By accessing or using the Woo Cash mobile application ("App") and services ("Services") provided by SOFI LENDING Inc. ("Company," "we," "us," or "our"), you ("User," "you," or "your") agree to be bound by these Terms of Service ("Terms"). These Terms constitute a legally binding agreement between you and SOFI LENDING Inc. Please read them carefully. If you do not agree to all of these Terms, you must not access or use the App or Services.
Lending Entity: SOFI LENDING Inc.
SEC Registration Number: CS201908275
Lending License Number: 2990
Email: support@sofilending.com
Telephone: 09378204110
Registered Address: Unit 1406, Philippine Stock Exchange Tektite East Tower, Exchange Road, Ortigas Center, Pasig City,Metro Manila, 1605, Philippines.
Platform Operator: The Woo Cash application is operated for SOFI LENDING Inc.
3.1 Product Features:
Loan Amount Range: Philippine Pesos Two Thousand (₱2,000) to Philippine Pesos Fifty Thousand (₱50,000).
Loan Tenor: Ninety-one (91) days to One Hundred Eighty (180) days.
Annual Percentage Rate (APR): Twelve percent (12%) to Thirty percent (30%) per annum.
3.2 Interest & Cost Calculation:
Interest is calculated on a daily basis on the outstanding principal balance.
Formula: Daily Interest = (Outstanding Principal x Annual Interest Rate) / 365.
The final APR applicable to your loan will be determined based on our proprietary credit assessment and will be unequivocally stated in your individual Loan Contract. No fees other than interest shall be charged, unless permitted by applicable regulations for specific late payment scenarios.
3.3 Sample Illustrations (For Illustration Only):
Example A: Loan of ₱5,000 for 91 days at 15% p.a. results in total interest of ₱187. Total Repayment: ₱5,187.
Example B: Loan of ₱20,000 for 120 days at 20% p.a. results in total interest of ₱1,315. Total Repayment: ₱21,315.
Example C: Loan of ₱40,000 for 180 days at 25% p.a. results in total interest of ₱4,932. Total Repayment: ₱44,932.
4.1 Eligibility Criteria: To apply for a loan, you must:
Be a citizen and resident of the Philippines.
Be at least twenty (20) years old but not more than sixty-five (65) years old at the time of application.
Have a stable and verifiable source of income.
Possess a valid government-issued identification document.
Have an active Philippine bank account or registered e-wallet (e.g., GCash, PayMaya).
4.2 Application Process: You must:
Download the official Woo Cash App and complete the registration.
Provide true, accurate, current, and complete information about yourself.
Submit required documents for identity verification and credit assessment.
5.1 Disbursement: Approved loans will be disbursed to your nominated bank account or e-wallet. Standard processing times apply.
5.2 Repayment Methods: You may repay via integrated payment channels (e.g., GCash, PayMaya) or over-the-counter at authorized partner outlets.
5.3 Repayment Schedule: Your specific repayment dates and amounts will be detailed in your Loan Contract and within the App.
5.4 Early Repayment: You may fully prepay your loan at any time without any prepayment penalty. Interest will be computed only up to the date of actual prepayment.
5.5 Late or Failed Payments: Failure to pay on the due date may result in:
Potential restrictions on future loan access.
Initiation of collection activities, which may include reporting to credit bureaus and involving third-party collection agencies, with you liable for associated reasonable costs as allowed by law.
We encourage you to contact our support team if you anticipate difficulty in making a payment.
You represent and warrant that all information provided is correct and not misleading. You will use the loan proceeds solely for legitimate personal, family, or household purposes and not for any illegal activity. You are solely responsible for maintaining the confidentiality of your account credentials.
We reserve the right to suspend or terminate your access to the App and Services at our sole discretion if we believe you have violated these Terms, provided false information, or for any other reason to protect the security and integrity of our platform.
We may modify these Terms at any time. We will notify you of material changes via the App or other reasonable means. Your continued use of the Services after such notification constitutes acceptance of the revised Terms.