RCBC Salary Loan NOW

The following terms and conditions shall apply to the availment of RCBC's Salary Loan NOW program.

1. The RCBC RCBC Salary Loan NOW program allows select and pre-qualified RCBC Payroll depositors to borrow cash to be paid in installments.
2. RCBC, through RCBC Bankard Services Corporation (RBSC), shall facilitate the availment, processing of loan proceeds and payment and collections of the RCBC Salary Loan NOW program.
3. Definition of Terms. - The following terms, as used herein and in the RCBC Pulz app, shall be understood to mean:
• Client - rerefers to the RCBC Payroll depositor who avails of the RCBC Salary Loan NOW.
• Monthly add-on rate - refers to the interest rate that determines the interest payable at the beginning of the loan, added per month to the principal.
• Monthly Amortization - refers to the fixed amount for monthly payments that comprise the principal amount and interest payment.
• Fee - refers to the sum of fees that will be charged to the Client based on the RCBC Salary Loan NOW availed. Fees include the following:
  - Processing fee - refers to a fixed amount or percentage to be computed against the RCBC Salary Loan NOW amount availed. 
  - Documentary Stamp Tax - refers to the tax to be collected for loan documents that greater than or equal to Php 250,000 and computed as Php 1.50 for every Php 200, or a fraction of the loan amount availed.
• Net Proceeds - refers to the amount that will be credited to the RCBC Payroll account after availment of RCBC Salary Loan NOW. This is the RCBC Salary Loan NOW amount, net of fees. For example, if availing of Php 100,000 and Php 1,000 is the fee, the net proceeds will be Php 99,000.
• Payroll Deduction - refers to the payment mode for the RCBC Loan NOW program where payments for the RCBC Salary Loan NOW availment shall be debited from the customer's RCBC Payroll account. The Payroll Deduction shall coincide with the actual Payroll Credit date or shall be based on the past 6-month payroll credit dates, whichever comes first.
• No. of Payroll Deductions - refers to the frequency of payroll deductions in a month.
• Deductions per Payroll - refers to the amount to be paid and debited from the customer's RCBC Payroll Account which is computed as the total Payroll Advance amount availed, divided by the number of Payroll Deductions.
• Total Repayment - refers to the sum of all scheduled monthly amortization payments that the Client agrees to pay over the loan term.
• Payroll Credit Dates - refers to the actual date when Payroll is credited or the past 6-month average historical payroll credit dates that will be the basis for payroll deduction.
• Due Date - refers to the indicative dates on when the Payroll Deduction will happen. This coincides with the actual or scheduled Payroll Credit Dates, as defined.
• Amount Due - refers to the total amount due from the client, which comprises of the unpaid amortization and late penalty fees, if applicable.
4. Purpose - By availing of the RCBC Salary Loan NOW, I confirm that the purpose of the loans is for personal consumption or family use.
5. The availment of RCBC Salary Loan NOW is subject to the following where I confirm and agree that:
   • Fees and monthly add-on rates are based on the prevailing rates and may vary per RCBC Payroll customer. In addition, Fees will be deducted upfront from the RCBC Salary Loan NOW amount to be availed; therefore the credited amount will be net of fees.
   • RCBC, through RBSC reserves the right to approve or reject RCBC Salary Loan NOW applications and has no obligation to disclose reasons for the rejection or disapproval of RCBC Salary Loan NOW requests. RBSC has the sole discretion on the loan amount that can be availed for RCBC Salary Loan NOW.
   • The RCBC Salary Loan NOW availment can no longer be cancelled once approved.
   • RCBC, through RBSC shall credit the loan proceeds to my payroll account and provide a status via the RCBC Pulz for real-time crediting. Should there be a delay in crediting, RBSC shall send an SMS notification to me upon crediting.

6. Payments - Payments on Salary Loan NOW amortizations and late penalty fees (if applicable) shall immediately be deducted on my actual or scheduled Payroll Credit Dates after date of my request, and shall be subject to the following:
• Payroll deduction - I authorize RCBC and RBSC to debit my payroll account in satisfaction of the amount due on every payment date.
• Insufficient payment - If the balance of or credits to the payroll account is not sufficient to cover for the payment due, RCBC and RBSC shall debit the remaining available balance in my payroll account. I authorize RCBC and RBSC to debit the remaining unpaid amount, plus charges, in my following salary crediting day. If the balance in my payroll account is not sufficient to cover for the payment due, RCBC and RBSC shall hold the unpaid amount against my RCBC Payroll Account for 30 days from the last due date. In the event of credits to my account, whether Payroll or non-Payroll, RCBC and RBSC shall continue to debit my account until the full unpaid amount is collected.
• In cases where I will receive insufficient or no credits from my employer on salary crediting day, I shall be obliged to fund my payroll account to meet the amount due on or before my scheduled due dates. Failure to do so shall not prevent RCBC and RBSC from applying payments via payroll deduction with corresponding penalty charges. I likewise assign, transfer, convey and set over unto RCBC and RBSC, its successors and/or assigns, my salaries and wages including the proceeds of my salary that may be credited to my payroll account and all benefits arising from or accruing to me pursuant to my employment, including my separation pay, retirement benefit, convertible vacation leaves, and other benefits that may be collected from my employer for the satisfaction of my obligations to RCBC and RBSC.
• Application of Payment. - Any and all payments for my account under Salary Loan NOW shall be applied on the following items in the order they are listed:
  • Late payment fees
  • Unpaid Monthly Amortization

7. Late Penalty Fee - I understand that should I be unable to pay my monthly amortization or outstanding balance in full, I agree to pay the Late Penalty Fee where I will be charged with a late penalty fee equivalent to 5% of my unpaid outstanding balance, accrued on a daily basis starting from the statement date until the loan is fully paid. A late penalty fee will still be applied for partial payments.
8. Pre-termination Fee - I understand that should I decide to pre-terminate or pay the RCBC Salary Loan NOW in full before maturity, a pre-termination fee of Php 500 or 5% of the unpaid principal amount, whichever is higher will be charged.
9. I acknowledge that I shall be considered in default in the event that (i) I fail to pay my obligations on my RCBC Salary Loan NOW account, and by extension any RCBC Personal Loan, RCBC Salary Loan NOW, RCBC Bankard credit card if applicable, (ii) I fail to observe any of the terms and conditions governing the issuance of my RCBC Salary Loan NOW account, (iii) I fail to observe any of the terms and conditions of any contract/evidence of indebtedness and or related documents in connection with any credit facilities granted in my favor by RCBC/RCBC Bankard Services Corporation or another financial institution, (iv) any information, documentation, representation or warranty made by me in my application form that proves to have been fraudulent, untrue, incorrect or misleading at the time it was made.
10. In case I default:
    1. The entire unpaid obligation (including unbilled balances) and all other fees and amounts payable under this Agreement shall become immediately due and payable without demand, protest, or further notice of any kind, all of which I hereby expressly and willingly waive.
    2. I agree to pay late penalty fees as applicable. If RCBC/RBSC needs to refer my case to a collection agency or through an Attorney-at-Law, I shall be liable to pay the cost of collection and/or attorney's fee equivalent to twenty-five percent (25%) of the amount claimed and the expenses of litigation and judicial costs as applicable.
    3. In the event that my account shall be referred to a collection agency or an attorney-at-law for collection, I acknowledge that RCBC/RBSC shall notify me in writing of the endorsement of the collection of my account, or the endorsement of the collection of my account to a collections agency or attorney prior to actual endorsement. The notification shall include the full name of the collection agency and its contact details to which my account will be offset.

11. The above-mentioned Terms and Conditions for the implementation of the RCBC Salary Loan NOW program may be amended and supplemented by RCBC or RCBC Bankard Services Corporation from time to time, as may be deemed necessary.

1. Who are qualified for RCBC Payday Now and RCBC Salary Loan Now?

• RCBC Payroll Clients who meet the credit criteria are qualified for RCBC Salary Loan Now.

2. How will I know if I’m qualified for RCBC Payday Now and RCBC Salary Loan Now?

• RCBC Payroll Clients will receive a notification via SMS, email or a pop-up ad through RCBC Pulz.

3. How much can I avail?

• The amount that can be availed and the corresponding fees and monthly add-on rate are customized per RCBC Payroll Client. You may check the RCBC Salary Loan Now offer page in RCBC Pulz app to view how much you can avail.

4. Can I avail of RCBC Payday Now and RCBC Salary Loan Now simultaneously?

• You may only avail of either one at any given time. You may re-avail once your current RCBC Payday Now or RCBC Salary Loan Now availment has already been fully paid.

5. How can I avail? Will it only be through RCBC Pulz?

• Yes, you may only avail RCBC Salary Loan Now through the RCBC Pulz. Simply download the RCBC Pulz app from the App Store or Google Play Store. Once downloaded, click the pop-up ad upon logging in or go to the Loans tab>tap on Apply/link my loan> tap on Salary Loan NOW.

6. How soon do I get the proceeds?

• You will get the proceeds, net of fees, in an instant. You will receive this as soon as you agree with the terms and conditions, Promissory Note and Disclosure Statement. However, if there will be system or network connection issues, your proceeds will be credited within the next banking day.

7. Can I avail the RCBC Salary Loan NOW with other loans?

• If you have an existing Auto or housing loan with RCBC, you may still avail RCBC Salary Loan NOW. Existing Personal and Salary Loans customers will no longer be eligible for a Salary Loan NOW offer until existing loan is fully paid off.

8. I saw I had an offer last week but now that I am planning to avail, the RCBC Salary Loan NOW is no longer there.

• Thank you for your interest in RCBC Salary Loan NOW. This product is subject to prequalification. You will be notified once an offer is available to you.

9. How will I pay for it?

• We’ve made it easy for you to pay your loan as this will be automatically deducted from your salary on your payroll credit date.

10. How will I know my payment schedule?

• You may refer to RCBC Pulz for your payment schedule and payment progress.

11. I have an existing RCBC Salary Loan NOW and what happens when I resign?

• You may still continue to pay for your RCBC Salary Loan NOW by funding your RCBC Payroll Account until it is fully paid. Note that with your resignation, you may no longer be qualified for this product, unless your next employer is a Payroll Client of RCBC. Alternatively, you could also directly pay your loan online via bills payment. Select RCBC Credit cards and choose “RCBC Credit (Bankard)” as biller, indicate your 16-digit loan account number reflected on your mobile app and pay your amortization accordingly.

12. What if I don’t receive any payroll credit or my payroll credit is insufficient?

• Your RCBC Payroll Account will still be deducted as long as your account’s balance is equal or greater than the amount due. However, if the account balance is insufficient, the amount will still be debited up to the existing balance of the account. If there will be unrecovered amount at the time of debit, RCBC shall put a lien on the payroll account such that should there be any type of credit or deposit to the account, RCBC will be able to process the amount for repayment.

13. Will I be charged with late penalty fee?

• If you have any unpaid amount due, you will be charged with late penalty fee of 5%.

14. Where do we direct concerns related to RCBC Salary Loan NOW?

• You may direct to the PLSL Customer Service at 02 88881895 or loansservices@rcbcbankard.com

15. I have an existing RCBC savings account. Can I avail of the RCBC Salary Loan NOW?

• This product is exclusively being offered to pre-qualified RCBC Payroll clients .

16. Will I be deducted immediately in my next pay roll date?

• Deductions may happen either on the upcoming payroll credit date or on the next cycle of payroll credit date depending on the take up date. This will be reflected on your payroll account’s transaction details.