Processing Summary

as of December 2020

How It Works

Uploan believes in promoting financial inclusion through responsible lending practices and holistic assessment of potential borrowers. As such, personal information may be used through different stages of the process to ensure an accurate and complete assessment of the potential borrowers’ capacity, availability of funds and needs.
The life cycle of your loan goes through the following stages when you choose Uploan for your credit needs: Loan Solicitation, Credit Assessment, Loan Origination, Repayment, Debt Collection, and Remedial Measures.
A brief summary of our processes is as follows.

 

Loan Solicitation

In keeping with our values of responsible lending, Uploan does not directly solicit loans from Employee Borrowers. Instead, we partner with select and reputable employers who share the same values to ensure fair access to credit for their employees. We conduct frequent orientation and information seminars to educate employee borrowers about our products and services. Interested prospective borrowers may then contact us and opt-in to further marketing or informational announcements from our team. On occasion, we may also contact borrowers through their nominated contact details regarding any important announcements that may need to be brought to their attention.

 

Credit Assessment

When assessing a borrower’s eligibility, we take into account a few principal criteria that determine whether they are suited for a loan, and the amount and duration of such loan, based on their indicated needs. As we are a salary-deducted loan service, the following factors may beare considered in approval or disapproval of loan applications:
· Tenure
· Employment
· Salary Level
· Purpose of Loan
· Completeness of Documentary Requirements
In addition, we may also examine any possible adverse borrower circumstances which may make it difficult for borrowers to repay their loan obligations. Uploan does not engage in fully automated decision making with respect to loan applications. While the submission of documents is automated through our convenient online process, borrower information is manually assessed by our team to ensure that all factors are appropriately considered. Should your loan application be unsuccessful, we retain your information for subsequent applications in order to give a more holistic profile of your creditworthiness while you maintain an account on our platform.

 

Real Time Updates

Borrowers are capable of getting real time updates on the status of their Loan Application through their online profile dashboard on our platform. Should any more specific queries be needed, borrowers may contact us through https://uploan.ph/contact-us/ using their registered email address.

 

Loan Origination 

When a Borrower applies for a loan with to Uploan, we conduct our standard Know-Your-Customer (“KYC”) procedures in compliance with the rules and regulations set forth for the lending industry and best industry practices. We likewise verify the completeness of all documentary submissions, and validate the information contained therein. After this process is completed, we will then compute the eligible loan amounts and term for the prospective borrower. Once this is done, a status update email will be provided to the borrower, and our customer service will get in touch shortly to advise them of the status of their application. Disbursement is then processed through the borrower’s nominated account details. Uploan retains the necessary personal information for the lifetime of the loan, and for a reasonable period of five (5) years thereafter, in accordance with applicable Philippine regulations.

 

Repayment

In order to offer borrowers the most convenient repayment process possible, amortizations are deducted from the borrowers at set amounts during the employee’s fixed payroll periods. The amount and frequency of deductions will be explained to borrowers before he or she decides to accept the loan amount and are outlined in their respective Promissory Notes. Deductions will then be processed according to the Authorization for Voluntary Payroll Deduction signed by the borrower, in accordance with applicable Department of Labor and Employment guidelines, and Uploan will coordinate with the borrower’s employer to remit the amounts deducted.

 

Collection and Remedial Measures

If for whatever reason, a borrower defaults or is unable to pay their outstanding obligations to Uploan, Uploan and the borrower will exert all reasonable efforts to arrive at an amicable arrangement for settling any amounts. Should this be unsuccessful Uploan may, at its option, refer the borrower’s account to its accredited collection partners in compliance with SEC MC No. 18 s.2019 – Prohibition on Unfair Debt Collection Practices. For this purpose, only such information as may be necessary for collection will be shared.