LOAN CONTRACT SAMPLE FROM AFFIRM LOAN LLC.
Tutorial
by philemon
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AFFIRM LOAN SERVICE LLC.
663 FOLSOM STREET, 4TH FLOOR
SAN FRANCISCO, CALIFORNIA
UNITED STATE OF AMERICA
LOAN TERMS AND CONDITIONS
Dear Applicant, Thanks for your response.
Nice to know that you are interested in getting funding from my company to fund your deal, i am a private lender
and i have been on this business for the past 10years,
We are recognized by the financial service authority and finance industry standards association the consumer
credit Act of 1974 with the license number 15099606. and there has never been a suit filed against our company in
respect to fulfilling our obligations to all our clients.
Once i go through the deal if i can help you with funding i will send you the loan application form so you can fill it
up and have it sent to me but first you will have to go through my terms and conditions before we proceeds .
THE TERMS OF THIS CONTRACT INCLUDE THE ITEMS SET OUT ON THE FRONT OF THIS
CONTRACT AND
THE CONDITIONS SET OUT BELOW.
We are international lending Firm, investor that specializes in providing all types of investments
funding.
Including mutual funds, business loans, commercial loans for companies, Real Estate Loan, Land
and
Construction and all round. We are located at 633 FOLSOM STREET, 4TH FLOOR, SAN
FRANCISCO, CA, 94107, USA. we give out loans at 5% interest rate.
1. The Loan If I accept this contract, I will lend you the amount of credit you have offered to
borrow. This
amount is stated on the contract under ?Total Amount of Credit?. You authorize me to
distribute the
loan in the way set out under ?Who I will pay your loan to? this could be the same day.
The total amount, including interest which you will have to pay is set out under ?Total amount
of
repayments?.
2. You must pay interest You must pay interest on the Total Amount of Credit at the rate stated
under
?Annual percentage rate?.
The amount of interest charges payable is stated under ?Total amount of interest charges
payable?.
3. How is interest calculated? I calculate interest payable by you by applying the daily
percentage rate of
interest to the unpaid daily balances under this contract. The unpaid daily balance is the
amount you
owe me at the end of any particular day (Pacific Time), and is the difference between all
amounts
credited and all amounts debited to your account at the end of the day on any particular day.
The daily
percentage rate is determined by dividing the annual percentage rate by 365. This interest
accrues daily
and is debited to your account calendar monthly in arrears immediately after the last day of
each
calendar month. If you payout all the monies owing under this contract, then interest for the
period
from the last debit date up to but excluding the payout date will be debited on the payout date.
Under
this contract, accrued interest debited on a day will not include interest relating to that day
4. You must repay the Total Amount of Credit plus the interest You must repay the Total
Amount of
Credit plus the interest charges by monthly repayments.
The amount of each repayment is stated under ?Amount of each repayment?. You must pay the
first
repayment on the date stated under ?Repayments?. After that, you must pay a repayment on
the same
day of each following month. You must make the number of repayments stated under ?Number
of
repayments? for the period stated under ?Period of repayments (loan term)?, and pay the
balance
owing under this contract on the date the final payment is due. You agree not to deduct
anything from
any such repayment. This means you cannot deduct anything that you claim I owe or could in
the future
owe you.
You must make payments to me by any of the following methods;
i) in person, at my address shown on the front
of this contract document
ii) by direct debit bank transfer
iii) by telephoning my office with your credit
card details
iv) western union/money gram
5. Fees and Charges Security provision cost is handled by borrower outside the loan(Loan
Origination Fee {L.O.F}). You are free to look up what the Loan Origination fee is On Google.
6. I may adjust your account balances I may, subject to the Consumer Credit Code, adjust the
balance in
your account to take account of any processing error or because of the dishonoring of a
repayment. I
may also, subject to the Consumer Credit Code, adjust the balance of your account so as to
accurately
reflect the legal obligations between you and I. I can do that whether the adjustment favors you
or me. I
can apply any payment in any way I consider appropriate.
7. Unacceptable credit fees and charges;
A bank dishonor fee is payable when a bank refuses to honor your payment. This dishonor fee
will be
payable to me by you.
The amount of the dishonor fee will be determined by my bank and may change from time to
time. This
fee is payable and will be debited to your account immediately incur it. I will notify you in
writing of the
debiting of, or change to, this fee.
8. Commissions paid to or by me A commission is payable by me under ?Who I will pay your
loan to? to
me, and to the sales consultant named on this contract. The amount of commission payable is
unascertainable as at the Disclosure date of information. A commission is payable to the
company
named under ?Who I will pay your loan to? by me for the introduction of credit business. The
amount of
commission is unascertainable as at the Disclosure date of information.
9. Things you must not do You must not;
i) commit an act of bankruptcy; or
ii) fail to pay me on time any money you have to
pay me under this contract; or
iii) pay any repayment/s with a check, direct
debit or other instrument that is subsequently
dishonored by a bank; or
iv) fail to comply with any condition of this loan
contract; or
v) make any material false or misleading
representation.
10. I may end this contract in certain circumstances;
I am entitled to give you a written notice requiring you to correct any default of this contract. If
you
don?t do the things specified in the written notice within 30 days I can require you to pay me
whatever
money you owe to me under this contract. The money you owe to me includes the unpaid
balance of
the loan, any other accrued interest, any fees and charges due and owing and any enforcement
expenses. If the law does not require me to do so, I do not have to give you a written notice
before I can
require you to pay me whatever money you owe to me under this contract. In addition, subject
to the
Consumer Credit Code, I may exercise my other rights under this contract, and any right
available to me
under law.
11. Default
Having followed the terms of the Consumer Credit Code, 1995 and without affecting my right to
demand
repayment at any time, I may demand repayment if any of the following happen (defaults):
if you fail to pay any money you owe me on the date it is due and this failure lasts for more
than 21 days
after I have written to tell you that the amount is overdue; if you break any of the terms and
conditions
of this agreement and you do not resolve the position within 21 days after I have written to tell
you to
do so;
if you or your guarantor die or do something which could lead to bankruptcy;
if your guarantor serves me with a notice that he or she will no longer act as your guarantor
if any decree, judgment or order of court is obtained against you and you do not pay it within
one
month from the date it was issued;
if any information supplied for or by you in application for the credit facility was false,
misleading or
inaccurate;
if you do not provide me with the security within 10 days after I have written to ask you for it or
within
any extra time I may allow; if the security is also security for other money you owe me (or any
of our
subsidiaries) and the security becomes enforceable to pay any of the other money.
12. Enforcement expenses Enforcement expenses may become payable under this contract in
the event
of a breach. I may debit these expenses to your account. They will become immediately due for
payment once debited. Enforcement expenses may include solicitors? legal costs and the
reasonable
expenses of my staff and my facilities incurred in relation to any enforcement.
13. Change of circumstances and address You must tell me promptly if you change your
residential or
postal address, or if you think there is any information that I should be aware of about your
ability to
comply with this contract.
14. Notices
Any notice or demand given by me under this contract or required by law may be given in
writing, can
be signed by any of my officers, and can be delivered personally or by email to the address you
have
nominated for delivery of notices, or if no such address has been nominated by you, your email
address
as last known to me. Any such notice or demand shall be deemed to have been received by you
when it
would have been delivered in the ordinary course of post.
Borrowers should be informed that we do not take out the Loan Protection Insurance/ Payment
Protection Insurance from the capital loan amount due to an hard insurance policy on
international loan
transaction governing the United State of America.
15. Join and several liability
If you are two or more persons, your obligations as debtors are both joint and several.
16. Date of Contract
This contract takes effect on the date that I accept your offer to borrow (?Acceptance Date?).
17. Assignment
I may deal with, assign or transfer to any person or company any of my rights and interests
under this
contract.
18. Consumer Credit Code and other laws
To the extent that any provisions or parts of this loan contract are inconsistent with the
Consumer
Credit Code or other laws, they will be deleted so that the rest of the contract shall remain valid
and
enforceable. All disclosures under this contract are made on the basis of assumptions permitted
by the
Consumer Credit Code.
19. YOUR ACKNOWLEDGEMENTS
You agree that, before you signed this contract, you received;
i) a contractual statement made up of a Financial table and a copy of this contract for you to
keep, and
ii) the information statement telling you of things you should know about your proposed credit
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