These terms govern your use of the Alwan app and website. Alwan ("we", "the lender") lends to you directly through its own online lending platform. The lender offers its own credit line, Alwan Credit, directly through Alwan. Alwan is not a marketplace, and no other lender or investor is involved. Your credit line is also governed by the Credit Facility Agreement, which prevails over these terms for it.
1. Eligibility
You must be at least 18 years old, able to enter into a binding contract, and able to verify your identity with a valid Philippine government ID. Meeting these conditions does not guarantee approval.
2. Your account
- One account per person, in your own name.
- Your account is used from one registered phone at a time.
- Keep your PIN and one-time codes secret. The lender will never ask for them.
- You are responsible for activity on your account until you tell us it has been compromised.
- Repeated wrong PIN attempts lock your account temporarily. After too many attempts you must reset your PIN with a new SMS code.
3. Truthful information
Information you give must be true, complete and current. Giving false information, or using someone else's identity, is a ground to decline an application, suspend your account and report to the authorities.
4. Identity verification
Before you can apply, you verify your identity in the Alwan app through the lender's identity-verification provider, Didit; see the KYC disclosure. Verification is not a credit approval.
5. Applying for credit
- You provide information about your income and existing payments. About three months of income evidence may be requested.
- An automated assessment summarises your application. A member of the lender's credit team decides; see Credit Assessment.
- If approved, the app shows your Credit Facility Disclosure Statement with your own monthly rate and limit. Nothing is borrowed until you accept it and the Credit Facility Agreement, and then confirm a cash-out. A copy of the statement you accepted is sent to your registered e-mail.
6. Credit limit
Your limit is set by the lender's assessment of what you can afford to repay. It is not a promise to lend. You cannot change your own limit. The lender may raise it after on-time payments, or lower it for risk reasons, and tells you when it does.
7. Cash-out
You cash out from the app, from PHP 100 up to your available credit, to an e-wallet or bank account you choose, in your own name or someone else's, and say what each cash-out is for. You can have several cash-outs at once, within your available credit and what your income can support. An account already registered to another Alwan borrower is checked by the lender before it can be used. You remain responsible for repaying every cash-out, whoever receives it. Each cash-out shows its own disclosure before you confirm it with your PIN, and is repaid in monthly installments over 3, 6 or 12 months. The lender may delay or refuse a cash-out to prevent fraud or when required by law.
8. Repayment, interest, fees and late payment
Your monthly rate (from 3% to 4.5% a month, set when you are approved), the 3% service fee on each cash-out, the late charge, the installments and early repayment are as stated in your disclosures and the Credit Facility Agreement. There is no processing fee and no fee for paying early. A payment counts once the payment provider confirms it. Payment-channel fees, if any, are shown before you pay.
9. Missed payments and collection
Reminders and collection messages come only through your registered channels, and every message identifies the lender or Alwan. The lender never contacts people in your phone's contact list, and never treats a character reference as a guarantor. The lender does not report to the Credit Information Corporation yet; this will be announced before it starts.
10. Communications
We send service notices about your account, applications, cash-outs, payments and security by app notification, SMS and e-mail. Promotions are sent only if you opt in, and you can withdraw at any time.
11. Electronic records
You agree to receive agreements, disclosures, statements and notices electronically. The lender's electronic records of your acceptances, with timestamp and document version, are evidence of those transactions (Republic Act No. 8792).
12. Suspension and closure
The lender may suspend or close an account for fraud, false information, misuse, security risk or legal requirement, and will tell you why unless the law prevents it. Closing an account does not cancel amounts you owe. You may close your account once you owe nothing.
13. Prohibited use
You may not:
- use the service for unlawful purposes;
- interfere with its security;
- access other people's data;
- use automated means to access it;
- apply on behalf of another person.
14. Third-party services
Identity verification, payments, hosting and messaging are provided by service providers acting for the lender (see the Privacy Notice). Their availability may affect the service.
15. Service availability
The lender aims to keep the service available but does not guarantee uninterrupted access. Planned maintenance is announced in the app when possible.
16. Intellectual property
The Alwan name, app and website content belong to the lender or its licensors.
17. Privacy
The Privacy Notice explains how personal data is processed.
18. Support and complaints
Contact us through Support in the Alwan app, where you can also file a complaint, or through the channels on our Contact page. Every message gets a reply within 24 business hours, and a complaint is resolved within 3 business days. The lender remains responsible for complaints about its service providers.
If you are not satisfied, you may bring your complaint to the Securities and Exchange Commission, which supervises lending companies. Privacy complaints may be filed with the National Privacy Commission.
19. Your rights under the law
Nothing in these terms limits rights you have under Republic Act No. 11765 (Financial Products and Services Consumer Protection Act), the Consumer Act or other laws that cannot be waived.
20. Changes
The lender will announce changes in the app and on the website before they take effect. Changes to the terms of an existing credit line need your acceptance.
21. Governing law
These terms are governed by Philippine law.