These Cash Loan Terms and Conditions (“T&Cs”) comprise the legal agreement between You (the Borrower) and Grab Financial Services Philippines, Inc. (“GFSP”, Us, We, Our/s) should You apply for and be accepted for a Cash Loan with Us. Please read carefully these T&Cs, the Application Form, and once approved for the Loan, the Disclosure Statement, the Promissory Note/s, the Amortization Schedule, and all the documents We give You. Together, they make up Your Loan contract and include the information We must provide You. The contract will start on the day we release Your Loan. These T&Cs is governed by the rules and regulations and all the applicable laws in the Philippines. By applying for a Cash Loan, You confirm to have read, understood, and agree to be bound by these T&Cs.
By applying for and availing of Our Cash Loan, You agree to be bound by the Terms and Policies of Grab as shown in https://www.grab.com/ph/terms-policies/ (“General T&Cs”). In case of conflict or inconsistency between the General T&Cs and this T&C, the terms of this T&C shall prevail.
1. The Cash Loan
Grab Financial Services Philippines, Inc.’s Cash Loan (the “Cash Loan“) is a multi-purpose loan offered to qualified users of the Grab App. The loanable amount is dependent on the result of the internal credit risk assessments that We’ve conducted before offering the loan.
Final and complete details about your Cash Loan can be found in the Disclosure Statement We sent to you after the Cash Loan amount is disbursed.
2. Processing of Application and Availment of Cash Loan
2.1 You confirm that you have applied for the Cash Loan through the Grab App at your own discretion.
2.2 You warrant that all information provided in your application is valid, true, and correct.
2.3 You agree that incomplete or inaccurate information is a sufficient reason for Us to take legal action, reject your application and have no obligation to disclose the reasons for rejection. We have the sole discretion to approve only a portion of the requested loan amount.
2.4 You agree to promptly inform Us of any material changes to your information or documents.
2.5 You acknowledge that We reserve the right to approve or reject your application and have no obligation to disclose the reasons for rejection. We have the sole discretion to approve only a portion of the requested loan amount.
2.6 You understand that your approved loan amount depends on your credit standing and is subject to our credit underwriting policy.
2.7 You agree to undergo an affordability assessment, considering your income and other factors, to ensure you can reasonably afford the loan. We may request for additional documentation like pay slips or tax returns and reserves the right to verify your income through third-party sources. The maximum loan amount will be based on your ability to repay, in accordance with relevant laws and regulations.
3. Loanable Amount
You may, subject to Our approval, avail the minimum amount up to the maximum amount under which We have communicated to you via in-app messages, email, or SMS after We have conducted an affordability assessment using data We have collected in your Grab account.
You Cash Loan amount will be disbursed to your Grabpay Wallet or preferred disbursal method you have indicated in your application process, whichever is applicable.
4. Repayment
4.1 You shall repay the Cash Loan to Us on the Repayment Date(s) specified in the Payment Schedule as shared to you in-app or via email upon loan disbursal, or on any other date to be mutually agreed.
4.2 You agree to pay all applicable interest, fees, and other charges as stated in the Disclosure Statement. These charges are subject to change over time based on existing laws and regulations.
4.3 Notices of Payment are sent via in-app notifications and/or SMS, or can be accessed in the Grab App, to inform you of the Total Amount Due and its Due Date. You are still obligated to pay the Monthly Installment even if you do not receive a Notice of Payment.
4.4 You must pay the Monthly Payment Amount on or before the Due Date every month until the Total Loan Amount is completely paid. The Monthly Payment Amount can be found in the Amortization Schedule shared with you in-app, email or SMS after the Loan Amount is disbursed.
4.5 If you fail to pay on the Due Date, your account will be considered past due. You may be liable for a Late Penalty Fee on the overdue principal amount per day, in addition to other fees and interest. You may refer to the Disclosure Statement for the amount of Late Penalty Fee (if applicable).
4.6 We have the right to automatically deduct the Total Amount Due or any of the Monthly Payment until all outstanding obligations are fully settled.
4.7 Any payments you make will be applied in the following order: (i) penalties; (ii) interest; and (iii) principal.
4.8 You may repay the total outstanding balance (which is the total amount you owe Us that shall constitute the remaining Cash Loan amount, the total interest payable, and other applicable charges in relation to your loan availment, such as the documentary stamp tax and service fee (if any), or a portion of it, early at any time before its Maturity Date (or the specific date by which the full outstanding balance of the loan, including principal and all accrued interest, must be completely repaid by you), subject to the payment of all accrued interest charges, penalties, or other amounts due. In case of overpayment, the excess amount will be applied as prepayment for the outstanding principal. Any payment in excess of the total outstanding balance will be refunded to your Grabpay Wallet.
5. Cooling-Off and Prepayment
5.1 You have three (3) business days as cooling-off period to cancel the loan without penalties. This period starts from the date the loan amount is disbursed to your Grabpay Wallet. To cancel, you must send an email to grabph.loan@grabtaxi.com. You must promptly return any disbursed funds without deductions, or the cancellation will be null and void.
5.2 If, at any time, it is or will become unlawful for Us to perform any of Our obligations under these T&Cs or to fund or maintain the Cash Loan.
(a) We shall promptly notify You upon becoming aware of that event; and
(b) You must repay the Cash Loan on the date We specified in the notice delivered to You (being no earlier than the last day of any applicable grace period permitted by law).
5.3 You may prepay the Cash Loan, in whole or in part, at any time before the Due Date, subject to applicable fees and charges, and the following conditions:
(a) You must provide written notice or electronic mail to Us should you decide to prepay your Cash Loan Amount specifying the amount of the prepayment and the date on which you desire to make prepayment. The final terms of this prepayment shall be explicitly agreed between both parties before prepayment.
(b) The full prepayment amount shall be equal to the outstanding principal balance of loan plus any accrued and unaccrued interest. After which, the unaccrued interest and/or overpayments shall be rebated.
(c) We reserve the right to accept or reject any prepayment in Our sole discretion based on legitimate or reasonable grounds. In the event of rejection, You will be notified promptly, and these T&Cs will remain unchanged.
6. Taxes and Other Charges
6.1 You will be charged with Processing Fee in accordance with the percentage rate shown in the Disclosure Statement. The calculation of the Processing Fee will be as follows:
[(Total Cash Loan amount/Period for Repayment) x % Processing Fee Rate] x Period for Repayment
Illustration:
Total Cash Loan Amount = P10,000
Period for Repayment = 3 months
% Processing Fee = 1%
P10,000/3 months = P3,333.33
1%x3,333.33=P33.33
P33.33×3=P99.99
Processing Fee chargeable every month is P99.99.
6.2 As applicable, if You fail to pay the Cash Loan on the Repayment Date, you agree to pay a Late Penalty Fee on all outstanding loans from and including the date of such failure to pay to the date of actual payment at the rates specified in Disclosure Statement.
6.3 Your Loan Amount will be subjected to stamp duty, registration, notarial and other similar taxes payable in respect of the Cash Loan. Should you be obliged to shoulder the taxes, costs, and expenses, you are required to indemnify Us against any cost, loss or liability We incur in relation to any stamp duty, registration, notarial or other similar taxes paid or payable in respect of the Cash Loan within ten (10) business days of notice or demand.
You agree that any and all taxes which may be due and payable on account of or with respect to Your Cash Loan, as well any processing or other fees charged by Us, shall be borne by You and will be for Your sole account. You agree to shoulder any and all fees charged by Us to which You have instructed Us to transfer the proceeds of the Cash Loan/s You avail in connection with the disbursement of such loan/s availed through electronic transfer of funds, if applicable. In the event that You pay any amount due under the Cash Loan by way of a check and such check is returned or dishonored by the drawee bank, You shall pay Us a Returned Check Fee in an amount communicated to You. You further agree to pay such other fees and charges in connection with the Cash Loan/s You availed that may be imposed by us at Our option and communicated to You in advance. You agree that the amount of the said fees may be revised from time to time, as We deem necessary and as communicated to You in advance.
7. Representations, Warranties, Covenants
You represent and warrant to Us that:
(a) You are of legal age, of sound mind, and have no legal or criminal impediments to enter into this T&Cs;
(b) You confirm that your other loans and credit obligations (if any) are not delinquent as of the Loan Booking Date;
(c) All documents and information you have provided are current, authentic, and accurate;
(d) You agree that the loan will be used exclusively for the purpose you stated in your application.
(e) You are responsible for keeping your PIN and Password secure;
(f) The use of your user ID, PIN, one-time passwords (OTP), and other account credentials is considered your irrevocable authorization for Us to carry out transactions that You initiate. You are solely responsible for any financial losses resulting from fraudulent or negligent activity by your agents or representatives using your account credentials;
(g) In case of a lost or stolen device, SIM, or account fraud, you must immediately report it to our customer support hotline http://help.grab.com/passenger/en-ph/115005277227. You remain liable for all transactions made through your account before the loss or theft is reported;
(h) These T&Cs, the General T&Cs of Grab, and other relevant documents and instruments mentioned, when executed, shall be valid and binding upon you ad enforceable in accordance with the respective terms and conditions hereof.
8. Covenants
8.1 As long as any part of the loan remains unpaid, you agree to:
(a) Punctually pay all amounts due and perform all obligations to prevent your account from being in default;
(b) Provide any documents or information that government regulators or We may require;
(c) Immediately update your account in the Grab App if any of your information changes;
(d) Sign and delivery any documents requested by Us to give full effect to these T&Cs or to comply with internal policies.
9. Personal Data
By availing of the Grab Cash Loan and using Our services, you agree that We, Our affiliates, and Our partners may collect, hold, and process your personal information as outlined in Our Data Privacy Notice available at https://www.grab.com/ph/terms-policies/privacy-notice/.
10. Collection
10.1 We may, at its sole discretion, appoint and authorize agents to make reminder calls or send messages via various channels such as but not limited to SMS, email, and messaging apps for pre-due loans, or to collect any and all sums owed to Us from you.
10.2 We will notify you in writing at least seven (7) days before endorsing your account to a collection agency.
10.3 If We hire an attorney or collection agency, you will be responsible for all attorney’s and agency fees incurred in collecting the Total Amount Due.
10.4 We may earmark funds in the Grabpay Wallet for loan repayment. We have the right to monitor and hold balances in the Grabpay Wallet. You are not to transfer funds from the Grabpay Wallet if it results in non-repayment. You authorize Us to initiate automatic withdrawals from your Grabpay wallet and from your enrolled payment method to satisfy loan repayment obligations, including penalties, principal, and interest.
11. Events of Default
11.1 An Event of Default occurs if any of the following happens:
(a) You fail to make a full payment on the Total Amount Due for consecutive months.
(b) You fail to perform any of your obligations or violate any provision of these T&Cs.
(c) You provide false or inaccurate information, or commit a fraudulent activity;
(d) You fail to update your account with material information;
(e) Upon Our reasonable assessment, your statement or action constitute an anticipatory refusal of your material obligations under this T&Cs;
(f) You fail to provide any documents or information requested by Us;
(g) You become incapacitated or die;
(h) The T&Cs are no longer a legal, valid, or binding obligation due to a change in law or regulation;
(i) Any other circumstance arises that gives Us reason to believe you may not be able to fulfill your obligations.
12. Consequences of Default
12.1 If an Event of Default occurs, We can, at its sole discretion, and without prior notice or demand, take the following actions:
(a) We can impose a collection of interest, penalties, and other fees. These charges are cumulative and will be added to the Total Amount Due;
(b) We can declare the entire loan, including all outstanding balances, fees and penalties, to be immediately due and payable;
(c) This includes locating you and conducting visits to your home or office. We may also endorse the collection of your outstanding balances to a collection agency;
(d) Limit or suspend your Grab Account, and access to Grab services (like GrabCar, GrabFood, GrabExpress, and GrabPay), promotion, deals, and campaigns if you fail to pay back a Cash Loan on time. We’ll decide this based on our reasonable judgment, and we won’t be liable to you for doing so;
(e) We can, without notice, deduct your obligations (including monthly installments, fees, and taxes) from your nominated account or any other accounts/payment methods you hold with Us;
(f) Upon payment default, We can contact you using the contact details and other methods you provided. This includes using reasonable skip tracing methods (which may include reaching out to nominated contacts whenever applicable, filed visits, etc.) to locate you if you are uncontactable;
(g) We can report your default toa credit bureau, which may negatively affect your credit rating;
(h) We have the right to take legal action against you;
(i) We may terminate, suspend, or revoke your right to use any of your account/s and/or other credit facilities with Us.
13. Non-Waiver of Rights
(a) Our acceptance of a late payment or a payment after legal action has begun will not be considered an extension of the payment deadline or a change to the terms of your agreement. It will not negatively affect Our right to take action against you.
(b) Any failure or delay by Us in exercising its rights or remedies under these terms and conditions will not be considered a waiver of those rights. Any waiver is only valid if it is in writing and delivered to you.
14. Security and Enforcement
14.1 You grant a “first ranking assignment and a first ranking fixed charge” over your Grabpay Wallet as security for the Cash Loan and its charges. This is a continuing security until all outstanding obligations are fully settled.
14.2 If you fail to make a payment or an event of default occurs, We can block withdrawals from your Grabpay Wallet and use the credit balance to satisfy the outstanding payments.
14.3 You agree to execute additional documents and take action to protect and perfect the security interest granted to Us. If a court determines that the assignment is not valid, the Grabpay Wallet will be deemed a chattel, and you are considered to have created a “first ranking security” over it in favor of the lender.
14.4 The security will not be released until the loan and all applicable charges have been paid in full.
15. General Provisions
15.1 You shall ensure that Your obligations under the Cash Loan will rank at all times at least pari passu in right of priority and payment with the claims of all of Your other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law.
15.2 These T&Cs shall inure to the benefit of and be binding upon the parties hereto and the respective successors and assigns, except that You may not, without prior written consent from Us, assign or transfer any of its rights or obligations hereunder and We may at any time assign all or part of its rights and benefits under these T&Cs and/or the Cash Loan may grant participation in its rights and obligations in whole or in part upon such terms and conditions as We may think fit.
15.3 We reserve the right to change product features, fees, interest rates, and other applicable charges with reasonable notice.
15.4 Notices will be sent via available channels like in-app notifications, SMS, email or registered mail.
15.5 The terms and conditions are governed by and construed in accordance with Philippine laws. Any actions related to the agreement must be brought exclusively to the appropriate courts of Pasig City, Philippines.
15.6 If any provision becomes illegal, valid, or unenforceable, the legality, validity, and enforceability of the remaining provisions will not be affected.