myLegalLoan.com Installment Credit Agreement
DISBURSEMENT OF FUNDS. Upon approval of your eligibility to receive financing through this Contract, the funds agreed upon will be disbursed no earlier than 30 days after the date of approval to ensure that the services agreed to hereunder are in fact provided.
PROMISE TO PAY. You agree to pay the Total of Payments according to the payment schedule shown on Page 1 of this Contract and any other charges provided for in this Contract. Interest is computed on a simple interest basis. Interest begins to accrue on the date of the contract, unless otherwise restricted by law or according to other terms as evidenced by a separate written agreement. The Prepaid Finance charge is due and owing at the time you sign the Contract and is considered earned on that date.
ASSIGNMENT AND FACTORING. We may assign and/or factor this Contract and any of our rights under this Contract without your consent, and the Assignee is entitled to all of our rights under the Contract. Your rights will not be affected by such an assignment.
DISPUTE WITH ATTORNEY. You have engaged an attorney of your own choosing who is not affiliated with us. You agree not to involve us with any dispute you may have with your attorney.
RETURNED CHECK FEE. You agree to pay a fee of $15 for each check presented for payment that is returned unsatisfied due to insufficient funds in your account, no account with the drawee bank, or insufficient credit at drawee bank. This fee applies to electronic payments that are returned unsatisfied.
PREPAYMENT. You may prepay your balance at any time and may be entitled to a refund of unearned finance charges. You may have to pay a minimum finance charge if the amount financed is greater than $75. We do not make refunds for amounts less than $1.00.
DEFAULT. You are in default if you fail to make one or more payments when due and you fail to cure your default. If you are in default and we refer this Contract to an attorney who is not our salaried employee for collection, you agree to pay our reasonable attorney fees. To the extent not prohibited by law, you agree to pay any other costs and fees of collection, including but not limited to court costs. If you are in default, we may accelerate your maturity date and balance if you fail to bring your balance current within 30 days of the payment due date. You understand you may have to pay late fees and other allowable charges under this Contract in order to bring your balance current. The accelerated balance due will accrue interest at the Annual Percentage Rate disclosed on the face of this Contract. We may waive any default without waiving any other subsequent or prior default by you.
ENTIRE CONTRACT. This Contract and its accompanying documents, including the associated engagement agreement, represent the entire agreement between the parties regarding the credit sale of the Services described on Page 1, and there are no other prior or contemporaneous oral or written agreements or representations on which either party is relying. Any modification of this Contract must be in writing and signed by both parties to be effective. Any reproduction of the Credit Application, this Contract, or its accompanying documents by reliable means, such as scanned image, photocopy, facsimile, microfilm or other widely accepted copy technology is considered the same as the original, except where such copy has been altered without the knowledge and consent of the parties.
WARRANTY. Unless we have given an express warranty in this Contract or in a warranty certificate attached to this Contract, no warranties, express or implied, or any statements made by any party not contained as part of this Contract are valid or binding.
ELECTRONIC FUND TRANSFER. When you provide a check, 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 transaction as a check. When we use 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 may not receive your check back from your financial institution. If there are insufficient funds in your account you authorize us to charge a fee of $10 and collect that amount through an electronic fund transfer from your account.
MINIMUM PAYMENT REQUIRED. The minimum monthly payment for each billing period shall be the lower of either: (i) the amount specified in the credit advance slip; or (ii) 5.0% of the outstanding balance. If the outstanding balance is less than $50.00 during a billing cycle, it must be paid in full. Payments of more than the minimum monthly payment amount or additional payments may be made at any time, but shall not affect Client's obligation to pay succeeding monthly payments so long as any amount is owing on the Account. In the event Buyer exceeds the credit limit on the Account, Client will be required to pay the minimum payment due on the Account, plus the amount in excess of the credit limit.
GOVERNING LAW.Â This agreement shall be interpreted and governed by and under the laws of the State of California.
ARBITRATION. Â The parties to this agreement hereby agree that any disputes arising from or relating to this agreement shall be resolved in binding arbitration with the local bar association in the county where you reside. The parties to this agreement further agree that they hereby waive the right to a trial by jury.
SEVERABILITY. If any of the provisions of this agreement are determined to be unenforceable, such a determination shall not render any other provision under this agreement unenforceable.