Last updated: December 1, 2016
Loan Number: _____________
This document is a binding agreement between you and Cross River Bank, a federally-insured New Jersey state-chartered bank. By electronically signing this Agreement, you have signified your agreement to be bound by all of the terms and conditions contained in this Agreement. Under this Loan Agreement, you agree to receive and repay one or more installment loans from us, through the website lending platform at borrowersfirst.com, including any subdomains thereof operated on our behalf by BorrowersFirst. These terms affect your rights and you should read them carefully and print a copy for your records. Your agreement to these terms means, among other things, that you agree to the terms of your Loan, you consent to our Privacy Notice, you agree to transact with us electronically, and you agree to have any dispute with us resolved by binding arbitration.
Definitions. Below are some important definitions used in this Loan Agreement:
Promise to pay. You unconditionally agree to pay to or for the benefit of the owner of record of this Agreement or any Note all amounts you owe to the owner of record of this Agreement or any Note under this Agreement without prior demand, notice or set off. You waive demand, notice of non-payment protest, and all other notices or demands whatsoever to the extent permitted by law. You agree to make all payments under this Agreement in immediately available lawful money of the United States.
|Principal||The principal amount of the Loan you must repay to us is $_____________.|
|Interest||Interest will accrue on the Loan and all unpaid amounts under this Agreement at the fixed interest rate of _____________% per year. Except as otherwise stated in this Agreement, all interest and fees, if any, will be computed on the basis of a 365-day year and the actual number of days elapsed. Interest is calculated on a monthly basis upon the unpaid balance.|
You must make payments to us of principal and interest in the amount of $_____________ per month.
Date you owe us the first payment: _____________.
Dates you owe us subsequent payments: the same day of each successive month thereafter until _____________, when the full amount of unpaid principal, together with unpaid accrued interest is due and payable.
If the monthly payment date is on the 29th, 30th, or 31st of the month, and particular month does not have a 29th, 30th, or 31st day, the monthly payment will be due on the last day of the month in which the payment was due.
The last payment might be of a slightly different amount to adjust for rounding and to cover all remaining principal and interest resulting from payments made on dates other than the date when due.
Fees. You agree to these fees:
|Late payment fee||If you make a payment 5 or more days late, you must pay us a late fee of $15. All late fees are immediately due and payable. Any payment received after 6:00 P.M., Eastern time, on a banking day is considered received on the next banking day.|
|Insufficient funds fee||You must pay us a fee of $15 if your ACH transfer or check is returned, dishonored or fails due to insufficient funds in your account or for any other reason. Each attempt to collect a payment is considered a separate transaction and an unsuccessful payment fee will be assessed for each failed attempt. The financial institution that holds the account from which you make payments may assess its own fee in addition to the fees we assess. You acknowledge that your Financial Institution may charge you an additional fee each time that we attempt to collect a payment and the attempt is returned, dishonored or fails.|
|Fee for paying by check||You agree to pay us a fee of $15 each time you make any payment under this Agreement by check.|
|Origination fee||You agree to pay a non-refundable origination fee of $_____________ that will be included in the principal amount of the Loan. As a result, the Loan proceeds we deliver to you or pay to others on your behalf will be less than the full principal amount of the Loan. You agree that the origination fee is part of the principal amount of the Loan and is subject to the accrual of interest. No amount of the origination fee is refundable.|
|Prepayment fee||You may prepay the Loan at any time without any fee or penalty and you may make any payment early, in whole or in part, without any fee or penalty. If you prepay the Loan in part, you agree to continue making regularly scheduled payments until all amounts due under this Agreement are paid. We can accept late payments or partial payments, even if they are marked “paid in full” or a similar notation, without waiving any rights under this Agreement.|
Credit Decisions. Your application must include your annual income and such other information as we may require and obtain through the Site. We will consider public assistance, alimony, child support, or separate maintenance income as income only if you choose to include such sources of income in your application and such income is likely to continue. We reserve the right to verify any information you submit by requiring you to produce appropriate documentation or other proof, and we also reserve the right to conduct such verification through a third party. You hereby authorize us to request and obtain data from a third party to verify any information you provide to us in connection with your application. You acknowledge and agree that we may rely without independent verification on the accuracy, authenticity, and completeness of all information you provide to us. We may terminate consideration of your application at any time in our sole discretion.
Making Your Loan Payments. You acknowledge that you authorized us, 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 us. 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 this 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 each month at any time 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 the debit from your Account for any month 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 the Loan and the borrowers designate 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 payment then due. Additional debits following a returned or rejected debit may occur at any time and on any day. You have the right to receive prior notice of all preauthorized electronic fund transfers (“debits”) that will vary in amount from the amount of the previous transfer or from the preauthorized amount. You acknowledge that you have elected to receive such notice only when a transfer will differ by more than $50. You may instead elect to make payments by personal check by contacting BorrowersFirst at email@example.com or by regular mail at to BorrowersFirst, Inc., PO Box 163207, Austin, TX 78716, Attention: Loan Processing Department. If you elect to make payments by check, you acknowledge and agree that you must pay a $15 check processing fee per payment, subject to applicable law. If you elect to make payments by check, you must send the check by regular mail to BorrowersFirst, Inc., PO BOX 2580, Omaha, NE 68103-2580. This authorization does not affect your obligation to pay when due all amounts payable on your Loan, whether or not there are sufficient funds therefore in such accounts. The foregoing authorization is in addition to, and not in limitation of, any rights of setoff we may have. With regard to payments made by automatic debit, you have the right to stop payment of automatic debits from your Account or revoke your prior authorization for automatic debits by notifying your Financial Institution at least three (3) banking days before the next scheduled payment date. You must notify BorrowersFirst that you are exercising your right to stop a debit or revoke your authorization for automatic debits at least three (3) banking days before the scheduled payment date. If you believe that an unauthorized electronic funds transfer or payment has occurred from your account, you may contact BorrowersFirst at firstname.lastname@example.org or 877-806-8860.
Application of Payments. We will apply all payments first to fees, expenses and other amounts (other than principal and interest) you owe us, then to accrued interest and the balance to outstanding principal. However, if a Default occurs, we will apply payments to your obligations as we determine in our sole discretion.
Collection and Reporting of Delinquent Loans. We and/or BorrowersFirst reserves the right to report loan payment delinquencies at or in excess of 30 days to one or more consumer reporting agencies in accordance with applicable law. You agree to pay all costs of collecting any delinquent payments, including reasonable attorneys’ fees, as permitted by applicable law.
TCPA Consent. You expressly consent to receiving calls and messages, including auto-dialed and pre-recorded message calls and SMS messages (including text messages) from Cross River Bank, BorrowersFirst, and the successors, assigns, agents, attorneys and service providers of Cross River Bank and BorrowersFirst (collectively, the “Lender Parties” and individually, a “Lender Party”) at any telephone numbers that you have provided or may provide in the future (including any cellular telephone numbers). Your cellular or mobile telephone provider will charge you according to the type of plan you carry. You also agree that any Lender Party may contact you by email, using any email address you have provided to us or that you provide to us in the future. Any Lender Party may listen to and/or record phone calls between you and Lender Party representatives without notice to you as permitted by applicable law. For example, we listen to and record calls for quality monitoring purposes.
Assignment of your Loan. You agree that you may not assign or otherwise transfer any of your rights or delegate any of your obligations under this Agreement or any Note without our written permission, which we are not required to give. Any attempt to do so on your part without our written permission will be null and void. You agree that we may, without notice to you and without your permission or prior approval, assign any or all of our right, title and interest in this Agreement and/or your Note(s) to BorrowersFirst, any affiliate thereof or any third party. You understand, acknowledge and agree that BorrowersFirst, its affiliate or any third party may sell, assign or transfer any or all of its right, title and interest in this Agreement and/or your Note(s) and all associated documents and information related to the Note(s) without notice to you and without your permission or prior approval. Our transfer may be made by causing a registration of transfer in the record of ownership as described below, without providing you with any other notice (except where such notice is required by applicable law). Your obligations under this Agreement and any Note apply to all of your heirs, successors and permitted assigns, if any. Our rights under this Agreement and any Note apply to us and each of our successors and assigns. Ownership of this Agreement and any Note (and rights hereunder, including with respect to principal and interest) shall be registered in a record of ownership maintained by an entity specifically designated for such purposes. You hereby irrevocably appoint Cross River Bank (or its designee) as your agent acting solely for the purpose of maintaining such record of ownership. Any assignment or transfer of, or participation in, this Agreement and any Note (or rights hereunder) will be valid only if and when it is registered in such record of ownership. You shall treat each person whose name is registered in the record of ownership as the owner, assignee or participant, as applicable, for all purpose of this Agreement and any Note, including, but not limited to, the rights to payments of principal and interest. The record of ownership shall be made available to you in a form and manner determined by the agent maintaining it at any reasonable time and from time to time upon reasonable prior notice.
Your representations. You represent and warrant to us and BorrowersFirst that:
Delinquency. Any of the following events is a breach of this Agreement and is considered a “Delinquency” but not a Default:
Default. Any of the following events is a breach of this Agreement and is a default under the Loan (a “Default”):
Other terms and conditions.
We may report information about your Loan to credit bureaus. Late payments, missed payments or other defaults on your Loan may be reflected on your credit report. If you believe that specific information that we have reported about your Loan is inaccurate, notify us at BorrowersFirst, Inc., P.O. Box 163207, Austin, Texas 78716 (or another address that we provide to you later).
We do not require you to use any particular broker, arranger, lead generator or other intermediary as a condition to making the Loan to you.
If you have directed us to deliver the proceeds of your Loan to a particular merchant or service provider (your “Provider”), then you consent to your Provider providing us all details about the products and services delivered to you or as you requested, including (1) a description of those services and products, (2) confirmation that those services and products were provided, (3) the total cost and cost breakdown of those services and products, and (4) the date(s) when those services and products were provided.
ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER.
Borrower Loan ID Number: _____________
Signing Date (Date of the Loan): _____________
Promise to Pay. In return for the loan I have received, I promise to pay Cross River Bank (“you”) the principal sum of $_____________ together with interest thereon at the rate of _____________% per annum simple interest. I understand that references in this Promissory Note (“Note”) to you shall also include any person to whom you transfer this Note.
Loan Agreement. This Note is executed pursuant to that certain Loan Agreement by and between the parties dated as of _____________ (the “Loan Agreement”). The Loan Agreement contains additional terms and conditions which are incorporated in this Note by reference. All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Loan Agreement.
Payments. This Note is payable in _____________ monthly installments of $_____________ each, consisting of principal and interest, commencing on _____________, and continuing until the final payment date of _____________, which is the maturity date of this Note, subject to adjustment as described in the Loan Agreement.
Waiver of Defenses. Except as otherwise provided in this Note, you are not responsible or liable to me for the quality, safety, legality, or any other aspect of any property or services purchased with the proceeds of my loan. If I have a dispute with any person from whom I have purchased such property or services, I agree to settle the dispute directly with that person.
Default and Remedies. If I fail to make any payment when due in the manner required, my loan will be delinquent, and I will be in default, and you may at your option declare that I am in default, accelerate the maturity of this Note and declare all principal, interest and other charges due under this Note immediately due and payable.
Waivers. You may accept late payments or partial payments, even though marked “paid in full,” without losing any rights under this Note, and you may delay enforcing any of your rights under this Note without losing them. You do not have to (a) demand payment of amounts due (known as “presentment”), (b) give notice that amounts due have not been paid (known as “notice of dishonor”), or (c) obtain an official certification of nonpayment (known as “protest”). I hereby waive presentment, notice of dishonor and protest. Even if, at a time when I am in default, you do not require me to pay immediately in full as described above, you will still have the right to do so if I am in default at a later time. Neither your failure to exercise any of your rights, nor your delay in enforcing or exercising any of your rights, will waive those rights. Furthermore, if you waive any right under this Note on one occasion, that waiver will not operate as a waiver as to any other occasion.
Loan Charges. If a law that applies to my loan and sets maximum loan charges is finally interpreted so that the interest or other loan charges collected or to be collected in connection with my loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from me that exceeded permitted limits will be refunded to me. You may choose to make this refund by reducing the principal I owe under this Note or by making a direct payment to me.
Assignment. I may not assign or otherwise transfer any of my rights or delegate any of my obligations under this Note without your written permission. You do not have to give me your permission. Any attempt to do so on my part without your written permission will be null and void. I agree that you may, without notice to me and without my permission or prior approval, assign any or all of your right, title and interest in this Note to BorrowersFirst, any affiliate thereof or any third party. I understand, acknowledge and agree that BorrowersFirst, its affiliate or any third party may sell, assign or transfer any or all of its right, title and interest in this Note and all associated documents and information related to the Note without notice to me and without my permission or prior approval. Your transfer may be made by causing a registration of transfer in the record of ownership as described below, without providing me with any other notice (except where such notice is required by applicable law). My obligations under this Note apply to all of my heirs, successors and permitted assigns, if any. Your rights under this Agreement and any Note apply to us and each of our successors and assigns. Ownership of this Note (and rights hereunder, including with respect to principal and interest) shall be registered in a record of ownership maintained by an entity specifically designated for such purposes. I hereby irrevocably appoint Cross River Bank (or its designee) as my agent acting solely for the purpose of maintaining such record of ownership. Any assignment or transfer of, or participation in, this Note (or rights hereunder) will be valid only if and when it is registered in such record of ownership. I shall treat each person whose name is registered in the record of ownership as the owner, assignee or participant, as applicable, for all purpose of this Note, including, but not limited to, the rights to payments of principal and interest. The record of ownership shall be made available to me in a form and manner determined by the agent maintaining it at any reasonable time and from time to time upon reasonable prior notice.
Governing Law. This Note is governed by federal law and, to the extent that state law applies, the laws of the State of New Jersey. This Note has been executed and delivered in the State of New Jersey and is deemed a contract made under the laws of the State of New Jersey.
Miscellaneous. No provision of this Note shall be modified or limited except by a written agreement signed by both you and me. The unenforceability of any provision of this Note shall not affect the enforceability or validity of any other provision of this Note.
By signing this Note, I acknowledge that I (i) have read and understand all terms and conditions of this Note, (ii) agree to the terms set forth herein, and (iii) acknowledge receipt of a completely filled-in copy of this Note.
NOTICE TO CUSTOMER
(a) DO NOT SIGN THIS BEFORE YOU READ THE ENTIRE AGREEMENT, EVEN IF OTHERWISE ADVISED.
(b) DO NOT SIGN THIS IF IT CONTAINS ANY BLANK SPACES.
(c) YOU ARE ENTITLED TO AN EXACT COPY OF ANY AGREEMENT YOU SIGN.
(d) YOU HAVE THE RIGHT AT ANY TIME TO PAY IN ADVANCE THE UNPAID BALANCE DUE UNDER THIS AGREEMENT AND YOU MAY BE ENTITLED TO A PARTIAL REFUND OF THE FINANCE CHARGE.
THIS CONTRACT CONTAINS AN ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.
CAUTION – IT IS IMPORTANT THAT YOU THOROUGHLY READ THE CONTRACT BEFORE YOU SIGN IT.
WHAT DOES CROSS RIVER BANK DO WITH YOUR PERSONAL INFORMATION?
|Why?||Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.|
The types of personal information we collect and share depend on the product or service you have with us. This
information can include:
- Social Security number and Account balances
- Payment history and Transaction history
- Account transactions and Wire transfer instructions
|How?||All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Cross River Bank chooses to share; and whether you can limit this sharing.|
|Reasons we can share your personal information||Does Cross River Bank share?||Can you limit this sharing?|
For our everyday business purposes--
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
For our marketing purposes--
to offer our products and services to you
|No||We don't share|
|For joint marketing with other financial companies||Yes||No|
For our affiliates' everyday business purposes--
information about your transactions and experiences
|No||We don't share|
For our affiliates' everyday business purposes--
information about your creditworthiness
|No||We don't share|
|For nonaffiliates to market to you||Yes||Yes|
|To limit our sharing||
- Call toll-free 1-877-55CRB55 - our menu will prompt you through your choice(s)
If you are a new customer, we can begin sharing your information 30 days from the date we provided or sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
|Questions?||Call toll-free 1-877-55CRB55 or go to www.crossriverbank.com|
|What we do|
|How does Cross River Bank protect my personal information?||
To protect your personal information from unauthorized access and use, we use security measures that comply with
federal law. These measures include computer safeguards and secured files and buildings.
We also maintain other physical, electronic and procedural safeguards to protect this information and we limit access to information to those employees for whom access is appropriate.
|How does Cross River Bank collect my personal information?||
We collect your personal information, for example, when you
- Open an account or Apply for a loan
- Make deposits or withdrawals from your account or Provide employment information
- Give us your contact information
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
|Why can't I limit all sharing?||
Federal law gives you the right to limit only
- sharing for affiliates' everyday business purposes--information about your creditworthiness
- affiliates from using your information to market to you
- sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
|What happens when I limit sharing for an account I hold jointly with someone else?||Your choices will apply to everyone on your account|
Companies related by common ownership or control. They can be financial and nonfinancial companies.
- Cross River Bank does not share with our affiliates. Our affiliates include CRB Group, Inc., CRB Investment Company, Inc., CRB RET Inc.
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
- Nonaffiliates we share with can include loan finance companies
A formal agreement between nonaffiliated financial companies that together market financial products or services
- Our joint marketing partner(s) include loan finance companies.
|Other important information|
Special Notice For State Residents
For Alaska, Illinois, Maryland and North Dakota Customers. We will not share personal information with nonaffiliates either for them to market to you or for joint marketing-without your authorization.
For California Customers. We will not share personal information with nonaffiliates either for them to market to you or for joint marketing -without your authorization. We will also limit our sharing of personal information about you with our affiliates to comply with all California privacy laws that apply to us.
For Massachusetts, Mississippi and New Jersey Customers. We will not share personal information from deposit or share relationships with nonaffiliates either for them to market to you or for joint marketing-without your authorization.
For Vermont Customers. We will not share personal information with nonaffiliates either for them to market to you or for joint marketing-without your authorization, and we will not share personal information with affiliates about your creditworthiness without your authorization.
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.