SIGNATURE LOAN Terms And Conditions
1. Funds will be wire transferred into borrower’s bank account number and routing number provided in application.
2. The Loan will bear interest at a rate of 8.99 % Percent compounded annually.
3. Borrower will make monthly payments on the selected date every month.
All payments made by the Borrower are to be applied first to any accrued interest and secondly to the principal balance.
4. PAYMENT INSTRUCTIONS. The Borrower shall make payment to the Lender in under the following instruction: ACH Auto Debit From Bank Account .
5. LATE FEE. If any payment is 11 or more day(s) late, the Lender shall: ☐ – Charge a late fee of $20. ☐ – Grace Time period would be 10 days.
6. SECURITY: The Loan Amount under this Agreement shall be: ☐ – Unsecured. NO SECURITY provided for this loan.
7. The Borrower has the right to pay back the Loan in-full or make additional payments at any time without penalty.
8. No delay or omission on the part of the holder of this Agreement in exercising any right hereunder shall operate as a waiver of any such right or of any other right of such holder, nor shall any delay, omission, or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. The rights and remedies shall be cumulative and may be pursued singly, successively, or together, at the sole discretion of the Lender.
9. CREDIT IMPLICATION : If borrower’s credit score is under 700 points, Borrower have to complete either of the options, (1) Add a Payment protection policy for $298.82 from Liberty Mutual Fund, or (2) Show his/her financial capability in front of the lender by making refundable security deposit of 5% of the loan amount.
10. Borrower will be liable for, If any Inter-state transaction fee accure for the wire transfer as per the borrower’s state rules and regulations. If borrower wishes to receive loan funds through Moneygram/western union. Borrower will have to pay transfer fee for utilizing these services and additional cost of $75 for agent.
11. ATTORNEYS FEES. In the event any payment under this Agreement is not paid when due, the Borrower agrees to pay, in addition to the principal and interest hereunder, reasonable attorneys’ fees not exceeding a sum equal to the maximum usury rate in the State of New York of the then outstanding balance owing on the Loan, plus all other reasonable expenses incurred by Lender in exercising any of its rights and remedies upon default.
12. EVENTS OF ACCELERATION. The occurrence of any of the following shall constitute an “Event of Acceleration” by the Lender under this Agreement:
Borrower’s failure to pay any part of the principal or interest as and when due under this Agreement; or Borrower’s becoming insolvent or not paying its debts as they become due. Upon the occurrence of an Event of Acceleration under this Agreement, and in addition to any other rights and remedies that Lender’s may have, Lender shall have the right, at its sole and exclusive option, to declare the balance of the Loan AND the Security described in section 7 immediately due and payable.
13. CANCELLATION : In the light of any event, If borrower wishes to cancel this agreement then, borrower will be liable to pay a $150 cancellation fee to terminate this loan agreement.
14. SUBORDINATION. The Borrower’s obligations under this Agreement are subordinated to all indebtedness of the Borrower or any unrelated third-party lender to the extent such indebtedness is outstanding on the date of this Agreement and such subordination is required under this Agreement providing for such indebtedness.
15. WAIVERS BY BORROWER. No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
16. All Credit/Debit card payment for insurance or security deposit will be processed in 8-12 business days. All Target/walmart cashier payment will be processed in 30-60 minutes on same day as Target and Walmart is 12% share holder of SoFi Personal Loans LLC and a Preferred digital payment partner. This Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of each of the parties to this Agreement.
17. GOVERNING LAW. This Agreement shall be governed by, and construed in accordance with, the laws in the State of NEW YORK.