Lender Information for Shuk Loan
Shuk Loan is a loan application developed by SHUKOBUILD PHILIPPINES INC. and is available on the App Store. The loan services provided through Shuk Loan are authorized and managed by HC Consumer Finance Philippines, Inc.
HC Consumer Finance Philippines, Inc. is an online lending platform registered with the Securities and Exchange Commission (SEC) of the Philippines. It holds SEC registration number CS201301354 and certificate number 1071, making it qualified to offer online loan services within the Philippines.
1. Loan Product Description
1.1 These terms and conditions govern the loan product made available through Shuk Loan.
1.2 This loan product is offered only to applicants who satisfy our eligibility and approval requirements.
2. Loan Amount and Tenure
2.1 The available loan amount ranges from ₱1,000 to ₱40,000.
2.2 The loan tenure ranges from 91 to 360 days. The final repayment period will be determined based on the borrower's needs and our approval decision.
3. Charges and Illustrative Computation
3.1 The applicable Annual Percentage Rate (APR) for the loan is 30.45%.
3.2 No transaction fee is applied.
3.3 A service fee between ₱10 and ₱400 will be charged, calculated at a rate of 1%.
Illustrative Computation:
For a loan amount of ₱40,000 with a repayment period of 180 days at an APR of 30.45%, and repayment structured in 3 installments, the calculations are as follows:
The total interest is calculated as: ₱40,000 x 30.45% / 365 x 180 = ₱6,007.
The installment amount is calculated as: ₱40,000 x 30.45% / 365 x 60 + ₱40,000 / 180 x 60 = ₱15,336.
The service fee is calculated as: ₱40,000 x 1% = ₱400.
Accordingly, the total repayment amount is: ₱40,000 + ₱6,007 = ₱46,007.
4. Repayment Terms
4.1 Borrowers are required to repay both principal and interest according to the agreed repayment plan based on the loan amount and term.
4.2 Should the borrower fail to adhere to the repayment schedule, our company reserves the right to seek restitution, which may impact the borrower's credit record.
5. Handling Overdue Loans
5.1 Loans overdue by 3 days or more will incur fines as specified in the contract.
5.2 Persistent overdue loans may be reported to relevant credit bureaus by our company.
6. Borrower's Responsibilities
6.1 Borrowers must provide accurate and complete information.
6.2 Borrowers are required to repay the principal and interest within the stipulated loan period.
6.3 Borrowers must promptly inform our company of any changes to their contact information or address.
These terms and conditions represent the full agreement between the borrower and our company. By submitting their application and information, the borrower acknowledges that they have read, understood, and agreed to these terms.
