GoFlexi Personal Instalment Loan Terms and Conditions

GoFlexi Personal Instalment Loan Terms and Conditions

In consideration of WeLab Bank Limited (“Our, “We” or “Us”) agreeing to grant and/or granting a Personal Loan (the "Loan") to you (the “Borrower”), you agree to have read, understood and accepted our Account Terms, these Terms and Conditions and any approval letter issued by us in accordance with (and subject to) these Terms and Conditions (the “Approval Letter”).

[1] Borrower’s information

The information you provide is and will remain true and accurate. If there is any change in your personal information including name, residential and mailing address, mobile number(s), email address or employment, you will update us of such change via the WeLab Bank app as soon as reasonably practicable.

[2] Approval of the Loan and Conditions

[a] Approval of the Loan and the terms applicable to the Loan (including the amount of, tenor of and interest rate applicable to the Loan) shall be at our sole discretion and is conditional upon fulfillment of the following to our satisfaction:

i. provision of all documentary proof required by us which we may independently verify;

ii. a satisfactory review of your credit profile available at the credit reference agency of our choice;

[b] If we approve the Loan, specific terms applicable to the Loan (including the amount of, tenor of and interest rate applicable to the Loan) will be contained in the Approval Letter. You will have thirty days from the date of your Loan application to accept the Loan before our approval expires. Any other offers or quotes by us are indicative only.

[c] If you accept the Loan, the Loan will be made, disbursed and repayable in accordance with the Account Terms, these Terms and Conditions and the Approval Letter.

[3] Loan Disbursement

[a] Proceeds of the Loan will be disbursed to the Core Account held by you with us.

[b] Interest on the Loan starts to accrue from the day it is deemed to be drawn which, in the case of paragraph a. above, is the day the Loan is disbursed to the Core Account.

[4] Handling Fee

No handling fee will be charged in connection with the processing of the Loan.

[5] Repayment arrangements

[a] We will debit from your Core Account the monthly repayment amount on each repayment date as stated in the Approval Letter.

[b] We have the right to apportion the monthly repayments between principal and interest as we shall determine.

[c] You authorize us to debit your Core Account any amount of fees, charges, costs and expenses payable by you under these Terms and Conditions.

[d] If you have any difficulty in repaying any amount outstanding under the Loan, you should notify our Customer Services as soon as possible.

[e] You agree to pay to us on demand all outstanding principal, interest and other charges of and relating to the Loan. We shall have the right to review, modify, reduce and/or cancel the Loan and demand immediate repayment of all outstanding principal of the Loan and interest thereon without prior notice and without giving any reasons.

[f] All your payments to us must be made without (and free and clear of any deduction for) set-off or counterclaim, and without deduction of withholding. If any deduction or withholding is made, the amount of the payment due will be increased to an amount equal to the amount which would have been due if no deduction or withholding has been required.

[g] We may apply any available funds in your Accounts to satisfy repayment of the outstanding amounts owed by you to us starting with full repayment of the earliest bill date of the outstanding amount; or in any order as the Bank may at its absolute discretion determine from time to time

[h] Where your outstanding amounts are collected by debt collection agents, partial repayment of the outstanding amounts will be allowed, starting with the earliest bill date or in any order as the Bank may at its absolute discretion determine from time to time.

[6] Early Repayment

You may repay the outstanding principal of the Loan (in whole but not in part) on any day prior to the final repayment date. If you choose to do so, you will pay all accrued but unpaid interest, plus a fee of 2% on the outstanding Loan principal being repaid. You may also be required to refund or return any applicable promotional offers in case of early repayment (subject to the terms and conditions of such promotional offer(s)).

[7] Interest Charges and Expenses

[a] For the first repayment, you are required to pay interest pro-rated based on the period between the drawdown date and the first repayment date.

[b] If the first repayment date specified by you is more than one month from the drawdown date, your first repayment will include the interest from drawdown date to the first repayment date.

[8] Late Repayment
If you fail to make any monthly repayment in full when it is due (including where there are insufficient funds in your Core Account), we may charge, without prior notice, a late charge at the rate of 30% of the overdue monthly repayment amount or HKD 350, whichever is lower.

[9] Set-off
In addition to any general lien or similar right to which we may be entitled at law, we may, at any time without prior notice:

[a] combine or consolidate any amount outstanding under the Loan, as well as any other amounts payable by you under these Terms and Conditions or in connection with the Loan, with the balance on any other accounts which you maintain with us; and

[b] set off or transfer any money standing to the credit of your Core Account, any Time Deposit Account held with us or any other accounts you maintain with us in or towards settlement of any amount owing by you to us under the Loan under these Terms and Conditions or in connection with the Loan.

[10] Amendment
We reserve the right to amend these Terms and Conditions, the amounts or percentages of interest rate, charges, premiums, fees and disbursements applicable to the Loan at any time without prior notice. For changes which shall result in an increase in the interest, fees or charges payable by you and/or affect your liabilities and obligations, we shall give at least 30 days’ notice to you unless such changes are not within our control. We may give you such notice by any means at our discretion as we see fit. You will be bound by a variation unless you fully repay the Loan before the date on which that variation takes effect.

[11] Collection Costs

We may take such steps and actions as we reasonably think fit to enforce repayment of the Loan, interest thereon and these Terms and Conditions including without limitation, employing lawyers, third party debt collection agents or other third party service providers to collect any amount you may owe to us from time to time. You will indemnify us on demand for all costs and expenses reasonably incurred by us in demanding, collecting or recovering any outstanding amount. You also agree and authorize us to disclose any relevant information to such persons for these purposes.

[12] Miscellaneous

[a] No failure, act, omission or delay by us to exercise or enforce any right shall operate as a waiver of such right, nor will any single, partial or defective exercise of any right prevent any other or further exercise of it or the exercise of any other right.

[b] Terms defined in our Account Terms shall have the same meanings when used herein, unless otherwise defined.

[c] In the event of inconsistency between these Terms and Conditions and the Account Terms, these Terms and Conditions will prevail.

[d] No person (other than you or us) may enforce any of these Terms and Conditions under the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws of Hong Kong).

[e] These Terms and Conditions:

[f] In case of any inconsistencies between the English and the Chinese versions of these Terms and Conditions, the English version shall prevail.