MASTER AGREEMENT The purpose of the Internet Funding Corporation Master Payday Loan Agreement is to make you, our customer, fully aware and informed of all terms and conditions of our policies, as well as all federal and State of Delaware regulations as required by law. We value the opportunity to serve your needs and want you to be completely satisfied and comfortable in all transactions with Internet Funding Corporation. Payday Loans offered by Internet Funding Corporation are designed as a short-term cash flow solution and not designed as a solution for longer-term financial problems. You acknowledge by signing this agreement and by submitting an application to Internet Funding Corporation, that you do not have any outstanding Payday Loans with Internet Funding Corporation or any other provider. In addition, while having an outstanding Payday Loan from Internet Funding Corporation, you agree that you will not apply for or accept another Payday Loan from Internet Funding Corporation or another provider that will result in having more than one outstanding Payday Loan at any given time.
Extension of Payment Requirements Although Internet Funding Corporation does provide extensions, it is not our intent for a Payday Loan to become a long-term obligation. Internet Funding Corporation will allow you to extend the original Payday Loan under the following terms. A maximum of Four (4) extension of payment (rollovers) are allowed. For convenience, your loan will be extended automatically up to Four (4) times, or until you direct us to process your payoff amount. Additional fees will be charged for each extension of payment (rollover) equal to the original loan fee ($60.00). All loans that are not paid off will be deemed to be extended until the following payday. Credit counseling services are available to consumers who are experiencing financial problems. Internet Funding Corporation can suggest sources for these services upon request.
All payoff requests must be submitted online and must be received BY 12:00 PM (EDT) one business day before your original due date to be processed.
Right of Rescission
You have the right to return any amount borrowed, in full, on or before the close of business of the business day following the day on which such sum has been disbursed or advanced, without the incursion of any fee or other charges. Payment in full can be made by using the Western Union service.
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Your Promise To Pay
You promise to pay us the Amount Financed, the Finance Charge and other permitted charges according to the Federal Truth-In-Lending Disclosures. You acknowledge and agree that you are indebted to us in the amount of the Total of Payments, and that the amounts set forth in the Federal Truth-In-Lending Disclosures are not in dispute. You have made promise to pay us or to our order, (per your electronic signature on original payday loan application or Master Agreement) in one payment on the date indicated in the payment schedule, or if extended payment request was submitted and processed, the total of payments on or after the next date your Payday Loan comes due. You authorize us to effect this payment by one or more ACH/EFT debits and or demand bank draft debit entries to the account of your financial institution (bank or credit union) on the date this Payday Loan comes due or until this Payday Loan obligation is paid in full. You have confirmed that you are not in bankruptcy proceedings, nor do you contemplate or plan on filing bankruptcy in the future. You promise to keep open and maintain an adequate balance in your account to assure all payments are made to us in a timely manner on the scheduled due date(s), until this Payday Loan note is paid in full. You agree and confirm this online Payday Loan transaction is due in full on your next nearest pay date, unless an extension of payment is processed by Internet Funding Corporation. An extension of payment fee will be debited on the original due date, and then the original advance amount plus original fee will become due in full on your next scheduled pay date. You agree that by submitting completed/ signed Internet Funding Corporation internet request forms as a matter of convenience, hereby constitutes the same legal and binding document as providing Internet Funding Corporation with your personal post dated check, in the amount of the Payday Loan plus associated fees, for the scheduled and authorized repayment of the Payday Loan amount that, upon approval, will be credited by ACH/EFT to your financial institution account. If Internet Funding Corporation is unable to collect payment from your provided account for any reason to effect debit entries as agreed, you promise to pay us all sums you owe immediately, by making payment in full by using the Western Union service. If in default, you authorize Internet Funding Corporation and/or their designated collection agency to continue initiating ACH / EFT or bank draft debit entries of your financial institution account for full and/or partial payments of Payday Loan and associated costs as necessary until all total amounts owed are paid in full. You agree, to the extent permitted by law, that you will not bring, join, or participate in any class action or multi-plaintiff action as to any claim, dispute, or controversy you may have against Internet Funding Corporation. You agree to the entry of injunctive relief to stop such a lawsuit or to remove yourself as a participant in the suit. This agreement does not constitute a waiver of any of your rights and remedies to pursue a claim individually.
Return of Payment Policy
If the customer's pre-authorized payment is returned to Internet Funding Corporation as uncollected due to NSF (non-sufficient/uncollected funds), the customer agrees to have payment automatically rescheduled for a repayment date (generally the following pay date) to include fees associated with the return, fees associated with the continued use of advanced amount for the additional period of time over the maximum allowed of 15 days, and the original advance plus fee, that will be presented to customers account to obtain payment in full. Internet Funding Corporation will reschedule payments by ACH/EFT with subsequent additional fees incurred each time for the continued use of the original advance balance amount, together with previous returned payment fees a maximum of two (2) additional times in attempt to have all payments completed and have Internet Funding Corporation paid in full.
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If Internet Funding Corporation is still unsuccessful in obtaining payment, and customer in default has not made payment of balance owed by the Western Union service, Internet Funding Corporation will send the $780 Wage Assignment Agreement to the customer's employer along with a demand for payment from wages. If that is unsuccessful for any reason the account in default will be transferred to our designated Law Collection firm and litigation/collection procedures will begin. Given that actual costs of collection and loss of use of capital are variable and differ with respect to length of time of delinquency and quantification of collection efforts, it is agreed between the parties that customers defaulting on their obligations to Internet Funding Corporation shall pay liquidated damages of $780. Internet Funding Corporation will also file a claim for a civil judgment award against the customer with a nationally recognized arbitration organization for all monies, fees, and costs associated with obtaining payment in full. Upon award of judgment against customer in default which is final and binding, the judgment award will be filed in any civil court having reasonable jurisdiction and subsequently transferred to an appropriate court of the defaulted customer's county of residence or employment for collection. The customer in default will be responsible for all additional costs associated with obtaining payment in full (Arbitration fees, collection fees, court and attorney fees, etc.) The post-judgment interest rate on any and all arbitration awards and/or legal judgments arising from this agreement shall be 36% (Thirty Six Percent) per year, compounded annually. The customer in default will be responsible for all additional costs associated with obtaining payment in full (Arbitration fees, collection fees, court and attorney fees, etc.) In addition, the customer in default will be reported to any or all of the following: TeleTrack, TeleCheck, Scan, TransUnion, Experian, and/or Equifax. Additional Terms and Conditions of this Agreement Prepayment: You may prepay your obligation under this Agreement in full at any time without penalty. Method of Payment: Your electronic authorization in the amount of the Total of Payments stated in the Federal Truth-In-Lending Disclosures and dated as of the date indicated in the Payment Schedule stated in the Federal Truthin-lending Disclosures (the "Payment Date") will be held by us until the Payment Date as security for this advance. You agree that we may debit your account for the Payment if you have not paid us in cash or by cashier's check, money order, or other immediately available funds the amount of Total Payments before noon (EST) on the Payment Date. If payment is made prior to the EFT/ACH payment date, we will cancel the electronic authorization at the time we receive payment. Returned Payments: In the event your electronic payment of any amount due under this agreement, and upon presentment to the named Drawee, is returned due to insufficient funds or credit, stopped payment, or closed account, or any other reason, we shall assess a $25 returned fee. Continuity: If a Wage Assignment Agreement for $780 (or any amount) is used as security for a loan, it is agreed that all future loans and extensions between the customer and Internet Funding Corporation shall be secured by that same Wage Assignment Agreement without the requirement to remake, resign or redo the agreement.
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Documentation: I agree that electronic mail, electronic forms, records, photocopies, and /or facsimile copies of the documents I submit are valid and enforceable as the original. I agree that by typing my name as my electronic signature, it is acknowledged and understood that it constitutes an acceptance of all terms and conditions of the master Payday Loan agreement and is valid and enforceable. By signing and submitting the application form, I understand and agree to all terms and conditions of this Master Agreement and by submitting the online information application by Internet, I am applying for a Payday Loan and certify that information provided by me is true and correct under penalty of perjury. I agree that upon submission of my electronic signature, I am not presently involved in, or contemplating bankruptcy now or in the future. I authorize you to verify the information in this application and hereby give Internet Funding Corporation consent to obtain information on me from a consumer reporting agency or other various means available. I understand Internet Funding Corporation reserves the right to decline an applicant at any time, with cause determined by judgment of risk, upon completion of due diligence of applicant. In order to process this application, I understand verification of the information I have provided is necessary, including, but not limited to, proof of residence, employment and bank account verification. These transactions shall be deemed to have taken place in the State of Delaware and Delaware Law shall govern all aspects thereof except as federal laws may apply, regardless of where the site may have been accessed.
(Be sure you fully understand the Internet Funding Corporation program and procedures before signing and submitting forms as acceptance. If you are unsure, please take time to review or contact a customer service representative to answer any questions you may have.)
_____________________________ Signature
___________ Date
_____________________________ Printed name
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