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I certify that the information supplied by me is true and correct. I authorize verification of the truthfulness of all information contained herein, including verification of income and banking information. I expressly authorize contact with any person or company identified above to verify any of the above information or to leave a message for me. Any false statement made by me shall be sufficient basis for rejection. I have read and understand the above statements. I acknowledge that this application and any supporting documentation provided with it is the property of A-1 Cash Advance. I represent that I am neither a current nor a former A-1 Cash Advance employee nor am I a spouse or relative of a current or former employee.
I attest that I am not a regular or reserve member
of the Army, Navy, Marine Corps, Air Force, or Coast Guard, serving
on active duty under a call or order that does not specify a period
of 30 days or less. Nor am I an Active Guard and/or Reserve member
of the military currently serving on active duty or who has served
on active duty within the past 180 days. Nor am I a spouse, child,
or other dependant person who derives more than on-half of my monetary
support from a member of the military who is on active duty or has
been on active duty within the past 180 days.
METHOD OF PAYMENT: Your personal check, or authorization to debit your account, in the amount of the Total of Payments stated in Our disclosures and dated as of the date indicated in the Payment schedule stated in Our Disclosures the"Payment Due Date") will be held by us until the Payment Due Date as security for this loan. You agree that we may deposit this check, or or initiate an ACH debit to your bank account to satisfy this obligation, if you have not paid us in cash or by cashier’s check, money order or other immediately available funds in the amount of the Total of Payments on or before the Payment due Date. If payment is made prior to the deposit of your personal check, or ACH debit to your bank account, we will return the check to you at the time we receive payment.
WAIVERS: We shall not waive any of our rights under this loan agreement by making an accommodation for you or someone else. No waiver, consent or approval by us or change or amendment of this loan agreement effective unless it is in writing, and we have signed it.
JOINT AND SEVERABLE: If this loan agreement is signed by more than one Borrower, you each agree to be liable to us Jointly, and each of you will be liable to us individually for the loan and other obligations under this loan agreement. We may require that any one of you pay the whole loan without making anyone else to pay. We may sue any one of or more of you without giving up any of our rights against the others. This loan agreement is also binding upon the heirs and personal representatives in probate of all signers and upon anyone to whom signer assigns his assets or who succeeds to him or her in any other way.
TIME: It is essential that you make your payments and keep all your promises under this loan agreement on time.
PREPAYMENT: If you prepay to us the Amount Financed, no later than the end of the business day immediately following the day on which this Loan Agreement was made, we will refund to you the Finance Charge we have earned. If you payoff this loan at any time after the end of the business day immediately following the day on which this Loan Agreement was made, you will not be entitled to a refund of part of the Finance Charge.
CONSECUTIVE SMALL LOANS: After your initial loan an three (3) consecutive small loans, we are required to offer you an extended payment plan (EPP) at the time you enter into the fourth small loan agreement if you are not in default on you existing loan. The EPP can be entered into at any time after the fourth loan. If you enter into an EPP, you will not be able to enter into another small loan with any small loan lender until the EPP is paid in full and the seven day waiting period has expired. A seven day cooling-off period applies after you have had a total of six loans (an initial loan followed by five consecutive loans) with any one lender
DEFAULT: You will be in default under this agreement if: (a) you stop payment of the Check or otherwise fail to pay the Total of Payments on or before the Payment Due Date stated on this loan agreement, or (b) you provide false or misleading information about yourself, your employment or your financial condition (including the account on which the Check is drawn) prior to entering this loan agreement.
THINGS WE HAVE THE RIGHT TO DO TO PROTECT OURSELVES IF YOU DEFAULT: Whenever you are in default under this loan agreement we can go to court and get a judgment against you for the then unpaid amount of your debt.
RETURNED CHECK CHARGES: An additional charge of twenty-five ($25) will be charged for the return by a bank or other depository institution of a dishonest check, negotiable order of withdrawal, electronic withdrawal, or share draft issued by the consumer. This additional charge will be assessed one (1) time regardless of how many times a check may be submitted by the Lender and dishonored.
CREDIT INQUIRE AUTHORIZATION: You agree and hereby authorize us to obtain credit reports on you both now and at any time any portion of the Amount Financed remains owed to us.
CREDIT REPORTING: We may report your performance under this loan agreement to credit reporting agencies. You agree and hereby authorize us to obtain credit reports on you both now and at any time any portion of the Amount Financed remains owed to us. You specifically acknowledge and agree that we may disclose any default by you under this loan agreement, along with other relevant information, to credit reporting agencies.
ARBITRATION PROVISION: WAIVER OF JURY TRIAL AND ARBITRATION PROVISION. Arbitration is a process in which persons with a dispute: (a) waive their rights to file a lawsuit and proceed in court and to have a jury trial top resolve their disputes; and (b) agree, 0instead, to submit their disputes to a neutral third person (an "arbitrator") for a decision. Each party to the dispute has an opportunity to present some evidence to the arbitrator. Pre-arbitrate discovery may be limited. Arbitration proceeding are private and less formal than court trials. The arbitrator will issue a final and binding decision resolving the dispute, which may be enforced as a court judgment. A court rarely overturns an arbitrator’s decision.
THEREFORE, YOU ACKNOWLEDGE AND AGREE AS FOLLOWS:
1. For purposes of this Waiver of Jury Trial and
Arbitration Provision (hereafter the"Arbitration Provision"),
the words "dispute and "disputes" are given the broadest
possible meaning and include, without limitation
GOVERNING LAW: This loan agreement will be governed by and construed and enforced solely in accordance with the internal laws of the State of Indiana. YOU AGREE THAT THE STATE COURTS LOCATED IN THE STATE OF INDIANA WILL HAVE EXCLUSIVE JURISDICTION AND VENUE OF ACTIONS TO ENFORCE THIS LOAN AGREEMENT.
ASSIGNMENT: We may assign or transfer this loan agreement or any of our rights hereunder. Your obligations under this loan agreement cannot be assigned to a third party without our prior written consent.
Indiana Small Loan Law - Borrower Rights
In General: You are responsible for evaluating whether a small loan is right for you. Alternatives may include,among other things, less expensive short-term financing from another financial institution, family, or friends, a cash advance on a credit card, an account with over-draft protection, or a loan repayable over several months.
Notice from Lender: The lender is required to provide you with a clear and conspicuous printed notice advising you that, among other things, a small loan is not intended to meet long-term financial needs and that you should use a small loan only to meet short-term cash needs.
Limitations on Security Interest: The lender cannot require you to provide more than one check or authorization to debit your account as security for any small loan. The check or authorization to debit may not exceed the amount advanced to or on behalf of the borrower plus loan finance charges contracted for and permitted. A small loan may not be secured by personal property of any type other than a check or electronic debit authorization.
$500 Maximum/Fourteen Day Minimum Term: A lender cannot have loans (either single or in the aggregate)outstanding to you at any one time in the principal amount/ amount financed of more than $500. A lender cannot make a small loan to a borrower who has two (2) or more small loans outstanding, regardless of the total value of the small loan. By law, the due date of your loan must be at least fourteen days after the date that money is advanced to you.
Loan Amount, Charges, etc.: The lender is prohibited from making a small loan to you that exceeds 15% of your monthly gross income. Finance charges on the first $250 of a small loan are limited to 15% of the principal (i.e. $30 on a $200 advance).
Finance charges on a small loan greater than $250 and less than or equal to $400 are limited to 13% of the amount over $250 and less than or equal to $400 (i.e. $44 on a $300 advance).
Finance charges on the amount of the small loan greater than $400 and not more than $500 are limited to 10% of the amount over $400 and not more than $500 (i.e. $62 on a $450 advance).
Other than the specific fees and costs discussed in the section of this pamphlet entitled “Failure to Repay” (see below), no additional amounts may be directly or indirectly charged, contracted for, collected, received, or recovered by the lender. You may receive your loan proceeds in the form of a check from the lender. The lender cannot charge you a fee for cashing their check. Similarly, a check casher affiliated with the lender cannot charge you a fee for cashing the lender’s check.
Written Agreement: The lender must provide you with a written loan agreement, which must be signed by both you and an authorized representative of the lender. The loan agreement is a binding, legal document which requires you to repay the loan. Make sure you read the entire loan agreement carefully before signing and dating it.The lender must provide you with a duplicate original of the loan agreement at the time of your loan transaction.
Right to Cancel: You have the right to cancel your small loan at any time prior to the close of business on the next day the lender is open following the date your small loan is made by paying the lender the amount advanced to you in cash, certified check, authorized account debit, cashier’s check, money order or, if the lender is equipped to handle such payments, by using a credit or debit card.
Partial Payments: You have the right to make partial payments in any amount on your small loan at any time before the due date without charge. You have the right to receive signed, dated receipts for each payment made showing the amount paid and the balance due on the small loan.
No Renewals: The lender cannot renew, repay, refinance, or consolidate your small loan with the proceeds of another small loan made to you by the lender. On the due date of your loan, you must either pay the lender in full by cash or allow the lender to deposit your personal check that they are holding or by debiting your account by written authorization.
Consecutive Small Loans: After an initial loan and five subsequent consecutive loans, the lender may not provide you with another small loan within seven (7) days after the due date of the fifth consecutive loans. You and the lender can agree to enter into a simple interest loan payable in more than four (4) installments. The Annual Percentage Rate (APR) on this loan cannot exceed 36% on loans with an amount financed up to $990 as per IC 24-4.5-3-508 effective July 1, 2004. The purpose of this provision is to help keep borrowers from being on a debt treadmill where they cannot payoff their loan.
Failure to Repay: Pay back your loan! Know when your payment is due and be sure to repay your loan on time and in full. You are responsible for having sufficient funds in your checking account on the due date of your loan so that your check does not bounce if the lender deposits it in his account.
If you cannot or do not repay the loan, then the lender is permitted to recover from you a charge, not to exceed $20, for each returned check, dishonored check, etc. This charge may only be assessed one (1) time regardless of how many times a check or authorization to debit your account is dishonored.
The lender is prohibited from threatening or beginning criminal proceedings against you if a check you provide to the lender bounces.
Debt Management and Credit Counseling Services: Debt management companies can provide assistance to consumers who need help reorganizing their debts. In addition, consumer credit counseling services can provide valuable financial education and budgeting advice. They can work with consumers and their creditors to coordinate repayment agreements and to help make their finances more manageable. To obtain a list of such companies, consult the business section of your phone book. The use of a credit counseling service will most likely result in charges to be paid by the consumer; therefore, when seeking help from a credit counselor, the consumer should ask for a full disclosure of the total cost, the benefits to be provided, and all other related information. Many organizations offer this service at charges much less than their competitors, so the consumer should always compare costs.
Complaints and Contacting the Department of Financial Institutions. For assistance with any complaints you may have against a small loan lender, please contact the Indiana Department of Financial Institutions toll-free at (800) 382-4880 or on the Internet at http://www.in.gov/dfi/.
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