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Authorization for Automatic Payments


PLEASE READ THIS INFORMATION CAREFULLY AND PRINT AND RETAIN THIS INFORMATION ELECTRONICALLY FOR FUTURE REFERENCE.

By clicking the check box for this Authorization for Automatic Payments, you provide your electronic signature and agree to the following:

You authorize Cross River Bank, BorrowersFirst and its affiliates, successors and assigns to make recurring debits by Automated Clearing House (“ACH”) transfer from the checking or savings account(s) (each, an "Account") at the financial institution(s) (each, a "Financial Institution") you and any co-borrowers designated in the process of applying for a loan from Cross River Bank. The loan you obtained from Cross River Bank is referred to as your “Loan”. You acknowledge that your Financial Institution must permit electronic debits and must be located in the United States.

The amount debited from your Account each month will be the amount then due under the terms of your Loan agreement, including any increases to your monthly payment amount that you may instruct and to which we agree, as confirmed by written notice from us to you. The monthly payment may include unpaid principal, interest, charges and fees and may vary from month to month. The monthly payment will be debited at any time on each month on the due date of the monthly payment; however, if the due date occurs on a weekend or holiday, your Account will be debited at any time on the next business day.

If a debit from your Account for any monthly payment is returned or rejected for any reason, then we will attempt to debit your Account up to two additional times. If there is more than one borrower obligated to repay your Loan and the borrowers have designated more than one Account for purposes of making automatic payments, then you agree that we will first attempt to debit the primary borrower’s account up to three times and, if any of those debits is returned or rejected for any reason, then we may debit the other Accounts designated by the borrowers in any order, and we may debit multiple Accounts for portions of the monthly payment then due. Additional debits following a returned or rejected debit attempt may occur at any time and on any day.

You have the right to receive prior notice of all preauthorized electronic funds transfers (debits) that will vary in amount from the previous transfer or from the preauthorized amount under this Authorization for Automatic Payments. You elect to receive notice only when a transfer will differ from the most recent transfer by more than $50.

If an attempted debit is returned or rejected for any reason, you authorize us to electronically debit your Accounts to collect a fee of up to $15 for each returned or rejected debit. You acknowledge that your Financial Institution may charge you an additional fee each time that we attempt to debit an Account and the debit is returned or rejected.

You have the right to pay your monthly loan payment via check or electronic bill pay through your financial institution. If you choose to pay your monthly payment in any way other than Automatic ACH, please contact us at support@borrowersfirst.com or 877-806-8860. In addition, you have the right to stop automatic debits from your Account or revoke your prior authorization for automatic debits by notifying your Financial Institution at least 3 banking days before the next scheduled monthly payment date. You must notify us that you are exercising your right to stop a debit or revoke your authorization for automatic debits at least 3 banking days before the next scheduled payment date. If you believe that an unauthorized electronic funds transfer or payment has occurred from your account, you may contact BorrowersFirst at support@borrowersfirst.com or 877-806-8860.

You understand that this authorization will remain in full force and effect until your Loan is paid in full or we have received written notice from you withdrawing this authorization at least 3 banking days before your next scheduled payment date; otherwise, your withdrawal may not go into effect until the next month. You acknowledge that this authorization may be assigned by Cross River Bank and/or BorrowersFirst to any person or entity.

Last Updated December 1, 2016

BorrowersFirst loans are unsecured, personal loans made by Cross River Bank, a New Jersey State chartered bank, Member FDIC. Eligibility for a loan is not guaranteed. To receive a loan, you must be a US citizen or permanent resident and at least 18 years old (or 19 years old in Alabama). At this time, we do not accept loan applications from residents of Connecticut, Hawaii, Idaho, Iowa, Maine, Mississippi, Nevada, New York, Tennessee, Vermont, West Virginia, Wisconsin or Wyoming.