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SECURITY: Pursuant to Comment 2(a)(25)
of the Federal Reserve Board Official Staff Commentary to Regulation Z 226.2, we
have disclosed to you that our interest in the ACH Authorization is a security interest
for Truth-in-Lending purposes only, because federal and Delaware law do not clearly
address whether our interest in the ACH Authorization is a "security interest."
PAYMENT OPTIONS: You must select your payment option 3 days prior to your
Payment Due Date by contacting us at 1(800) 531-6911. At that time, you may choose:
(a) Payment in full: You may pay the Total of Payments shown above, plus any accrued
fees, to satisfy your loan in full. When you contact us and choose this option,
we will debit your Account for the Total of Payments plus any accrued fees, in accordance
with the ACH Authorization below; OR
(b) Renewal: You may renew your loan (that is, extend the Payment Due Date of your
loan until your next Pay Date ) by authorizing us to debit your Account for the
amount of the Finance Charge, plus any accrued fees. If you choose this option,
your new Payment Due Date will be your next Pay Date (1),
and the rest of the terms of this agreement will continue to apply.
AUTO-RENEWAL: If you fail to contact us to confirm
your Payment Option, or otherwise fail to pay the loan in full on any Payment Due
Date, Lender may automatically renew your loan as described under (b) above, and
debit your Bank Account on the Payment Date or thereafter for the Finance Charge
and any accrued fees. Your new Payment Due Date will by your next Pay Date
(1), and the rest of the terms
of this agreement will continue to apply. You must contact us 3 days prior to your
new Payment Due Date to confirm your payment option for the Renewal Transaction.
If you fail to contact us, or otherwise fail to pay the loan in full on your new
Payment Due Date, we may automatically renew the loan until your next Pay Date. (1) You may obtain up to 4 Renewals in addition to the initial loan
transaction. All terms of this Agreement continue to apply to Renewal Transactions.
All Renewals are subject to Lender’s approval.
AUTO-WORKOUT. Unless you contact us to confirm
your option for Payment in Full prior to your Fourth Renewal Payment Due Date, your
loan will automatically be placed into a Workout Payment Plan. Under the Workout
Payment Plan, your Account will automatically be debited on your Pay Date1 for accrued
finance charges plus a principal payment of 10% of the balance on your loan until
the loan principal amount owed is less than $100. When your amount owed is less
than $100, we will debit the remaining amount of principal, plus additional finance
charges, on your next pay date. (1)
This does not limit any of Lender’s other rights under the terms of this Agreement.
All Workout Payment Plans are subject to Lender’s approval.
(1) The term "Pay
Date" refers to the next time following the Payment Due Date, that you receive regular
wages or salary from your employer. Because Renewal transactions are for at least
fourteen (14) days, if you are paid weekly, your loan will be Renewed until the
next Pay Date that is at least fourteen days after the prior Payment Date.
ACH AUTHORIZATION :You hereby voluntarily
authorize us, and our successors and assigns, to initiate automatic credit and debit
entries to your Bank Account: Bank Routing Number:
CUSTOMER_ABA_NUMBER and Bank Account Number:
CUSTOMER_BANK_ACCOUNT_NUMBER, in accordance with this Agreement.
You agree that we will initiate a credit entry to your Bank Account for the Amount
Financed on or about the Disbursement Date.
You also authorize us to initiate an ACH debit entry to Your Bank Account:
(a) for the Total of Payments plus any accrued fees on the Payment Due Date, or
on any subsequent Renewal Payment Due Date, if you contact us and select Payment
Option (a) above;
(b) for the Finance Charge plus any accrued fees on the Payment Due Date, or on
any subsequent Renewal Payment Due Date, if you contact us and select Payment Option
(b) above, or if you fail to contact us to confirm your payment option;
(c) for the accrued finance charges and fees, plus 10% of the principal balance
of the loan or $50.00, whichever is greater, on each Pay Date (1)
after the 4th Renewal Payment Due Date, until the loan principal amount owed reaches
$100 or less. When your amount owed reaches $100 or less, you authorize us to debit
the remaining amount of principal, plus any additional fees and finance charges,
on your next pay date1; and
(d) for any accrued Late Fees or Returned Payment charges, subject to this Agreement.
You agree that we may re-initiate a debit entry for the same amount if the ACH debit
entry is dishonored or payment is returned for any reason. The ACH Authorizations
set forth in this Agreement are to remain in full force and effect for this transaction
until your indebtedness to us for the Total of Payments, plus any other charges
or fees incurred and described in this Agreement, is fully satisfied. You may only
revoke the above authorizations by contracting us directly. If you revoke your authorization,
you agree to provide us with another form of payment acceptable to us.
If any payment is returned unpaid, you authorize us to make a one-time electronic
fund transfer from your account to collect a fee $20. You voluntarily authorize
us, and our successor and assigns, to initiate a debit entry to Your Bank Account
for payment of this fee. You further authorize us to initiate debit entries as necessary
to recoup the outstanding loan balance whenever an ACH transaction is returned to
us for any reason. If your payment is returned to us by your financial institution
due to insufficient funds or a closed account, you agree that we also may recover
court costs and reasonable attorney's fees incurred by us.
You understand and agree that this ACH authorization is provided for your convenience,
and that you have authorized repayment of your loan by ACH debits voluntarily. You
agree that you may repay your indebtedness through other means, including by providing
timely payment via paper check directed to: Paramount Cash, 3422 Old Capital Trail,
Suite 1578, Wilmington, DE 19808 or through the Credit/Debit Card Authorization
provided below.
You authorize us to verify all of the information that you have provided, including
past and/or current information. You agree that the ACH Authorization herein is
for repayment of a single payment loan, or for single payment of finance charges
for Renewal transactions, and that these entries shall not recur at substantially
regular intervals. If there is any missing or erroneous information in or with your
loan application regarding your bank, bank routing and transit number, or account
number, then you authorize us to verify and correct such information.
CREDIT/DEBIT CARD AUTHORIZATION:
By signing this document below, you authorize us, and our successors or assigns,
to charge any amounts owing under this Agreement to any credit/debit card that you
provide to us for such purpose, in the event that any ACH debit entry, or other
payment method is returned unpaid for any reason. This authorization will remain
in full force and effect until either (1) all obligations under this Agreement have
been satisfied or (2) it is cancelled, in writing, in such time as to give us and
the card issuer reasonable opportunity to act upon it. Such cancellations shall
be addressed to Paramount Cash, 3422 Old Capital Trail, Suite 1578, Wilmington DE
19808. If you choose to cancel this authorization, you agree to provide another
payment method acceptable to us in our sole discretion.
RESCISSION: You may rescind future payment obligations under this Loan Agreement,
without cost or finance charges, no later than 5:00 p.m. EST of the next business
day immediately following the Disbursement Date ("Rescission Deadline"). To rescind
future payment obligations on this loan, you must inform us in writing, by
or before the Rescission Deadline, either by email to customerservice@paramountcash.com
or by fax to 1(800) 531-6911 that you want to cancel the future payment obligations
on this loan and that you authorize us to effect a debit entry to Your Account for
the principal amount of the Loan Agreement. In the event that we timely receive
your written notice of rescission on or before the Rescission Deadline but before
the loan proceeds have been credited to Your Account, we will not effect a debit
entry to Your Account and both ours and your obligations under this Loan Agreement
will be rescinded. In the event that we timely receive your written notice of rescission
on or before the Rescission Deadline but after the loan proceeds have been
credited to Your Account, we will effect a debit to Your Account for the principal
amount of the Loan Agreement. If we receive payment of the principal amount via
the debit, ours and your obligations under this Loan Agreement will be rescinded.
If we do not receive payment of the principal amount via the debit, then the Loan
Agreement will remain in full force and effect.
PREPAYMENT: At any time after the Rescission Deadline defined above, you
can prepay your obligations partially or in full before the Payment Date by sending
us an email or fax to the address and number referenced above informing us that
you want to make a prepayment and giving us written authorization to effect a debit
entry to Your Account for the prepayment. If we receive the prepayment via the debit,
it will be applied first to fees and then to principal. Please be advised that by
paying your loan off early you will be entitled to a rebate of the unearned portion
of your Finance Charge.
LATE CHARGE. If your scheduled payment is not received by its due date, we
will effect a debit entry to Your Account for a Late Charge not exceeding 5% of
the unpaid Total of Payments.
CONSUMER REPORTS. You authorize us to obtain consumer reports about you prior
to issuing a loan to you under this agreement, and at any time that you owe us money
under this or any other loan agreement. We may report information about your account
to credit bureaus. Late payments, missed payments, or other defaults on your account
may be reflected in your credit report.
CHECKS. When you provide a check as payment, you authorize us either to use
information from your check to make a one-time electronic fund transfer from your
account or to process the payment as a check transaction. You also authorize us
to collect a fee of $20 through an electronic fund transfer from your account if
your payment is returned unpaid.
When we use information from your check to make an electronic fund transfer, funds
may be withdrawn from your account as soon as the same day we receive your payment
and you will not receive your check back from your financial institution.
DEFAULT, GOVERNING LAW, ASSIGNMENT AND EXECUTION. You will be in default
under this Agreement if: (a) you provide false or misleading information about yourself,
your employment, or your financial condition (including the bank account on which
the electronic debit is drawn) prior to entering this Agreement, (b) you fail to
make a payment by the Due Date or if your payment is returned to us unpaid for any
reason, or (c) any of the following things occur: appointment of a committee, receiver,
or other custodian of any of your property, or the commencement of a case under
the Federal Bankruptcy Laws by or against you as a debtor. This Agreement will be
governed by the laws of the State of Delaware, except that the arbitration provision
is governed by the Federal Arbitration Act, 9 U.S.C. Sections 1-16 ("FAA"). We may
assign or transfer this Agreement or any of our rights hereunder. If this Agreement
is consummated, then you agree that the electronically signed Agreement we receive
from you will be considered the original executed Agreement, which is binding and
enforceable as to both parties.
WAIVER OF JURY TRIAL AND ARBITRATION
PROVISION. Arbitration is a process in which persons with a dispute:
(a) waive their rights to file a lawsuit and proceed in court and to have a jury
trial to resolve their disputes; and (b) agree, instead, to submit their disputes
to a neutral third person (an " arbitrator" ) for a decision. Each party to the
dispute has an opportunity to present some evidence to the arbitrator. Pre-arbitration
discovery may be limited. Arbitration proceedings are private and less formal than
court trials. The arbitrator will issue a final and binding decision resolving the
dispute, which may be enforced as a court judgment. A court rarely overturns an
arbitrator's decision. We have a policy of arbitrating all disputes with customers
which cannot be resolved in a small claims tribunal, including the scope and validity
of this Arbitration Provision and any right you may have to participate in an alleged
class action. THEREFORE, YOU ACKNOWLEDGE AND AGREE AS FOLLOWS:
1. For purposes of this Waiver of Jury Trial and Arbitration Provision, the words
"dispute" and "disputes" are given the broadest possible meaning and include, without
limitation (a) all claims, disputes, or controversies arising from or relating directly
or indirectly to the signing of this Arbitration Provision, the validity and scope
of this Arbitration Provision and any claim or attempt to set aside this Arbitration
Provision; (b) all federal or state law claims, disputes or controversies, arising
from or relating directly or indirectly to the Agreement, the information you gave
us before entering into the Agreement, including the customer information application,
and/or any past agreement or agreements between you and us; (c) all counterclaims,
cross-claims and third-party claims; (d) all common law claims, based upon contract,
tort, fraud, or other intentional torts; (e) all claims based upon a violation of
any state or federal constitution, statute or regulation; (f) all claims asserted
by us against you, including claims for money damages to collect any sum we claim
you owe us; (g) all claims asserted by you individually against us and/or any of
our employees, agents, directors, officers, shareholders, governors, managers, members,
parent company or affiliated entities (hereinafter collectively referred to as "related
third parties"), including claims for money damages and/or equitable or injunctive
relief; (h) all claims asserted on your behalf by another person; (i) all claims
asserted by you as a private attorney general, as a representative and member of
a class of persons, or in any other representative capacity, against us and/or related
third parties (hereinafter referred to as "Representative Claims"); and/or (j) all
claims arising from or relating directly or indirectly to the disclosure by us or
related third parties of any non-public personal information about you.
2. You acknowledge and agree that by entering into this Arbitration Provision:
(a) YOU ARE GIVING UP YOUR RIGHT TO HAVE A TRIAL BY JURY TO RESOLVE ANY DISPUTE ALLEGED
AGAINST US OR RELATED THIRD PARTIES;
(b) YOU ARE GIVING UP YOUR RIGHT TO HAVE A COURT, OTHER THAN A SMALL CLAIMS TRIBUNAL,
RESOLVE ANY DISPUTE ALLEGED AGAINST US OR RELATED THIRD PARTIES; and
(c) YOU ARE GIVING UP YOUR RIGHT TO SERVE AS A REPRESENTATIVE, AS A PRIVATE ATTORNEY
GENERAL, OR IN ANY OTHER REPRESENTATIVE CAPACITY, AND/OR TO PARTICIPATE AS A MEMBER
OF A CLASS OF CLAIMANTS, IN ANY LAWSUIT FILED AGAINST US AND/OR RELATED THIRD PARTIES.
3. Except as provided in Paragraph 6 below, all disputes including any Representative
Claims against us and/or related third parties shall be resolved by binding arbitration
only on an individual basis with you. THEREFORE, THE ARBITRATOR SHALL NOT CONDUCT
CLASS ARBITRATION; THAT IS, THE ARBITRATOR SHALL NOT ALLOW YOU TO SERVE AS A REPRESENTATIVE,
AS A PRIVATE ATTORNEY GENERAL, OR IN ANY OTHER REPRESENTATIVE CAPACITY FOR OTHERS
IN THE ARBITRATION.
4. Any party to a dispute, including related third parties, may send the other party
written notice by certified mail return receipt requested of their intent to arbitrate
and setting forth the subject of the dispute along with the relief requested, even
if a lawsuit has been filed. Regardless of who demands arbitration, you shall have
the right to select any of the following arbitration organizations to administer
the arbitration: the American Arbitration Association (1-800-778-7879) http://www.adr.org
or National Arbitration Forum (1-800-474-2371) http://www.arb-forum.com. The party
receiving notice of arbitration will respond in writing by certified mail return
receipt requested within twenty (20) days. If you demand arbitration, you must inform
us in your demand of the arbitration organization you have selected or whether you
desire to select a local arbitrator. If related third parties or we demand arbitration,
you must notify us within twenty (20) days in writing by certified mail return receipt
requested of your decision to select an arbitration organization or your desire
to select a local arbitrator. If you fail to notify us, then we have the right to
select an arbitration organization. The parties to such dispute will be governed
by the rules and procedures of such arbitration organization applicable to consumer
disputes, to the extent those rules and procedures do not contradict the express
terms of this Arbitration Provision, including the limitations on the arbitrator
below. You may obtain a copy of the rules and procedures by contacting the arbitration
organization listed above.
5. Regardless of who demands arbitration, at your request we will advance your portion
of the arbitration expenses, including the filing, administrative, hearing and arbitrator's
fees ("Arbitration Fees"). Throughout the arbitration, each party shall bear his
or her own attorneys' fees and expenses, such as witness and expert witness fees.
The arbitrator shall apply applicable substantive law consistent with the FAA, and
applicable statutes of limitation, and shall honor claims of privilege recognized
at law. The arbitration hearing will be conducted in the county of your residence.
The arbitrator may decide, with or without a hearing, any motion that is substantially
similar to a motion to dismiss for failure to state a claim or a motion for summary
judgment. In conducting the arbitration proceeding, the arbitrator shall not apply
any federal or state rules of civil procedure or evidence. If allowed by statute
or applicable law, the arbitrator may award statutory damages and/or reasonable
attorneys' fees and expenses. If the arbitrator renders a decision or an award in
your favor resolving the dispute, then you will not be responsible for reimbursing
us for your portion of the Arbitration Fees, and we will reimburse you for any Arbitration
Fees you have previously paid. If the arbitrator does not render a decision or an
award in your favor resolving the dispute, then the arbitrator shall require you
to reimburse us for the Arbitration Fees we have advanced, not to exceed the amount
which would have been assessed as court costs if the dispute had been resolved by
a state court with jurisdiction, less any Arbitration Fees you have previously paid.
At the timely request of any party, the arbitrator shall provide a written explanation
for the award. The arbitrator's award may be filed with any court having jurisdiction.
6. All parties, including related third parties, shall retain the right to seek
adjudication in a small claims tribunal in the county of your residence for disputes
within the scope of such tribunal's jurisdiction. Any dispute, which cannot be adjudicated
within the jurisdiction of a small claims tribunal, shall be resolved by binding
arbitration. Any appeal of a judgment from a small claims tribunal shall be resolved
by binding arbitration.
7. This Arbitration Provision is made pursuant to a transaction involving interstate
commerce and shall be governed by the FAA. If a final non- appealable judgment of
a court having jurisdiction over this transaction finds, for any reason, that the
FAA does not apply to this transaction, then our agreement to arbitrate shall be
governed by the arbitration law of the State of Delaware.
8. This Arbitration Provision is binding upon and benefits you, your respective
heirs, successors and assigns. This Arbitration Provision is binding upon and benefits
us, our successors and assigns, and related third parties. This Arbitration Provision
continues in full force and effect, even if your obligations have been paid or discharged
through bankruptcy. This Arbitration Provision survives any cancellation, termination,
amendment, expiration or performance of any transaction between you and us and continues
in full force and effect unless you and we otherwise agree in writing. If any of
this Arbitration Provision is held invalid, the remainder shall remain in effect.
Your right to file suit against us for any claim or dispute regarding this Agreement
is limited by the WAIVER OF JURY TRIAL AND ARBITRATION PROVISION.
By entering your name and clicking the "I Agree" button below, you are electronically
signing this document. You agree that this electronic signature has the full force
and effect of your physical signature and that it binds you to this agreement in
the same manner a physical signature would do so.
You understand that by signing this document, you are taking the following six (6)
separate actions:
1. AGREEMENT TO TERMS AND CONDITIONS: You acknowledge that this agreement
was filled in before you did so and that you have reviewed the entire document.
You acknowledge that you have read, understand, and agree to all of the terms of
this Agreement, including the provision entitled "WAIVER OF JURY TRIAL AND ARBITRATION PROVISION".
You agree to print a copy of the completed agreement for your records. You agree
that the information you gave us prior to entering into this Agreement is accurate.
You represent that you are not a debtor under any proceeding in bankruptcy and have
no intention to file a petition for relief under any chapter of the United States
Bankruptcy Code. You certify that you have made or will make all payments on any
previous loans with Lender, and you agree that that Lender may cancel this loan
if any payment on previous loans is not made or is returned unpaid.
2. CONSENT TO ELECTRONIC COMMUNICATIONS: You agree that your system meets
the requirements set forth in the "Consent to Electronic Communications"
above and that you are able to access and print or store information presented at
this website. You also agree to receive Communications from us electronically.
3. ACH AUTHORIZATION: You agree that we will initiate ACH debits and credits
to Your Bank Account as described under the "ACH Authorization" above. You agree that
the debit entries authorized herein are for repayment of a single payment loan and
shall not recur at substantially regular intervals. You agree that this ACH Authorization
is subject to our approval of the Loan Agreement. You acknowledge that you are not
required to consent to receive funds or repay your loan by ACH transaction. If you
authorize us to effect ACH debit and credit entries for this loan and for renewal
transactions, you also agree that the ACH and Credit/Debit Card Authorizations set
forth in this Loan Agreement are to remain in full force and effect for this transaction
until your indebtedness to us for the Total of Payments, plus other fees or charges
incurred, is fully satisfied. You may only revoke the above authorizations by contacting
us directly. If you revoke the above authorizations, we will require you to satisfy
your indebtedness through another means of payment acceptable to us.
4. AGREEMENT TO AUTO-RENEWAL AND AUTO-WORKOUT: You agree that your loan may
be renewed up to four times as described under "AUTO-RENEWAL" above, without additional
notice to you. You also agree that your loan may be subject to the Workout Payment
Plan after the Fourth Renewal Transaction, as described under "AUTO-WORKOUT" above. You authorize us
to initiate debit entries to Your Bank Account for Renewal and Workout transactions
as described above. You agree that you will receive no prior notice of Renewal and/or
Workout plan payments, unless the amount of the payment is greater than $1,500.
5. CREDIT/DEBIT CARD AUTHORIZATION: You agree that, in the event that any
ACH debit entry or other payment is returned unpaid, we may charge any and all amounts
owing under the terms of this Agreement to the Credit/Debit Card that you provide
for such purpose, as described in the "CREDIT/DEBIT CARD AUTHORIZATION" section
of this Agreement.
6. AGREEMENT TO VERIFICATION OF INFORMATION: You authorize us to verify all
of the information that you have provided, including past and/or current information.
You agree that we may obtain information about you and your Account from your Bank
and/or consumer reporting agencies and other services until all amounts owing pursuant
to this agreement are paid-in-full. If there is any missing or erroneous information
in or with your loan application regarding your bank, bank routing number, or account
number, then you authorize us to verify and correct such information.
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