(Updates as of February 20, 2020)
- This content sets out the terms and conditions between the ‘Lender’ and ‘Borrower’ on the Loan Agreement and developed in accordance with the laws of the Republic of the Philippines. These Terms and Conditions are valid by the time the Borrower attempts to apply on the platform.
- By accessing Pahiram platform and use the service, the Borrower hereby agrees on these Terms and Conditions. By reading this, the Borrower understood and agreed on the entire Pahiram’s General Terms and Conditions constituting below clauses, as applicable.
- Pahiram, at any time, may update these Terms and Conditions and the amendment will be informed the Borrower upon effectivity or posting on the website.
- Any disagreement on any of the below clauses should stop the Borrower from accessing and/or use of this platform or service.
DEFINITION OF TERMS
- Lender – Pahiram, with its principal address at
- Borrower – a Loan applicant who intends to borrow on the Lender. The “You” in these terms and conditions represent you as the Borrower.
- Terms and Conditions – refers to the terms, conditions, agreement contained and set by the Lender based on the business and Philippine standards in offering payday loans. These terms and conditions are valid, whether in the form of a hard or soft copy on the Lender’s website.
- Website – the Lender’s website where you can register as a borrower (https://www.pahiram.com.ph).
- Late payment – the Borrower does not pay the said amount plus the interest one day, two days, and so on, after the deadline.
- No payment – the Borrower does not pay any single amount on the whole loan cycle.
- Loan cycle – the whole period of an approved loan transaction starting from the application, approval, release, payment, until the end of the Borrowers deadline or maturity date.
- You acknowledge and confirm that when you apply to borrow money through Pahiram and the platform, you are borrowing money on Pahiram itself; not through its employees or any other source.
- Your loan is unsecured. Pahiram does not require any collateral from you and all the borrowers.
- You are only allowed to borrow with a minimum amount of ₱3,000 up to ₱20,000.00 The said amount is Pahiram’s standard loanable amount; not lower or higher than that.
- Pahiram allows you to let borrow money right after each loan cycle. You are not allowed to borrow if you still have an existing loan, balance, or unpaid loans with us.
USE OF THE WEBSITE
- The use of the website requires a stable internet connection or any hardware or software updates. The Borrower or the website user shall pay any fees and charges incurred to connect to the website or when using the website.
- By using the platform, you confirm that you are solely within the purpose and interest, that is to apply for a loan or gain knowledge about it. If you have any plan to use the website outside the scope, you should stop using it.
- Restricted activities. You agree and undertake NOT to:
- Use the platform for illegal purposes.
- Attempt to gain unauthorized access, interfere or interrupt computer systems or any networks connected to the platform to create its full function.
- Upload content or materials that probably contains malicious code or harmful components that may damage or corrupt the platform.
- Falsify, steal, or use of all the information.
- By using the platform, you understand that your information will be submitted and exposed on the Lender, and the Lender guarantees that these are encrypted or secured. This means that this is only between you, as the Borrower and us, the Lender.
- The website from time to time may contain third party links that are beyond the control of the Lender. Any third party sites you will visit is no longer part of our service. Therefore, any incident, circumstances that may happen outside the website are no longer the Lender’s responsibility.
- In the event of unauthorized access or hacking of the platform, Pahiram will take part in solving the problem immediately and protects all the information.
- Pahiram service does not have any mobile application may it be on different operating systems. Any forms of mobile apps named as Pahiram is not related to us, the Pahiram lending company. Pahiram is not liable for any of your loss, damage, or the similar when you access the said mobile app.
- You must meet the minimum requirements. You must be:
- At least 18 years of age
- A resident of the Philippines. Foreigners should submit legal documents as proof of Philippine residency
- You have a valid Identification Cards like SSS, UMID, Passport, Driver’s license, Philhealth ID, TIN Card, Postal ID, PRC ID, Senior Citizen ID, OFW ID. Any other identification card or secondary documents such as NBI Clearance, Police Clearance, Barangay Clearance, NSO Birth Certificate, Government ID are not allowed.
- You are employed, self-employed or a business owner
- You must provide factual information only
- You have at least one bank account
- All registration and application is done through the website by clicking the “Apply” button
- You must fill out the application form on the site by providing factual information only:
- Your Full Name (First, Middle and Last)
- An active email address
- An active mobile number
- Your current address
- Date of Birth
- Your credit history:
- Whether you have any loan within the last 12 months
- Are the said loans fully paid or not, and if;
- You have current past-due loans
- The purpose of your loan, may it be:
- To pay tuition fees
- Pay bills
- Buy gadget
- To travel
- Pay rent
- Cover Repair
- Documents for validation:
- Three months payslip if you are employed
- Bank statement if you are self-employed or business owner
- Billing statement or Utility Bill to support your current address
- The bank account where the money will be directly transferred
- You must fill out the application form on the site by providing factual information only:
- Changing information. If you think there is information that needs to be changed upon completion of the application, you can still access it by logging in to your online account. The edited info will then be updated on the web.
- Since the application is done online or through the web, any signature from the Borrower is not required.
- Filling up of the online registration completely leads you to the next level, which is the validation process. During validation, Pahiram’s representative will check several submitted information via phone call. You as a borrower must truthfully answer the questions asked by Pahiram’s representative.
- Release of the Loan. The loan will be released only after all the above conditions have been fulfilled to the Lender.
- The loan is released through the bank account you have provided. Pahiram does not allow any means or channels to release the money or to other bank accounts that you do not own.
- The Lender is also not responsible for the release of any loan proceeds to other or wrong bank details due to wrong entry on the platform.
- The Lender shall not be liable for any delays caused by any third party or the bank. Any problems related to the third party should be raised on the third party owner.
- Pahiram reserves the right to reject your loan application on our sole discretion. Several reasons that you can be rejected are:
- You have too many existing payday loans
- You are unemployed
- You did not meet the minimum requirements
- The information you submitted is not true
PAYMENT AND PAYMENT CHANNELS
- You must pay all the loan amount plus the interest accrued based on the deadline or maturity period.
- You should pay the said amount on every due date, but not later.
- If you want to repay the whole amount in advance to the said deadline, you can pay it, including the overall accrued interest. The full loan repayment is available on the Borrower’s account in the Lender’s website.
- You can pay on the following payment channels:
- Cash Payments
- Bank Transfer
- You can choose payment options or channels directly on the online account on the website or platform.
- The remaining or unpaid balance will be posted or reflect on the Borrower’s personal account after the payment has been made. Any unchanged postings after 24 hours shall be reported on Pahiram’s representative to correct and update.
LATE PAYMENT, PENALTIES, AND FEES
- In the event that you pay late based on the agreed payment period, below sanction and fees shall follow:
- You shall be charged with 5% additional interest aside from the full amount.
- The interest will accumulate or added weekly.
- Late payments shall follow the same payment method as discussed in the “Payment and Payment Channels” section.
- No payment done by the Borrower will let Pahiram do the following sanctions:
- The borrower’s online account will be deactivated.
- The Borrower will be banned on the Lender for 1 year
- The Borrower can only reborrow and create an online account after full payment of the said amount.
- In the event of any Borrower’s life misfortune such as a medical problem, the Borrower can submit a promissory letter to the Lender. You can inform the Lender that you could no longer pay or resume payment on a specific date. Additional interest is still applicable, but this won’t lead on a default, banning or deleting your account.
- You hereby acknowledge and agree that Pahiram has the right to restrict your access or delete your online account upon the occurrence of any reasonable violation of the Terms and Conditions.
- These Terms and Conditions will automatically be terminated after finishing the whole loan cycle provided that the Borrower has no outstanding loans.
- You cannot transfer any of your rights and obligations under the Terms and Conditions to any person or a third party. On the other hand, Pahiram may transfer its rights and obligations without your consent.
- If any of the clauses of the Terms and Conditions becomes invalid, it shall not affect the validity of any other provisions.
- If you have any questions related to the Terms and Conditions, you may always contact below details: