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Loan Agreement


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.

THIS AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT TO THE FEDERAL ARBITRATION ACT AND/OR §15-48-10 OF THE SOUTH CAROLINA CODE OF LAWS (1976), AS AMENDED.

Our contact information is below:

Name:
Cross River Bank
Address:
885 Teaneck Road
Teaneck, NJ 07666
Telephone:
1-877-55CRB55

BorrowersFirst contact information is below:

Name:
BorrowersFirst, Inc.
Address:
PO Box 163207
Austin, TX 78716
Telephone:
1-800-383-8184
Email:
support@borrowersfirst.com

Your contact information is below:

Name:
_____________
Address:
_____________
Telephone:
_____________
Email:
_____________

Definitions. Below are some important definitions used in this Loan Agreement:

  • The word “Agreement” means this Loan Agreement, including the Note or Notes that you will make to us and including the attached Pricing Information and Disclosure Statement and Privacy Notice, as the Privacy Notice is updated from time to time.
  • The word “BorrowersFirst” means BorrowersFirst, Inc., a Delaware corporation, and its successors or assigns as appropriate, including, as applicable, the owner of record of this Agreement or any Note.
  • The words “we”, “us” and “our” mean Cross River Bank, a federally-insured New Jersey state-chartered bank, and its successors or assigns as appropriate, including, as applicable, the owner of record of this Agreement or any Note.
  • The word “Loan” means the loan that we make to you under this Agreement and that is described in more detail below.
  • The word “Note” means the Promissory Note or Notes, in the form attached hereto as Exhibit A, you will make to us under this Agreement.
  • The word “Site” means the website lending platform at borrowersfirst.com, including any subdomains thereof operated on our behalf by BorrowersFirst.
  • The words “you”, “your” and “yours” refer to you, the borrower under this 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.

Loan amount, interest rate and payments.

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.
Monthly Payments

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 support@borrowersfirst.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 support@borrowersfirst.com 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.

Electronic Transactions. This Agreement is fully subject to your consent to electronic transactions and disclosures, which consent is set forth in the terms of use for the Site. You expressly agree that each of this Agreement and each Note is a “transferable record” for all purposes under the Electronic Signatures in the Global and National Commerce Act and the Uniform Electronic Transactions Act.

Your representations. You represent and warrant to us and BorrowersFirst that:

  • You are a U.S. citizen or permanent resident of the United States.
  • You have not misrepresented your identity or described yourself as a person other than yourself.
  • You have not made any false, misleading or deceptive states or omissions of fact to us or BorrowersFirst.
  • You have not provided in your application or in communications on the Site related to your application, information upon which a discriminatory lending decision may be made, such as your race, color, religion, national origin, sex, or age.
  • You have read and understood all provisions in this Agreement, including the attached Disclosure Statement and Privacy Notice.
  • You will not use Loan proceeds to fund any post-secondary educational expenses, purchase or carry any securities or fund any illegal activity.

Delinquency. Any of the following events is a breach of this Agreement and is considered a “Delinquency” but not a Default:

  • You do not pay any amount owed to us under this Agreement when the payment is due or you breach another term or condition of this Agreement and that failure to pay or that breach do not otherwise constitute a Default as defined below.

Default. Any of the following events is a breach of this Agreement and is a default under the Loan (a “Default”):

  • An uncured Delinquency that has continued in effect until the earliest of the following dates: (1) the 120th day after the date the Delinquency first occurred or (2) the date on which the Loan is accelerated. We, BorrowersFirst or a representative of us, BorrowersFirst or the holder of this Loan, may accelerate the Loan at any time after the occurrence of a Delinquency that remains uncured.
  • You file or there is instituted against you any bankruptcy or insolvency proceeding or you make any assignment for the benefit of creditors.
  • You die or are declared dead or incompetent.
  • You commit fraud or make a misrepresentation in your application for the Loan or any representation you make in this Agreement or any other documents, applications or related materials delivered to us in connection with your Loan becomes untrue.

Enforcement.

  • If a Default occurs, we may exercise all remedies available to us under applicable law and this Agreement and the Note. One remedy we have, among others, is our right to accelerate all amounts due to us under this Agreement, meaning that all amounts you owe to us under this Agreement become payable all at once upon our demand.
  • Subject to any limitations imposed by law, you must reimburse us upon our demand for all costs we incur in connection with the enforcement or preservation of any rights or remedies under this Agreement and in connection with any amendment, waiver, “workout” or restructuring under this Agreement, including our reasonable attorneys’ fees and other professional fees and costs incurred, whether or not there is a lawsuit, up to the full amount of any non-waivable limit imposed by law. Such professional fees and costs may be collection fees calculated as a reasonable percentage of the Loan balance or of the amount recovered and payable to our agent or representative at the inception of a collection action. If any case is commenced by or against you under the Bankruptcy Code (Title 11, United States Code) or any similar or successor statute, we are entitled to recover costs and reasonable attorneys’ fees we incur related to the preservation, protection, or enforcement of any of our rights in such a case as permitted by applicable law. You agree that it will be presumed (subject to rebuttal only by the introduction of competent evidence to the contrary) that all professional fees we incur are reasonable if based on billing rates charged in other similar matters. You agree that we will be considered the “prevailing party” if we recover any funds whatsoever from you, whether by settlement, judgment or otherwise or if we are otherwise deemed or adjudicated to be the prevailing party.
  • Cross River Bank is located in the State of New Jersey and this Agreement and the Note(s) have 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. This Agreement is governed by federal laws and the laws of the State of New Jersey to the extent not preempted by federal laws, without regard to any principle of conflicts of law.
  • If we do not enforce any term or condition of this Agreement, or we delay in enforcing this Agreement, no waiver of any term or condition of this Agreement may be implied. If we waive any breach of any provision of this Agreement on one occasion, that waiver cannot be considered a waiver of any other breach or of the same breach at another time.
  • You agree not to seek, and you agree that we will not be liable for, any lost profits or any special, exemplary, consequential or punitive damages, even if we knew about the possibility of such damages.
  • If at any time after the date of this Agreement, any part of this Agreement is held by any court of competent jurisdiction to be illegal, void or unenforceable, then that part will have no further force and effect. The illegality and unenforceability of that part will have no effect upon and will not affect the enforceability of any other part of this Agreement.
  • Notwithstanding any other provision contained in this Agreement, we do not intend to charge and you are not required to pay any amount of interest or other fee or charge that is in excess of the maximum rate or amount permitted by applicable law. Any payment in excess of such amount will be refunded to you or credited against principal, at our option. As used herein, the term “applicable law” means the law in effect as of the date of this Agreement. But, if there is a change in the law which results in a higher permissible rate of interest or a greater permissible fee or charge, then this Agreement will be governed by such new provision of law as of its effective date.

Other terms and conditions.

  • This Agreement represents the entire agreement between you and us regarding the subject matter hereof. This Agreement entirely replaces all prior or contemporaneous communications, promises and proposals, whether oral, written or electronic, between us with respect to the Loan. Any change to this Agreement must be in writing and signed by us and you.
  • You agree that we may deliver all notices and other communications to you in connection with the Loan and this Agreement by email to your email address of record with us or to your mailing address of record with us. Notices to you will be considered to have been delivered upon transmission (if by email) and within 2 business days (if by mail). You represent to us that you have sole access to that email account and you acknowledge that communications from us may contain sensitive, confidential and collections-related information. You agree to notify us immediately at our email address or telephone number at the top of the first page of this Agreement if there is any change to your primary residence address, telephone number or email address. Such notice will take effect after we have had a reasonable opportunity to process it.
  • This Agreement and the Note(s) are fully subject to your consent to electronic transactions and disclosures, which consent is set forth in the terms of use for the Site.
  • You agree that this Agreement will not be complete and you will not receive a loan from us unless (1) we have verified to our satisfaction your identity, satisfaction of all conditions applicable to disbursal of a loan to you and the accuracy of the information and representations you provide to us, (2) you provide us with accurate and complete checking or savings account information at a U.S. financial institution and (3) we are able to electronically distribute the amount of your loan to that account, less the amount of the origination fee.
  • We make no representations or warranties to you of any kind. For example, we do not represent that the Loan is suitable for any particular purpose and we make no representation about the effect this Agreement and the transactions it contemplates may have on your tax liability.
  • You agree to cooperate with us in correcting errors that may occur in the process of documenting, disbursing and administering your Loan. If you receive disbursement or a credit in an amount greater than BorrowersFirst agreed upon, you agree to immediately return and pay such excess amount to us. You consent to us reversing, withdrawing or cancelling any transaction or item that provided you with funds in error. You agree that an error occurred if we send any funds to you after we receive evidence indicating that you defrauded us or provided us with false information. All amounts disbursed in error will accrue interest at the rate applicable to the Loan if not returned within 5 business days of disbursement.
  • In no event will we be liable to you for any lost profits or special, exemplary, consequential or punitive damages, even if informed of the possibility of such damages.



Arbitration.

  1. Any Lender Party may require that the sole and exclusive forum and remedy for resolution of a Claim be final and binding arbitration pursuant to this Section (the “Arbitration Provision”), unless you opt out as provided in clause (b) below. As used in this Arbitration Provision, “Claim” shall include any past, present, or future claim, dispute, or controversy (whether based on contract, tort, intentional tort, constitution, statute, ordinance, common law, or equity, whether pre-existing, present, or future, and whether seeking monetary, injunctive, declaratory, or any other relief) involving you (or persons claiming through or connected with you), on the one hand, and a Lender Party, on the other hand, relating to or arising out of this Agreement, any Note, the Site, and/or the activities or relationships that involve, lead to, or result from any of the foregoing, including (except to the extent provided otherwise in the last sentence of clause (f) below) the validity or enforceability of this Arbitration Provision, any part thereof, or the entire Agreement. Claims are subject to arbitration regardless of whether they arise from contract; tort (intentional or otherwise); a constitution, statute, common law, or principles of equity; or otherwise. Claims include matters arising as initial claims, counter-claims, cross-claims, third-party claims, or otherwise. The scope of this Arbitration Provision is to be given the broadest possible interpretation that is enforceable.
  2. You may opt out of this Arbitration Provision for all purposes by sending an arbitration opt out notice to BorrowersFirst, Inc., PO Box 163207, Austin, TX 78716, Attention: Legal Department, which is received at the specified address within 30 days of the date of your electronic acceptance of the terms of this Agreement. The opt out notice must clearly state that you are rejecting arbitration; identify the Agreement to which it applies by date; provide your name, address, and social security number; and be signed by you. You may send the opt-out notice in any manner you see fit as long as it is received at the specified address within the specified time. No other methods can be used to opt out of this Arbitration Provision. If the opt out notice is sent on your behalf by a third party, such third party must include evidence of his or her authority to submit the opt out notice on your behalf.
  3. The party initiating arbitration shall do so with the American Arbitration Association (the “AAA”) or JAMS. The arbitration shall be conducted according to, and the location of the arbitration shall be determined in accordance with, the rules and policies of the administrator selected, except to the extent the rules conflict with this Arbitration Provision or any countervailing law. In the case of a conflict between the rules and policies of the administrator and this Arbitration Provision, this Arbitration Provision shall control, subject to countervailing law, unless all parties to the arbitration consent to have the rules and policies of the administrator apply.
  4. If a Lender Party elects arbitration, the Lender Party shall pay all the administrator’s filing costs and administrative fees (other than hearing fees). If you elect arbitration, filing costs and administrative fees (other than hearing fees) shall be paid in accordance with the rules of the administrator selected, or in accordance with countervailing law if contrary to the administrator’s rules. The Lender Party shall pay the administrator’s hearing fees for one full day of arbitration hearings. Fees for hearings that exceed one day will be paid by the party requesting the hearing, unless the administrator’s rules or applicable law require otherwise, or you request that the Lender Party pay them and the Lender Party agrees to do so. Each party shall bear the expense of its own attorneys’ fees, except as otherwise provided by law. If a statute gives you the right to recover any of these fees, these statutory rights shall apply in the arbitration notwithstanding anything to the contrary herein.
  5. Within 30 days of a final award by the arbitrator, any party may appeal the award for reconsideration by a three-arbitrator panel selected according to the rules of the arbitrator administrator. In the event of such an appeal, any opposing party may cross-appeal within 30 days after notice of the appeal. The panel will reconsider de novo all aspects of the initial award that are appealed. Costs and conduct of any appeal shall be governed by this Arbitration Provision and the administrator’s rules, in the same way as the initial arbitration proceeding. Any award by the individual arbitrator that is not subject to appeal, and any panel award on appeal, shall be final and binding, except for any appeal right under the Federal Arbitration Act (“FAA”), and may be entered as a judgment in any court of competent jurisdiction.
  6. We agree not to invoke our right to arbitrate an individual Claim you may bring in Small Claims Court or an equivalent court, if any, so long as the Claim is pending only in that court. No arbitration will proceed on a class, representative, or collective basis (including as private attorney general on behalf of others), even if the Claim or Claims that are the subject of the arbitration had previously been asserted (or could have been asserted) in a court as class representative, or collective actions in a court. Unless consented to in writing by all parties to the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for or on behalf of two or more individuals or unrelated corporate entities in the same arbitration unless those persons are parties to a single transaction. Unless consented to in writing by all parties to the arbitration, an award in arbitration shall determine the rights and obligations of the named parties only, and only with respect to the claims in arbitration, and shall not (a) determine the rights, obligations, or interests of anyone other than a named party, or resolve any Claim of anyone other than a named party; nor (b) make an award for the benefit of, or against, anyone other than a named party. No administrator or arbitrator shall have the power or authority to waive, modify, or fail to enforce this clause (f), and any attempt to do so, whether by rule, policy, arbitration decision or otherwise, shall be invalid and unenforceable. Any challenge to the validity of this clause (f) shall be determined exclusively by a court and not by the administrator or any arbitrator.
  7. This Arbitration Provision is made pursuant to a transaction involving interstate commerce and shall be governed by and enforceable under the FAA. The arbitrator will apply substantive law consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or other types of relief permitted by applicable substantive law, subject to the limitations set forth in this Arbitration Provision. The arbitrator will not be bound by judicial rules of procedure and evidence that would apply in a court. The arbitrator shall take steps to reasonably protect confidential information.
  8. This Arbitration Provision shall survive (i) suspension, termination, revocation, closure, or amendments to this Agreement and the relationship of the parties and/or the Lender Parties; (ii) the bankruptcy or insolvency of any party or other person; and (iii) any transfer of the Loan or any Note or any other promissory note(s) which you owe, or any amounts owed on such Loan or notes, to any other person or entity. If any portion of this Arbitration Provision other than clause (f) is deemed invalid or unenforceable, the remaining portions of this Arbitration Provision shall nevertheless remain valid and in force. If an arbitration is brought on a class, representative, or collective basis, and the limitations on such proceedings in clause (f) are finally adjudicated pursuant to the last sentence of clause (f) to be unenforceable, then no arbitration shall be had. In no event shall any invalidation be deemed to authorize an arbitrator to determine Claims or make awards beyond those authorized in this Arbitration Provision.
  9. The parties acknowledge that they have a right to litigate claims through a court before a judge or jury, but will not have that right if any party elects arbitration pursuant to this arbitration provision. The parties hereby knowingly and voluntarily waive their rights to litigate such claims in a court before a judge or jury upon election of arbitration by any party.

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.

NOTICE.

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.




Exhibit A
PROMISSORY NOTE

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.

Electronic Transactions. This Note is fully subject to my consent to electronic transactions and disclosures, which consent is set forth in the terms of use for the Site. I expressly agree that each of this Note is a “transferable record” for all purposes under the Electronic Signatures in the Global and National Commerce Act and the Uniform Electronic Transactions Act.

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.

Date: _____________

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.

By:____________________
(Signed Electronically)

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.



For those covered by the Military Lending Act, click here to review the MLA Supplemental Agreement.


Exhibit B

Cross River Bank Privacy Notice

FACTS

WHAT DOES CROSS RIVER BANK DO WITH YOUR PERSONAL INFORMATION? Rev. 11/2015

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.
What? 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
Yes No
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)
Please note:
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





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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
Definitions
Affiliates 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.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
- Nonaffiliates we share with can include loan finance companies
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
- 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 Colorado, Connecticut, Hawaii, Idaho, Iowa, Mississippi, Nevada, New York, Vermont, West Virginia, or Wisconsin.