Part 1: Document Overview
1.1 Nature of the Document
This Loan Product Disclosure Document (hereinafter referred to as the "Disclosure Document") is prepared by VANTABLACK TECHNOLOGY CO. LTD. (hereinafter referred to as the "Platform," "we," "us," or "our") in accordance with Philippine financial regulatory requirements, with the aim of providing prospective borrowers with comprehensive and transparent disclosure of all key information regarding the personal loan products offered through the JaccsLoan application.
1.2 Legal Status
This Disclosure Document constitutes an important part of the JaccsLoan loan application process and should be read together with the JaccsLoan Terms and Conditions and the JaccsLoan Privacy Policy.
The information contained in this document does not constitute a loan offer. Actual loan terms (including amount, interest rate, fees, etc.) shall be subject to the final approval of the partner financing/lending company and the in-app display.
Under the Philippine Truth in Lending Act (Republic Act No. 3765), all financing or lending companies are required to provide borrowers with a complete disclosure statement before the loan transaction is completed, setting forth key information such as the amount financed, finance charges, net loan proceeds, repayment schedule, and effective interest rate.
1.3 Relationship Between the Platform and the Partner Institution
Our Role
We act as a pure technology platform provider, responsible only for the development, maintenance, operation, technical support, and customer service assistance of the App.
Role of the Partner Institution
Loan products are provided by financing or lending companies that hold a valid Certificate of Authority from the Philippine Securities and Exchange Commission (SEC). Such institutions are duly registered and regulated by the SEC, falling under the category of non-bank financial institutions. The partner institution is solely responsible for the design, pricing, credit assessment, approval decisions, fund disbursement, repayment management, and regulatory compliance of all loan products.
Boundary of Responsibility: We do not directly provide loans, nor do we assume any loan performance or financial risks.
Part 2: Basic Product Features
2.1 Product Type
Product Name: JaccsLoan Personal Unsecured Loan
Loan Nature: Digital unsecured personal loan
Regulatory Authority: Philippine Securities and Exchange Commission (SEC)
Applicable Laws: Including the Lending Company Regulation Act (Republic Act No. 9474), the Financing Company Act (Republic Act No. 8556), the Truth in Lending Act (Republic Act No. 3765), the Data Privacy Act (Republic Act No. 10173), and various rules and regulations issued by the SEC.
2.2 Loan Amount
Minimum Loan Amount: ₱1,000
Maximum Loan Amount: ₱100,000
The actual approved amount shall be determined by the partner institution based on a comprehensive assessment of the following factors: your credit score and credit history, monthly income level and repayment capacity, existing debt burden, reasonableness of loan purpose, and the partner institution's internal risk assessment models.
2.3 Loan Term
Minimum Term: 3 months
Maximum Term: 12 months
You may choose a term that suits you within the range of 3 to 12 months. Please note that the longer the term, the higher the total interest cost.
2.4 Interest Rate Structure
Interest Rate Type: Fixed annual interest rate
Annual Interest Rate Range: 18% – 28%
Effective Interest Rate: The actual annualized effective interest rate as disclosed in the loan agreement shall prevail.
The final applicable interest rate shall be determined by the partner institution based on your credit score and credit history, loan amount and term, income level and employment stability, and internal risk models.
Part 3: Fee Structure
3.1 Service Fees
Service fees are one-time comprehensive charges deducted directly from the loan amount upon disbursement, covering the following costs:
- Processing Fee: Covering application processing, document verification, and account management administrative costs, ranging from 0.2% to 1.2% of the loan amount
- Credit Investigation Fee: For obtaining credit reports and conducting credit score analysis, ranging from 0.1% to 0.3% of the loan amount
- Risk Review Fee: For risk assessment, fraud detection, and compliance checks, ranging from 0.1% to 0.3% of the loan amount
- Technical Service Fee: For platform usage, technical maintenance, and digital services, ranging from 0.1% to 0.2% of the loan amount.
The aggregate of the above fees results in a total service fee rate ranging from 0.5% to 2.0% of the loan amount. For example, for a loan amount of ₱50,000, the service fee would be approximately ₱250 to ₱1,000.
3.2 Interest Charges
Calculation Method: Daily interest accrual
Calculation Formula: Interest = Annual Interest Rate ÷ 360 × Loan Amount × Number of Days
Repayment Structure: Full lump-sum repayment upon maturity
3.3 Applicable Taxes
In accordance with relevant Philippine tax laws, the loan transaction may be subject to applicable taxes, the specific amount of which shall be disclosed in the loan agreement.
3.4 Late Fees
Definition of Default: Failure to complete repayment before the end of the agreed due date
Late Fee Rate: 0.5% per day
Calculation Formula: Late Fee = Outstanding Principal × Number of Days Overdue × 0.5%
Late Fee Cap: Accumulated late fees shall not exceed the total principal amount of the loan.
Default will also result in a downgrade of your credit score, which may affect future loan applications, and default information will be reported to the Credit Information Corporation (CIC) as required.
Part 4: Fee Calculation Example
The following is a hypothetical example for illustrative purposes only, to help you understand the fee structure:
Assume you apply for a loan of ₱100,000 with a term of 180 days, an annual interest rate of 18%, and a service fee rate of 2.0%. The related fees are as follows:
Service Fee: ₱2,000 (calculated as: ₱100,000 × 2%)
Interest: ₱9,000 (calculated as: 18% ÷ 360 × 180 × ₱100,000)
Taxes: As actually incurred
Net Amount Received: Approximately ₱98,000 (₱100,000 – ₱2,000 – taxes)
Total Amount Due at Maturity: ₱109,000 (₱100,000 + ₱9,000)
Important Note: Your actual fees shall be based on the loan agreement and in-app display. Under the Truth in Lending Act, the partner institution will attach a complete disclosure statement to the loan agreement, setting forth the amount financed, finance charges, net proceeds, repayment schedule, and effective interest rate.
Part 5: Application and Approval
5.1 Eligibility Requirements
To apply for a loan, you must meet the following conditions:
- Be at least 18 years of age
- Be a resident of the Philippines
- Have a stable source of income
- Have no serious adverse credit history
- Be able to provide a valid government-issued identification document and income proof documents.
5.2 Application Process
The loan application steps are as follows:
- Download the JaccsLoan app and complete account registration
- Fill out the online application form, providing personal information and employment details
- Upload required identity and income proof documents. Acceptable IDs include UMID, Driver's License, Passport, GSIS/SSS ID, PRC ID, Postal ID, etc.
- Submit the application and await assessment
- The partner institution conducts credit assessment and risk analysis
- Receive the approval decision and confirm the loan terms online
- Loan funds are disbursed to your designated bank account.
5.3 Processing Time
Initial Assessment: Commences immediately upon submission of a complete application;
Fast Approval: Eligible applications may be completed in as little as 1 to 5 minutes;
Standard Approval: Most applications are reviewed within 24 hours;
Fund Disbursement: Typically credited within 24 to 48 hours after approval.
Actual processing time may vary depending on the completeness of application documents, verification procedures, and bank processing speeds.
Part 6: Repayment
6.1 Repayment Method
You are required to initiate repayment manually through the JaccsLoan app. Specific supported payment channels shall be displayed within the app.
6.2 Repayment Schedule
A detailed repayment schedule (including principal and interest due for each installment) will be displayed in the app after loan approval.
6.3 Default Management
Default Reminders: Notifications via SMS, in-app notifications, and email;
Collection Procedures: Graduated collection measures based on the severity of the default, with all collection activities strictly complying with SEC regulations on fair collection practices;
Credit Reporting: Default information will be reported to the Credit Information Corporation (CIC) as required;
Legal Recourse: For prolonged and serious defaults, the partner institution may initiate legal proceedings in accordance with law.
Part 7: Borrower Rights
7.1 Right to Information Transparency
Under the Truth in Lending Act (Republic Act No. 3765), you have the right to be informed of all fees and terms before signing, obtain a detailed breakdown of fee components, receive copies of the loan agreement and disclosure statement, and request clarification of any unclear terms. The partner institution must ensure that you fully understand the loan terms before the transaction is completed.
7.2 Right to Privacy Protection
Your personal information is protected under the Philippine Data Privacy Act (Republic Act No. 10173). Information is used only for authorized purposes and not for unrelated marketing. You have the right to access and correct your personal data, and to file a complaint with the National Privacy Commission (NPC) regarding data processing concerns.
7.3 Right to Fair Treatment
Loan decisions are based on objective criteria, without discrimination on grounds of race, religion, gender, or similar factors. Credit assessments are based on comprehensive and fair risk models. If you have concerns about a loan decision, you may appeal through formal channels and receive timely and professional customer support.
7.4 Right to File a Complaint
Under SEC regulations, you have the right to file complaints with the SEC regarding violations by financing/lending companies and online lending platforms, including violations of the Lending Company Regulation Act, the Financing Company Act, and the Truth in Lending Act. Complaints involving data privacy issues may also be filed with the National Privacy Commission.
Part 8: Risk Warnings
8.1 Financial Risks
Taking out a loan will increase your monthly financial obligations and may affect other daily expenses. In the event of income reduction or unemployment, your repayment capacity may be affected. Fixed interest rates may be relatively disadvantageous in a declining interest rate environment, and default may result in rapid accumulation of additional fees.
8.2 Credit Risks
Poor repayment history will seriously affect your credit score, which in turn may affect future loan and credit card applications. Adverse records may lead to higher borrowing costs in the future, and default information will be reported to the Credit Information Corporation (CIC) as required and may be retained for an extended period.
8.3 Operational Risks
App or payment system failures may affect your ability to make timely repayments, and bank system delays may unexpectedly cause defaults. In addition, personal information leakage may lead to identity theft risks, and changes in regulatory policies may affect existing loan terms.
Part 9: Regulation and Complaints
9.1 Regulatory Framework
Loan products displayed on this Platform are provided by financing/lending companies holding SEC Certificates of Authority and are governed by the following key regulations: the Lending Company Regulation Act (Republic Act No. 9474), the Financing Company Act (Republic Act No. 8556), the Truth in Lending Act (Republic Act No. 3765), the Data Privacy Act (Republic Act No. 10173), and relevant anti-money laundering regulations.
Under the latest SEC regulatory framework, financing/lending companies operating online lending platforms are required to meet strict disclosure, operational, and consumer protection requirements, including disclosing platform information to the SEC, registering with the Credit Information Corporation, and submitting credit data as required. The partner institution is required to submit periodic reports to the SEC and undergo audits and examinations.
9.2 Complaint Channels
First Level: Contact us directly through the Platform's customer support email at support@vantablacktech.com or via in-app support channels. General inquiries are responded to within 24 hours, and formal complaints are acknowledged within 3 working days. If you are not satisfied with the initial resolution, you may request escalation to senior management.
Filing a Complaint with the SEC: Complaints regarding violations by financing/lending companies and their online lending platforms may be submitted through the SEC iMessage portal. Please note that complaints must be fully completed with supporting evidence, each complaint form applies to only one company, and internal remedies with the company should first be exhausted before filing. Complaints involving data privacy issues may be filed with the National Privacy Commission.
9.3 Dispute Resolution
Any dispute shall first be resolved through amicable negotiation. If negotiation fails, the dispute may be submitted to arbitration in accordance with applicable law. As a last resort, legal proceedings may be initiated in the competent courts of the Philippines. All legal documents and proceedings shall be in English.
Part 10: Responsibilities and Contact Information
10.1 Responsibility Statement
VANTABLACK TECHNOLOGY CO. LTD. acts solely as a technology platform provider and does not assume any financial risks or loan performance responsibilities. All loan-related responsibilities are borne by the partner financing/lending company holding a valid SEC Certificate of Authority. The Platform endeavors to ensure the accuracy of information but does not guarantee that it is entirely error-free, and reserves the right to amend product terms, with material changes to be notified in advance.
Current Partner Institution Information:
Partner Company: JACCS Finance Philippines Corporation
Partner Company Address: 38th Floor, Robinsons Equitable Tower, ADB Avenue corner Poveda Street, Ortigas Center, 1605, Pasig City
The partner institution is independently responsible for:
- Loan product design and rate setting
- Credit assessment and approval decisions
- Fund disbursement and account management
- Repayment processing and collection activities
- Compliance with relevant regulatory requirements of the SEC and the Bangko Sentral ng Pilipinas (BSP).
Boundary of Responsibility: The Platform does not participate in credit decisions nor assume legal liability for the partner institution's loan performance.
10.2 Contact Us
Company Name: VANTABLACK TECHNOLOGY CO. LTD.
App Name: JaccsLoan
Customer Support Email: support@vantablacktech.com
Official Website: https://www.vantablacktech.com/