Digital Personal Loan Revolving Facility Agreement English

KREDIVO THAILAND

DIGITAL PERSONAL LOAN REVOLVING LOAN FACILITY AGREEMENT

AGREEMENT ID: [●]

The undersigned:

Kredivo (Thailand) Co., Ltd., a company incorporated and existing under the laws of Thailand, having its registered office located at No. 349, SJ Infinite One Business Complex, Floor 20, Room No 2001-2005, Vibhavadi Rangsit Road, Chom Phon Sub-district, Chatuchak District, Bangkok 10900 (hereinafter referred to as the “Creditor” or the “Lender” or “Kredivo”), and is a licensed digital personal loan business operator supervised by the Bank of Thailand and the Ministry of Finance and is dully allowed to carry out digital personal loan services; and
Debtor, as referred to in the Revolving Loan Facility Agreement and its Transaction Confirmation Schedule(s) (hereinafter referred to as the “Debtor” or the “Account Holder” or “You”).

The Creditor and Debtor hereby agree to bind themselves and hereby enter into and sign this Digital Personal Loan Revolving Loan Facility Agreement, based on the terms and conditions as follows: (hereinafter referred to as the “Agreement”).

ARTICLE 1

TERMS

“Application” shall mean the digital application operated by Kredivo (Thailand) Co., Ltd. as platform for the purpose of providing financing from the Creditor to the Debtor.
“Goods and/or Services” shall mean goods and/or services that are financed by the Creditor upon request by the Debtor and according to the Debtor’s needs and choice.
“Debt Principal” shall mean the amount of Loan Facility that the Creditor provided to the Debtor to (i) settle the purchase price of Goods and/or Services mentioned in the relevant Transaction Confirmation Schedule(s) (Loan Facility for Purchase with Payment on Instalment Basis); and/or (ii) to settle other Loan Facility amount as mentioned in the relevant Transaction Confirmation Schedule(s) (Loan Facility for Other Needs Purpose on Instalment Basis).
“Debtor or Account Holder” shall mean the party obtaining the Loan Facility from the Creditor.
“Fees” shall mean fees that may be charged by the Creditor to the Debtor as advised in the relevant Transaction Confirmation Schedule(s).
“Instalment” shall mean the Debt Principal together with the Interest paid periodically in every month at an amount and on the date mentioned in the relevant Transaction Confirmation Schedule(s).
“Interest” shall mean the effective interest rate mentioned in the relevant Transaction Confirmation Schedule(s).
“Digital Personal Loan Revolving Loan Facility Agreement” (hereinafter referred to as a “Loan Facility”) shall mean the financing activity in the form of either (i) procurement of Goods and/or Services purchased by the Debtor from the Provider of Goods or Service for personal use/consumption within the agreed period and with payment on an Instalment basis, together with any of its Transaction Confirmation Schedule(s) (“Loan Facility for Purchase with Payment on Instalment Basis”); and/or (ii) the provision of funds provided by the Creditor to the Debtor made with payment on an Instalment basis (“Loan Facility for Other Needs Purpose on Instalment Basis”), together with any of its Transaction Confirmation Schedule(s).

“Early Termination” shall mean the termination of this Agreement by the Debtor before the due date of the Repayment.
“Transaction Confirmation Schedule(s)” shall mean the relevant schedules attached and regulated under this Agreement to define the transaction summary of the Loan Facility.
‘’One-time Repayment’’ shall mean the Debt Principal together with the Interest to be paid on the date mentioned in the relevant Transaction Confirmation Schedule(s).
“Provider of Goods and/or Services” or “Merchant” shall mean the party selling Goods and/or Services to the Debtor.
“Repayment” shall mean the Debtor’s obligation to repay its loan (Debt Principal together with Interest) to the Creditor where each amount of Debt Principal together with the Interest mentioned in the relevant Transaction Confirmation Schedule(s) shall be paid on time.

ARTICLE 2

ISSUING AND USING KREDIVO ACCOUNT

1. Issuing of Accounts

1.1 Before you use your Kredivo Account (“Account”) and the services provided by Kredivo, please carefully read this Agreement, so that you are aware of your rights and obligations with respect to the services. The services referred to herein covers the Loan Facility provided by Kredivo to you.

1.2 In addition to this Agreement, the Account Holder also acknowledges and agrees to be bound to Kredivo’s other policies or terms and conditions (which may include, among others, privacy policy, security policy, terms of use, or a specific policy in relation to certain product of Kredivo) as published and updated from time-to-time in Kredivo’s application, and/or any other electronic media means as deemed appropriate by Kredivo unless required otherwise under applicable laws.

1.3 Without requiring any prior notification, consent, and/or approval from the Account Holder, Kredivo may use a subcontractor (including, but not limited to, an affiliate of Kredivo) to provide any part of Kredivo’s Services, including, without limitation to, software provision, credit scoring, collection, customer services, and any other services as deemed necessary by Kredivo to ensure that the Account Holder will receive efficient and reliable services.

1.4 You agree to provide the below information for Loan Facility account opening:

Account Holder Data:

Name: {{ legal_name }}
Handphone Number: {{ mobile_number }}
Email: {{ email }}
Registration date: {{ registration_date }}
Account Activation Date: {{ set_password_timestamp }}
ID Number: {{ id_number }}
Registered Address: {{ address }}

1.5 Use of the Kredivo Account is restricted to the Account Holder. The Account Holder will not permit any other person to use the Account and will at all times safeguard the Account and any Personal Identification Number (the PIN) issued and keep it under his/her personal control.

1.6 Kredivo will maintain an account in the name of the Account Holder to which the value and details of the utilization of the Credit Limit granted by Kredivo to the Account Holder in relation to the purchase of Goods and Services and/or for other purposes shall be reflected and charged accordingly.

2. Use of the Account

2.1 The Account Holder will be responsible for all credit or other facilities granted by Kredivo (either directly or on behalf of its lending partner) in respect of the Account and for all related charges hereunder, notwithstanding the termination of this Agreement.

2.2 The Account Holder must notify Kredivo as soon as possible of any changes in the Account Holder’s information such as employment, office address, home address and telephone number. This can be done by writing an email to support.th@kredivo.com.

2.3 Kredivo shall not be liable for the refusal of any merchant establishment to accept or honour the Account, nor shall Kredivo be responsible in any way for the Goods and Services supplied to the Account Holder. Any complaint by an Account Holder against the merchant may be resolved by the Account Holder with the merchant establishment. Kredivo shall have no responsibility in this respect. No claim by the Account Holder against the merchant establishment may be the subject of a claim against Kredivo. Kredivo will credit the Account Holder’s Account with the amount of any refund only upon confirmation from the merchant company.

2.4 The Account Holder is prohibited to use its Account and/or Loan Facility to conduct a transaction that fall into the following categories:

Transactions in which the buyer and seller are the same person or parties who are related or know each other;
Transactions made for the purpose of exchanging goods purchased for cash, checks, or money orders. Example of such transaction: the purchase of precious metals;
Transactions that involved goods and/ or services that are deemed illegal under the law;
transactions that violate any law, statute, ordinance or regulation;
relate to transactions involving (a) narcotics, steroids, certain controlled substances or other products that present a risk to consumer safety, (b) illegal drugs paraphernalia, (c) items that encourage, promote, facilitate or instruct others to engage in illegal activity, (e) stolen goods including digital and virtual goods, (f) the promotion of hate, violence, racial or other forms of intolerance that is discriminatory or the financial exploitation of a crime, (g) items that are considered obscene, (h) items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction, (i) certain sexually oriented materials or services, (j) ammunition, firearms, or certain firearm parts or accessories, or (k) certain weapons or knives regulated under applicable law;
relate to transactions that (a) show the personal information of third parties in violation of applicable laws, (b) support pyramid or Ponzi schemes, matrix programs, other “get rich quick” schemes or certain multi-level marketing programs, (c) are associated with purchases of annuities or lottery contracts, lay-away systems, off- shore banking or transactions to finance or refinance debts funded by a credit card, (d) are for the sale of certain items before the seller has control or possession of the item, (e) are associated with the sale of traveller’s checks or money orders, (g) involve currency exchanges or check cashing businesses, (h) involve certain credit repair, debt settlement services, credit transactions or insurance activities, or (i) involve offering or receiving payments for the purpose of bribery or corruption;
any other transaction or activity that is categorized as prohibited use in accordance to Kredivo’s policy, updated from time-to-time and published in Kredivo’s application, and/or any other electronic media means as deemed appropriate by Kredivo.

2.5 The value of all Account transactions will be charged to the Account in Thai Baht.

3. Lost/Stolen Account and Unauthorised Transaction

3.1 The loss or theft of an Account must be immediately reported to the Creditor upon discovery in writing an email to support.th@kredivo.com. The Creditor will suspend the Account but, up to that point, the Debtor will be responsible for any authorised and unauthorised transactions made via the Account.

3.2 Notwithstanding anything to the contrary herein contained, the Debtor will be liable for all losses to the Creditor arising from the use of the Account by any person obtaining possession of it based on the Debtor’s consent.

4. Limitation of Liability

4.1 The Creditor’s liability is limited with respect to your Account and your use of Kredivo Services. In no event shall Kredivo be liable for lost profits or any special, incidental or consequential damages (including without limitation damages for loss of data or loss of business) arising out of or in connection with our websites, software, systems (including any networks and servers used to provide any of the Kredivo Services) operated by us or on our behalf, any of the Kredivo Services, or this user agreement (however arising, including negligence), unless and to the extent prohibited by law.

4.2 In the event of any action which the Account Holder may file against the Creditor from any cause whatsoever, the Account Holder agrees that Kredivo’s liability shall not exceed the Loan Facility amount or the damages proved to have been actually suffered by the Account Holder, whichever is lesser.

In addition, to the extent permitted by applicable laws, Kredivo is not liable, and you agree not to hold Kredivo responsible, for any damages or losses (including, but not limited to, loss of money, goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from: (1) your use of, or your inability to use, our websites, software, systems operated by us or on our behalf (including any networks and servers used to provide any of the Kredivo Services) or any of the Kredivo Services; (2) delays or disruptions in our websites, software, systems operated by us or on our behalf (including any networks and servers used to provide any of the Kredivo Services), and any of the Kredivo Services; (3) viruses or other malicious software obtained by accessing our websites, software, systems operated by us or on our behalf (including any networks and servers used to provide any of the Kredivo Services), any of the Kredivo Services, or any website or service linked to our websites; (4) glitches, bugs, errors, or inaccuracies of any kind in our websites, software, systems operated by us or on our behalf (including any networks and servers used to provide any of the Kredivo Services), any of the Kredivo Services, or in the information and graphics obtained from them; (5) the content, actions, or inactions of third parties; (6) a suspension or other action taken with respect to your Account; or (7) your need to modify your practices, content, or behaviour, or your loss of or inability to do business, as a result of changes to this user agreement or Kredivo’s policies.

ARTICLE 3

MAIN REQUIREMENTS FOR THE LOAN FACILITY

1. The Debtor hereby acknowledges, gives consent, and approves that the Loan Facility obtained under this Agreement and any relevant Transaction Confirmation Schedule(s) shall constitute the Creditor’s financing facility provided directly by the Creditor, thereby the Debtor acknowledges and approves that:

1.1 the Creditor has rights as lender/creditor under this Agreement together with all Transaction Confirmation Schedule(s), renewal and amendment thereto; and

1.2 for the Loan Facility obtained under this Agreement and any Transaction Confirmation Schedule(s), each Debtor’s personal data and/or Instalment payment status may be checked, recorded, and reported to the National Credit Bureau and that any delay in Repayment may have an impact on the Debtor’s ability to seek future financing from Banks and/or other companies.

2. The Creditor approves to provide the Loan Facility to the Debtor, and the Debtor approves to receive the Loan Facility from the Creditor, under the terms and conditions as set forth in this Agreement and the relevant Transaction Confirmation Schedule(s).

3. Interest, fees and/or penalty:

3.1 The Debtor shall pay to the Creditor the Interest in the rate as determined in the relevant Transaction Confirmation Schedule(s), which shall not exceed 25% effective annual interest rate (including interest rates, fees, fines as these may apply, in accordance with applicable laws and regulations) (Interest Rate);

3.2 The Debtor shall pay fees stipulated in this Agreement and in the relevant Transaction Confirmation Schedule(s) and/or at the first request of the Creditor (Fees);

3.3 For every delay in Repayment, the Debtor may be subject to Late Payment Interest as well as Debt Collection Fees, as determined in the relevant Transaction Confirmation Schedule(s) (Penalty).

4. Cancellation – Loan Facility for Purchase with Payment on Instalment Basis:

4.1 For each and every cancellation of the Loan Facility due to the cancellation of the provision of Goods and/or Services, whether by the Debtor or by the provider of Goods and/or Services as stated in the relevant Transaction Confirmation Schedule(s), the following Instalment, Interest, fees and/or penalty (if any) will apply:

- - In the event cancellation is made to all Goods and/or Services, then if cancellation is made within 30 (thirty) days of the Transaction Date stated in the relevant Transaction Confirmation Schedule, no Interest will be charged to the Debtor;
  - In the event cancellation is made to a portion of the Goods and/or Services, then if cancellation is made within 30 (thirty) days of the Transaction Date stated in the relevant Transaction Confirmation Schedule, no Interest will be charged to the Debtor on the cancelled portion and Interest shall be charged and calculated on the remaining amount of the Loan Facility (for the Goods and/or Services that are not cancelled);
  - In the event cancellation is made to all or partial Goods and/or Services after 30 (thirty) days as of the date of the Transaction Date stated in the relevant Transaction Confirmation Schedule, the mechanism applicable to the Debtor shall be as follows:
    (i). In the event cancellation is made to a portion of the Goods and/or Services, the Debtor is obliged to make payment of the Instalment of the Loan Facility not cancelled and shall cover the total Instalment (and penalty if any) of the remaining amount of the Loan Facility (for Goods and/or Services that are cancelled).
    
    (ii) In the event cancellation of goods and/or services is made by the Debtor, then the Creditor will process such cancellation upon implementing verification based on each supporting documents submitted by the Debtor related to such cancellation;
    
    (iii) In the event cancellation of Goods and/or Services is made by the Provider of Goods and/or Services, the Creditor will process such cancellation upon receiving and verify the cancellation request from such Provider of Goods and/or Services, whereby the Debtor may provide any supporting documents relevant to such cancellation, if it is deemed necessary to accelerate the verification process; and
    
    (iv) After the completion of verification of Goods and/or Services, the Creditor will further, in the event cancellation is made by the provider of Goods and/or Services, take actions, such as:
    
    a. process the waiver of the remaining Instalment payment obligation by the Debtor,
    b. process the waiver over Interest or penalty (if any), in the event the cancellation is made before the Debtor make Instalment payment to the Creditor; or
    c. process the refund of the Debtor’s payment, if the payment over Instalment has been made by the Debtor.
    
    (v) For the avoidance of doubt, in the event cancellation of Goods and/or Services is made by the Debtor within 30 (thirty) days from this Agreement, therefore:
    
    a. The Creditor will process the refund of the Debtor’s Instalment payment if and as applicable; and
    b. The Debtor is still required to make payment of Interest, fees, and other costs (if any) as mentioned in the relevant Transaction Confirmation Schedule(s) for any amount of Goods and/or Services not cancelled.
    c. In the event there are differences in any details or information (including but not limited to information on Goods and/or Services and the amount of Instalment payments caused by any decisions and/or changes upon request of the Debtor or Provider of Goods and/or Services (for example, including but not limited to in the event of partial cancellation)) between this Agreement and the information on the Application, therefore the Parties agree the information contained in the Application shall become the reference that will be used by the Parties. Such information is an inseparable part of this Agreement.
The Debtor agrees and consents that the Creditor may amend the cancellation period within which Goods and/or Services may be partially or entirely cancelled in line with the terms and conditions that may be agreed upon between the Creditor and the Provider of Goods and/or Services as may be specified under Cancellation Terms in the Transaction Confirmation Schedule(s).

5. Cancellation – Loan Facility for Other Needs Purpose on Instalment Basis:

The Debtor may not for any reason cancel the Loan Facility for Other Needs Purpose on Instalment Basis.
In the event that for any reason whatsoever the Debtor is legally proven not to have received the Loan Facility set forth in any Transaction Confirmation Schedule(s), then such Loan Facility and its respective Transaction Confirmation Schedule(s) shall be automatically cancelled and deemed void. The Debtor agrees and consents to the Creditor that the Creditor has the right to investigate the transaction by contacting the bank the debtor has designated.

6. In the event any one Loan Facility under this Agreement contains promotional elements (in the form of discounts, fee reductions, vouchers, reduced Instalments or Interest and/or any other form of promotion) which have been taken, selected and approved by the Debtor on the Application, then the Debtor confirms he/she has read and understood all terms and conditions applied to the promotion, whereby such terms and conditions will be considered and read as an integral and inseparable part of this Agreement.

ARTICLE 4

CREDIT LIMIT

The Creditor will assign a Credit Limit to the Debtor’s Account in the amount of [Credit Limit]. This Credit Limit will be used for all use cases in payment on instalment basis and in accordance with the withdrawal methods in Article 5.
Without prejudice to the above-mentioned provisions of this Article and any other relevant Articles stipulated in this Agreement, Kredivo may (either directly or on behalf of its lending partner), (i) increase the assigned credit limit of an Account if requested by the Account Holder through a feature in the Application; or (ii) increase the assigned credit limit from a credit limit increase offer presented by Kredivo through the Application to the Account Holder, and upon the Account Holder agreeing to such increase. For the avoidance of doubt, the credit limit increase will only be effective once the user has provided consent to Kredivo (via the Application).
A decrease of credit limit shall occur if the Account Holder is late on his/her Payment Due Date on a regular basis, or if the Account Holder provides information that may significantly impact his/her creditworthiness, as such Kredivo may deem it relevant to limit further indebtedness of the Account Holder. Kredivo shall inform the Account Holder 15 days in advance, to the extent permitted by relevant applicable laws and regulations.”

ARTICLE 5

LOAN FACILITY WITHDRAWAL

Loan Facility withdrawal can be made if the availability of funds in Thai Baht in the Creditor’s bank account is sufficient and only after the Debtor has fulfilled all conditions precedent set by the Creditor, including but not limited to having a sufficient credit limit.
Loan Facility withdrawal or disbursement under this Agreement may be made as follows:
1. For the Loan Facility for Purchase with Payment on Instalment Basis: by way of direct payment by the Creditor to the Provider of Goods and/or Services or other parties designated by the Provider of Goods and/or Services, the amount of Debt Principal as stated in the relevant Transaction Confirmation Schedule(s), or other amount based on certain condition and situation as agreed in advance between the Creditor and Debtor, in order to settle the purchase price of the Goods and/or Services by the Debtor to the Provider of Goods and/or Service. In addition:
  - The proof of payment by the Creditor to the Provider of Goods and/or Services or other parties designated by the Provider of Goods and/or Services amounting to the Debt Principal or other amount based on certain condition and situation as agreed in advance between the Creditor and the Debtor shall constitute evidence of receipt of money by the Debtor from the Creditor for the disbursement of the Loan Facility.
  - The Debtor is responsible for all risks in any form, whether related to the delivery of Goods and/or the performance of Services by the Provider of Goods and/or Services to the Debtor as well as other risks generally borne by every purchaser for the Goods and/or Services purchased by the Debtor from the Provider of Goods and/or Services, as well as the risk of use and/or utilization of the said Goods and/or Services.
2. For Loan Facility for Other Needs Purpose on Instalment Basis: By directly transferring funds provided by the Creditor to the Debtor, to a bank account in Thailand in the name of the Debtor, in the amount of Debt Principal as stated in the relevant Transaction Confirmation Schedule(s), or other amount based on certain condition and situation as agreed in advance between the Creditor and Debtor, to settle the Debt Principal. In addition:
  - The proof of payment by the Creditor to the Debtor amounting to the Debt Principal or other amount based on certain condition and situation as agreed in advance between the Creditor and the Debtor shall constitute evidence of receipt of money by the Debtor from the Creditor for the disbursement of the Loan Facility under the withdrawal of the Loan Facility as per 2.2 under this Article 5.

ARTICLE 6

FEES AND FINANCE CHARGES

1. Fees

1.1 The Account Holder agrees to pay all finance charges and/or other fees incurred in the Account Holder’s Account at a rate determined by Kredivo (or its lending partner) and as notified to the Account Holder from time to time on the Application (or Kredivo’s partner application, as applicable), in accordance with applicable laws and regulations.

1.2 Fees and charges effected by the use of the Account, and any other liabilities arising under these terms and conditions and any loss incurred by Kredivo (or its lending partner) arising from the use of the Account shall be charged to the Account Holder. A notification about the transactions charged will be sent to the Account Holder’s Account at his/her provided email, mobile phone (in-app), or other electronic communication channels. Any such notification shall be deemed to have been received by the Account Holder at the time of sending.

2. Finance Charges

2.1 An Account statement is available to the Account Holder at any time via the Application with details of the total amount outstanding on the Account (the Amount Outstanding) and the date by which the payment must be made to Kredivo (the Payment Due Date).

2.2 On every transaction made by the Account Holder within the Account, depending on the type of such transaction, Kredivo will charge fees in the form of monthly interest (for instalment product) or one-time monthly interest/fee (for non-instalment product). Kredivo reserve the rights to determine the amount of interest for each transaction in accordance with applicable laws, which will be informed by Kredivo to the Account Holder before each transaction (in the relevant transaction page), or inside the Application, loan agreement, or any other means electronically for users’ general information.

2.3 Upon the Debtor’s first transaction on the Account, Kredivo shall have the right to pass on the stamp duty fee paid to the Thai Revenue Department in relation to this Agreement, which shall be calculated at a rate of 1 THB for every 2,000 THB of Credit Limit granted to you, or a fraction thereof, and shall be paid by the Debtor to the Creditor upon the first Instalment due date. The stamp duty fee is subject to change by law from time to time, and the Debtor agrees and consents to any stamp duty fee adjustment in accordance with applicable laws.

2.4 If the Account Holder fails to pay Kredivo (either directly or on behalf of the lending partner) the whole of the Amount Outstanding by the Payment Due Date, the outstanding balance may incur a monthly interest and/or a one-time monthly interest (applicable on the remaining outstanding balance). Costs associated with debt collection may also incur an additional finance charge. For the avoidance of doubt, if any standing instruction, cheque, or any other instrument of the Account Holder is not honoured, Kredivo, (either directly or on behalf of its lending partner) may also be entitled to charge the Account Holder a finance charge.

2.5 If the Account Holder disagrees with any charges indicated in relation with the use of the Account should be communicated to Kredivo within 7 (seven) days of the date of the transaction, failing which the Account Holder shall not be entitled to query the charge.

2.6 The Account Holder acknowledges that Kredivo may exercise its rights in the event that the Account Holder fails to pay the Minimum Amount Due prescribed in the relevant Transaction Confirmation Schedule(s) and as reminded and available on the Application (or the partner’s application) by the Payment Due Date. As provided for under Article 9 paragraph 2.4, such rights include but are not limited to the right to seek collection of the amounts due either independently or by appointing third-party debt collection services. The Account Holder agrees that personal information may therefore be used to seek contact in order to repay the Minimum Amount Due and that all charges and expenses arising out of or in connection with the performance for debt collection may be passed on to the Account Holder.

2.7 Without prejudice of the above-mentioned provisions of this Article and any other relevant Articles stipulated in this Agreement, Kredivo may at its sole discretion and/or on behalf of its lending partner, review the finance charges periodically and revise them with due notice to the Account Holder with the form of notification as deemed appropriate by Kredivo.

2.8 If there is an excess balance in the Account Holder’s Account, Kredivo will provide a written notification via email to the Account Holder. The Account Holder has the right to request for the withdrawal of such excess balance and may do so by contacting Kredivo’s customer service at email: support.th@kredivo.com or phone: 02-5440034.

2.9 If the Account Holder does not request for the withdrawal of the excess balance before the next billing cycle and/or loan amounts become due, as applicable, the Account Holder agrees and acknowledges that such excess balance shall be applied towards the Account Holder’s next outstanding balance with Kredivo.

2.10 Should there be no other outstanding balance with Kredivo towards which such excess balance may be applied towards, the Account Holder’s excess balance shall be kept in the Account Holder’s Account until the Account Holder requests for a withdrawal by contacting Kredivo’s customer service at email: support.th@kredivo.com or phone: 02-5440034.

ARTICLE 7

REPRESENTATIONS, WARRANTIES AND LOAN ACKNOWLEDGEMENT

The Debtor hereby acknowledges that he/she is correctly and validly indebted to the Creditor amounting to the Debt Principal as mentioned in the relevant Transaction Confirmation Schedule(s) (Debt Principal).
The Debtor hereby acknowledges that the amount of all loans indebted by the Debtor to the Creditor hereunder is based on the accounting and recordings of the Creditor. The Creditor’s accounting and recordings shall constitute evidence of all Debtor’s debts or obligations to the Creditor hereunder and binding to the Debtor.
The amount indebted by the Debtor to the Creditor hereunder shall cover all amounts of Debt Principal, Interest, Instalment overdue, penalty, collection fees, stamp duty, taxes and other costs related to this Agreement.
The Debtor hereby represents and warrants to the Creditor that the Debtor:

upon the signing of this Agreement is in healthy condition and is not/being treated at a hospital;
is not involved in any cases or disputes;
is not in bankruptcy and does not have knowledge of any events and/or circumstances which might lead to his/her bankruptcy in the next 3 months;
is not in default or declared in default by other third parties;
to enter into, sign, and execute this Agreement, the Debtor requires no prior approval from other persons/parties;
the provision of this Loan Facility to the Debtor will not cause an event of default/breach from the Debtor against any other third parties;
the Debtor is at least 20 years old, a Thai national, and is subject to the laws of Thailand; and
is a natural person having competence under applicable laws to enter into and perform this Agreement and has obtained all licenses and approvals (including, but not limited to spouse consent) as applicable to execute this Agreement and to receive the Loan Facility from the Creditor.

ARTICLE 8

PAYMENT BY THE DEBTOR

Any payment made by the Debtor will be applied by the Creditor in or towards Creditor’s actual receipt of payment of the Debtor’s liabilities to the Creditor under the terms and conditions of this Agreement and the relevant Transaction Confirmation Schedule(s). If the Debtor has more than one payment due, any payment made by the Debtor will first apply towards the oldest payment due.
When available in partnership with a bank, the Account Holder may issue a direct debit standing instruction on the Account to settle the amount outstanding.
The Debtor shall repay its loan in a timely manner (Debt Principal together with Interest) to the Creditor in Instalment in accordance with each Instalment amount or in a One-time Repayment as set forth in the relevant Transaction Confirmation Schedule(s).
The Debtor may be subject to pay Late Payment Interest and Debt Collection Fees as set forth in the relevant Transaction Confirmation Schedule(s) to the Creditor. In case where the Creditor shall collect the money at the Debtor’s premise, the Debtor will be responsible for the Debt Collection Fees incurred from collecting the overdue instalment payments, in accordance with the relevant Transaction Confirmation Schedule(s) under the Agreement.
Unless otherwise stipulated, all Repayments shall be made to the Creditor. The payment by transfer or other method shall be made available on the Application by the Creditor and will be considered as payment when funds have been received in the Creditor’s bank account. If there are costs arising due to the imposition by Banks, thereby reducing the amount of payment that should be received by the Creditor, the Debtor shall pay upon demand and in lumpsum the remaining amount, together with penalty if any.
In the event a date to make Repayment falls outside an official business day in Thailand, the payment shall be received into the Creditor’s Bank Account no later than one business day before the due date. If it is past the due date, the Debtor may be subject to Late Payment Interest, , and Debt Collection Fees as specified in the relevant Transaction Confirmation Schedule(s).

ARTICLE 9

SUSPENSION, CANCELLATION OR TERMINATION

Early Termination
1.1 If the Debtor wishes to repay in full the Amount Outstanding as per the Transaction Confirmation Schedule(s) under this Agreement, prior to the date(s) set in the Transaction Confirmation Schedule(s), the Debtor may choose to repay any one of, or all of such Transaction Confirmation Schedule(s) by contacting Kredivo (Thailand) Co., Ltd. customer service support, available as follows:

Phone: +66-2-5440034
Email: support.th@kredivo.com
Chat feature in the Kredivo Application

1.2 The Debtor shall not be subject to any penalties or interest if an early repayment in full is made to any one of or all of the Transaction. Confirmation Schedule(s) under this Agreement.

1.3. The channels and methods for early repayment will also include other channels that will be determined and communicated by Kredivo
Thailand in due course.

2. Suspension, Cancellation, and Termination

2.1 Subject to the Creditor’s right as stipulated in this Article, the Creditor may terminate this Agreement with the Debtor at any time by cancelling the Account by giving 30 (thirty) days prior written notice. The Debtor may terminate this Agreement at any time by written notice to the Creditor at email: support.th@kredivo.com.

2.2 The Account remains the property of Kredivo at all times and shall be returned to Kredivo upon request.

2.3 Upon termination of this Agreement, the whole amount outstanding that is in default on the Debtor’s Account shall become due and payable to the Creditor. The Creditor shall have the right to demand the payment of applicable finance charges, including but not limited to collection costs, in relation to the amount that is in default.

2.4 If, for any reason, the Debtor fails to comply with the terms and conditions of this Agreement including misuse of the Account by any means whatsoever or does not pay by the due date, the Creditor may issue a warning notice to the Debtor with a remedy period of 30 (thirty) days, which if not cured in due time shall give full rights to the Creditor to immediately terminate the Account.

2.5 On behalf of itself and/or the lending partner (as the case may be), Kredivo within the scope of applicable laws, has the right to:

Call the Account Holder and his/her listed emergency contact;
Send email/sms/in-app notifications requesting payment;
Send a reminder through an in-house or third-party agent and/or any other actions that Kredivo deems appropriate within the law;
Verify the Account Holder’s address or contact details from a merchant partner through whom the Account Holder has made a transaction;
The Account Holder shall be responsible for all costs, charges, and expenses incurred by Kredivo (or its lending partner) including collections costs and legal fees on a full indemnity basis.

If the Debtor fails to pay the amount outstanding, the Creditor (or its lending partner) reserves the right to engage a third-party agent to recover the amount owed. The Debtor shall be responsible for all costs, charges, and expenses incurred by the Creditor (or its lending partner) including collection costs and legal fees on a full indemnity basis.

ARTICLE 10

TRANSFER OF RIGHTS AND OBLIGATIONS IN THIS AGREEMENT

Without the prior written approval from the Creditor, the Debtor, in any manner and reason whatsoever, shall not be entitled to transfer or assign its rights and obligations hereunder, whether partially or entirely, to any parties.
The Creditor (“Assignor”) shall be entitled, by giving prior written notice to the Debtor equivalent to 1 (one) instalment period, to pledge, secure or in any manner assign or transfer its rights and obligations, whether partially or entirely, under any receivables or claims of the Creditor under this Agreement and each individual transaction whose transaction ID is available in each relevant Transaction Confirmation Schedule(s), i.e., including to transfer the powers conferred upon by the Debtor hereunder to any other parties as may be specified in each relevant Transaction Confirmation Schedule (“Assignee”), by entering into a subrogation, cession, joint financing agreement or other cooperation agreements, along with all rights, powers and warranties of the Creditor on the agreements, terms and conditions as deemed good by the Assignor. In the event this Agreement and its related Transaction Confirmation Schedule(s) consists of 1 (one) Principal and/or Instalment Period only, the Debtor consents and further waives any rights to setup defence against the Creditor’s (“Assignor”) rights listed under this Article 10(2).

ARTICLE 11

EVENT OF DEFAULT

The events below shall constitute negligence or default of this Agreement and the relevant Transaction Confirmation Schedule(s) by the Debtor:
a. if an Instalment is overdue, the Debt Principal and Interest or other amounts payable hereunder are not fully settled on time as specified in this Agreement and the relevant Transaction Confirmation Schedule(s);b.if the Debtor has failed to fulfill the terms or conditions in this Agreement and/or there is negligence or breach of the terms and conditions stipulated in this Agreement and the relevant Transaction Confirmation Schedule(s);c.if a representation, certificate or document provided by the Debtor in relation to this Agreement are counterfeit, false or not in accordance with the actual condition in any matters considered important by the Creditor;

d.if the Debtor passes away or is placed in custody;

e.if the Debtor files an application for bankruptcy or to be provided with postponement of loan repayment (surseance van betaling) or due to any other reason no longer has the right to manage and control its assets or is declared bankrupt or an application or claim for bankruptcy has been filed against the Debtor by the competent agency; and/or

f.if the Debtor is involved in a case before the court, and/or all or part of Debtor’s assets, if any, are seized by the competent party or by other parties.
If any of the events of default as referred to in paragraph 1 above occur(s), the Creditor may issue a warning to the Debtor through the details registered contact information provided by the Debtor to the Creditor. If any of the events of default referred to in paragraph 1 above occur(s) is not cured within a reasonable period as may be agreed between the Parties but shall be no longer than 30 days, the Creditor shall be entitled to terminate this Agreement, and allow, among others all the following acts:

immediately and simultaneously collect the entire amount(s) of the Debtor’s loan to the Creditor, whether already due or not, together with the Interest, penalty as well as all other costs arising hereunder;
If the Debtor fails to make payment as referred to in paragraph 2 a., the lapse of term has become evidence of the Debtor’s negligence, and the Creditor shall be entitled to take any legal actions deemed necessary to collect and receive all amounts owed by the Debtor under the Agreement; and/or
the Creditor’s obligations to provide further Loan Facility to the Debtor shall expire immediately.

ARTICLE 12

COSTS

The Debtor agrees that all costs regarding this Agreement as well as other costs arising from this Agreement and implementation thereof as well as all costs arising to collect the loan and enforcement of this Agreement will be borne and paid by the Debtor.

ARTICLE 13

USE OF REPAYMENT MONEY

Any amount of money received by the Creditor hereunder will be applied in the following order:
1. First, to pay the fees, with the payment being applied to the installment that has been overdue the longest;
2. Second, to pay the interest rate, with the payment being applied to the installment that has been overdue the longest; and
3. Third, to pay the principal debt, with the payment being applied to the installment that has been overdue the longest.

ARTICLE 14

CROSS DEFAULT

If the Debtor has other agreement(s)/facilities with the Creditor, other than this Agreement, then:
a. If an event of Default by the Debtor regarding this Agreement occurs, it shall also be construed that there is event of Default by the Debtor on the other agreement(s)/facilities made by the Debtor and the Creditor, and vice versa (Cross-Default).

ARTICLE 15

NOTICE

All correspondences or notifications shall be sent by each party to the other party in this Agreement shall be made by hand delivery, registered mail, mobile phone (in-app), email or delivered or via courier to the addresses as mentioned in this Agreement.
The correspondences or notifications shall be considered received by the intended party: (i) on the signing date of the receipt by the Debtor or the Creditor or the Debtor’s or the Creditor’s representative(s), if delivered by hand or via courier service; (ii) on the date after 5 (five) business days as of the posting, if sent by the registered mail or as of the submission to the courier and sufficient if it is signed by the Debtor or the Creditor or the Debtor’s or the Creditor’s representative(s); and (iii) on the sending day if sent by email.
If there is any change of address from the address above or the latest address recorded in each party, then the change shall be notified in writing to the other parties hereto no later than 5 (five) business days before the change of the relevant address. If the change of address is not notified, then the correspondences or notifications hereunder shall be considered provided accordingly by the sending of such letters or notices by hand-delivery, registered mail, email or delivered through the courier addressed to the address mentioned above or the latest address known or recorded in each party.

ARTICLE 16

DISCLOSURE OF INFORMATION

The Account Holder agrees to the disclosure of his/her credit standing to other credit scoring companies, credit granting companies, financial institutions, subcontractor, or any other third party appointed by Kredivo who may be used in the process of deciding on granting the Account Holder a loan. Kredivo will not disclose information about the Account Holder’s Account to third parties other than for the above unless permitted under applicable laws.
Kredivo reserves the right to, and the Account Holder agrees to, disclosure of information to its affiliate or third parties about the Account or transactions made: (a) where it is necessary for completing transactions; (b) to verify the existence and condition of the account for a third party, such as a merchant; (c) in order to comply with government agencies or court orders, subpoenas and other legal documents; (d) to offer you additional products or services; (e) where such information is required by the credit facility provider; (f) for the purpose of collection of the outstanding loan; or (g) if you give us your permission for any other sharing not specified herein.
If you believe that your personal information has been misused, you can file a complaint to Kredivo’s contact information. If this is not satisfying yet, subject to the provisions of applicable laws and regulations, you have the right to request a report on the use of your personal data or ask Kredivo to destroy your personal data. The destruction of such personal data may result in the termination of this Agreement and cancellation or closure of the account belonging to the Account Holder in accordance with the provisions of this Agreement.
The Account Holder may change or update data, as well as ask questions or complaints regarding all information relating to services provided by Kredivo in connection with the use of personal data via email: dpo.th@finaccel.co.

ARTICLE 17

GOVERNING LAW

The terms and conditions in this Agreement shall be governed by and construed in accordance with the laws of Thailand and the Account Holder irrevocably submits to the exclusive jurisdiction of the courts of Thailand.

ARTICLE 18

MISCELLANEOUS

Without prejudice to other provisions under this Agreement and any Transaction Confirmation Schedule(s), in the event a Financing Period, the Debtor shall settle all of its debts to the Creditor, both in form of Debt Principal, Interest, Instalment overdue, Late Payment Interest and all other costs and fees payable (if any).
If the Debtor passes away, all Debtor’s debts and obligations arising hereunder shall constitute debts and obligations of the Debtor’s heir(s).
Any appendix, letter, document or addendum to this Agreement shall form an integral part of this Agreement and therefore binds the Creditor and the Debtor.
The Debtor has read and understood all provisions contained in this Agreement, and the Debtor represents that it has received clear and correct information on this Loan Facility and any other facilities provided by the Creditor to the Debtor. The Debtor hereby represents that it will comply with this Agreement together with appendices thereto.
If any of the provision(s) in this Agreement become unlawful or unenforceable or invalid or declared null and void due to government regulations or a court’s judgment, such matter shall not affect the validity of the other provisions in this Agreement, and the other provisions shall remain valid, binding and enforceable as stipulated in this Agreement, in this case the Debtor and the Creditor agree to enter into and sign documents containing provisions to replace such unlawful or unenforceable provisions.
This Agreement and all documents related to and arising from this Agreement, shall comply with the laws of Thailand.
Any problems arising in connection with this Agreement shall, if possible, be resolved amicably. If the amicable settlement fails to be carried out within a period of 30 days from the date the matter arises (“First Grace Period“), then the Parties agree to resolve the matter through Mediation at Thai Arbitration Institute (“TAI“) according to the rules and procedures for Mediation of TAI, within a maximum period of 30 (thirty) days from the end of the First Grace Period or another period agreed by the Parties, if any (hereinafter referred to as the “Second Grace Period“). If no resolution has been reached through TAI within the Second Grace Period, then the Parties agree to resolve the matter through Arbitration in accordance with the rules and procedures of TAI Arbitration, taking place in Bangkok, Thailand, in the Thai language and decided by an Arbitration Panel consisting of 3 (three) Arbitrators. The decision of the TAI Arbitration shall be final and binding, and shall not prejudice the right and authority of one party to request execution or file a lawsuit against the other party based on this Agreement before another court within the territory of the Kingdom of Thailand, without prejudice to the rights and authorities of a party to submit an application for execution or file any claim/suit against the other party hereunder before any the other courts within the territory of the Kingdom of Thailand.
This Loan Facility is provided only to Debtors who have received and/or are currently receiving financing facilities from Kredivo (Thailand) Co., Ltd. with good collectability records as customers of the financing facilities of the Creditor.
The Creditor provides customer service support for Debtors, available as follows:
Phone: +66-2-5440034
Email: support.th@kredivo.com
Chat feature in the Application
Assignment by the Account Holder: The Account Holder shall not assign the Account Holder’s interest under this Agreement.
Assignment by the Creditor: In accordance with Article 10, Kredivo shall be entitled to assign its interest and/or any debt owing to Kredivo under the relevant Transaction Confirmation Schedule(s) to such persons and in such manner as determined by Kredivo in its absolute discretion. The Account Holder consents to Kredivo disclosing confidential information concerning the Account Holder to potential assignees and their advisors.
If there is any conflict between the provisions of the terms and conditions of this Agreement and the provisions of the relevant Transaction Confirmation Schedule (s), the terms and conditions of this Agreement shall prevail.
Amendment: The Creditor reserves the right at all times to vary or amend the terms and conditions as stipulated herein. Any such variations or amendments will become effective and binding on the Debtor upon written notification to the Debtor by such means as the Creditor deems fit. If the Debtor does not accept any such variations or amendments, the Debtor may terminate this Agreement under Article 9 (2.1)
Any Amendment being materially affect the rights or obligations of the Debtor, the Creditor shall notify the Debtor at least 30 (thirty) days prior to such Amendment become effective.
Authorisation: Unless expressly stipulated otherwise herein, any and all authorities stipulated in these terms and conditions are irrevocable and cannot be terminated based on any reason whatsoever.
Language: This Agreement shall be executed in Thai. Any other language provided is only for translation purposes and the Thai version of the Agreement shall be binding and used to resolve any inconsistencies.
Entire Agreement: Unless specified otherwise herein, this Agreement comprises the entire agreement between the parties with respect to the subject matter of all the terms and conditions in this Agreement and supersedes all prior understandings, agreements, representations and correspondences if any.

Complete provisions in connection with this service are available on the Application.

In witness whereof, this agreement is made on the day and date as mentioned below, in 2 (two) counterparts, where each counterparts is considered as the original copies, which when put together will constitute the same instrument, which has the same legal force for the Creditor and the Debtor. Each Party agrees that this Agreement and any other document to be delivered in connection herewith may be signed (and delivered) electronically or by entering a One-Time Password (“OTP“) and that any electronic signature appearing on this Agreement, or any other such document shall have the same effect as a wet ink signature for purposes of its validity, enforceability and binding effect.

Kredivo (Thailand) Co., Ltd.

Place/Date: [●] [●] [AM/PM]

DEBTOR,

[●]

*The Debtor accepts and agrees that by clicking “Accept” on this Agreement and submitting the “OTP”, shall be considered as the sufficient and complete evidence of authentication and your electronic signature. Such evidence shall be binding to the Debtor and have the same force and effect as a wet-ink signature