MAJOREM LENDING EZ CREDIT ACCESS CARD TERMS AND CONDITIONS
KNOW ALL MEN BY THESE PRESENT:
In consideration of the issuance of the credit access card provided by Majorem Lending Investors Inc., the Credit Access Card Member (Card Member) and his co-obligor, if any, and Majorem herein bind themselves to faithfully comply with the following terms and conditions governing the issuance and use of the Credit Access Card or any renewal thereof, to wit:
1. AUTHORITY TO ISSUE CREDIT ACCESS CARD. The Card Member and co-obligor, hereby unconditionally and absolutely authorize MAJOREM to issue, at any time and at its discretion, any and/or all Credit Access Card product/s in case the Card Member is qualified for membership, therein, even without the written conformity of, or notice to the co-obligor. The signing and/or use of any Credit access card product/s shall constitute conclusive proof of consent of the Card member/co-obligor to be bound by the terms and conditions of this agreement. The Card Member and the co-obligor agree to hold Majorem free and harmless from any and all liabilities in the exercise of said discretion.
1. AUTHORITY TO ISSUE CREDIT ACCESS CARD. The Card Member and co-obligor, hereby unconditionally and absolutely authorize MAJOREM to issue, at any time and at its discretion, any and/or all Credit Access Card product/s in case the Card Member is qualified for membership, therein, even without the written conformity of, or notice to the co-obligor. The signing and/or use of any Credit access card product/s shall constitute conclusive proof of consent of the Card member/co-obligor to be bound by the terms and conditions of this agreement. The Card Member and the co-obligor agree to hold Majorem free and harmless from any and all liabilities in the exercise of said discretion.
2. ANNUAL MEMBERSHIP FEE. This credit access card is a pre-approved loan to you. The Card Member, shall pay annual membership fee in such amounts as may be fixed and announced by Majorem. Renewal and/or reinstatement of the Credit Access Card shall be at Majorems’s exclusive option. All paid annual membership fees are non-refundable even if the credit privileges are suspended or terminated, or if the Credit Access Card is surrendered by the Card Member before the expiry date. This Credit Access Card is good for 5 years.
3. LIABILITY OF CARD MEMBER AND CO-OBLIGOR. The Card Member and/or co-obligor, if any, shall be jointly and severally liable to pay all indebtedness and all charges, including, but not limited to, the non-refundable fees, charges and taxes required by the government, made and imposed through the use of the principal, without necessity of proof of a signed documents. Said obligation shall continue in case the Credit Access Loan is renewed or reinstated by Majorem, even without the written conformity of, or notice, to the co-obligor, and despite the suspension or termination of the Credit Access Card.
4. SURETY. The Card Member agrees that the deed of sale under pacto de retro which state that if the VENDOR shall fail to exercise his right to purchase as therein granted within the period stipulated, then this conveyance shall become absolute and irrevocable without the necessity of demand/drawing up a new Deed of Absolute Sale, subject to the requirements of the law regarding consolidation of ownership of real property.
5. MODES OF PAYMENT. Monthly amortization shall be paid by the Card Member, in cash or check directly to SBU’s, on or before the payment due date indicated in the loan release sheet without necessity of demand. Checks shall be considered as payment only upon its clearance and availability of funds.
6. LATE PAYMENT FEE. If the Card Member fails to pay the monthly amortization on or before the payment due date, a late payment fee of 4% (compounded penalty) will be imposed on the credit access card account and will be reflected in the statement of account.
7. TRANSFER OF INFORMATION. The Card Member hereby authorizes Majorem to transfer, disclose and communicate any information relating to the Credit Access Card accounts, or any of the Card Member’s credit data and any and all information concerning himself, to any of the offices, branches, affiliates, agents and representatives and third parties with whom Majorem may reasonably share such information, wherever situated, for references, referrals, data processing and storage, anti-money laundering monitoring, credit review and reporting, statistical and risk analysis purposes. In addition to the foregoing, Majorem and any branch, subsidiary, affiliate, agent and representative or third party may transfer and disclose any such information as may be required by any law or regulation, including among others Republic Act 9510 or the Credit Information Act of 2008. Conformity to these Terms and Conditions by signing on the application form or by using the credit access cards shall constitute the Card Member’s written consent for any transfer and disclosure of information relating to him and/or his account/s, for the purposes indicated above and under applicable laws, rules and regulations. The Card Member agrees to hold Majorem free and harmless from any liability that may arise from any transfer, disclosure or storage of information relating to his accounts, properties or investments.
8. PROMOTIONAL OFFERS. On occasion, Majorem may inform the Card Member about its promotional offers through mail/email/fax/SMS or by telephone. Majorem may also allow its branches, affiliates, agents and representatives and third parties selected by any of them and certain companies to offer specially selected products and services to the Card Member through mail/email/fax SMS or by telephone. For this purpose, Majorem may transfer and disclose selected customer information.
9. OWNERSHIP OF THE CREDIT ACCESS CARD. The Credit Access Card is the exclusive property of Majorem and is non-transferable. It shall be valid from the date of its issuance or renewal until the last day of its indicated expiry month. Majorem may, at its exclusive option and without prior notice to the Card Member, suspend, cancel, withdraw or terminate any credit access card issuance and/or its privileges at any time and for whatever reason. In these cases, the Card Member agree to surrender the Credit Access Card. Moreover, all charges become immediately due and demandable without need of notice or demand. The Card Member and/or hereby hold Majorem harmless from any liability arising from such acts.
The Card Member shall not use the Credit Access Card after its expiry date, cancellation, suspension, termination, withdrawal, or permit other persons to use the Credit Access Card for any reason whatsoever. Continued use of the Credit Access Card thereafter shall be considered as a fraudulent act of the Card Member.
The Card Member shall not use the Credit Access Card after its expiry date, cancellation, suspension, termination, withdrawal, or permit other persons to use the Credit Access Card for any reason whatsoever. Continued use of the Credit Access Card thereafter shall be considered as a fraudulent act of the Card Member.
Majorem can change the credit access card number and/or expiry date when issuing a renewal or replacement card to the Card Member. The Card Member is solely responsible for communicating this change to any party with whom the Card Member may have payment arrangements. Majorem will not be responsible for any consequence arising from declined transactions, whether under the old card number or otherwise.
10. CARD MEMBER INSTRUCTIONS. The Card Member authorizes Majorem to rely upon and act in accordance with any notice, instruction or other communication, which may, from time to time, be given by telephone, mobile phone, text messages, telex, facsimile, e-mail or other electronic means, by the Card Member or on his behalf, which Majorem believes, in good faith, to have been made by the Card Member or based upon his instructions or for his benefit. Majorem, however, reserves the right to require the instructions to be contained or sent in a particular form or to have the instructions confirmed before it may decide thereon. Majorem shall be entitled to treat the instructions as fully authorized by and binding upon the Card Member and to take such steps in connection with or on reliance upon the instructions as Majorem may consider appropriate.
11. UPDATING OF INFORMATION. The Card Member undertakes to notify Majorem, through the Majorem Customer Service Hotline at 02-9752269 or 0917-305-6985 or by writing Majorem, of any additional means of communicating to him aside from what is disclosed in the credit application, as well as any change in the Card Member’s address, home, office or billing address, e-mail and telephone number.
In case the billing is not accessible through mail or delivery, Majorem has the option to use other addresses notified to Majorem. Notwithstanding this provision, the Card Member agrees that any communication sent to the designated billing address shall be considered as received by the Card Member within ten (10) calendar days after mailing.
12. LOST OR STOLEN CARD. In the event the Credit Access Card gets lost or stolen, the loss or theft must immediately be reported through the Majorem Customer Service Hotline at 02-9752269 or 0917-305-6985 or by writing MAJOREM. A card replacement fee as Majorem may advise and announce, shall be charged to the Card Member to cover the replacement of the Credit Access Cards and the costs in disseminating information about the loss or theft.
13. TERMINATION BY CARD MEMBER. Termination may, at any time and for whatever reason, be initiated by the Card Member and shall be processed only upon notification by the Card Member by telephone, telex, facsimile or other means of communication of his intention to terminate his membership and the full settlement of his credit access card account including all reward points. Termination shall take effect on or before the eight (8th) day after satisfying above-mentioned conditions (Termination Effective Date).
14. TELEPHONE COMMUNICATIONS. The Card Member agrees that by calling or accepting calls from Majorem or any of its telesales providers, Majorem or the telesales provider may, at its sole option and discretion, record all the Card Member’s telephone communications. The Card Member, likewise, agrees that such taped or recorded communications may be used by Majorem or any third party, for any purpose, particularly as evidence in any proceeding, judicial or administrative.
15. SMS COMMUNICATIONS. The Card Member hereby agrees that Majorem may send or communicate through text messages or through the Card Member’s SMS-enabled cellular phone for specific and timely prompts, reminders and notices from time to time concerning account information, and other matters relating to the Credit Access Card loan transaction. The Card Member hereby acknowledges and accepts that each SMS may be sent to the Card Member without being encrypted and may include the Card Member’s name and information pertaining to the Card Member’s Credit Access Card account. It is the Card Member’s responsibility to ensure the security of his mobile phone and the Card Member hereby holds Majorem free and harmless against any and all liability, administrative, civil, or criminal, including but not limited to, those relating to any secrecy laws or regulations (if any), should any SMS be viewed or accessed by any persons other than the Card Member. The Card Member agrees that Majorem does not guarantee the timely delivery or accuracy of any SMS, which are purely for convenience, information and notification purposes only. The Card Member shall be fully responsible to monitor the due performance and compliance of his obligations.
16. ELECTRONIC NOTIFICATION. Notifications sent by Majorem to the Card Member through mobile phones, facsimile, e-mail or other electronic means (except SMS/text messaging, which has been covered by preceding clause) using the number and address of record shall be deemed to have been sent to the Card Member himself. As such, the Card Member hereby declares, Majorem free and harmless from any liability if the information contained in the electronic notification is, by any means, accessed by any person other than the Card Member.
17. REVISION OF TERMS AND CONDITIONS. Upon written notice (e.g. letter, publication, or otherwise) to the Card Member, via statement of account or separate correspondence, Majorem may, at any time and for whatever reason it may deem proper, amend, revise or modify the terms and conditions hereof, including the Card Member’s credit limit, and such amendments shall bind the Card Member unless he objects thereto by manifesting his intention to terminate this agreement subject to the conditions set forth in Clause No. 13 (Termination by Card Member). Any amendment, revision, or changes in the terms and conditions made, as provided above shall likewise be binding on the co-obligor (if any), who hereby irrevocably and unconditionally waives his right to consent thereon or notification thereof.
18. MAJOREM’S LIABILITY FOR DAMAGES. In any action arising from this Agreement or incidental thereto, which the Card Member or any party on his behalf may file against Majorem, Majorems’s liability shall not exceed the amount of One Thousand Pesos (P1,000.00) or the actual damages proven, whichever is lower. The Card Member shall hold Majorem harmless from suit and free from damages for any loss, damage or injury that the former may incur or sustain by reason of, or arising from any credit access card feature, service or facility provided or rendered by a third party engaged by Majorem to provide such feature or render such service.
19. FILING A COMPLAINT. When filing a complaint, the Card Member may:
a. Call Majorem’s Customer Service Hotline at 02-9752269 or 0917-305-6985. The Card Member shall provide his/her card number, updated contact information, and relevant details of his/her complaint; or
b. Send Majorem an email at majorem.lending@gmail.com
b. Send Majorem an email at majorem.lending@gmail.com
20. VENUE OF ACTIONS. Venue of all suits directly or indirectly arising from this instrument or from the relationship between Majorem and the borrower and/or co-obligor, shall be limited to the proper Courts of Angono Rizal or Binangonan Rizal.
21. WAIVER OF BREACH OF CONTRACT. No waiver of a breach or violation of any term or condition hereof shall constitute a waiver of any subsequent breach or violation of the same or any other term or condition. Failure to take advantage of or to exercise any right granted hereunder shall not constitute a waiver of said right, nor shall it be construed to excuse or absolve the Card Member, and/or co-obligor from complying with or fulfilling the same.
22. SEPARABILITY CLAUSE. Should any of the terms and conditions or any part or clause of this instrument be declared void or unenforceable by competent authority, the same shall not invalidate the other terms and conditions, parts or clauses of this instrument.
23. DISCLOSURE. The Card Member authorizes Majorem:
a. to disclose, receive and exchange credit data and any and all information concerning the Card Member and/or co-obligor and third parties with whom Majorem may reasonably share such information;
b. in the event of default arising from non-payment of his credit access card obligations with Majorem, the Card Member authorizes Majorem, its authorized representative(s) or agents, to verify and investigate the aforesaid facts from whatever source(s) it deems appropriate. The Card Member shall hold Majorem free and harmless from any liability that may arise from such disclosure.
24. DISCRETIONS. Without giving any reason or notice, and without prejudice to the other provisions hereof, Majorem has the full discretion to:
a. refuse to approve any proposed loan transaction even if there is sufficient credit available;
b. suspend, terminate or cancel the borrowers right to use the Card;
c. increase or decrease the credit limit;
d. refuse to re-issue, renew or replace the Card; and/or
e. introduce, amend, vary, restrict, terminate or withdraw the benefits, services, facilities and privileges with respect to or in connection with the Card account, whether specifically relating to the Card Member or generally to all or specific Card Members.
b. suspend, terminate or cancel the borrowers right to use the Card;
c. increase or decrease the credit limit;
d. refuse to re-issue, renew or replace the Card; and/or
e. introduce, amend, vary, restrict, terminate or withdraw the benefits, services, facilities and privileges with respect to or in connection with the Card account, whether specifically relating to the Card Member or generally to all or specific Card Members.
Majorem shall not be responsible if it does not approve any other loan transaction, on the card account of the Card Member even if there is sufficient credit limit available.
25. ACCEPTANCE. All the terms and conditions herein stated, including the Terms and Conditions, Schedule of Majorem Credit Access Card Fees and Charges, and any amendments thereto, have been read and fully understood by the Card Member/Borrower as evidenced by the Card Member’s signature either on the application form, acknowledgement receipt, or the physical credit card, and/or other forms of documents evidencing charges to the Card, or when the Card Member retains or uses the Card.
Card Member and/or Borrower shall be responsible in informing the co-obligor (if any) of these Terms and Conditions.
THIS CONTRACT IS BETWEEN THE CARDHOLDER AND MAJOREM LENDING INVESTORS INC. (A LENDING COMPANY) ALL TRANSACTIONS ARISING OUT OF OR RELATED TO THIS CONTRACT SHALL BE BINDING ONLY BETWEEN THESE TWO (2) CONTRACTING PARTIES.
