Terms And Conditions
General Terms and Conditions
Section 1. Introduction
1.1 This document sets out the General Terms and Conditions (“T&C”) applicable to loans or other credit accommodations (each, a “Loan”) that may be obtained from Neuroncredit Financing Company Inc. doing business as Atome (“Atome”) including the products that may be found in its website and App by the undersigned as borrower (the “Borrower”), as set out in the relevant agreement pertaining to such Loan (each, a “Loan Agreement”) between Atome and the Borrower.
1.2 This T&C, along with the Customer Information Table, the Disclosure Statement , and Annex A of the Loan Agreement (Promissory Note), shall form integral parts of the Loan Agreement and have the same force and effect as if expressly set out in the body of the Loan Agreement.
Section 2. Covenants
As long as any Loan or any other fees, charges, or amounts owing to Atome under a Loan Agreement remain outstanding and unpaid, Borrower shall:
2.1 promptly perform all of Borrower’s obligations under the Loan Agreement;
2.2 promptly submit and provide to Atome all documents and information, execute and deliver such other instruments and documents, and perform or refrain from performing any such other acts, as may be required by Atome, whether for compliance with government regulations or Atome’s own policies;
2.3 notify Atome of every change in Borrower’s contact details and address immediately after such change;
2.4 hold Atome harmless against any and all claims arising from the use of the proceeds of a Loan; and
2.5 pay Atome the applicable charges, penalties, interest and fees depending on the Type and Purpose of Loan specified in the Loan Agreement.
Section 3. Billing, Payment, and Payment Channels
3.1 Atome by itself or through an authorized billing agent, in accordance with law, will regularly send Borrower a notice, which shall include the details of the monthly loan installment under the Loan Agreement, through communication channels available to Atome which shall include, but is not limited to, telephone, website, e-mail, online customer portal, SMS, social media account, and other technical means such as through the mobile phone application and push notifications.
3.2 Borrower shall pay the minimum amount due on or before the due date specified in any payment notification, bill or any other notice sent by Atome.
3.3 Borrower’s failure or refusal to pay the minimum amount due and any outstanding charges by due date shall entitle Atome to accelerate the Loan and subject the Borrower to the Atome charges, penalties, interest and fees provided under Section 2.5 of the T&C.
3.4 For the avoidance of doubt, Borrower shall be responsible for informing himself/herself of any outstanding balance though the indicated method/avenues by which Borrower may check his/her balance.
3.5 Borrower may pay any Installment Amount through any of Atome’s accredited payment channels listed below or at the website of Atome (each, a “Payment Channel”):
a. DragonPay (from Oct 2018 onwards)
b. ECPay (from June 2019 onwards)
3.6 Atome is not bound to honor payments made to persons or entities or at places or through payment channels not authorized by Atome to receive payments on its behalf.
3.7 Borrower undertakes to verify the list of Payment Channels at the mobile phone application of Atome before making any payment. In case of any discrepancy between the list of Payment Channels indicated above and that indicated in Atome’s website as of the date of the relevant payment, the list on Atome’s website shall prevail.
3.8 Borrower shall be solely accountable for all applicable fees and charges that may be incurred due to wrong payment details used by Borrower despite sufficient information from Atome. These additional charges, fees, penalties and/or interest may have been incurred due to, but not limited to, payment through wrong channels and excess payment.
Section 4. Collection and Processing of Information
4.1 Borrower expressly consents to the collection, use, storage, disclosure, updating and processing (as these terms are defined under the applicable confidentiality and data privacy laws of the Philippines and other jurisdictions, as the same may be amended, revised or supplemented from time to time) by Atome of any information provided by Borrower or by whatever source in relation to or in connection with this T&C or a Loan Agreement, including any information previously provided arising from a prior transaction with Atome. Borrower expressly allows Atome to obtain and extract data from the Borrower-provided information (Full Name, Mobile Number, Email, FB information, Date of Birth, Gender, Marital Status, Dependents, Education, Work History, Address, ID information, Emergency Contacts, Facial Information, Bank Account -should the information be available) (“Registered Contact Details”), for the following purposes which include but are not limited to: verifying Borrower credit risk, analyzing and studying Borrower behavior, administering and enforcing Borrower’s obligations (specifically collections) under this T&C or Loan Agreement, marketing and advertising (e.g. raffle promotions, competition, etc.), engaging with customer service and the like.
4.4 Borrower hereby consents to and authorizes Atome, for the purpose of conducting its credit adjudication, credit billing and collection activities: (i) to obtain pertinent credit and personal information of Borrower from Borrower’s employer, banks, credit card companies, and other financial institutions; and (ii) to process and acquire information about the Borrower from all relevant sources such as mobile phone service providers, payment gateways and electronic money issuers, customer service, social media, Atome third party contacts and Borrower’s third party contacts.
4.5 Borrower hereby authorizes his/her employer, banks, credit card companies, and financial institutions mentioned in the immediately preceding paragraph, to release any and all information required by Atome, such as, but not limited to, information required under Republic Act No. 9160, as amended (Anti-Money Laundering Act of 2001), Republic Act No. 7394 (Consumer Act of the Philippines), Republic Act No. 9510 (Credit Information System Act), and other similar laws and regulations.
4.6 Borrower hereby certifies that any information and document supplied by Borrower, or by any person authorized by Borrower, to Atome in connection with this T&C, any Loan or any Loan Agreement shall, at the time they are provided, to be true, genuine and/or correct. If any information or document is untrue or inaccurate, Atome can reject the application for a Loan or cancel its approval.
4.7 Borrower guarantees that the Emergency Contacts he or she provided to Atome as reference have consented to be qualified as Borrower’s Emergency Contacts, and that the Borrower has notified said Emergency Contacts that they may be contacted for the purposes of borrower verification, updating of Borrower’s information and contact details, and marketing and customer service.
4.8 Atome will keep Borrower information in Atome database starting from Borrower’s registration and application (first usage) to Borrower’s last usage (any of the following: log-in, sign out, loan repayment, customer service interaction, etc.) plus a minimum period of five (5) years therefrom or as long as required by Philippine laws. Should a Borrower be inactive for five (5) years or more, Borrower’s personal information will be deleted from the database.
Section 5. Telephone Communications
5.1 In order for Atome to render prompt and accurate service, Borrower authorizes Atome to record any and all telephone conversations between Borrower and Atome, regardless of who initiated the telephone conversation. Such authorization to record includes, but is not limited to, recording of instructions, statements, complaints, inquiries by Borrower, and information regarding a Loan and reminders by Atome.
5.2 Borrower authorizes Atome to call for any of the following purposes: verifications, marketing, customer service and collections.
5.3 Atome may use the recorded telephone conversation for any purpose, such as proof of Borrower’s acceptance of any offer or additional or revision of terms made through telephone.
5.4 Atome may also use such recordings for any legal purpose, particularly as evidence in any judicial, quasi-judicial or administrative hearing or proceeding.
Section 6. Alternative Loan Application Channels
6.1 Atome may offer, and Borrower can apply for and receive approval of, new loans, give or receive information related to a Loan Agreement and new loans using other service channels. Alternative loan application channels shall include, but is not limited to, telephone, website, e-mail, online customer portal, SMS, social media account, and other technical means such as mobile application, made available by Atome. However, Atome does not guarantee the availability of all alternative loan application channels at all times to Borrower.
6.3 Borrower authorizes Atome or its representatives to (i) contact Borrower and his/her Emergency Contact(s) through personal means of communications or contact details with Atome at any time, (ii) share and use Borrower’s personal data for other various financing offer schemes or promotional schemes which may be offered and provided by Atome, and (iii) use Registered Contact Details as a means to obtain any future consent and approval from Borrower for such financing offer schemes or promotional schemes, which may be offered and provided by Atome, or by any third party engaged by Atome.
6.4 Borrower shall inform his/her Emergency Contacts regarding his/her loan and that Atome may in the foreseeable future reach out to Borrower’s Emergency Contacts for possible verification, updating of Borrower’s information and contact details, and marketing and customer service.
6.5 All representations made by Borrower ,as provided during calls and other forms of communication with Atome, shall be legally binding on the Borrower. These representations may be used and referenced by Atome for all future loans and other programs that may be offered by Atome and accepted by Borrower.
6.6 Borrower agrees that all calls, communications, conversations, and/or representations made between the Borrower and Atome shall be recorded, at the option of Atome, and kept by Atome in its discretion.
Section 7. Collection Practices
7.1 Atome and its agents may resort to any and all reasonable and legally permissible means to collect amounts due it under the relevant Loan Agreement. In the collection process, Atome and its agents and employees shall observe good faith and reasonable conduct in compliance with applicable laws and regulation.
7.2 Atome shall ensure that personnel handling the collection of accounts, whether these are in-house collectors, or third-party collection agents, shall disclose his/her full name/true identity to Borrower.
7.3 Borrower agrees that Atome may engage the services of a collection agency/agent and endorse the collection process arising from or in relation to any aspect or the entire Loan Agreement to such collection agency/agent.
7.4 Atome shall ensure that all calls made to Borrower are made at reasonable hours, from 6:00 am-10:00 pm, unless Borrower’s account is past due for more than fifteen (15) days, or Borrower has given express consent that said times are the only reasonable or convenient opportunities for contact.
Section 8. Miscellaneous
8.1 No failure, omission or delay on the part of Atome or its agent in exercising any right or power under this T&C or the relevant Loan 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 Atome or its agent of any payment for Atome after its due date or after an Event of Default has occurred or after legal proceedings have been commenced against Borrower shall not constitute an extension of time for payment or a modification or novation of the terms of this Loan Agreement or in any way prejudice Atome.
Entries in Atome’s Accounts
8.2 In any dispute arising out of or in connection with this T&C or the relevant Loan Agreement, the entries made in the accounts maintained by, and the records of, Atome are prima facie evidence of the matters to which they relate, absent any manifest error.
8.3 If any provision of this T&C or the relevant Loan 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 T&C or the relevant Loan Agreement, but this T&C or such Loan Agreement, as the case may be, shall be reformed, construed, and enforced to the fullest extent possible as if such invalid, illegal, or unenforceable provision had never been included.
Venue of Dispute
8.4 Any dispute arising from this T&C or the relevant Loan Agreement shall be brought exclusively in the courts having jurisdiction over the principal office of Atome.
8.5 All notices, demands or other communications required or permitted to be given or made by Atome to Borrower hereunder shall be made in accordance with the Section 3, Section 5, Section 6 and Section 7 of this T&C, as the case may be.
8.6 This T&C and the relevant Loan Agreement shall be governed by the laws of the Republic of the Philippines.
Borrower confirms having read and understood and agrees to the entire T&C constituting of above clauses. The T&C, the relevant Loan Agreement, and the other documents have been (or, in the case of future Loan Agreements, will be) explained to Customer in the language understood by Customer. Borrower is aware that Atome has agreed to grant a loan to the Borrower only after Borrower has agreed to abide by the terms of the Loan Agreement and this T&C. This T&C is available in Atome’s website and mobile phone application. Atome may at any time and for whatever reason it may deem proper, amend, revise or modify the T&C without further notice. It is Borrower’s responsibility to regularly check any changes to the T&C at www.atome.ph. Borrower’s continued use of the Atome service after any such changes constitutes acceptance of the new T&C.