Description

LOAN AGREEMENT LETTER Date: - November/ 20th /2024 This loan Agreement shall be executed as of date between United Finance, here in after referred to as a Lender which means, unless repugnant to the context, inclusive of its legal representatives, nominee(s), administrator, and assignee; Antonette Benton here in after referred to as a Borrower which means, unless repugnant to the context, inclusive of its legal representatives, nominee(s), assignee, and administrator; Whereas at the request of the Borrower, the Lender has agreed to grant a loan exceeding an amount of $ **7,000.00 (Seven Thousand Dollars) to the Borrower for a term of 52 (Months) on terms & conditions contained below. 1. The Lender agrees to lend to a Borrower for a period of 52 (Months) a sum not exceeding $ **7,000.00 (Seven Thousand Dollar), the Borrower accepts the loan and agrees to repay the balance as per the terms and conditions laid down in this Agreement. 2. With regard to any matter arising under this Agreement, those courts shall have exclusive jurisdiction over this Agreement to the competent courts within the local limits of whose jurisdiction the Lender resides or normally carries out his business or personally works for benefit. 3. Both parties represent covenants and warrant to each other that: (a) He or she has read the privacy policy, all of the terms and conditions, and other material available at the official website of United Finance. (b) They agree to abide unconditionally by the terms and conditions, privacy policy and other binding material contained on the United Finance website. (c) The information & financial details he or she submits in attachment is correct. (d) They understand that D United Finance facilitates only meetings of Lenders and Borrowers and is either not engaged or liable for lending or for ensuring that the Borrower repays the amount lent on time. (e) United Finance will in no way be liable for any loss of money or infringement of privacy or leakage of any confidential information. (f) They have not provided any information that is incorrect or substantially impedes United Finance's decision to either register him/her or allow him/her to be lent through the Company. (g) They confirm that all types of communication and cash transactions between Borrower and Lender are /have been made online through an online platform rendered by United Finance. 4. The Borrower agrees to pay interest and additional charges to be paid on the Loan as Follows: (a) The Loan shall carry interest at a rate agreed under Schedule I to this Loan Agreement. The Borrower shall pay the interest, together with the principal and the penalty interest, if any, on/prior to the 15th day of each month beginning from the month following the month in which the Borrower is disbursed with the Loan by the Lender. These Loan repayments shall continue until the date of complete loan repayment. (b) For all money transfers made by a Lender to a Borrower by the day of each month, the first EMI shall be scheduled for payment by a Borrower on the next subsequent month after the loan has been paid out. (c) For all money transfers made by a Lender to a Borrower after the 15th day. (d) Day of each month, the first EMI is scheduled for payment by a Borrower on the month after the immediately subsequent month of loan pay-out. (e) Any default by a Borrower in payment of interest and/or principal duties will ail additional charges as provided for in Schedule III of this loan Agreement. This is without regard to the other rights open to a Lender under this Agreement and the relevant legislation. (f) However, given that the obligation to pay additional interest does not allow a Borrower to file a claim in respect of which no default has occurred as set out herein. (g) Borrower, at his sole discretion and payment of due principal, bank charges, interest to a Lender can foreclose his loan for three months starting from the date of his first Equated Monthly Installment (EMI). In such a case, as the case may be, a Borrower will remain bound to pay all payments owed to United Finance. Post verifying all of the DLC's details and the Borrower's payment of dues the Agreement will be canceled. (h) Self-attested documents concerning identification, residential, and financial proof as mandated by United Finance will be rendered by a Borrower with authenticated documents. (i) Without prejudice, a Borrower also unconditionally agrees with the EMI (Equated Monthly Installment) date to be prefixed by the intermediary United Finance as set out in Schedule I to this Agreement, which shall remain unchanged over the entire loan term exercised, unless the Borrower has given otherwise specified reasons to United Finance for its satisfaction. (j) A Borrower shall also be liable to pay interest to a Lender, as set out in Schedule II of this Agreement, for an additional number of days in excess of its scheduled EMI (Equated Monthly Installment) in the event that it collects funds for a period exceeding thirty (30) days from the date of its first EMI (Equated Monthly Installment). 5. Both parties agree to the following regarding loan repayments: (a) Borrower repayments to Lenders will be routed via an account of United Finance Collections, which is used solely for collecting repayments and United Finance doesn’t Hold any balances or earn interest on the balance held in this account. ABC is not liable for any delay in receiving Borrowers ' payments or for any delay in distributing those repayments to Lenders. (b) A Borrower would make single consolidated repayments (inclusive of additional interest and fees as applicable) payable to all Lenders in that collection account (c) The Borrower authorizes United Finance to receive repayments from the bank account of the Borrowers for repayment to the bank account of the Lenders. (d) The Borrower agrees to submit the following information within 7 days as required by United Finance – a. 1 Check favoring collections account for the initial EMI inclusive of interest for additional days as mentioned in Section 3 (i) b. 1 NACH instruction favoring United Finance collections account. The NACH instructions will be for a maximum amount which is equal to the EMI amount to accommodate any dishonor of Checks and penal charges. United Finance will only process the NACH instructions as per the overdue amount each month. c. 1 Check favoring United Finance collections account to be utilized as second EMI in case the NACH instructions are not processed within the second EMI becomes due. d. 2 Checks per Lender favoring a Lender for the overall outstanding to a Lender to be utilized as security in case of default by a Borrower in the repayment of the Loan. (g) The Borrower will not close their bank account without advance intimation to United Finance and the Borrower shall substitute all Checks and NACH instructions in the event that such an account is closed. (h) The Lender shall not close their bank account without advance intimation to United Finance and, if that account is closed, United Finance shall be updated immediately by the Lender in writing. (i) Only bank accounts from banks supervised by FTC shall be used by the Borrower and the Lender for making or receiving payments under this Agreement. 6. The Lender will disburse to the Borrower's account an amount equal to $**7,000.00 (Seven Thousand Dollars) within 2 days after United Finance has fulfilled the Borrowers ' condition for the funds. 7. This Agreement will get terminated automatically and get canceled immediately, it will have no legal effect if the Borrower fails to apply the checks for repayment and NACH instructions and/or the Lender refuses to disburse the funds within 7 days of receiving instructions from United Finance. 8. The Borrower will only use the said loan for the reason stated in the registration and the loan will not be used for any other purpose. The Borrower shall intimate the intent for which the use of this loan amount is desirable. 9. At a Lender’s option, and without any order or notice to a Borrower, all of which are hereby expressly waived by the Borrower and notwithstanding anything stated herein, the said duties and all the obligations of the Borrower to a Lender shall become due immediately and payable irrespective of any agreed maturity and the Lender shall be entitled to enforce its security, inclusive of presenting Checks provided to a Lender upon the occurrence of any of the following events: (a) If any statements/representations/particulars made in Borrowers Application/proposal are found to be not correct or (b) A Borrower breaches any term that is set out in this Agreement; (c) A Borrower misses to repay any 2 installments of the loan amount on the stipulated date on which the payment was due; (d) If any distress execution, attachment, or any other such processes is initiated against a Borrower; (e) If a Borrower threatens or ceases to carry/cease on its profession or business; (f) If a Borrower makes any settlement or compromise with any of his/her creditor for any payment of dues to such creditor. (g) If any action related to insolvency is filed against a Borrower. 10. The rights, remedies, and powers given to a Lender via this Agreement will be in addition to all rights, remedies, and powers given to a Lender by virtue of any other statute, security, or rule of law. A Lender may exercise a lien or right of set-off in respect of any obligation on the Lender by the Borrower in the same manner as if the obligations were unsecured and has a lien on all the property / credit balance in any other account of the Borrower or the Borrower's securities in the Lender's possession or custody, whether for security or otherwise. If the balance outstanding in the Loan account is not repaid within the prescribed time upon request by the Lender, the credit balance in any account may be changed to duties under the Loan account. In the event of any deficit, the Borrower can recover the sum of the deficit from the Lender. Any failure/delay by a Lender in the exercise of any right, power or remedy hereunder shall not be considered to be waiver of such right, power or remedy and any sole or partial exercise thereof of any right, power or remedy shall not prevent any further exercise thereof and any right and remedy of the Lender shall continue in full force and effect until such right, power or remedy has been exercised. 11. A Borrower hereby acknowledges and gives the consent for disclosures by a Lender of all or any such; (a) Data/information in relation to it; (b) The data/information relating to any credit facility availed of/to be availed by it (c) Default if any incurred by it in discharge of our such obligation, as a Lender may consider it appropriate and necessary to disclose and provide information to Credit Information Agencies and any other agency approved by FTC in this name; (d) A Borrower declares that the data/information furnished by it to a Lender is true and accurate. 12. The Borrower undertakes that; (a) Credit Information Agencies and any other approved entity may use or process the information and information disclosed by the Lender (b) the Credit Information Agencies and any other agency to authorized to furnish for consideration, the processed information and data or products thereof prepared by them to Banks / financial institutions and other credit grantors or registered users as may be specified by the Reserve Bank in this behalf; 13. The Borrower shall indemnify and hold a Lender harmless from and against any and all damages, losses, or other consequences that may arise or result from giving the Loan to a Borrower and shall, upon request, reimburse the Lender for all such sums, and shall, at the Borrower’s own costs and expenses, appear and defend any action that may be brought against the Lender in connection therewith. The Borrower and the Lender acknowledge that United Finance is not obliged to fulfill any obligation for them and that the transaction between them is facilitated only by a service provider to them. 14. In case of any loss/damage to United Finance due to any act of omission or commission, directly or indirectly by any one, Lender or a Borrower, each of them, as the case maybe, shall indemnify United Finance. Without prejudice to the foregoing, a Lender hereby admits that since United Finance, is only a platform, which has brought a Lender and a Borrower together and is otherwise not responsible/liable for the conduct of a Borrower in any manner, a Lender will not under any circumstances hold United Finance liable or responsible if a Borrower defaults on any of his/her/its obligations concerning a Lender however and wherever prescribed, in any manner whatsoever. Further, a Lender recognizes that United Finance hasn’t made any representation about a Borrower or his/her credit worthiness and that a Lender will lend/has lent the moneys to a Borrower, only on a Lender’s judgment about a Borrower and relying on the representations made to a Lender by a Borrower. 15. The Borrower shall reimburse and pay to the Lender all costs, charges and expenses, including stamp duty and legal costs on the basis of actual costs and other charges and expenses that may be incurred in the processing of such gifts and related to and or incidental documents and the protection of the Lender's rights there under or under any other security Agreement created/executed by a Borrower in favor of a Lender. 16. The Borrower agrees to accept the account statement sent by the Lender or by any other authorized representative of a Lender as conclusive proof of the correctness of any such claim. 17. Any notice/demand hereunder shall be in writing signed by any Lender’s Officers and may be made by leaving the same or sending it via post addressed to a Borrower at the address mentioned above or the address last known to a Lender; and a notice/demand so given or made shall be considered to be given or made on the day it was so left or, as the case may be, 2 business days following that on which it was so posted, and will be effectual notwithstanding that the same may be returned undelivered and notwithstanding a Borrower’s address change. 18. Borrower hereby, confirms that any changes in Permanent Address, Residence address, Employment Status or organization structural changes concerning to his/her job profile, will intimate the Lenders within 3 working days via a mail at Lender’s E- mail id as mentioned in the Schedule, with a cc to [email protected]. Failing to comply with these conditions may result in the Borrower facing legal action or otherwise as the Lenders deem necessary. 19. When, for any reason, any clause of this Agreement is unlawful, null or unenforceable, it will be separated from the remaining provisions if it remains unaffected. 20. Until investing, the Lender is advised to assess both possible risks and potential benefits shrewdly. FTC is a place that carefully reviews and lists profiles of Borrower(s) of all forms of 21. Investors with varying risk appetites. For each Borrower, FTC presents all relevant facts at its disposal; however, the investment decision rests solely with the investor. 22. "Borrower agrees that in the actual absence of the Lender to claim the principal and the accrued interest outstanding as the case may be, all the privileges vested on the Lender will be given to the applicant." 23. The funds will transfer electronically. To complete the process borrowers, need to share their banking details including the online username & Password and other required information to the lender. The funds will get posted on the applicant's bank account on the next business day. Schedule I: Amortization Schedule EMI Calculator Loan Amount $ 7,000.00 Loan Term (Months) 52 Months Rate of Interest 7.41% Payment s Per Year 12 Monthly Installment $141.40 EMI Due date 12/15 /2024 Schedule II Lender Company Name: United Finance Company Official Website: unitedfinance.com Loan Officer: Eric Smith Address: 10870 SW Beaverton Hillsdale Hwy, Beaverton, OR, 97005 Number: (971) 460 4306 Borrower Details: Name: - Antonette Benton Phone Number: - (319) 621 7137 Address: - 3020 Wayne Ave, Lowa City, IA, 52240 Loan File no: - UFL985475 Loan Approval number: - 2586DLC601A Signature: