LOAN TERMS AND CONDITIONS
1. REQUIREMENTS:
1.01. Borrower must have a working bank account to their name or company name which will be used for the transfer of the loan..
1.02. Borrowers must have either a copy of a driver's license, work ID card, national identity card or international passport for the confirmation of legitimacy and for the processing of their loan.
1.03. Borrowers must provide a bank statement of account or last pay stub to ascertain their financial status and also an assurance of paying back the loan completely and on time.
2. PAYMENTS:
2.01. Borrower will start the repayment a month after the loan has been deposited to the Borrower’s bank account.
2.02. Borrower will be given four weeks (a month) grace to payback the principle and interest at the end of the loan duration before legal actions will be taken.The Borrower shall repay the loan on a monthly basis in installments as specified in the repayment schedule of the Loan Contract or on the due date agreed by the Lender and the Borrower. If the due date is not a banking business day, the due date for the payment of the loan installment and interest as well as the expenses and fees charged for the loan will be the following banking business day. If the due date is transferred, the Lender has the right to demand for the outstanding payment and if not adhered then the lender has the right charge the interest on the loan pursuant to the interest rate determination period in force from the original due date to the new due date on the entire remaining loan principal remaining on the due date..Failure to pay back the loan at the expected date / period, legal actions will be taken against the borrower. The Loan shall not fall due if the delay in payment is due to the Borrower’s illness, unemployment or other comparable reason beyond the control of the Borrower, except for when it would be obviously unreasonable for the Lender not to demand the repayment of the Loan, considering the duration of the delay and other conditions. The borrower is obliged to report any obstacle to payment without delay.The Loan shall fall due for immediate payment as demanded if the Borrower is deceased or declared bankrupt or a district court has decided on the commencement of debt arrangements.
3. CONSEQUENCES OF DEFAULT TO PAYMENT:
If the Borrower defaults on the payment of a repayment pursuant to the Loan Contract in full or part, the Lender or Lenders’ representative have the right to demand interest on arrears in accordance with the terms and conditions of the Loan Contract, demand the immediate repayment of the Loan, engage in debt collection measures and report the default of payment obligations under the Loan Contract to the credit rating register. The debt collection of the Loan results in costs for which the Borrower is liable.
4. COMMUNICATION
Borrower must inform us about any change of circumstances and MUST notify us in writing within seven days of any change in your address or if you think there is any information that We Should be aware of .If the Borrower has provided misleading information that may have influenced the granting of the Loan or its terms and conditions or if the Borrower is guilty of other material breach of agreement, I have the right to demand the repayment of the entire remaining principal with interest and other fees by the Borrower within four (4) weeks or, if the Borrower has been informed previously of the breach of agreement, within two (2) weeks of the reminder of due date being sent to the Borrower if the breach of agreement has not been rectified by that time.
5. BORROWER DUTY TO PROVIDE INFORMATION:
When applying for a loan, the Borrower asserts that the information provided by the Borrower is correct and true. The Borrower is liable for the correctness of the information provided by the Borrower. The Borrower shall provide information on the Borrower’s financial position by submitting a bank statement or pay stub and other information which has effects on the lender-borrower relationship essential in the loan application.
6. INTEREST:
Interest rate shall be 7% irrespective of the loan amount as it may believe that this is the fairest way to charge interest and should result in you paying back less interest over the course of the loan term. If installments are not paid by the Due Date, the Borrower is liable to pay in arrears of any outstanding payments.
7. RIGHT TO AMENDMENT:
The Lender has the right to amend the terms and conditions of loan service contracts and loan contracts by informing the Borrower in advance in writing if the amendment does not increase the responsibilities or reduce the rights of the Borrower, and the amendment is due to an amendment to legislation or a decision issued by the authorities. The Borrower is considered to have approved the amendments to the terms and conditions unless the Borrower objects to the amendments by the proposed effective date of the amendments. The Borrower is informed of the amendment a minimum of one month in advance of the effective date of the amendment.
8. APPLICATION LAW AND SETTLEMENT OF DISPUTES:
This Agreement is subject to United States legislation.If any disputes arising from this contract cannot be resolved through negotiations between the parties, the dispute shall be resolved by the District Court of the Borrower’s domicile.
9. THE APPROVAL PROCESS :
It takes the interval of 2 to 5 days from application to funding. On receiving the loan application, It is carefully examined. Loan application received is considered and a decision is made based on the flow of income on the bank statement and overall ability to repay the loan. It is ensured that any loan approved, does not result in them facing financial difficulties and a struggle with repayments.
10. LOAN AMOUNT:
Loan amount ranges from $10,000.00 to $10,000,000.00 .
11. LOAN DURATION:
Loan duration ranges from 6 months to 20 years, balloon payment (interest only) up to 5 years for fix and flips.
12. FEES AND UPFRONT COSTS:
Borrowers are expected to cover any upfront fees such as loan origination fee, underwriting fee, appraisal fee and processing fee.