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In these General Terms and Conditions:
in each case as amended, supplemented, replaced or otherwise varied from time to time;
The Borrower confirms that the Agreement Details are true and correct.
The Lender will make the Loan to the Borrower strictly subject to the terms and conditions of the Loan Agreement after the Loan Agreement has been executed by the Lender and the Borrower. The Borrower understands and agrees that the Agreement Details and the Relevant Terms and Conditions constitute the Loan Agreement.
By signing the Loan Agreement, the Borrower acknowledges receipt of an original copy of the Loan Agreement (with copies of the Relevant Terms and Conditions attached thereto) and agrees to be bound by all the terms and conditions set out on in the Loan Agreement. Where the Repayment Schedule and the Loan Confirmation are not provided to the Borrower due to the Borrower's instruction to draw down the Loan on a date other than the date of the Loan Agreement, the acknowledgment of receipt by the Borrower under the Loan Agreement excludes the Repayment Schedule and the Loan Confirmation.
The Lender will provide the Repayment Schedule and the Loan Confirmation to the Borrower if he draws down the Loan at a branch of the Lender. If the Borrower draws down the Loan via the 24-hour Member Hotline or the Online System, he will not be provided with a Repayment Schedule or Loan Confirmation but will be notified of the next payment due date and the amount payable by the 24-hour Member Hotline, the Online System or such other method as the Lender may think appropriate. Such notifications shall be deemed to form part of the Loan Agreement.
The Borrower further confirms that he has read and understood the PICS, the MLO Summary and all other materials and documents provided to him in connection with the Loan and the Loan Agreement.
The Borrower may apply to the Lender at any time to request a new advance and/or an amendment of the loan details stated in the Agreement Details (i) by attending personally at a branch designated by the Lender, (ii) by calling the 24-hour Member Hotline or (iii) via the Online System, provided that the Lender shall have an absolute discretion whether or not to approve or refuse such application without giving any reason. If the Lender refuses such an application, the terms and conditions set forth in the Loan Agreement shall remain in full force and effect and unchanged. If the Lender approves such an application, the Lender will amend the relevant loan details, and the Borrower must confirm his agreement to the Lender's amendments by signing a supplemental agreement (a) at a branch of the Lender, (b) by way of the 24-hour Member Hotline or (c) by way of the Online System, and only then shall such amendments take effect. Save only for such amendments, the other terms and conditions set forth in the Loan Agreement shall remain in full force and effect and unchanged. Notwithstanding this, the Lender may require the Borrower at any time to sign a new loan agreement to reflect the relevant amendments to the loan details and/or new advance and the Borrower shall comply with such requirement promptly. All the information or files relating to the Loan kept or maintained by the Lender shall be deemed to be accurate unless there is a manifest error therein.
Any new advance agreed to be made by the Lender shall further be subject to the following terms:
The Borrower shall pay the Lender interest on the Loan at the annual interest rate stated in the "Annual Interest Rate" column in the Agreement Details. The flat monthly interest rate stated in Agreement Details and/or Repayment Schedule is for reference only. For revolving loans, the flat monthly interest rate is calculated on the basis of a year of 12 months. For instalment loans, the flat monthly interest rate is calculated on the basis of the number of instalments stipulated in the Loan Agreement. Interest calculation is based on the annual interest rate and the outstanding Loan at any relevant time. Interest shall accrue from the date of drawdown of the Loan and shall be calculated on the basis of the actual number of days elapsed and a 365-day year.
The "Total Amount of Interest Payable", "Total Repayment Amount" and "Number of Instalments" (collectively, the "Repayment Information") stated in the Loan Agreement are calculated by reference to "Upper Limit of Loan" and "Loan Drawdown Date" stated in the Loan Agreement. If the "Loan Drawdown Date" has not been confirmed by the Borrower as at the date of the Loan Agreement, the Repayment Information will be calculated by reference to the "Upper Limit of Loan" and "Loan Agreement Date". Information does not include "Non-clear Interest" (if any), as the same (if any) is stated in Repayment Schedule accompanying the Loan Agreement.
Interest charged by the Lender is calculated on a daily basis based on the outstanding Loan from time to time. In the circumstances, the actual amount of interest payable may be different from the information shown in the Agreement Details and/or the Repayment Schedule for the following non-exhaustive reasons:(i) the Borrower makes an early or late payment; (ii) an additional payment or actual payment which is less than the monthly instalment amount is made; (iii) renewal of the Loan; and/or (iv) adjustment of repayment dates as a result of unexpected non-banking clearing day(s) / public holiday(s).
The daily interest payable (calculated by dividing the interest payable in respect of any relevant period of time by the number of days in that period) and the principal outstanding can be calculated or found in the Repayment Schedule.
The Borrower shall repay the Loan and pay interest thereon in monthly instalments each falling due on the dates stated in the "Monthly Repayment Date" column in the Agreement Details (each such repayment date, a "Due Date") in each month until full payment as confirmed by the Lender. If a Due Date falls on a non-banking clearing day, that Due Date shall fall on the preceding or succeeding banking clearing day as stipulated in the Agreement Details, whether or not such day shall fall in the same calendar month as the originally specified Due Date. Where a Due Date falls on the 29th, 30th or 31st day of a calendar month, the relevant Due Date shall fall on the last banking clearing day of the corresponding calendar month that does not have 29, 30 or 31 days. The amount of the Loan and interest to be paid in each instalment shall be the amounts shown in the Repayment Schedule. The amount of the last instalment may be adjusted by the Lender as appropriate in view of the actual payments and/or advances made by the Borrower during the loan period. Where there is any inconsistency between the figures in the Repayment Schedule and the "Monthly Repayment" figure appearing in the Agreement Details, the figures in the Repayment Schedule shall prevail. The number of instalments shall be the figure stated in the "Number of Instalments" column in the Agreement Details and the same may be increased if any new advance is made in accordance with paragraph 3 above. Any determination or calculation in respect of any sum payable under the Loan Agreement made by the Lender shall be final and conclusive except in the case of manifest error.
Instalments paid by the Borrower shall be appropriated first, in or towards payment of interest accrued on the Loan and secondly, in or towards reduction of the principal amount of the Loan.
Each instalment shall be paid according to the method indicated in the "Method of Repayment" column in the Agreement Details. However, where it is not possible to make payment according to such method, payment may be made in cash by any method specified by the Lender from time to time. The Borrower shall retain the relevant receipt as proof of payment.
In default of paying any instalment of the Loan and interest thereon when due, the rate stated in the "Annual Interest Rate" column in the Agreement Details shall be charged on the amount overdue (both before and after judgment) calculated from the Due Date until the date of actual payment.
Upon the happening of any of the following events or circumstances, the Lender shall be entitled to terminate the Loan Agreement immediately and upon such termination, the Loan together with interest accrued thereon as at the date of termination shall become immediately due and payable without any further notice or demand by the Lender:
To repay principal and pay interest validly and effectively on the applicable Due Date, such payments must be made on the "Monthly Repayment Date" specified in the Agreement Details, or no more than 14 days prior to relevant "Monthly Repayment Dates", failing which an event of default under this paragraph 9 shall be deemed to have occurred. The amount of principal and interest to be paid shall be the amount stated in the "Monthly Repayment" column in the Agreement Details.
If the bank designated by the Borrower ("DDA Bank") is not able to set up direct debt authorisation instructions in relation to payments under the Loan Agreement before the first Due Date, the Borrower shall use other payment means to pay the instalment payment on time, failing which it would be regarded as an event of default under paragraph 9 above and/or a late payment whereupon the Lender shall be entitled to, among others, charge default interest as stipulated in the Loan Agreement.
The Borrower must ensure that there are sufficient funds in the designated payment account with the DDA Bank for the payment of instalments one day in advance of each Due Date. Any failed auto-pay instruction will be regarded as an event of default under paragraph 9 above and/or a late payment whereupon the Lender shall be entitled to, among others, charge default interest as stipulated in the Loan Agreement. In addition, the DDA Bank may itself charge the Borrower fees arising therefrom.
In default of making any payment in full when due, the Lender may, at its discretion, debit the designated payment account of the Borrower with the DDA Bank from time to time with any sum then outstanding and unpaid.
The Borrower acknowledges and agrees that the DDA Bank and the bank designated by the Borrower to receive the Loan ("Receiving Bank") may charge the Borrower fees in the following non-exhaustive circumstances:
The Borrower agrees with the Lender that it must check with the DDA Bank and the Receiving Bank for their fee charging policy to ensure that it is fully aware of fees that it may become liable to pay to the DDA Bank and the Receiving Bank.
The Lender may take such action as the Lender in its absolute discretion thinks fit to enforce the terms and conditions of the Loan Agreement, including employing third party agencies to collect overdue amounts owed by the Borrower. The Borrower shall indemnify the Lender in full for all costs and expenses incurred by the Lender in respect of any enforcement action taken by the Lender including all legal costs and expenses on a full indemnity basis.
The Lender reserves the right to analyse and evaluate the Borrower's financial status, and review its credit policy, from time to time. The credit limit of the Borrower may be adjusted upwards or downwards at any time without prior notice to the Borrower. The Borrower must check his latest upper credit limit at regular intervals through the 24–hour Member Hotline or the Online System.
The Borrower shall, within 14 days of any change to his particulars which have been provided to the Lender for the purposes of the Loan Agreement including, in particular, changes to his name, address, telephone number and financial information, notify the Lender in writing of such change. If the Borrower fails to comply with this obligation, the Lender reserves its right to suspend or terminate the Borrower's loan facility without prior notice.
The Borrower agrees that the Lender may, and unconditionally and irrevocably authorises the Lender to, disclose all information relating to the Borrower known to the Lender to the staff, principals and agents of the Lender (including solicitors, accountants, collection agencies and credit agencies) whenever the Lender deems necessary in the normal course of conducting business such as for, but not limited to, credit checking, administration, enforcement of the Loan Agreement, collection of debts and auditing purposes, in accordance with the PICS.
Any notice or demand sent by ordinary post to the address shown in the Agreement Details, otherwise provided by the Borrower to the Lender, or otherwise the last address of the Borrower known to the Lender shall be deemed to be received by the Borrower within 48 hours of posting.
It is hereby declared that the Loan Agreement was negotiated and completed at the address stated in the "Place of Negotiation and Completion of Loan Agreement" column in the Agreement Details. The Loan is drawn down by the Borrower on the date as stated in the Loan Confirmation.
Notwithstanding any other agreement between the Lender and the Borrower, the Lender is authorised (but is not obliged) to act on any instruction which the Lender in good faith believes to be given by or on behalf of the Borrower (such instruction, "Instruction") if such Instruction is in relation to the operation of the Loan, including draw down of the Loan, change of auto-pay payment amounts, change of monthly payment date, change of annual interest rate, or making enquiries about the outstanding Loan (collectively, the "Services"), through the 24-hour Member Hotline and/or the Online System. All Instructions shall be irrevocable and unconditional and may be acted upon by the Lender irrespective of any other circumstances or any contrary agreement or notification.
A PIN is needed to access the 24-hour Member Hotline and the Online System. The Borrower may choose a PIN by keying in a password in person at a designated branch, or by any other method designated by the Lender from time to time. The Borrower undertakes to keep any PIN, and, where relevant shall procure that a PIN and any other substitute or replacement PIN, is kept strictly confidential at all times and shall not, and where relevant shall procure that any authorised person shall not, disclose any PIN to any person. The Borrower must notify the Lender immediately if the Borrower becomes aware or suspects that a PIN has become known to any other person. The Borrower shall bear all consequences arising out of his failure to comply with his obligations under this paragraph. The Borrower agrees that the Lender is authorised to act on any Instruction which the Lender in good faith believes to have emanated from the Borrower by the use of a PIN. In no circumstances shall the Lender be held liable to the Borrower for acting in good faith upon the Instructions which turn out to have been given fraudulently or by an unauthorised person.
Any information given by the Lender under the Services is for reference purposes only. The Lender shall not be held liable for the sufficiency or accuracy of the information so given and the Lender reserves the right to update and vary such information from time to time and at any time.
The Lender makes no representations or warranties of any kind, including any warranties of fitness for a particular purpose or merchantability, nor are any such warranties to be implied with respect to the information or services furnished under the Services. Unless the Lender fails to act in good faith, the Lender shall not under any circumstances be liable in contract, tort, or otherwise for any direct, indirect or consequential loss or damage (whether foreseeable or not) of whatever nature or extent arising out of or in connection with any act, omission, error or negligence of the Lender including the Lender acting upon any fraudulent and/or unauthorised Instructions, any failure, delay or default on the part of the Lender in performing any of its obligations hereunder due wholly or in part to delays, malfunction, interruptions, failures of the 24-hour Member Hotline or the Online System providing the Service where such delay or malfunction arises from defects which have been advised, or are otherwise obvious, to the Borrower. The Lender shall in no event be liable for any consequential losses arising out of or in connection with the Lender acting on any Instruction.
The Lender's obligations to advance further loans to the Borrower through the Services shall be subject to the "Upper Limit of Loan" stated in the Agreement Details and the Lender shall not be held liable for any consequence arising out of the Lender's absolute discretion in implementing any Instruction to advance further loans which may result in exceeding the upper limit of the Loan.
The Borrower shall be responsible for all consequences of Instructions and shall keep the Lender indemnified at all times against all claims, demands, actions, proceedings, damages, losses, costs and expenses which may be brought against or incurred by the Lender and which arise directly or indirectly out of or in connection with the Lender accepting any Instruction and acting or failing to act thereon unless due to the wilful default of the Lender and this indemnity shall continue notwithstanding any satisfaction of the obligations of the Borrower under the Loan Agreement.
The Borrower's right to give Instructions shall be subject to the Lender's absolute discretion. The Lender reserves the right to add to, vary, suspend or delete any of the Services at any time. In addition, the Documents may be revised from time to time and the Borrower hereby agrees to be bound by relevant amendments to the Documents as the same are made from time to time. The Lender will give the Borrower a copy of the amended and most up-to-date version of each of the Documents, as soon as practicable after such most up-to-date version is available.
Any provision of the Loan Agreement which is invalid for any reason shall be ineffective only to the extent of such invalidity and shall not affect the validity of the remaining terms and conditions thereof. Nothing herein shall operate so as to exclude or restrict any liability, the exclusion or restriction of which is prohibited by the laws of Hong Kong.
No failure or delay by the Lender 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 preclude any other or further exercise of its right or the exercise of any other right.
The Loan Agreement (i) shall be binding upon each successor, personal representative and person lawfully acting on behalf of the Borrower; and (ii) is personal to the Borrower and the Borrower's rights or obligations may not be assigned. The Lender may assign or otherwise dispose of all or any of its rights and obligations hereunder, and may transfer or delegate all or part of its duties and obligations hereunder to any third party that it considers suitable. Such rights of assignment, transfer or delegation may be exercised without notice to or consent of the Borrower.
In case of any conflict or inconsistency between the Chinese and English versions of the Loan Agreement, the English version shall prevail for all purposes. If the Borrower needs a Chinese and/or English version of the Loan Agreement, he should request one from the Lender.
The Loan Agreement shall be governed by and construed in accordance with the laws of Hong Kong. The Borrower hereby irrevocably submits to the non-exclusive jurisdiction of the courts in Hong Kong.
Except as expressly provided in the Loan Agreement, no person other than the Borrower and the Lender shall have any rights under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) to enforce or enjoy the benefit or any of the provisions of these General Terms and Conditions of the Loan Agreement.
If the Borrower executes an Online Loan Agreement, the following terms and conditions shall also apply. If there is any inconsistency between the following terms and conditions and the terms and conditions above, the terms and conditions below shall prevail for the purposes of the Online Loan Agreement.
Promise (Hong Kong) Co.,Limited
Last Updated Date : Dec 2022
This notice is given by Promise (Hong Kong) Co., Limited ("Promise") to its customers and any third parties ("Third Parties") whose personal data are collected by Promise and/or provided to Promise by its customers for its use for the purposes set out below.
In relation to personal data of customers, the purposes listed in paragraphs (a) to (k) (inclusive) and any purposes related thereto are "obligatory" purposes, meaning that customers must permit Promise to use their personal data for these purposes if they wish to use Promise's services. The purposes listed in paragraph (l) and any purposes related thereto are "voluntary" purposes, meaning that customers have a choice whether Promise can use their personal data for these purposes and if a customer does not want Promise to use his/her personal data for those purposes, he/she can tell Promise and Promise will not use his/her personal data for those purposes.
In relation to personal data of Third Parties, the purposes listed in paragraphs (a) to (l) and any purposes related thereto are "voluntary" purposes, meaning that Third Parties have a choice whether Promise can use their personal data for these purposes and if a Third Party does not want Promise to use his/her personal data for these purposes, he/she can tell Promise or the customer of his/her wish not to disclose such personal data to Promise, and the customer shall not thereafter provide such personal data to Promise and Promise will not use his/her personal data for those purposes if Promise is aware that Third Party does not consent to the use of such personal data for such purposes.
Customers have a choice on whether or not their personal data can be used for direct marketing purposes. If a customer does not wish Promise to use or provide to other persons his/her personal data for use in direct marketing as described above, and also wants Promise to advise other persons to stop using his/her personal data for such direct marketing purpose, he or she may notify Promise of the same any time, without charge.
For the avoidance of doubt, Promise will not use personal data of Third Parties for direct marketing purposes unless they expressly consent.
Promise (Hong Kong) Co., Limited
Last Updated Date : Nov 2024
The provisions of the Money Lenders Ordinance (Cap.163 of Laws of Hong Kong) (the "Ordinance") summarised below are important for the protection of all the parties to a loan agreement, and should be read carefully. The summary is not part of the law, and reference should be made to the provisions of the Ordinance itself in case of doubt.
Summary of Part III of the Ordinance-Money lenders transactions
Section 18 sets out the requirements relating to loans made by a money lender. Every agreement for a loan must be put into writing and signed by the borrower within 7 days of making the agreement and before the money is lent. A copy of the signed note of the agreement must be given to the borrower, with a copy of this summary, at the time of signing. The signed note must contain full details of the loan, including the terms of repayment, the form of security and the rate of interest. An agreement which does not comply with the requirements will be unenforceable, except where a court is satisfied that it would be unjust not to enforce it.
Section 19 provides that a money lender must, if requested in writing and on payment of the prescribed fee for expenses, give the original and a copy of a written statement of a borrower's current position under a loan agreement, including how much has been paid, how much is due or will be due, and the rate of interest. The borrower must endorse on the copy of the statement words to the effect that he has received the original of the written statement and return the copy as so endorsed to the money lender. The money lender must retain the copy of the statement so returned during the continuance of the agreement to which that statement relates. If the money lender does not do so he commits an offence. The money lender must also, upon a request in writing, supply a copy of any document relating to the loan or security. But a request cannot be made more than once per month. Interest is not payable for so long as the money lender, without good reason, fails to comply with any request mentioned in this paragraph.
Section 20 provides that the surety, unless he is also the borrower, must within 7 days of making the agreement be given a copy of the signed note of the agreement, a copy of the security instrument (if any) and a statement with details of the total amount payable. The money lender must also give the surety, upon request in writing at any time (but not more than once per month) a signed statement showing details of the total sum paid and remaining to be paid. The security is not enforceable for so long as the money lender, without good reason, fails to comply.
Section 21 provides that a borrower may at any time, on giving written notice, repay a loan together with interest to the date of repayment, and no higher rate of interest may be charged for early repayment.
This provision, however, will not apply where the money lender is recognized, or is a member of an association recognized, by the Financial Secretary by notice in the Gazette in force under section 33A(4) of the Ordinance.
Section 22 states that a loan agreement is illegal if it provides for the payment of compound interest, or provides that a loan may not be repaid by instalments. A loan agreement is also illegal if it charges a higher rate of interest on amounts due but not paid, although it may provide for charging simple interest on that part of the principal and interest outstanding at a rate not exceeding the rate payable apart from any default. The illegal agreement may, however, be declared legal in whole or in part by a court if the court is satisfied that it would be unjust if the agreement were illegal because it did not comply with this section.
Section 23 declares that a loan agreement with a money lender and any security given for the loan will not be enforceable if the money lender was unlicensed at the time of making the agreement or taking the security. The loan agreement or security may, however, be declared enforceable in whole or in part by a court if the court is satisfied that it would be unjust if the agreement or security were unenforceable by virtue of this section.
Summary of Part IV of the Ordinance-Excessive interest rates
Section 24 fixes the maximum effective rate of interest on any loan (the "effective rate" is to be calculated in accordance with the Second Schedule to the Ordinance). A loan agreement providing for a higher effective rate will be unenforceable and the lender will be liable to prosecution. This maximum rate may be changed by the Legislative Council but not so as to affect existing agreements. The section does not apply to any loan made to a company which has a paid up share capital of not less than $1,000,000 or, in respect of any such loan, to any person who makes that loan.
Section 25 provides that where court proceedings are taken to enforce a loan agreement or security for a loan or where a borrower or surety himself applies to a court for relief, the court may look at the terms of the agreement to see whether the terms are grossly unfair or exorbitant (an effective rate of interest exceeding the rate specified in the section, may be presumed, on that ground alone, to be exorbitant), and, taking into account all the circumstances, it may alter the terms of the agreement in such a manner as to be fair to all parties. The section does not apply to any loan made to a company which has a paid up share capital of not less than $1,000,000 or, in respect of any such loan, to any person who makes that loan.
Last Updated Date : Jan 2023
Last Updated Date : Aug 2019
