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Date: 2023-10-16 17:45:06.551229
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Date: 2023-10-17 07:29:00.726704
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Date: 2023-10-17 11:52:03.744808
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Concerns About Kviku Online Lending App - KVIKU Customer Service is not reponsive

Requested from SEC by A. HENIL at 05:45 PM on Oct 16, 2023.
Purpose: TO ADJUST THE DUE DATE ON 12/15/2023 FOR LESSER INTEREST
Date of Coverage: 10/15/2023 - 10/16/2023
Tracking no: #SEC-038604884785

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HENIL 05:45 PM, Oct 16, 2023

Hi!

I borrowed PHP 3,000.00 today, and I was surprised to find out that the total amount due in February 2023 is PHP 9,000.00+. The interest rate is incredibly high, and there seems to be no flexibility in choosing when to make payments or the option to pay in advance. No warning or even a preview of the payment details before approval. They only send the contract once the process has begun, and that's when you discover the total installments and the amount due. There is no option to cancel immediately after reading the contract because they already start processing.

HENIL 05:52 PM, Oct 16, 2023

If you know what agency or department should I contact, please let me know.

Loan amount (Principal): 3 000.00 РНР
Loan Term: 135
Interest Rate: 2% per day

Payment schedule:
Payment 1 (10/30/2023) – PHP 993.71
Payment 2 (11/14/2023) – PHP 993.71
Payment 3 (11/29/2023) – PHP 993.71
Payment 4 (12/14/2023) – PHP 993.71
Payment 5 (12/29/2023) – PHP 993.71
Payment 6 (01/13/2024) – PHP 993.71
Payment 7 (01/28/2024) – PHP 993.71
Payment 8 (02/12/2024) – PHP 993.71
Payment 9 (02/27/2024) – PHP 993.71

If you are going to total that, that is around PHP 8,943.39 plus processing fee of 98.29.00 per 993.71. So a total 9828.00 is the total payment or my liability.

I was able to find out just today in my research, that you can not pay the loan in advance and they will still demand you to pay the total of the 9 installments.

Please help.

HENIL 06:02 PM, Oct 16, 2023

I'm not sure how you permitted this company to impose such a high interest rate. It resembles a loan shark scenario. Just think about it, over 9,000 for a 3,000.00 loan?

The customer service is unresponsive. I applied for a loan yesterday, and as soon as I read the contract, I tried to contact them, but no one has responded, not even until now. Then, just this afternoon, the loan amount was successfully deposited into my bank account. Now, I'm wondering how I can cancel this loan. If possible, I would prefer to return the full amount, even if there's any accrued interest.

HENIL 06:14 PM, Oct 16, 2023

Please see the Government ID attached below.

HENIL 02:06 AM, Oct 17, 2023

I find myself in a rather desperate situation at present. They replied to my email, BUT instead of providing me with the crucial information regarding the total amount due for December 14, 2023, which is an advanced payment date, I have been directed to Paragraph 6 of the agreement. This paragraph stipulates, 'The Borrower may fully repay the Loan in full together with accrued, unpaid interest and fees and charges for sixty (60) days, at any time the Borrower deems fit, but only after an advance written notice to the Lender's e-mail: support@kviku.ph.' 

[Are they suggesting that even if I make an advance payment, I would still be required to pay PHP 9000.00+? I have already communicated this inquiry to them, by the way.]

It feels as though I am being held accountable for any oversight. I am actively seeking to establish communication with them, driven by the earnest need to ascertain the exact amount I am obligated to pay by the specified due date. They have requested a letter for early loan repayment, and I am prepared to comply, but my conscience weighs heavy with uncertainty in the absence of this critical information (the total amount to pay on December 14, 2023). The entire ordeal has taken a toll on my emotional well-being.

HENIL 02:11 AM, Oct 17, 2023

I apologize for sharing these emotions with you, but I am feeling really desperate and overwhelmed by what I saw in the contract. It appears that I can no longer cancel or decline the contract after they process the loan. They should, at the very least, permit me to read the agreement, including the breakdown of the installment, to determine whether I agree with it before they proceed with any actions.

Gonzales 07:29 AM, Oct 17, 2023

October 16, 2023

Dear AMIRA CZEEKHA,

Thank you for your request dated Oct 16, 2023 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Concerns About Kviku Online Lending App - KVIKU Customer Service is not reponsive.

We received your request on Oct 16, 2023 and will respond on or before Nov 06, 2023 05:45:06 PM, in accordance with the Executive Order's implementing rules and regulations.

Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://foipmo01062020151959-dot-efoi-ph.appspot.com/requests/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy0wMzg2MDQ4ODQ3ODUM, for request with ticket number #SEC-038604884785.

Thank you.

Respectfully,

Isma Gonzales
FOI Officer

Quimio 11:52 AM, Oct 17, 2023

October 17, 2023

Dear AMIRA CZEEKHA HENIL,

Greetings!

Thank you for your request dated Oct 16, 2023 05:45:06 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.

Your Request

You asked for Concerns About Kviku Online Lending App - KVIKU Customer Service is not reponsive.

Response to Request
To find out more about the specifics of your complaint, you may file a formal complaint with us by following the instructions below:

1. To File a Formal Complaint Against a Lending or Financing Company

Kindly follow this link: http://www.sec.gov.ph/lending-companies-and-financing-companies/complaints/.

Please read and follow the instructions carefully to avoid the outright dismissal of your complaint.

In sending the complaint form to flcd_complaints@sec.gov.ph via e-mail, kindly use the following format in the subject head of the e-mail: COMPLETE NAME _RESPONDENT COMPANY _ SUBJECT OF COMPLAINT (ex: JUAN DELA CRUZ_ABC LENDING_DISCLOSURE STATEMENT VIOLATION).

2. To verify Lending Companies, Financing Companies and Online Lending Platforms

For a list of registered lending and financing companies, follow these links:

a. Registered Lending Companies

https://www.sec.gov.ph/lending-companies-and-financing-companies-2/list-of-lending-companies-2/

b. Registered Financing Companies

http://www.sec.gov.ph/lending-companies-and-financing-companies/list-of-financing-companies/

For a list of recorded online lending platforms of lending and financing companies, please refer to this link:

https://www.sec.gov.ph/lending-companies-and-financing-companies-2/list-of-recorded-online-lending-platforms/

3. For more information on Lending and Financing Companies

For more information, refer to this link: http://www.sec.gov.ph/lending-companies-and-financing-companies/complaints/

As to your issues on data privacy violation or violations of R.A. 10173, or the Data Privacy Act of 2012, please contact:

Atty. Michael R. Santos
Chief, Complaints and Investigation Division
National Privacy Commission

Address: 5th Floor Delegation Building, PICC Complex, Roxas Boulevard
E-mail: complaints@privacy.gov.ph; hearings@privacy.gov.ph
Landline: 02-8-2342228 loc 114 or 115
Mobile Number: 0905-5061478 (Globe); 0970-8180555 (Smart)

Thank you for your time and effort in assisting the Commission in our mandate to regulate and supervise lending and financing companies.

Your right to request a review

If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to the Commission Secretary at comsec@sec.gov.ph. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.

Thank you

Atty. Kenneth Joy A. Quimio
Asst. Director
Financing and Lending Division
SEC

Attachments:
other contact info for Unfair debt collection.png

Quimio 01:14 PM, Oct 17, 2023