PDL or Installment Loan - Pay Day One
Date: Wed, 07/29/2009 - 15:01
Please review and tell me what you think, PDL or Installment loan....I see no mention of Installment loan here.
This is a non-negotiable instrument. In this Loan Agreement (the "Agreement") and Federal Truth-in-Lending Disclosures ("Disclosures"), "you" and "your" refer to the Borrower identified above. The words "we", "us", "our", and "Lender" mean PayDay One of Delaware, LLC, a licensed lender regulated by the Office of the State Bank Commissioner of the State of Delaware.
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Federal Truth-In-Lending Disclosures
ANNUAL
PERCENTAGE RATE (e)
The cost of your credit as a yearly rate.
194.40%
FINANCE CHARGE
The dollar amount the credit will cost you.
$110.25
Amount Financed
The amount of credit provided to you or on your behalf.
$900.00
Total of Payments
The amount you will have paid after making all payments as scheduled.
$1,010.25
PAYMENT SCHEDULE:
One payment of $1,010.25 on 7/24/2009 (the "Due Date").
PREPAYMENT: If you pay off early, you will not have to pay a penalty, and you will be entitled to a refund of part of the finance charge.
LATE CHARGE: There is no late charge. However, if you do not make your payment as agreed Lender may continue to charge interest on the past due amount at the Annual Percentage Rate shown above.
SECURITY INTEREST: We are taking a security interest in the electronic debit to your bank account and in your bank account.
The Annual Percentage Rate is an estimate based upon the date the loan proceeds are deposited into your account.
See the Loan Agreement for any additional information about nonpayment, default, any required repayment in full before the scheduled Due Date, and prepayment penalties.
(e) means the APR listed above is an estimate subject to change based on verification of the information you provided.
Itemization of the Amount Financed of $900.00 :
Amount Paid on your account: $900.00
(1) THIS LOAN IS DESIGNED AS A SHORT-TERM CASH FLOW SOLUTION AND NOT DESIGNED AS A SOLUTION FOR LONGER TERM FINANCIAL PROBLEMS. (2) ADDITIONAL FEES MAY ACCRUE IF THE LOAN IS ROLLED OVER. (3) CREDIT COUNSELING SERVICES ARE AVAILABLE TO CONSUMERS WHO ARE EXPERIENCING FINANCIAL PROBLEMS.
Loan Agreement:
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PAYMENT OPTIONS: Payments must be scheduled prior to your Due Date by logging on to your account. You may be eligible, subject to Lender's policies, for one of the following payment options:
(a) You may pay $1,010.25 to pay your loan in full.
(b) You may extend the due date of your loan by paying the finance charge of $110.25 , or
(c) You may extend the due date of your loan by paying the finance charge of $110.25 plus an additional principal payment.
You expressly acknowledge and agree Lender may employ the use of autodialers or pre-recorded messages in its communications with you, including calls to your cell phone.
PAYMENT PLAN: If you do not pay the loan in full on the Due Date, or log onto your account prior to the Due Date and select an alternate payment option, Lender will debit your bank account for accrued finance charges and 10% of the original principal amount, per your pay cycle, until paid in full. This does not limit any of Lender's other rights under the terms of this Agreement.
PROMISE TO PAY: You promise to pay PayDay One of Delaware, located in New Castle, Delaware ("Lender") in United States currency, the Total of Payments shown above when due in accordance with the Payment Schedule shown above until the Amount Financed together with accrued and unpaid finance charge has been fully repaid together with costs incurred by Lender in enforcing this Agreement. You promise to pay these amounts by 4:00 PM Central Time on the date set forth in the Payment Schedule in the Disclosures above or any other date you and Lender agree to (the "Due Date"). You also promise to pay any other charges provided for under this Agreement. If you choose to mail a payment, (i) all payments shall be mailed to 42 Read’s Way, Suite A New Castle DE, 19720 (ii) must reach this address by 4:00 PM Central Time on the Payment Due Date, and (iii) you should notify Lender prior to 4:00 PM Central Time the business day prior to Payment Date so an authorized ACH entry is not initiated prior to receipt of the payment. In addition, you agree that lender cannot make and has not made the Loan contingent upon your obtaining any other product or service from Lender or anyone else. You grant Lender a security interest in your Automated Clearinghouse ("ACH") Authorization, as described below, in the amount of the Total of Payments set forth in the Disclosures above. The ACH Authorization is security for your obligations under this Agreement and provides a payment mechanism to repay your loan. Therefore, if you have not paid Lender by cashiers check or other money order by the Due Date, you authorize the Lender to initiate an ACH debit entry in the amount due as further described above. Lender will initiate the ACH debit entry at such time as to allow funds to be received by Lender on the Due Date.
INTEREST CALCULATION: Interest under this Agreement will be calculated on a simple interest basis and shall accrue at a daily rate, calculated by dividing the Finance Charge by the number of days in the loan, for each day that any amount remains due to Lender.
DELAYED DEPOSIT OF LOAN PROCEEDS: The period between the Origination Date of this Agreement and Disbursement Date of this Agreement is defined as the waiting period. You may cancel this transaction without penalty at any time during the waiting period by contacting us at 888-PAYDAY1 (888-729-3291) or in writing to P.O. Box 101842 Fort Worth, TX 76185. Your call or letter must be received by 4:30 PM Central Time on 7/1/2009 . Regardless of whether you cancel the loan during the waiting period, you will NOT incur interest or fees during that time. If you fail to timely cancel this loan as set forth in this paragraph your loan proceeds will be disbursed under the terms of this Agreement, on the date indicated above.
EFFECT OF PAYMENTS ON PREVIOUS LOANS: If you have made a payment on your previous deferred presentment loan with Lender, and the payment is returned unpaid for any reason by your Bank on or prior to the disbursement date noted above, then Lender reserves the right to cancel this Agreement. If we cancel this Agreement, we will provide notice to you at the email address you provided to us.
VERIFICATION: You authorize us to verify the information given to us in connection with this Agreement and hereby give Lender consent to obtain information on you from a consumer reporting agency or other service. Lender reserves the right to withhold funding, at any time prior to disbursement, subject to verification of the information you have provided to us in the application.
ACH AUTHORIZATION: If Lender does not receive payment in the amount owed under this Agreement, by the Due Date, and you have not notified Lender a payment has been mailed or have made alternate payment arrangements, then you authorize Lender and its agents to initiate an ACH debit entry to your bank account in the amount owed under this Agreement. Your ACH Authorization will remain in full force and effect until you satisfy all of your payment obligations under this Agreement.
PREPAYMENT: If you pay the Total of Payments before the Due Date, you will be entitled to refund of the unearned portion of the precomputed interest charge. The refund will be calculated by applying the Annual Percentage Rate to the Amount Financed, on a prorated basis for the actual number of days the loan was outstanding, using the actuarial method.
EXTENSIONS AND REFINANCE POLICY: Lender, in its sole discretion, will determine whether the Due Date of your loan may be extended from time to time or the loan refinanced.
RETURNED PAYMENT FEE: If any payment on this loan is not honored or cannot be processed for any reason, including insufficient funds, you agree to pay a fee of $25.00 (or the maximum amount permitted by law, if less). Your financial institution may also impose a fee.
SECURITY INTEREST: You grant us a security interest in your bank account to the extent of the indebtedness you incur under this Agreement and in the ACH Authorization.
DEFAULT: You will be in default under this Agreement if: (a) you provide false or misleading information about yourself, your employment, or your financial condition (including the bank account on which the electronic debit is drawn) prior to entering this Agreement, (b) you fail to make a payment by the Due Date or if your payment is returned to us unpaid for any reason, or (c) any of the following things occur: appointment of a committee, receiver, or other custodian of any of your property, or the commencement of a case under the Federal Bankruptcy Laws by or against you as a debtor.
CONSEQUENCES OF DEFAULT: Should you be in default under this Agreement, Lender may, at its option, exercise any one or more of the following remedies: (a) declare unpaid principal, accrued interest, and all other agreed charges you owe Lender under this loan immediately due; (b) reinitiate any ACH debit entry that has been returned unpaid for any reason; and (c) pursue all legally available civil means to collect the debt. In the event Lender declares all amounts owed under this Agreement immediately due because of your default, then you further authorize Lender and its agents to initiate an ACH debit entry to your bank account in the full amount due under this Agreement. By choosing any one or more of these remedies, Lender does not give up Lender's right to use another remedy later. By deciding not to use any remedy should you be in default, Lender does not give up Lender's right to consider the event a default if it happens again.
RIGHT OF RESCISSION: If the Amount Financed shown above is $1000 or less you may rescind or cancel this loan, without cost or further obligation to Lender, if you do so on or before the close of business on the business day after your loan was disbursed or advanced to you. To cancel, call Lender (Servicer) at 888-PAYDAY1 (888-729-3291) to tell us you are rescinding or canceling the loan.
BORROWER'S BANK CHARGES: You will not hold Lender or our agents responsible for any fees you must pay as a result of any check(s) or electronic debits being presented at your bank in connection with this agreement.
TRANSFER OF RIGHTS: Lender may transfer this contract to another person. That person will then have all of Lender's rights, privileges, and remedies.
CREDIT REPORTING: You agree that Lender may make inquiries concerning your credit history and standing, and may report information concerning your performance under this Agreement to TeleTrack or other credit reporting agencies.
CHANGE OF PRIMARY RESIDENCE: You agree to notify Lender of any change in your primary residence as soon as practicable, but no later than five (5) days after any change. You agree that the address provided on this Loan Agreement will govern this Agreement until you have met all obligations under this Agreement and that any subsequent change in your primary residence will not affect the terms or enforceability of this Agreement.
FORCE MAJEURE: Unavoidable delays as a result of inadvertent processing errors and/or "acts of God" may extend the time for the deposit.
GOVERNING LAW: This Agreement is accepted by Lender upon Lender's funding of your loan from Lender's bank accounts in the State of Delaware, and all actions taken by Lender in relation to the loan are taken at Lender's offices in the State of Delaware. Accordingly, the laws of the State of Delaware (other than its conflicts of laws rules) shall apply to this transaction regardless of where you may be viewing or accessing this website, except that the Waiver of Jury Trial and Arbitration Agreement shall be governed by the Federal Arbitration Act ("FAA", 9 U.S.C. 1-9.)
SEVERABILITY: If any provision of this Agreement shall for any reason be held invalid or unenforceable, no other provision shall be affected thereby, and this Agreement shall be construed as if the invalid or unenforceable provision had never been a part of it.
ARBITRATION AGREEMENT AND WAIVER OF JURY TRIAL: PLEASE READ THIS PROVISION OF THE AGREEMENT CAREFULLY. UNLESS YOU EXERCISE YOUR RIGHT TO OPT-OUT OF ARBITRATION IN THE MANNER DESCRIBED BELOW, YOU AGREE THAT ANY DISPUTE WILL BE RESOLVED BY BINDING ARBITRATION. ARBITRATION REPLACES THE RIGHT TO GO TO COURT, INCLUDING THE RIGHT TO HAVE A JURY TRIAL, TO ENGAGE IN DISCOVERY (EXCEPT AS MAY BE PROVIDED FOR IN THE ARBITRATION RULES), AND TO PARTICIPATE AS A REPRESENTATIVE OR MEMBER OF ANY CLASS OF CLAIMANTS OR IN ANY CONSOLIDATED ARBITRATION PROCEEDING OR AS A PRIVATE ATTORNEY GENERAL. OTHER RIGHTS THAT YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO BE UNAVAILABLE IN ARBITRATION.
Agreement to Arbitrate. You and we (defined below) agree that any Dispute (defined below) will be resolved by Arbitration. This agreement to arbitrate is governed by the Federal Arbitration Act, 9 U.S.C. 1 et seq., and the substantive law of the State of Delaware (without applying its choice-of-law rules).
What Arbitration Is. "Arbitration" is a means of having an independent third party resolve a Dispute. A "Dispute" is any claim or controversy of any kind between you and us. The term Dispute is to be given its broadest possible meaning and includes, without limitation, all claims or demands (whether past, present, or future, including events that occurred prior to origination of your Loan and whether or not a Loan is provided to you, based on any legal or equitable theory (contract, tort, or otherwise) and regardless of the type of relief sought (i.e., money, injunctive relief, or declaratory relief). A Dispute includes, by way of example and without limitation, any claim based upon a federal or state constitution, statute, ordinance, regulation, or common law, and any issue concerning the validity, enforceability, or scope of this arbitration agreement.
For purposes of this arbitration agreement, the terms "you" and "your" include any co-signer, co-obligor, or guarantor and also your heirs, guardian, personal representative, or trustee in bankruptcy. The terms "we," "our," and "us" mean Lender and Servicer and include Lender's and Servicer's employees, officers, directors, members, managers, attorneys, affiliated companies, predecessors, and assigns, as well as Lender's and Servicer's marketing, servicing, and collection representatives and agents.
How Arbitration Works. If a Dispute arises, the party asserting the claim or demand must initiate arbitration, provided you or we may first try to resolve the matter informally or through customary business methods, including collection activity. The party filing an arbitration must choose either of the following arbitration firms for initiating and pursuing an arbitration: the American Arbitration Association ("AAA") or the National Arbitration Forum ("NAF"). If the parties mutually agree, a private party, such as a retired judge, may serve as the arbitrator. If you claim you have a Dispute with us, but do not initiate an arbitration or select an arbitrator, we may do so. You may obtain copies of the current rules of each of the arbitration firms and forms and instructions for initiating an arbitration by contacting them as follows:
The policies and procedures of the selected arbitration firm will apply provided such policies and procedures are consistent with this arbitration agreement. To the extent the arbitration firm's rules or procedures are different than the terms of this arbitration agreement, the terms of this arbitration agreement will apply.
What Arbitration Costs. No matter which party initiates the arbitration, we will advance or reimburse filing fees and other costs or fees of arbitration, provided each party will be initially responsible for its own attorneys' fees and related costs. Unless prohibited by law, the arbitrator may award fees, costs, and reasonable attorneys' fees to the party who substantially prevails in the arbitration.
Location of Arbitration. Unless you and we agree to a different location, the arbitration will be conducted within 10 miles of your then current mailing address.
Waiver of Rights. You are waiving your right to a jury trial, to have a court decide your Dispute, to participate in a class action lawsuit, and to certain discovery and other procedures that are available in a lawsuit. You and we agree that the arbitrator has no authority to conduct class-wide arbitration proceedings and is only authorized to resolve the individual Disputes between you and us. The validity, effect, and enforceability of this waiver of class action lawsuit and class-wide arbitration, if challenged, are to be determined solely by a court of competent jurisdiction and not by the AAA, the NAF, or an arbitrator. If such court refuses to enforce the waiver of class-wide arbitration, the Dispute will proceed in court and be decided by a judge, sitting without a jury, according to applicable court rules and procedures, and not as a class action lawsuit. The arbitrator has the ability to award all remedies available by statute, at law, or in equity to the prevailing party.
Applicable Law and Review of Arbitrator's Award. The arbitrator shall apply applicable federal and Delaware substantive law and the terms of this Agreement. The arbitrator must apply the terms of this arbitration agreement, including without limitation the waiver of class-wide arbitration. The arbitrator shall make written findings and the arbitrator's award may be filed with any court having jurisdiction. The arbitration award shall be supported by substantial evidence and must be consistent with this Agreement and with applicable law, and if it is not, it may be set aside by a court. The parties shall have, in addition to the grounds referred to in the Federal Arbitration Act for vacating, modifying, or correcting an award, the right to judicial review of (a) whether the findings of fact rendered by the arbitrator are supported by substantial evidence and (b) whether the conclusions of law are erroneous under the substantive law of Delaware and applicable federal law. Judgment confirming an award in such a proceeding may be entered only if a court determines that the award is supported by substantial evidence and is not based on legal error under the substantive law of Delaware and applicable federal law.
Survival. This arbitration provision shall survive: (1) cancellation, payment, charge-off, or assignment of this Agreement; (2) the bankruptcy of any party; and (3) any transfer, sale, or assignment of this Agreement, or any amounts owed under this Agreement, to any other person or entity.
Right to Opt-Out. If you do not wish to agree to arbitrate all Disputes in accordance with the terms and conditions of this section, you must advise us in writing at the following address by either hand delivery or a letter postmarked no later than the business day following the date you enter into this Agreement. You may opt-out without affecting your application or status as a borrower. Opt-out address:
PayDay One of Delaware, LLC dba PayDay One
42 Read's Way, Suite A
New Castle, DE 19720
Check Conversion Notification
When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction.
For inquiries, please call our customer service phone number:
888-PAYDAY1 (888-729-3291)
Electronic Collection of Returned Item Fees Notification
If your payment is returned unpaid, you authorize us to make a one-time electronic fund transfer from your account to collect a fee of $25.00 .
By electronically signing this Agreement you certify that the information given in connection with this Agreement is true and correct. You authorize Lender to verify the information given in connection with this Agreement and give Lender consent to obtain information on you from a consumer reporting agency or other service. You acknowledge that (a) you have read, understand, and agree to all of the terms and conditions of this Agreement including the Arbitration Agreement and Waiver of Jury Trial, (b) this Agreement contains all of the terms of the Agreement and that no representations or promises other than those contained in the Agreement have been made, (c) this Agreement was filled in before you signed it, and (d) that you have the ability to print or retain a completed copy of this agreement. You further acknowledge that Lender may withhold funding of your Loan at any time prior to disbursement subject to verification of application information.
By checking here you agree that we will initiate an ECheck/ACH debit entry to your Bank Account for the Total of Payments in order for the funds to be received by us on the Payment Date. You understand and agree that we may re-initiate a debit entry for the same amount, or for varying lesser amounts if the ECheck/ACH is dishonored. You agree to receive notice of such varying amounts only if the debit amount varies from the original debit entry by more than $499.
You must agree to these terms before submitting.
By checking here you authorize us to verify all of the information that you have provided, including past and/or current information. You certify that you have made or will make all payments on any previous loans with lender, and you agree that that lender may cancel this loan if any payment on your previous loans is not made or is returned unpaid. You agree that we may obtain information about you and your Account from your Bank and/or consumer reporting agencies until all amounts owing pursuant to this agreement are paid-in-full. You agree that the debit entry authorized herein is for repayment of a single payment installment loan and shall not recur at substantially regular intervals. If there is any missing or erroneous information in or with your loan application regarding your bank, bank routing number, or account number, then you authorize us to verify and correct such information. You agree that this ECheck/ACH Authorization is subject to our approving the Loan Agreement.
You must agree to these terms before submitting.
By checking here you acknowledge that you are not required to consent to receive funds or repay your loan by ACH transaction. If you authorize us to effect ECheck/ACH debit and credit entries for this loan, by checking here you also agree that the ECheck/ACH Authorizations set forth in this Loan Agreement are to remain in full force and effect for this transaction until your indebtedness to us for the Total of Payments, plus any NSF fee incurred, is fully satisfied. If you revoke your consent, you agree to provide us with another means of payment acceptable to us in our sole discretion.
You must agree to these terms before submitting.
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This is a non-negotiable instrument. In this Loan Agreement (the "Agreement") and Federal Truth-in-Lending Disclosures ("Disclosures"), "you" and "your" refer to the Borrower identified above. The words "we", "us", "our", and "Lender" mean PayDay One of Delaware, LLC, a licensed lender regulated by the Office of the State Bank Commissioner of the State of Delaware.
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Federal Truth-In-Lending Disclosures
ANNUAL
PERCENTAGE RATE (e)
The cost of your credit as a yearly rate.
194.40%
FINANCE CHARGE
The dollar amount the credit will cost you.
$110.25
Amount Financed
The amount of credit provided to you or on your behalf.
$900.00
Total of Payments
The amount you will have paid after making all payments as scheduled.
$1,010.25
PAYMENT SCHEDULE:
One payment of $1,010.25 on 7/24/2009 (the "Due Date").
PREPAYMENT: If you pay off early, you will not have to pay a penalty, and you will be entitled to a refund of part of the finance charge.
LATE CHARGE: There is no late charge. However, if you do not make your payment as agreed Lender may continue to charge interest on the past due amount at the Annual Percentage Rate shown above.
SECURITY INTEREST: We are taking a security interest in the electronic debit to your bank account and in your bank account.
The Annual Percentage Rate is an estimate based upon the date the loan proceeds are deposited into your account.
See the Loan Agreement for any additional information about nonpayment, default, any required repayment in full before the scheduled Due Date, and prepayment penalties.
(e) means the APR listed above is an estimate subject to change based on verification of the information you provided.
Itemization of the Amount Financed of $900.00 :
Amount Paid on your account: $900.00
(1) THIS LOAN IS DESIGNED AS A SHORT-TERM CASH FLOW SOLUTION AND NOT DESIGNED AS A SOLUTION FOR LONGER TERM FINANCIAL PROBLEMS. (2) ADDITIONAL FEES MAY ACCRUE IF THE LOAN IS ROLLED OVER. (3) CREDIT COUNSELING SERVICES ARE AVAILABLE TO CONSUMERS WHO ARE EXPERIENCING FINANCIAL PROBLEMS.
Loan Agreement:
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PAYMENT OPTIONS: Payments must be scheduled prior to your Due Date by logging on to your account. You may be eligible, subject to Lender's policies, for one of the following payment options:
(a) You may pay $1,010.25 to pay your loan in full.
(b) You may extend the due date of your loan by paying the finance charge of $110.25 , or
(c) You may extend the due date of your loan by paying the finance charge of $110.25 plus an additional principal payment.
You expressly acknowledge and agree Lender may employ the use of autodialers or pre-recorded messages in its communications with you, including calls to your cell phone.
PAYMENT PLAN: If you do not pay the loan in full on the Due Date, or log onto your account prior to the Due Date and select an alternate payment option, Lender will debit your bank account for accrued finance charges and 10% of the original principal amount, per your pay cycle, until paid in full. This does not limit any of Lender's other rights under the terms of this Agreement.
PROMISE TO PAY: You promise to pay PayDay One of Delaware, located in New Castle, Delaware ("Lender") in United States currency, the Total of Payments shown above when due in accordance with the Payment Schedule shown above until the Amount Financed together with accrued and unpaid finance charge has been fully repaid together with costs incurred by Lender in enforcing this Agreement. You promise to pay these amounts by 4:00 PM Central Time on the date set forth in the Payment Schedule in the Disclosures above or any other date you and Lender agree to (the "Due Date"). You also promise to pay any other charges provided for under this Agreement. If you choose to mail a payment, (i) all payments shall be mailed to 42 Read’s Way, Suite A New Castle DE, 19720 (ii) must reach this address by 4:00 PM Central Time on the Payment Due Date, and (iii) you should notify Lender prior to 4:00 PM Central Time the business day prior to Payment Date so an authorized ACH entry is not initiated prior to receipt of the payment. In addition, you agree that lender cannot make and has not made the Loan contingent upon your obtaining any other product or service from Lender or anyone else. You grant Lender a security interest in your Automated Clearinghouse ("ACH") Authorization, as described below, in the amount of the Total of Payments set forth in the Disclosures above. The ACH Authorization is security for your obligations under this Agreement and provides a payment mechanism to repay your loan. Therefore, if you have not paid Lender by cashiers check or other money order by the Due Date, you authorize the Lender to initiate an ACH debit entry in the amount due as further described above. Lender will initiate the ACH debit entry at such time as to allow funds to be received by Lender on the Due Date.
INTEREST CALCULATION: Interest under this Agreement will be calculated on a simple interest basis and shall accrue at a daily rate, calculated by dividing the Finance Charge by the number of days in the loan, for each day that any amount remains due to Lender.
DELAYED DEPOSIT OF LOAN PROCEEDS: The period between the Origination Date of this Agreement and Disbursement Date of this Agreement is defined as the waiting period. You may cancel this transaction without penalty at any time during the waiting period by contacting us at 888-PAYDAY1 (888-729-3291) or in writing to P.O. Box 101842 Fort Worth, TX 76185. Your call or letter must be received by 4:30 PM Central Time on 7/1/2009 . Regardless of whether you cancel the loan during the waiting period, you will NOT incur interest or fees during that time. If you fail to timely cancel this loan as set forth in this paragraph your loan proceeds will be disbursed under the terms of this Agreement, on the date indicated above.
EFFECT OF PAYMENTS ON PREVIOUS LOANS: If you have made a payment on your previous deferred presentment loan with Lender, and the payment is returned unpaid for any reason by your Bank on or prior to the disbursement date noted above, then Lender reserves the right to cancel this Agreement. If we cancel this Agreement, we will provide notice to you at the email address you provided to us.
VERIFICATION: You authorize us to verify the information given to us in connection with this Agreement and hereby give Lender consent to obtain information on you from a consumer reporting agency or other service. Lender reserves the right to withhold funding, at any time prior to disbursement, subject to verification of the information you have provided to us in the application.
ACH AUTHORIZATION: If Lender does not receive payment in the amount owed under this Agreement, by the Due Date, and you have not notified Lender a payment has been mailed or have made alternate payment arrangements, then you authorize Lender and its agents to initiate an ACH debit entry to your bank account in the amount owed under this Agreement. Your ACH Authorization will remain in full force and effect until you satisfy all of your payment obligations under this Agreement.
PREPAYMENT: If you pay the Total of Payments before the Due Date, you will be entitled to refund of the unearned portion of the precomputed interest charge. The refund will be calculated by applying the Annual Percentage Rate to the Amount Financed, on a prorated basis for the actual number of days the loan was outstanding, using the actuarial method.
EXTENSIONS AND REFINANCE POLICY: Lender, in its sole discretion, will determine whether the Due Date of your loan may be extended from time to time or the loan refinanced.
RETURNED PAYMENT FEE: If any payment on this loan is not honored or cannot be processed for any reason, including insufficient funds, you agree to pay a fee of $25.00 (or the maximum amount permitted by law, if less). Your financial institution may also impose a fee.
SECURITY INTEREST: You grant us a security interest in your bank account to the extent of the indebtedness you incur under this Agreement and in the ACH Authorization.
DEFAULT: You will be in default under this Agreement if: (a) you provide false or misleading information about yourself, your employment, or your financial condition (including the bank account on which the electronic debit is drawn) prior to entering this Agreement, (b) you fail to make a payment by the Due Date or if your payment is returned to us unpaid for any reason, or (c) any of the following things occur: appointment of a committee, receiver, or other custodian of any of your property, or the commencement of a case under the Federal Bankruptcy Laws by or against you as a debtor.
CONSEQUENCES OF DEFAULT: Should you be in default under this Agreement, Lender may, at its option, exercise any one or more of the following remedies: (a) declare unpaid principal, accrued interest, and all other agreed charges you owe Lender under this loan immediately due; (b) reinitiate any ACH debit entry that has been returned unpaid for any reason; and (c) pursue all legally available civil means to collect the debt. In the event Lender declares all amounts owed under this Agreement immediately due because of your default, then you further authorize Lender and its agents to initiate an ACH debit entry to your bank account in the full amount due under this Agreement. By choosing any one or more of these remedies, Lender does not give up Lender's right to use another remedy later. By deciding not to use any remedy should you be in default, Lender does not give up Lender's right to consider the event a default if it happens again.
RIGHT OF RESCISSION: If the Amount Financed shown above is $1000 or less you may rescind or cancel this loan, without cost or further obligation to Lender, if you do so on or before the close of business on the business day after your loan was disbursed or advanced to you. To cancel, call Lender (Servicer) at 888-PAYDAY1 (888-729-3291) to tell us you are rescinding or canceling the loan.
BORROWER'S BANK CHARGES: You will not hold Lender or our agents responsible for any fees you must pay as a result of any check(s) or electronic debits being presented at your bank in connection with this agreement.
TRANSFER OF RIGHTS: Lender may transfer this contract to another person. That person will then have all of Lender's rights, privileges, and remedies.
CREDIT REPORTING: You agree that Lender may make inquiries concerning your credit history and standing, and may report information concerning your performance under this Agreement to TeleTrack or other credit reporting agencies.
CHANGE OF PRIMARY RESIDENCE: You agree to notify Lender of any change in your primary residence as soon as practicable, but no later than five (5) days after any change. You agree that the address provided on this Loan Agreement will govern this Agreement until you have met all obligations under this Agreement and that any subsequent change in your primary residence will not affect the terms or enforceability of this Agreement.
FORCE MAJEURE: Unavoidable delays as a result of inadvertent processing errors and/or "acts of God" may extend the time for the deposit.
GOVERNING LAW: This Agreement is accepted by Lender upon Lender's funding of your loan from Lender's bank accounts in the State of Delaware, and all actions taken by Lender in relation to the loan are taken at Lender's offices in the State of Delaware. Accordingly, the laws of the State of Delaware (other than its conflicts of laws rules) shall apply to this transaction regardless of where you may be viewing or accessing this website, except that the Waiver of Jury Trial and Arbitration Agreement shall be governed by the Federal Arbitration Act ("FAA", 9 U.S.C. 1-9.)
SEVERABILITY: If any provision of this Agreement shall for any reason be held invalid or unenforceable, no other provision shall be affected thereby, and this Agreement shall be construed as if the invalid or unenforceable provision had never been a part of it.
ARBITRATION AGREEMENT AND WAIVER OF JURY TRIAL: PLEASE READ THIS PROVISION OF THE AGREEMENT CAREFULLY. UNLESS YOU EXERCISE YOUR RIGHT TO OPT-OUT OF ARBITRATION IN THE MANNER DESCRIBED BELOW, YOU AGREE THAT ANY DISPUTE WILL BE RESOLVED BY BINDING ARBITRATION. ARBITRATION REPLACES THE RIGHT TO GO TO COURT, INCLUDING THE RIGHT TO HAVE A JURY TRIAL, TO ENGAGE IN DISCOVERY (EXCEPT AS MAY BE PROVIDED FOR IN THE ARBITRATION RULES), AND TO PARTICIPATE AS A REPRESENTATIVE OR MEMBER OF ANY CLASS OF CLAIMANTS OR IN ANY CONSOLIDATED ARBITRATION PROCEEDING OR AS A PRIVATE ATTORNEY GENERAL. OTHER RIGHTS THAT YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO BE UNAVAILABLE IN ARBITRATION.
Agreement to Arbitrate. You and we (defined below) agree that any Dispute (defined below) will be resolved by Arbitration. This agreement to arbitrate is governed by the Federal Arbitration Act, 9 U.S.C. 1 et seq., and the substantive law of the State of Delaware (without applying its choice-of-law rules).
What Arbitration Is. "Arbitration" is a means of having an independent third party resolve a Dispute. A "Dispute" is any claim or controversy of any kind between you and us. The term Dispute is to be given its broadest possible meaning and includes, without limitation, all claims or demands (whether past, present, or future, including events that occurred prior to origination of your Loan and whether or not a Loan is provided to you, based on any legal or equitable theory (contract, tort, or otherwise) and regardless of the type of relief sought (i.e., money, injunctive relief, or declaratory relief). A Dispute includes, by way of example and without limitation, any claim based upon a federal or state constitution, statute, ordinance, regulation, or common law, and any issue concerning the validity, enforceability, or scope of this arbitration agreement.
For purposes of this arbitration agreement, the terms "you" and "your" include any co-signer, co-obligor, or guarantor and also your heirs, guardian, personal representative, or trustee in bankruptcy. The terms "we," "our," and "us" mean Lender and Servicer and include Lender's and Servicer's employees, officers, directors, members, managers, attorneys, affiliated companies, predecessors, and assigns, as well as Lender's and Servicer's marketing, servicing, and collection representatives and agents.
How Arbitration Works. If a Dispute arises, the party asserting the claim or demand must initiate arbitration, provided you or we may first try to resolve the matter informally or through customary business methods, including collection activity. The party filing an arbitration must choose either of the following arbitration firms for initiating and pursuing an arbitration: the American Arbitration Association ("AAA") or the National Arbitration Forum ("NAF"). If the parties mutually agree, a private party, such as a retired judge, may serve as the arbitrator. If you claim you have a Dispute with us, but do not initiate an arbitration or select an arbitrator, we may do so. You may obtain copies of the current rules of each of the arbitration firms and forms and instructions for initiating an arbitration by contacting them as follows:
The policies and procedures of the selected arbitration firm will apply provided such policies and procedures are consistent with this arbitration agreement. To the extent the arbitration firm's rules or procedures are different than the terms of this arbitration agreement, the terms of this arbitration agreement will apply.
What Arbitration Costs. No matter which party initiates the arbitration, we will advance or reimburse filing fees and other costs or fees of arbitration, provided each party will be initially responsible for its own attorneys' fees and related costs. Unless prohibited by law, the arbitrator may award fees, costs, and reasonable attorneys' fees to the party who substantially prevails in the arbitration.
Location of Arbitration. Unless you and we agree to a different location, the arbitration will be conducted within 10 miles of your then current mailing address.
Waiver of Rights. You are waiving your right to a jury trial, to have a court decide your Dispute, to participate in a class action lawsuit, and to certain discovery and other procedures that are available in a lawsuit. You and we agree that the arbitrator has no authority to conduct class-wide arbitration proceedings and is only authorized to resolve the individual Disputes between you and us. The validity, effect, and enforceability of this waiver of class action lawsuit and class-wide arbitration, if challenged, are to be determined solely by a court of competent jurisdiction and not by the AAA, the NAF, or an arbitrator. If such court refuses to enforce the waiver of class-wide arbitration, the Dispute will proceed in court and be decided by a judge, sitting without a jury, according to applicable court rules and procedures, and not as a class action lawsuit. The arbitrator has the ability to award all remedies available by statute, at law, or in equity to the prevailing party.
Applicable Law and Review of Arbitrator's Award. The arbitrator shall apply applicable federal and Delaware substantive law and the terms of this Agreement. The arbitrator must apply the terms of this arbitration agreement, including without limitation the waiver of class-wide arbitration. The arbitrator shall make written findings and the arbitrator's award may be filed with any court having jurisdiction. The arbitration award shall be supported by substantial evidence and must be consistent with this Agreement and with applicable law, and if it is not, it may be set aside by a court. The parties shall have, in addition to the grounds referred to in the Federal Arbitration Act for vacating, modifying, or correcting an award, the right to judicial review of (a) whether the findings of fact rendered by the arbitrator are supported by substantial evidence and (b) whether the conclusions of law are erroneous under the substantive law of Delaware and applicable federal law. Judgment confirming an award in such a proceeding may be entered only if a court determines that the award is supported by substantial evidence and is not based on legal error under the substantive law of Delaware and applicable federal law.
Survival. This arbitration provision shall survive: (1) cancellation, payment, charge-off, or assignment of this Agreement; (2) the bankruptcy of any party; and (3) any transfer, sale, or assignment of this Agreement, or any amounts owed under this Agreement, to any other person or entity.
Right to Opt-Out. If you do not wish to agree to arbitrate all Disputes in accordance with the terms and conditions of this section, you must advise us in writing at the following address by either hand delivery or a letter postmarked no later than the business day following the date you enter into this Agreement. You may opt-out without affecting your application or status as a borrower. Opt-out address:
PayDay One of Delaware, LLC dba PayDay One
42 Read's Way, Suite A
New Castle, DE 19720
Check Conversion Notification
When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction.
For inquiries, please call our customer service phone number:
888-PAYDAY1 (888-729-3291)
Electronic Collection of Returned Item Fees Notification
If your payment is returned unpaid, you authorize us to make a one-time electronic fund transfer from your account to collect a fee of $25.00 .
By electronically signing this Agreement you certify that the information given in connection with this Agreement is true and correct. You authorize Lender to verify the information given in connection with this Agreement and give Lender consent to obtain information on you from a consumer reporting agency or other service. You acknowledge that (a) you have read, understand, and agree to all of the terms and conditions of this Agreement including the Arbitration Agreement and Waiver of Jury Trial, (b) this Agreement contains all of the terms of the Agreement and that no representations or promises other than those contained in the Agreement have been made, (c) this Agreement was filled in before you signed it, and (d) that you have the ability to print or retain a completed copy of this agreement. You further acknowledge that Lender may withhold funding of your Loan at any time prior to disbursement subject to verification of application information.
By checking here you agree that we will initiate an ECheck/ACH debit entry to your Bank Account for the Total of Payments in order for the funds to be received by us on the Payment Date. You understand and agree that we may re-initiate a debit entry for the same amount, or for varying lesser amounts if the ECheck/ACH is dishonored. You agree to receive notice of such varying amounts only if the debit amount varies from the original debit entry by more than $499.
You must agree to these terms before submitting.
By checking here you authorize us to verify all of the information that you have provided, including past and/or current information. You certify that you have made or will make all payments on any previous loans with lender, and you agree that that lender may cancel this loan if any payment on your previous loans is not made or is returned unpaid. You agree that we may obtain information about you and your Account from your Bank and/or consumer reporting agencies until all amounts owing pursuant to this agreement are paid-in-full. You agree that the debit entry authorized herein is for repayment of a single payment installment loan and shall not recur at substantially regular intervals. If there is any missing or erroneous information in or with your loan application regarding your bank, bank routing number, or account number, then you authorize us to verify and correct such information. You agree that this ECheck/ACH Authorization is subject to our approving the Loan Agreement.
You must agree to these terms before submitting.
By checking here you acknowledge that you are not required to consent to receive funds or repay your loan by ACH transaction. If you authorize us to effect ECheck/ACH debit and credit entries for this loan, by checking here you also agree that the ECheck/ACH Authorizations set forth in this Loan Agreement are to remain in full force and effect for this transaction until your indebtedness to us for the Total of Payments, plus any NSF fee incurred, is fully satisfied. If you revoke your consent, you agree to provide us with another means of payment acceptable to us in our sole discretion.
You must agree to these terms before submitting.
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De De you have another thread on this same exact question. Pleas
De De you have another thread on this same exact question. Please try to keep your posts together thanks!
Taken directly out of your above contract: ------------ You ag
Taken directly out of your above contract:
------------
You agree that the debit entry authorized herein is for repayment of a single payment installment loan
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same thing we told your other thread.
Heads up on Payday One
Just spoke with these people to set up repayment of this loan. They are very nice to talk to and easy to deal with. They didn't want to offer me a settlement at this point, due to the fact that I've been a great customer - and I have been, although I want to get rid of this mess and I'm not interested in addtional loans.
They were willing to freeze my account so that it didn't accrue additional interest and late fees - and allow me to pay $50 on a bi-weekly payment will all $ going towards the full amount of the loan.......
Just a heads up for anyone else who has worries about working out payment arrangements.