Terms and Conditions
The words, terms and expressions used in Templetech Finance Corp. Terms and Conditions shall have the following meaning:
- “Templetech Finance Corp.” – company registered in the Philippines and authorized by the SEC to operate as the financing corporation offering its loan products and installment payment option under the brand of TendoPay.
- “TendoPay” – brand of Templetech Finance Corp. (company registered in the Philippines and authorized by the SEC to operate as the financing corporation) offering installment payment via its proprietary payment method referred to as “TendoPay”.
- “Applicant” – person completing the account registration and application process of TendoPay. Applicant is a person still undergoing verification process, not eligible to make purchases on partner merchant websites via TendoPay until verified and approved.
- “Checkout option” – one of the options to buy products online on installments with TendoPay. User can make a purchase via checkout option by selecting TendoPay payment method available at the checkout on partner merchant website.
- “Voucher” – one of the options to buy products online on installments with TendoPay. User can make a purchase via voucher option by purchasing a voucher of a selected partner merchant with selected denomination on www.tendopay.ph. Purchased voucher can only be used and applied on selected partner merchant website.
- “Partner Merchant” – e-commerce website, which is offering TendoPay as one of its payment options.
- “User” – applicant verified and approved by Templetech Finance Corp., eligible to make purchases on partner merchant websites via TendoPay.
- “Active User” – User that made a purchase via TendoPay and has at least one of the Loans active (i.e. not fully repaid loan with outstanding balance).
- “Dashboard” – User’s dashboard accessible after logging in to user’s account on app.tendopay.ph with the overview of the completed purchases and its details (e.g. due dates and repayment amounts).
- “Due Date” – date determining the deadline of repayments and other fees/sums due and payable by the User to Templetech Finance Corp. and if applicable, including payment of arrears in semi-monthly repayments and/or such other sums in arrears by the User. Due dates will be stated in the communication with the User and available in user’s dashboard.
- “Repayment” – amount specified in the communications with the user and user’s dashboard. Semi-monthly Repayment is payable twice a month on the Due Date stated in user’s dashboard and other communication with the user.
- “First payment” – percentage of the value of the purchased product, which needs to be paid up-front in order to complete the transaction and obtain the loan.
- This Document sets the general terms and conditions applicable to the usage of TendoPay services.
- This document may be executed and delivered by electronic means and upon such delivery the electronic signature/consent will be deemed to have the same effect as if the original signature had been delivered to the other party.
- APPLICANT/USER ELIGIBILITY AND OBLIGATIONS
- TendoPay is available to all Filipino citizen who are at least 18 years of age.
- TendoPay is available in the areas/regions indicated in the Application Form.
- Applicants must submit all required documents and share required information in order to be eligible for verification. Only approved applicants will be able to use TendoPay.
- All documents and information (e.g. phone number, e-mail address, home address, etc.) submitted by the applicant/user are authentic, current and may be relied upon by TendoPay. Applicant/User will update TendoPay in case of any changes in information submitted during application process immediately by sending an e-mail to [email protected]
- Applicant information will be verified by loan officer. In order to confirm the submitted information, a loan officer will be calling the applicant and the provided emergency contact person.
- Applicant/User/Active User expressly and unconditionally consents to the sharing and disclosure of his/her any information related to the Applicant/User/Active User (including his/her personal information and/or sensitive personal information), to his/her nominated Reference Contact (RC) and/or Third Party Contacts (TPC), as such TPC and RC may be changed from time to time, for the purpose of (a) verifying any or all information about the Applicant/User/Active User (whether submitted by the Applicant/User/Active User or obtained from other sources) prior to, during and after the application, approval, and termination of the loan agreement; (b) to inquire about, request for, ascertain or determine the whereabouts, contact information, financial status, and other related information of the Applicant/User/Active User (including making such inquiries as part of the loan collection process); (c) for fraud, theft, or other investigation related to any suspected or actual criminal action or activity, in each case for the purpose of the review, processing, approval, administration, collection, servicing, sale, transfer, amendment, or such other matters in relation to an existing or future Loan, which shall be implemented, in accordance with any mandatory applicable law or regulation as the same may be issued from time to time.
- Applicant/User/Active user expressly and uncoditionally consents to the access, possession, collection, storage, processing, use, analysis and/or distribution, disclosure, display, and delivery of any information (including personal information and/or sensitive information) related to Applicant/User/Active User, and to the transfer of such information to any third parties, including, but not limited to, the organizer/operator of payment facility, credit bureau (e.g. Credit Information Corporation("CIC")) and governmental bodies/agencies.
- Only ONE account is allowed per customer. Active Users/Users/Applicants are prohibited from creating more than one account. In such case, Active User/User/Applicant will be rejected from the application or subject to the termination of service.
- Applicant/User does not have any criminal record and voluntarily enters into Loan Agreement.
- Applicant cannot make any purchases via TendoPay until his/her account is verified and approved. Verification is conducted by internal TendoPay team. TendoPay reserves a right to decline any applicant without providing a reason.
- Once an applicant is approved, the applicant effectively becomes a user. The user is eligible to be making purchases via TendoPay on partner merchants online stores within granted amount limits and Loan conditions.
- Once a user makes a purchase via TendoPay, he/she becomes an active user. Once the loan is settled (i.e. all the obligations are repaid), status of the active user changes back to “user”.
- If the user remains inactive (i.e. does not make any purchases via TendoPay) within 21 days at any given time, Templetech Finance Corp. reserves a right to change the user’s status to applicant, effectively disabling user’s account.
- Templetech Finance Corp. reserves the right to lower or increase customer credit limit due to proprietary risk engine decision.
- LOAN AGREEMENT
- Installment sale is a loan agreement between TEMPLETECH FINANCE CORP. and active user, who made a purchase on one of the partner merchant online stores via TendoPay (checkout option) or purchased a partner merchant voucher on www.tendopay.ph (referred to as “Loan Agreement”). Once a user makes such purchase, he/she effectively becomes an active user.
- Loan period will be selected by the user at the moment of the purchase.
- In order to complete the transaction and obtain the loan, user needs to settle the first payment at the moment of the purchase. First payment amounts to the percentage of the value of the purchased product and depends on the user’s risk profile. First payment can be settled via indicated payment methods (debit card, credit card, GCash, etc.) at the moment of the purchase. First payment applies both to the products purchased via checkout option and the voucher purchase.
- By successfully settling the first payment, user agrees to the terms of the loan.
- There are no fees nor interest calculated on the first payment portion of the value of the purchased product.
- In case of a purchase of a voucher, Loan Agreement becomes effective at the moment of purchasing the voucher, not using the voucher on selected partner merchant website.
- Initial outstanding balance is equal to the sum of the value of the purchased product excluding the first payment, any fees charged by the partner merchant (e.g. delivery fee) and interest, service fee and any other fees charged by TendoPay for processing the purchase. All fees are disclosed to the user at the moment of purchase.
- Service fee will be added to the value of the purchased product excluding the first payment by the user on one of the merchant partners online shops and it will be incorporated into user’s monthly repayment. Service fee is determined depending on the user’s risk profile.
- Once a purchase is made, the overview of the Loan Agreement (amount outstanding, monthly repayment, due dates) will be communicated to the active user.
- Repayment due date – Active user must make each repayment on or before the Due Date. Due dates will be clearly stated in the communication with the user and in the user’s dashboard. If a user does not make a repayment on or before the due date, Templetech Finance Corp. will charge additional late payment fee.
- Late payment fee will apply if an active user does not make a repayment before or on due date. For any overdue repayments, late payment fee will apply.
- Active user can make the repayment (in full or partial amount) before the due date at any time without any additional penalty fees. All early repayments will be first applied to any outstanding repayments, then to any late payment fees and only then to the outstanding balance.
- In the Event of Default, user agrees to pay all reasonable legal fees, collection, and enforcement charges to the extent permissible by law in addition to other amounts due.
Each of the following events constitutes an event of
default, irrespective of the reason for its occurrence, or
whether it is voluntary or involuntary, or whether it occurs
as a result of any court order, law or regulation.
- The Active User breaches or otherwise fails to promptly perform any of his/her obligations under this Agreement.
- The Active User is in default in respect of any other facility or indebtedness granted by Templetech or third parties.
- Any event which, in the reasonable opinion of TendoPay, would result in the likelihood that any of the Active User’s obligations under the TendoPay Inc. Terms and Conditions will not be performed or fulfilled, including but not limited to, the death or incapacity of the Active User, Templetech Finance Copr.’s reasonable suspicion that the Applicant/User/Active User went through the application/verification process and made a purchase via TendoPay in order to defraud Templetech Finance Corp. or the Partner Merchant, a change in any law or regulation that affects the validity or enforceability of this Agreement.
Upon the occurrence of an Event of Default, Templetech
Finance Corp. may, at its sole discretion, without need of
notice or demand, and without limiting TendoPay’s
rights under applicable law or under this Agreement, and
General Terms and Conditions:
- Take such action and exercise such remedies in order to protect and enforce its rights under this Agreement.
- Declare the Installment Sale Agreement including all charges, fees, penalties and interest accrued and unpaid thereon, to be immediately due and payable, without need of presentment, demand, protest or further notice of any kind, all of which are herein expressly and specifically waived by the Active User.
- Impose and collect all the additional Late Payment Fees, Collection Charges, and the Penalties as stated in this Agreement.
- Impose and recover from the Active User the Attorney’s Fees and Agency Fee incurred in connection with enforcing the Active User’s obligations under this Agreement once the account is referred to legal collections or a collection agency.
- Upon the occurrence of an Event of Default, all outstanding balance and not settled repayments of the Active User with TendoPay shall become due and demandable.
- The rights available to TendoPay under this Agreement and applicable law, may be exercised by TendoPay alternatively, successively, concurrently, and/or cumulatively, at the option of TendoPay.
- ADDITIONAL CHARGES AND FEES
Late payment fee will apply if an active user does not make
a repayment before or on due date. For any overdue
repayments, late payment fee will apply. Late payment fee
will be computed based on the following formula:
0.5% x number of days overdue x total outstanding balance
- If active user continues not to settle outstanding balance and any other fees, such account will be transferred to the third party debt collection agency.
- Late payment fee will apply if an active user does not make a repayment before or on due date. For any overdue repayments, late payment fee will apply. Late payment fee will be computed based on the following formula:
- REPAYMENT CHANNELS
- All repayments made by the Active User must be made through third parties designated by TendoPay. The list of all repayment channels is available on the TendoPay website.
- TendoPay shall not be held liable for, and the Customer bears the risk of, any delay of failure in crediting or accepting any payment to TendoPay, due to any event or circumstance including but not limited to, the closure, non-functioning or malfunctioning of the Payment Channel.
- DATA PRIVACY, PROCESSING AND USE OF INFORMATION
- Applicant/User/Active User expressly consents to the use by TendoPay of any information provided by Applicant/User/Active User or otherwise obtained by TendoPay under this agreement.
- Applicant/User/Active user authorizes TendoPay, directly or through its Partners, to collect, retrieve, process, use and store his/her personal data such as name, age, photographs, fingerprints, other biometric data (e.g., facial recognition and voice recognition), mobile number/s, mobile phone usage data, employment details, income, financial data, financial profile, credit standing, loan payment history, and other information required in the application form. The Applicant/User/Active User's personal data will be processed for credit investigation, credit scoring, data analytics, collection, automated processing of the loan, collecting, data profiling, directly marketing of products and services of Partners.
- Applicant/User/Active User expressly consents to the collection and processing of personal information about and/or relating to the Applicant/User/Active User, and to the transfer of such information to third parties including without limitation any of the affiliates or subsidiaries of TendoPay, credit bureaus, government agencies, and collection agencies.
- SHIPPING AND DELIVERY OF THE PURCHASED PRODUCT
- Shipping and delivery of the product purchased by the user via TendoPay is a responsibility of the merchant partner.
- TendoPay is solely a payment processing provider and it is not responsible for the shipping and delivery of the product purchased by the user. TendoPay is also not responsible for the quality/customer satisfaction/warranty and any other elements associated with the characteristics of the purchased product.
- REFUND AND REPLACEMENT
- The binding refund and replacement policy is the one of the given partner merchant. Active User needs to follow the refund and replacement policy of the partner merchant’s website at which the product was purchased.
- If the partner merchant confirms that the purchased product was returned and refunded, TendoPay will cancel all the further settlements with the active user.
- If the partner merchant confirms that the purchased product was returned and refunded, TendoPay will return the first payment amount settled by the active user. First payment amount would be transferred back to the indicated bank account or Gcash account by the user.
- Loss or damage of the purchased product via TendoPay does not release the user from his/her obligations under the terms of this agreement.
- In the case of default, TendoPay has the right to repossess the product purchased by the user.
- All messages or communications sent to the Applicant’s/User’s/Active User’s Registered Contact Details provided to TendoPay are considered to be duly received by the Applicant/User/Active User if the message is sent by TendoPay to the registered email address or phone number. Once the message is sent by TendoPay to the email address or phone number registered, TendoPay is no longer responsible for its security, confidentiality, or any acts of any respective service providers (email service provider, mobile operator), nor any acts caused by unauthorized use of the provided email address or phone number.
- Applicant/User/Active User has a responsibility to secure his/her username, password, electronic signature and other identification factors provided by TendoPay.
- Applicant/User/Active User is obliged by his/her own cost, to fully equip and regularly maintain his/her machinery, connection equipment, system software and application software to be able to safely use TendoPay online services.
- In order for TendoPay to render prompt and accurate service, the Applicant/User/Active User authorizes TendoPay to record (without TendoPay being necessarily obligated to do so) any and all telephone conversations between Applicant/User/Active User and TendoPay, regardless of who initiated the telephone conversation. Such authorization to record includes, but is not limited to, recording of instructions, statements, complaints, inquiries by the Applicant/User/Active User, and information regarding TendoPay.
- TendoPay may use the recorded telephone conversation as proof of Applicant’s/User’s/Active User’s acceptance to any offer or additional or revision of terms made through telephone.
- TendoPay may also use such recordings for any legal purpose, particularly as evidence in any judicial or administrative hearing or proceeding.
- GENERAL PROVISIONS
- No failure, omission, or delay on the part of TendoPay in exercising any right or power under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any further exercise thereof. Acceptance by TendoPay of any payment after its Due Date or after an Event of Default has occurred or after legal proceedings have been commenced against the Active User shall not constitute an extension of time for payment or a modification or novation of the terms of this agreement or in any way prejudice TendoPay.
- TendoPay shall be entitled to sell, transfer, or assign any of its rights and obligations hereunder to any person, company, or entity without the consent of the User/Active User. Any such sale, assignment, or transfer shall conclusively bind the User/Active User. The User/Active User shall be bound to fulfill and perform all his/her obligations to such transferee or assignee, including the payment of the installments. The transferee or assignee shall have the authority of the User/Active User to collect the due amount. The User/Active User for this purpose waives any rights he/she may have under Article 1634 of the Civil Code of the Philippines, Republic Act No. 386.
- In any dispute arising out of or in connection with this Agreement, the entries made in the accounts maintained by, and the records of, TendoPay are prima facie evidence of the matters to which they relate, absent any manifest error.
- If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. This Agreement shall be reformed, construed, and enforced to the fullest extent possible as if such invalid, illegal, or unenforceable provision had never been included.
- Any dispute arising from this Agreement shall be brought exclusively in the courts that has jurisdiction over the principal place of business of TendoPay.
- All notices, demands, or other communications required or permitted to be given or made by TendoPay to the Applicant/User/Active User hereunder shall be in writing and delivered either personally, by registered post, by text message, by electronic mail, or through general announcements in its website www.tendopay.ph or social media and other channels.
- This Agreement shall be governed by the laws of the Republic of the Philippines.
Applicant/User/Active User confirms having read and understood the entire TEMPLETECH FINANCE CORP. Terms and Conditions. TEMPLETECH FINANCE CORP. might, at any time update this Terms and Conditions upon notice, and such amendments will bind Applicant/User/Active User, provided that TEMPLETECH FINANCE CORP. posts the update through its website www.tendopay.ph