TERMS AND CONDITIONS FOR BORROWERS
April 12, 2019
Please read these Terms and Conditions (“Terms”, “Terms and Conditions”) carefully before using blend.ph (“us, “we”, “our”, “platform”).
Under this Loan Contract, you agree to receive or repay one or more installment loans from us, through the Platform (blend.ph).
These terms affect your rights and you should read them carefully and print a copy for your records. Your agreement to these terms means you agree to borrow and repay the money if your loan is funded under the terms of this Loan Contract, agree to transact with us electronically, and agree to have any dispute with us resolved by binding arbitration.
5.1. If employed, you are able to authorize payroll deductions through your employer or your bank;
5.2. If employed, your payroll is not currently subject to assignment, wage deduction order, or garnishment;
III. LOAN TERMS
VII. Terminating your membership in blend.ph
You may withdraw your consent to receive Communications electronically by contacting us. However, you acknowledge that we may continue to deliver Communications electronically to you after you withdraw consent that are either 1) relevant to our concluding any transactions that occurred while you were a User, or 2) required by law. Because we operate as an online lending platform, if you withdraw consent while you gave a pending loan application, we reserve the right to terminate that application. The withdrawal of your consent will not be affecting the legal validity and enforceability of any business transacted between us prior to the time you withdraw your consent, including this Terms and Conditions or any agreements. Any other further Communications after you withdraw consent, including Communications related to any pending loan applications, will be sent by mail to the address provided or by other non-electronic means. We may discontinue providing electronic Communications at any time at our sole discretion.
VIII. BORROWER’S AGREEMENTS WITH blend.ph
XII. About us
If you want to view the terms and conditions for lenders, follow this link: Terms and Conditions for the Investor.
Terms and Conditions for LENDERS / INVESTORS
April 12, 2019
Please read these Terms and Conditions (“Terms,” “Terms and Conditions”) carefully before using blend.ph (“us,” “we,” “our,” “platform”).
These Terms and Conditions affect your rights and you should read them carefully and print a copy for your records. Your agreement to these terms means you agree to part with and invest your money in order to facilitate and establish Loan Contracts with prospective borrowers through the use of this platform.
1.1. You are an individual, sole proprietorship, or the duly authorized representative of a corporation, branch office, or partnership;
1.2. You are at least 21 years of age or over, and capable of taking responsibility for your own actions, and are fully capacitated to enter into legally binding agreements;
1.3. If you are a corporation, branch office, or partnership, you must be registered with the Philippine Securities and Exchange Commission (SEC) and have a permanent place of business in the Philippines, and that the account holder is the duly authorized representative of the entity, capable to contracting or funding loans; and
1.4. If you are a sole proprietorship, you must be duly registered with the Department of Trade and Industry (DTI).
1.1. Your name, age, address, contact number, date of birth, email address, bank details or any other financial information which may be related to any prospective loan contract;
1.2. Other information that you provide to us that does not identify you personally, such as records of your visits and information that you submit when using the Site;
1.3. Information that may be obtained from third parties; and
1.4. Usage of and access to the Site.
1.1. To our agents and subcontractors, acting for us or for other lenders, for any of the purposes described in these Terms and Conditions, which include, but not limited to credit bureaus, credit information service companies, or special accessing entities;
1.2. to law enforcement agencies and fraud prevention agencies for the purposes of identifying, preventing, detecting or tackling fraud, money laundering, and other crime;
1.3. to meet our obligations to any relevant regulatory authority; and
1.4. if we have to by law or it is for the public interest.
III. LENDER QUALIFICATIONS.
7.1. Amount of investment;
7.2. Investment purpose; and
7.3. Required interest rate.
8.2. Driver’s License;
8.3. NBI Clearance;
8.4. Alien Certification of Registration / Immigrant Certificate of Registration
8.5. Unified Multi-Purpose ID (UMID) / Social Security System (SSS) card
8.6. Professional Regulation Commission (PRC) ID
8.7. PhilHealth ID (Digitized PVC)
8.8. Postal ID (issued 2015 onwards)
8.9. Police Clearance
8.10. TIN ID
8.11. Barangay Certification
8.12. Senior Citizen Card
8.13. Overseas Workers Welfare Administration (OWWA) ID
8.14. Voter’s ID
8.15. Company IDs issued by private Entities or Institution registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas (BSP), Security Exchange Commission (SEC), or Insurance Commission (IC).
VII. TERMINATING YOUR MEMBERSHIP IN BLEND.ph
5.1. In any way that causes, or is likely to cause, the platform or access to it to be interrupted or damaged in any way;
5.2. for fraudulent purposes, or in connection with a criminal offense;
5.3. to send, use or reuse any material that is illegal, offensive, abusive, indecent, defamatory, obscene or menacing; or in breach of copyright, trademark, confidence, privacy or any other right; or is otherwise injurious to third parties; or objectionable; or which consists of or contains software viruses, political campaigning, commercial solicitation, chain letters, mass mailings or any spam; or to cause annoyance, inconvenience or needless anxiety.
VIII. INVESTOR’S AGREEMENTS WITH BLEND.ph
1.1. the ability of a Borrower to pay; and/or
1.2. a Borrower’s credit risk.
6.1. there will be sufficient bids to fully fund loans and allow your funds to be lent out;
6.2. there will be sufficient borrowers for you to lend to; or
6.3. there are sufficient other investors to buy your funded loans should you wish to sell them.
8.2. The platform is not intended or designed to be used, nor does blend.ph permit any use of the platform, as a vehicle for generating loan assets (or purchasing interests in loan assets) as part of an investor’s (or a fund manager of an investor’s group) securitization or fund-raising strategy, and shall not be used as such by any investor or an investor of an investor’s group without the prior written consent of blend.ph (such consent may be withheld in blend.ph‘s absolute discretion).
XII. ABOUT US
If you want to view the terms and conditions for borrowers, follow this link: Terms and Conditions for the Borrowers.
Date of effectivity: 1 March 2019
WHO WE ARE
blend.ph is a marketplace (or ‘peer-to-peer’ lending digital platform for borrowers and lenders within the Philippines. This online platform connects or matches interested participants to contract funds or borrow money within a few clicks in the comfort of their homes.
This site and its services are established and managed by Inclusive Financial Technology, Inc. blend.ph is offering a completely new and different approach to lending by matching a borrower to a lender online.
blend.ph respects your right to privacy in accordance to Republic Act No. 10173 or the Data Privacy Act of 2012. We shall only collect, record, hold, store, disclose, transfer, and use personal information as stated below. We will only keep your information for as long as we are either required to by law relevant to the purposes for which it was collected.
INFORMATION WE COLLECT
blend.ph collects both personal information and non-personal information such as computer data.
We require the following personal information in creating your blend.ph account:
The information you provide us should be accurate, complete, and not misleading. You are required to keep it up to date and inform us of changes (more information below). We reserve the right to request additional documentation to verify the information you submitted. This procedure is to ensure that blend.ph keeps up its community standard of security and trust between both Lenders and Borrowers.
All the personal information we collect are voluntarily provided by you. Should you choose to withhold any personal information, or withdraw your consent to our use of your personal information, we may not be able to provide you with our Services.
If you provide personal information of any third party to us, we assume that you have obtained the required consent from the relevant third party to share and transfer his/her personal information to us.
Cookies are small text files (typically made up of letters and numbers) placed in the memory of your browser or device when you visit a website or view a message. They allow us to recognize a particular device or browser and help us to personalize the content to match your preferred interests more quickly and to make our Services and Platform more convenient and useful to you.
Web beacons are small graphic images that may be included on our Service and the Platform. They allow us to count users who have viewed these pages so that we can better understand your preference and interests.
When you visit blend.ph, our company servers will automatically record information that your browser sends whenever you visit a website. This data may include:
This information is collected for analysis and evaluation to help us improve the Platform and the Services we provide.
HOW WE USE YOUR INFORMATION
Only authorized personnel has access to this personal information. Exchanges using said personal data shall be through digital or mail correspondence. By way of exception, the personal information we collect from you shall be shared with third parties (including related companies, third party service providers, and third-party sellers), for the following purposes:
In sharing your personal information with the aforementioned third parties and affiliates for the purposes mentioned above, we endeavor to ensure that the third parties and our affiliates shall keep your personal information secure from unauthorized access, collection, use, disclosure, or similar risks, and retain your personal information only for as long as they need your personal information to achieve the abovementioned purposes. After which, physical records shall be disposed of through shredding, while digital files shall be anonymized.
In disclosing or transferring your personal information to third parties and our affiliates locally and overseas, blend.ph takes steps to ensure that the receiving jurisdiction has a standard of protection accorded to personal information that is comparable to the protection under or up to the standard of the Philippine Data Privacy Act.
blend.ph does not engage in the business of selling customers’ personal information to third parties.
HOW WE PROTECT YOUR PERSONAL INFORMATION
blend.ph ensures that all information collected will be safe and secure. We shall protect all information you provided by:
blend.ph uses 128-bit SSL (secure sockets layer) encryption technology when processing your financial details. 128-bit SSL encryption is approximated to take at least one trillion years to break and is the industry standard.
Your password is the key to your account. Use unique numbers, letters and special characters, and do not share your blend.ph password to anyone. Should you share your password with others, all actions taken in the name of your account and its consequences are your responsibility. If you lose control of your password, you may lose substantial control over your personal information and other information submitted to blend.ph. You could also be subject to legally binding actions taken on your behalf. Therefore, if your password has been compromised for any reason or if you have grounds to believe that your password has been compromised, you should immediately contact us and change your password. You are reminded to log off of your account and close the browser when using a shared computer.
If you believe that your privacy has been breached, contact us at our email address below.
HOW TO ACCESS YOUR PERSONAL INFORMATION
If you have an account with blend.ph, you may access details of your order by logging into your account on the Platform.
If you would like to view the personal information we have on you or inquire about the ways in which your personal information has been or may have been used or disclosed by blend.ph within the past year, please contact us at our e-mail address below. We reserve the right to charge a reasonable administrative fee for retrieving your personal information records.
HOW TO UPDATE YOUR PERSONAL INFORMATION
You can update your personal information anytime by accessing your account on the blend.ph Platform. If you do not have an account with us, you can do so by contacting us at our e-mail address below.
We shall share the updates to your personal information with third parties and our affiliates with whom we have shared your personal information if your personal information is still necessary for the aforementioned stated purposes.
MODIFYING OR DELETING YOUR PERSONAL INFORMATION
You have the right to ask for a copy of any personal information we hold about you, as well as to ask for it to be corrected if you think it is wrong. To do so, please contact [email protected]
To protect information from accidental or malicious destruction, we may maintain residual copies for a brief time period. But, if you delete your account, your information and content will be unrecoverable after that time. blend.ph may preserve and maintain copies of your information when required to do so by law.
NO SPAM, SPYWARE, OR VIRUS
Spam, spyware or virus is not allowed on our Platform. Set and maintain your communication preferences so that we communicate with you in accordance with your preferences.
You are not licensed or otherwise allowed to add other users (even a user who has purchased an item from you) to your mailing list (email or physical mail) without their express consent.
You should not send any messages which contain spam, spyware or virus via the Platform. If you would like to report any suspicious messages, please contact us at our email address below.
blend.ph does not provide Services to children under 18 years old, even with the involvement of a parent or guardian.
WITHDRAWAL OF CONSENT
You may communicate your objection to our blend.ph use and/or disclosure of your personal information for any of the purposes and in the manner as stated above at any time by contacting us at our e-mail address.
Please note that if you object to our use and/or disclosure of your personal information for the purposes and in the manner as stated above, depending on the nature of your objection, we may not be in a position to continue to provide our Services to you or perform on any contract we have with you. Our legal rights and remedies are expressly reserved in such event.
YOU ACKNOWLEDGE AND AGREE THAT blend.ph HAS THE RIGHT TO DISCLOSE YOUR PERSONAL INFORMATION TO ANY LEGAL, REGULATORY, GOVERNMENTAL, TAX, LAW ENFORCEMENT OR OTHER AUTHORITIES OR THE RELEVANT RIGHT OWNERS, IF blend.ph HAS REASONABLE GROUNDS TO BELIEVE THAT DISCLOSURE OF YOUR PERSONAL INFORMATION IS NECESSARY FOR THE PURPOSE OF MEETING ANY OBLIGATIONS, REQUIREMENTS OR ARRANGEMENTS, WHETHER VOLUNTARY OR MANDATORY, AS A RESULT OF COOPERATING WITH AN ORDER, AN INVESTIGATION AND/OR A REQUEST OF ANY NATURE BY SUCH PARTIES. TO THE EXTENT PERMISSIBLE BY APPLICABLE LAW, YOU AGREE NOT TO TAKE ANY ACTION AND/OR WAIVE YOUR RIGHTS TO TAKE ANY ACTION AGAINST blend.ph FOR THE DISCLOSURE OF YOUR PERSONAL INFORMATION IN THESE CIRCUMSTANCES.
Should you have any concerns, queries, or comments, feel free to contact us at email@example.com