consequence of Default
Should an Event of Default occur:
· Lender shall have the right, at its discretion, to consider the full amount of the Loan as immediately due and demandable, and require Borrower to make full and immediate payment thereof;
· If the default is a result of a failure of the Borrower to timely pay the Loan, the Late Payment Penalties and Fees prescribed under Article 7 shall apply;
· Lender shall have all the rights to the remedies provided in the Loan Agreement and in law for purposes of enforcing its claims against the Borrower.
To the extent allowed under Philippine law, Borrower accepts to waive any notice or formality meant to enable the Lender to exercise its rights arising from the occurrence of an Event of Default. The failure or the delay to exercise any right, options, power or privilege hereunder shall not operate as a waiver of any right of the Lender to exercise the same hereunder, unless said waiver is given in writing by the Lender, and then only to the extent specifically set forth in said writing.
Indemnity
1. The Borrower shall indemnify the Lender against any cost, loss or liability incurred by the Lender as a result of:
· The occurrence of any Event of Default;
· The information produced or confirmed by the Borrower being or being alleged to be misleading and/or deceptive in any respect;
· Any inquiry, investigation, subpoena (or similar order or litigation with respect to the Borrower) or with respect to the transactions contemplated or financed under this Loan Agreement and the Promissory Note;
VI. DISCLOSURE OF INFORMATION
1. The Borrower hereby expressly permits the Lender to transfer and disclose to (i) the government authorities; (ii) any party/person proposing or considering to tender any payment towards or purchase the indebtedness under the Loan; (iii) its auditors, lawyers or any other debt collection agents; (v) credit reporting agencies; (vi) insurance companies, agents, contractors or third party service providers who are involved in the provision of products and services to or by the Lender and the holding company, head office, other branches, subsidiaries, related companies of the Lender; or (vii) for provision of or cross selling of products and services, any information relating to the Borrower’s affairs or account in respect of the Loan, this Loan Agreement and the Promissory Note, and at any time and to such extent as the Lender may at its absolute discretion deem expedient or necessary. The Borrower hereby agrees that the aforesaid information may be used, encrypted, transmitted and stored by the Lender and its holding company, head office, other branches, subsidiaries, related companies and/or may be exchanged to or with all such persons as the Lender considers necessary to the extent as permitted by Philippine laws. The aforesaid actions are without liability to the Borrower. The Borrower expressly consents to such actions and declares that no further consent from the Borrower is necessary or required in relation thereto.
2. Notification Regarding R.A. No. 9510. Pursuant to Republic Act (R.A.) No. 9510 and its Implementing Rules and Regulations (IRR), creating the Credit Information Corporation (CIC) we are mandated to submit your basic credit data (as defined in R.A. No. 9510 and its IRR), as well as any regular updates or corrections thereof, to the CIC for consolidation and disclosure as may be authorized by the CIC, and other credit reporting agencies duly accredited by CIC, for the purpose of establishing your creditworthiness.
3. In case the Borrower fails to pay fully or correctly or timely the loan obligation, in addition to debt recovery measures as specified herein/therein or in accordance with the Philippine laws, the Lender shall be entitled to provide information on such failure to third parties, including but not limited to collection agencies for the purpose of collecting the loan obligation.
4. The Borrower agrees that Lender, directly or through its Partners, may collect, retrieve, process, use and store his/her personal data such as name, age, photographs, fingerprints, other biometric data (e.g., facial recognition and voice recognition), mobile number/s, mobile phone usage data, employment details, income, financial data, financial profile, credit standing, loan payment history, and other information required in the application form for the purpose of reviewing and processing the Borrower’s loan application. The Borrower consents to the collection of his/her personal data from the Borrower her/himself, or from other personal information controllers such as, but not limited to, telecommunications companies (e.g., Globe, PLDT, Smart, Sun Cellular), for credit scoring purposes. The Borrower’s personal data such as mobile number, email address, and address, will be shared to a credit scoring service provider for credit investigation, credit scoring, data analytics, and data profiling, which includes the regular updating of the Borrower’s credit score. The personal data secured may also be used for direct marketing of products and services of Partners of the Lender. Throughout the processing of the Borrower’s personal data, his/her rights under the Data Privacy Act of 2012, such as the (1) right to be informed, (2) right to object, (3) right to access, (4) right to rectification, (5) right to erasure or blocking, and (6) right to damages, shall be upheld. Entities to whom Lender share Borrower’s personal data will also respect the same rights.
Set-off
The Lender at its discretion without prior Borrower's consent shall set-off or deduct any amount from any account of the Borrower held at the Lender against any obligation due from the Borrower under this Loan Agreement, the Terms & Conditions, and other related documents, regardless of the place of payment, booking branch or currency of either obligation. Any set-off of fixed deposit by the Lender shall be deemed as premature withdrawal by the Borrower. If the currency of obligation is different from the currencies of accounts, the Lender may convert the currencies of the account into the currency of the obligation by reference to the market rate of exchange in its usual course of business.
Review
1. 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.
2. The Lender shall have the right to review and revise the Terms and Conditions specified hereunder at any time at its sole discretion.
Notices
1. Notice to the Borrower
A notice given to the Borrower in connection with this Loan Agreement and/or the Promissory Note may be delivered by hand or sent by prepaid ordinary post or sent by email (electronic mail) or sent by facsimile to the facsimile number of the addressee or sent by message to the mobile number of the addressee which is specified in the Loan Application form and/or the Promissory Note. A notice given to the Borrower shall be treated as having been given and received:
· If delivered, on the day of delivery if a Calendar Day, otherwise on the next Business Day;
· If sent by prepaid mail, on the second Business Day after posting;
· If sent by email and no failure notice is received by the sender, one hour after the time of the sending of the email;
· If transmitted by facsimile and a correct and complete transmission report is received, at the time of transmission recorded on that transmission report;
· If sent by text message and no failure notice is received by the sender, at the time of sending.
2. Notice to the Lender
Notices, demands or other communications shall be addressed to the Lender at its place of residence and may be delivered personally, by leaving it at such address, by facsimile transmission or telex, or email, or by phone and shall be deemed to have been delivered to the Lender on the day of actual receipt.
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.
Assignment and Transfer
Notwithstanding any other provisions of this Loan Agreement and/or the Promissory Note, the Lender may at any time: (i) assign or transfer its rights and obligations; or (ii) create security in or over any and all of its rights or obligations under this Loan Agreement and the Promissory Note to any person on provision of seven (7) Business Day written notice to the Borrower. The Borrower is not permitted to assign or transfer any of the Borrower’s rights or obligations under this Loan Agreement and the Promissory Note without prior written consent of the Lender.
Waiver
The delay or failure of the Lender to exercise of any of its rights whether under this Loan Agreement, the Promissory Note, or otherwise, shall not be construed or deemed as a waiver of the Lender to such rights.
Language and Governing Law
This Loan Agreement and the Promissory Note are governed by the laws of the Philippines. The competent courts of Philippines have jurisdiction to settle any dispute arising out of or in connection with this Loan Agreement and the Promissory Note (including all disputes regarding the existence, validity or termination).
Term of the Loan Agreement
Unless terminated by the Lender, this Loan Agreement shall take effect from the date the funds are remitted to the Borrower in the manner specified in Promissory Note until such time as the provisions specified hereunder are needed to remain in force and effect between the Parties unless otherwise agreed by the Parties.
(Date), Makati City.
This is an electronic document. Hence, no signature is required.