USER AGREEMENT

This User Agreement (the “Agreement”) is an end-user license agreement between you (“User”, “borrower”, “you”, “your”, “yours”) and Akulaku (“Akulaku”, “we”, “us”, “our”), a corporation organized and registered under the laws of the Republic of the Philippines. The Agreement shall govern all the User’s use of the Akulaku application, services, software, and support (collectively, the “Akulaku App” or “App”) that Akulaku offers.

 

Hereinafter, the User and Akulaku may collectively be referred to as the “Parties”.

 

  1. PRELIMINARIES

 

  1. Please read before accessing the Akulaku App. By checking the box indicating acceptance, the User agrees to be bound by the terms and conditions of this Agreement, along with relevant Philippines regulations, including the Data Privacy Act of 2012 and the Intellectual Property Code.

 

  1. This User Agreement is subject to the amendment of the aforementioned supplementary regulations of Akulaku, The User agrees to any potential revisions or modifications made to the agreement in compliance with pertinent Philippine laws and regulations, which shall be made known to the User through a notice or any reasonable measure. User’s continued use of the Site or the Services after any change to this Agreement signifies User’s agreement to be bound by any such changes.

 

  1. The purpose of the App is to enable the User to shop and make payment transactions while accessing and availing benefits connected to Akulaku’s “Buy Now Pay Later” (BNPL) loan service.

 

  1. DEFINITION OF TERMS

 

  1. Account– refers to the User’s profile and record within the Akulaku App.
  2. Agreement– refers to this User Agreement.
  3. Akulaku– also refers to Streetcorner Lending Corp.—a corporation duly established under Philippine law and registered with the Securities and Exchange Commission (SEC), and doing business under the name and style of Akulaku.
  4. BNPL– also referred to as “Buy Now Pay Later”; is an Akulaku service whereby a loan is extended to enable qualified Users to buy products of Akulaku partner merchants immediately, with the option to pay later.
  5. Business Day– refers to any day other than a Saturday, Sunday, or formally declared national or public holiday of the Philippines.
  6. Consent– refers to the permission provided by the User to Akulaku and vice-versa regarding the use and access to personal and rightfully owned property, information, and services.
  7. Data Privacy Policy– refers to Republic Act No. 10173, also known as the “Data Privacy Act of 2012.”
  8. Default– refers to the User’s failure to fulfill payment obligations on a loan or credit account as stipulated in the terms of this Agreement, which may result in the imposition of penalties, additional charges, or the pursuit of legal action.
  9. Deferred Payment– refers to a payment arrangement wherein the borrower is permitted to delay payments to a future date, often involving a grace period during which payments are not required, though interest may continue to accrue on the outstanding balance.
  10. Equipment– refers to the device, gadget, or electronic used to access the Akulaku App.
  11. Fees– refers to additional charges imposed by the lender beyond the principal and interest costs, which may include late payment fees, processing fees, service charges, payment partner fees, or any other costs associated with the administration or management of the loan or account.
  12. Installment– refers to a fixed, periodic payment made by the borrower to amortize the loan over a specific term according to a set schedule (e.g., monthly; 6, 9, or 12 months), typically encompassing both principal and interest components.
  13. Intellectual Property Rights– refers to Republic Act No. 8293, also known as the “Intellectual Property Code.”
  14. Interest– refers to the cost incurred for borrowing money, calculated as a percentage of the principal amount. This is calculated based on the remaining balance and assessed periodically (e.g., monthly) to compensate the lender for the risk and opportunity cost associated with the provision of the loan.
  15. Loan– refers to the loan received by the User from Akulaku to make financial transactions and purchases.
  16. Network– refers to the mobile data provider used to connect to the internet in order to access Akulaku’s loan services.
  17. Outstanding Balance– refers to the total amount of the principal loan owed by the User to Akulaku.
  18. Outstanding Balance– refers to the total amount of money that remains unpaid on a loan or credit account, including the principal balance, accrued interest, and any applicable fees that have not yet been remitted.
  19. Personal Data– refers to data provided to identify, contact, or locate the User, which includes name, e-mail address, billing address, shipping address, phone number and credit card information, as defined in Republic Act No. 10173, otherwise known as the Data Privacy Act of 2012 and related privacy laws.
  20. Personal Information– refers to the User’s name, contact information, date of birth, and other relevant identification documents according to the Data Privacy Policy of Akulaku, which is pursuant to the PH Data Privacy Act of 2012 and its IRRs.
  21. Principal– refers to the total base amount of borrowed funds or the remaining balance due for repayment, exclusive of interest or fees, and upon which interest is calculated.
  22. Product– refers to the availed product made by purchasing with Akulaku’s loan service.
  23. Request– refers to a concern or suggestion received by Akulaku from the User upon which Akulaku is authorized to act upon.
  24. SLC– refers to the Streetcorner Lending Corp.
  25. SMS– refers to “Short Message Service” which allows a method of communicating by text from one device to another.
  26. Subscription– refers to the User’s act of enrolling his/her account in the Akulaku App for auto debit arrangement until full settlement of the loan.
  27. Third-party– refers to contractors, suppliers, or vendors of Akulaku whose products and services support or are used in the Akulaku App.
  28. User– refers to the account holder or the individual who uses the Akulaku App, whose name appears on the online form, and who signed the enrollment or application forms.

 

 

  1. User agrees that all information and documents supplied, or by any authorized representatives, or otherwise obtained by Akulaku per the foregoing shall be the property of Akulaku. Any information and documents, including personal or sensitive information provided by the User or obtained during permitted verifications, may be used by Akulaku for any lawful purpose at its discretion, including providing such information to its agents to assist in completing the verifications related to the application, regardless of whether the application is granted or not. Without limiting the generality of the foregoing, the User authorizes Akulaku to:

 

 

 

 

 

  1. FEES, RATES, AND OTHER CHARGES

 

  1. User agrees to pay fees, rates, and applicable taxes, related to the service and its use, as may be imposed by Akulaku and/or Third Party. This includes amendments made regarding the aforementioned fees, of which Akulaku shall notify the User.

 

  1. All Fees are non-refundable and shall be debited from the User’s account.

 

  1. LOAN AGREEMENT

 

The provisions of this Loan Agreement apply between the User as “borrower” and Akulaku as “lender”.

 

  1. DOWNPAYMENT

 

 

  1. REPAYMENT

 

 

  1. PREPAYMENT

 

 

 

  1. APPLICATION OF PAYMENT

 

 

 

 

 

 

  1. LATE PAYMENT FEE

 

 

  1. COLLECTION OF PAYMENT

 

 

 

 

 

  1. 0% INTEREST FEE AKULAKU PAYLATER PROMO

 

The provisions of this 0% Interest Fee Promo apply EXCLUSIVELY to Akulaku PayLater Users who QUALIFIED for the said promo. This clause does NOT apply to individuals who did NOT qualify or LOST their qualification for or access to the promo.

 

  1. DOWNPAYMENT

 

 

  1. REPAYMENT

 

 

  1. PREPAYMENT

 

 

  1. APPLICATION OF PAYMENT

 

 

 

 

 

 

  1. LATE PAYMENT

 

 

  1. COLLECTION OF PAYMENT

 

 

 

  1. Akulaku makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to any information, products, services, or related graphics contained in the merchant/partner store. Any reliance the User may place on such information is therefore strictly and exclusively at the risk of the User.

 

  1. In no event shall Akulaku be liable for any loss or damage arising from any technical issues on the shopping website/app/platform, change of price without prior notice, unavailability of an item, delay in delivery, non-delivery of the ordered item, defects in the item purchased, enforcement of product warranty, or any other claim, liability or responsibility arising from availing of merchandise in the store, the quality of the item purchased, or the delivery of the item purchased.

 

  1. Akulaku does not warrant that the App will be uninterrupted or error-free, that defects will be corrected, or that the App or the servers that make it available are free of viruses or other harmful components.

 

  1. User acknowledges that, to the full extent permitted by law, Akulaku shall not be liable for any unauthorized drawing, transfer, remittance, disclosure, any activity, or any incident on User’s account due to knowledge, use, or manipulation of User’s Account PIN, password, ID or any means whether as a result of User’s negligence or not.

 

  1. Akulaku assumes no responsibility or liability for any misrepresentation of your age. By agreeing to this agreement, you truthfully represent and warrant that you are of legal age as aforementioned.

 

  1. If the security of the Account is compromised or believed to be in danger of being compromised, the User must inform Akulaku with a detailed report of the related incident and must present proof thereof within 24 hours from knowledge of the related incident.

 

  1. Akulaku shall not be liable for any claims, charges, demands, damages, or adverse impacts on your financial accounts if you cease using Akulaku’s services and do not complete a loan repayment or have default payments.

 

  1. The User agrees not to use the App for any commercial, business, or resale purposes, and Akulaku has no liability for any loss of profit, loss of business, business interruption, or loss of business opportunity resulting from it.

 

  1. By using the App, the user agrees that the entire risk arising out of the use of the App remains solely with the user, to the maximum extent permitted by law.

 

 

Should any term or condition in this Agreement be rendered void, illegal, or unenforceable in any respect under any law, the validity, legality, and enforceability of the remaining terms and conditions shall not be affected or impaired thereby.

 

  1. PRIVACY

 

Akulaku prioritizes User Data Privacy. All Personal Data provided to Akulaku will be handled, stored, and processed according to our Privacy Policy (“Akulaku Privacy Policy”). By accepting this Agreement, you acknowledge that you have read and agree with the Akulaku Privacy Policy, and consent to Akulaku’s collection, use, and disclosure of your Personal Data for the purposes as set out in the Privacy Policy.

 

  1. OWNERSHIP OF CONTENT AND INTELLECTUAL PROPERTY

 

  1. Service and Content Ownership

The app and all content provided through the Service are owned by Akulaku, including but not limited to text, graphics, logos, icons, images, audio clips, digital downloads, and data compilations.

 

  1. Intellectual Property Rights

All intellectual property rights associated with the Service, including patents, trademarks, copyrights, and trade secrets, are the property of Akulaku and its licensors. Users acknowledge and agree that they do not acquire any ownership rights by using the Service.

 

  1. User Content

Users retain ownership of any content they submit, post, or display on or through the Service (“User Content”). By submitting User Content, users grant Akulaku a non-exclusive, royalty-free, worldwide, sublicensable, and transferable license to use, reproduce, distribute, prepare derivative works of, display, and perform the User Content in connection with the Service and Akulaku’s business operations.

 

  1. Data Ownership

Data generated or collected through the use of the Service shall be owned and controlled by Akulaku, subject to our Privacy Policy.

 

  1. COMPLAINTS HANDLING PROCEDURE

 

A User’s questions, needs, and feedback are very important to Akulaku. Thus, for any complaint or concern about the service, the User may contact the Customer Service number: 063282313188, or e-mail Akulaku at paylater.cs@akulaku.com.

TERMS AND CONDITIONS

 

These Terms and Conditions (“Terms”) govern User’s use of the mobile application (“App”) provided by Akulaku (“Company,” “we,” “us,” or “our”). By accessing, downloading, and/or using the App, you agree to comply with and be bound by these Terms. If you do not agree to these Terms, do not use the App.

 

  1. ACCEPTANCE OF TERMS

 

By downloading, installing, or using the App, the User agrees to these Terms, which constitute a binding agreement between you and the Company. You must be at least 18 years old to use the App.

 

  1. CHANGES TO TERMS

 

We may modify these Terms at any time without prior notice. Any changes will be effective upon posting the updated Terms in the App. Your continued use of the App after any changes signifies your acceptance of the new Terms.

 

  1. ACCOUNT CREATION AND MANAGEMENT

 

To access certain features of the App, you may be required to create an account. You agree to provide accurate, current, and complete information during the registration process and to update such information to keep it accurate, current, and complete.

 

Users are responsible for maintaining the confidentiality of their account credentials, including their username and password, and all activities that may occur in the User’s account. Users agree to notify Akulaku immediately of any unauthorized use of their account or any other breach of security.

 

Moreover, the User represents and warrants compliance with the SIM registration requirements of the Republic Act No. 11934 otherwise known as the SIM Registration Act, and verification of the ownership of the SIM used for loan application.

 

The User guarantees that the emergency contacts and character references the User provides have consented to be qualified as such and have notified said emergency contacts and character references that they may be contacted by Akulaku for verification, payment collection, marketing, and customer.

 

If the User provides personal, sensitive personal, and financial information relating to other parties, including information relating to next-of-kins and dependents, the User (a) confirms having been given consent or is otherwise entitled to provide this information to Akulaku and allows its use in accordance with this agreement; and (b) agrees to ensure that the personal, sensitive personal and financial information of said parties is accurate.

 

You are responsible for maintaining the confidentiality of your account login information and for all activities that occur under your account. You agree to notify us immediately of any unauthorized use of your account or any other breach of security.

 

Approval for the Buy Now Pay Later service is subject to our review and approval process. We may require you to provide additional information to determine your eligibility.

 

We reserve the right to deny or revoke access to the service at our discretion, based on our assessment of your creditworthiness and other factors. Akulaku may refuse or cancel BNPL transaction Requests if: (a) Akulaku is unable to verify the User’s identity; (b) the User does not comply with information requests; or (c) Akulaku reasonably and justifiably believes the User is using the BNPL service, or allowing it to be used, in violation of this Agreement or of any pertinent laws, rules, or regulations.

 

That said, User agrees that Akulaku is under no obligation to disclose the particular reason/s for such.

 

You agree to use the App in a manner that is lawful, ethical, and respectful of the rights of others. By using the App, you agree not to:

 

Engage in any activities that violate any local, state, national, or international laws or regulations.

 

Transmit any content that is unlawful, harmful, threatening, abusive, harassing, defamatory, vulgar, obscene, libelous, or otherwise objectionable.

 

Engage in any form of harassment or abusive behavior towards other users.

 

Infringe on the intellectual property or other proprietary rights of any party, including but not limited to copyright, trademark, patent, or trade secrets.

 

Transmit any viruses, worms, malware, or any other harmful or disruptive software.

 

Collect, store, or disclose any personal data about other users without their explicit consent.

Impersonate any person or entity, or falsely state or otherwise misrepresent your affiliation with a person or entity.

 

Engage in any activity that interferes with or disrupts the normal operation of the App, servers, or networks connected to the App.

 

Attempt to gain unauthorized access to any portion of the App, other accounts, computer systems, or networks connected to the App, through hacking, password mining, or any other means.

 

Use the App to send unsolicited or unauthorized advertising, promotional materials, junk mail, spam, chain letters, or any other form of solicitation.

 

Provide false, inaccurate, or misleading information when using the App or interacting with other users.

 

Create more than one account per individual without our prior written permission, or create an account on behalf of someone else without their permission.

 

Use the App to engage in any fraudulent, deceptive, or manipulative activities.

 

If you encounter any content or behavior that violates these User Conduct provisions, please report it to us immediately at +63 2 8299 3009, or e-mail Akulaku at paylater.cs@akulaku.com.

 

We reserve the right to take appropriate actions, including but not limited to issuing warnings, suspending or terminating your account, and pursuing legal remedies, if you violate these User Conduct provisions.

 

We have the right, but not the obligation, to monitor your use of the App to ensure compliance with these User Conduct provisions. We may investigate and take appropriate legal action against anyone who, in our sole discretion, violates these Terms.

 

We may modify these User Conduct provisions at any time. Any changes will be effective upon posting the update.

 

  1. PERSONAL INFORMATION

 

We collect personal information that you provide during account creation, such as your name, email address, phone number, and other relevant details. Additional information may be collected if you choose to provide it.

 

The personal information collected is used to provide and improve our services, communicate with users, personalize user experience, and for other purposes outlined in our Privacy Policy.

 

 

 

 

 

We do not share your personal information with third parties except as necessary to provide our services, comply with the law, or protect our rights. Please refer to our Privacy Policy for detailed information on how we handle your data.

 

User hereby consents to the recording of phone conversations or any conversations, communications, online chat, or SMS, that may be recorded between the User and any employee, contract assignee, representative, or agent.

 

  1. DATA ACCESS AND CONTROL

 

Users have the right to access their personal information stored in their accounts. You may review and update your account information at any time through the account settings in the application.

 

Users may request the deletion of their accounts and personal information. To delete your account, please follow the instructions provided in the account settings or contact our support team. Note that some information may be retained for legal or operational purposes.

 

Upon request, users have the right to obtain a copy of their personal data in a structured, commonly used, and machine-readable format.

 

  1. USER ACCOUNT VERIFICATION

 

Upon registration within the mobile app, users are required to verify their account using a valid email address or mobile phone number. A verification link or code will be sent via email or SMS to the provided contact information.

 

Users may need to complete in-app verification steps, such as taking a selfie, scanning a government-issued ID, or answering security questions.

 

  1. WARRANTY

 

We warrant that we will use commercially reasonable efforts to maintain the availability of the app and its services. However, we do not guarantee uninterrupted access to the app at all times, as downtime may occur for maintenance or unforeseen circumstances.

 

We warrant that the app will perform materially in accordance with its documentation and advertised features. However, we do not warrant that the app will meet all user requirements or expectations, or that any defects will be corrected.

 

Any content we upload or publish through the app, including but not limited to text, images, videos, and audio, complies with all applicable laws and regulations. We also warrant that they have all necessary rights, licenses, and permissions to use and distribute the content.

 

  1. RESPONSIBILITIES OF THE USER

 

Users must provide accurate and up-to-date information during the verification process. Any discrepancies or false information may result in account suspension or termination.

 

Users are responsible for maintaining the confidentiality of their verification information and account credentials. Sharing verification codes, passwords, or other account details with others is strictly prohibited.

 

Users must promptly update and verify their account information if there are any changes to their contact details or other relevant information within the mobile app. Additionally, Users are requested to notify Akulaku of any changes. Akulaku will not be held liable for any errors or fees that occur as a result of outdated Account Information.

 

  1. MODIFICATION OF BNPL SERVICE

 

The User understands that Akulaku may modify, suspend, or terminate its BNPL Service without notice, at any time if, through sole and reasonable discretion, it is deemed necessary.