Student Loan for Online Course - Term Option A
1. THE PARTIES. The individual who's name and contact information are entered below, referred to as the “Borrower”,
Address Line 1
Address Line 2
District of Columbia
RECEIVED AND PROMISES TO PAY MyCourseFunding, LLC of 2830 Hancock Drive, Titusville, Florida, 32780, referred to as the “Lender”, the sum of $2,059.88 US Dollars, referred to as the "Borrowed Money", with interest accruing on the unpaid balance at a rate of 14 percent (%) per annum, referred to as the "Interest Rate", beginning as of the execution of this contract under the following terms and conditions: 2. PAYMENTS: Whereas the Lender will issue advanced payment for the following education course directly to school and course codes listed below:
School and Course to be paid:
in good faith on behalf of the Borrower, Borrower agrees to pay the full balance of this contract, including any accrued interest and late fees according to the due date schedule outlined within this contract beginning with a 10% down payment due and payable on the date this contract is executed. The Borrowed Money shall be re-payed via installments on the First (1st) of every month until the balance is paid in full.
Total Of Payments
According to the Due Date Schedule and Interest rate of 14 percent (%) APR which is assigned under the terms of this contract, the total of payments expected shall be equal to $1,330.00 with a total interest paid of $271.00. If Borrower makes only the minimum payment due of $35 each month, the contract is estimated to be satisfied in full within 38 months from the execution of this contract. If the Lender does not receive payment on-time for any installment there shall be a late payment fee equal to 20 percent (%) of the installment amount, not the entire principal balance unless it is the last payment, every occurrence of payment being late. No matter how late the payment is made, this late fee may only be charged once per occurrence. In addition, money that is not paid by the Borrower on-time for any installment will continue to be charged the Interest Rate stated in this Contract.
3. DOWN PAYMENT: The Borrower agrees to provide a 10 percent down payment in the amount of $105.90 upon execution of this contract, which shall transfer to the possession and ownership of the Lender IMMEDIATELY. This down payment covers, in part, fees associated with the issuance and maintenance of the loan and is non-refundable.
4. INTEREST DUE IN THE EVENT OF DEFAULT: In the event the Borrower fails to pay the Contract in-full or make payments on time according to the Due Date schedule, unpaid principal shall accrue interest at the maximum rate allowed by law, until the Borrower is no longer in default.
5. AUTOMATIC PAYMENTS: This contract includes provisions for automatic payments to be authorized by Borrower to Lender for the servicing and satisfaction of repayments in accordance with the terms of this contract. Borrower hereby understands, acknowledges, and agrees to provide Lender with appropriate account information to withdraw, debit, or charge Borrower’s accounts for payments due to Lender under the terms of this contract. Borrower’s account information is entered below.
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I authorize My Course Funding to save and debit my accounts for both the initial down payment in the amount of $105.90 and for my monthly loan payments in the amount of $35.00 each month in accordance with the terms of this loan contract or until this loan is otherwise paid in full according to the terms of this contract by me.
I hereby give my consent
My preferred method of payment will be
Primary Credit Card
Secondary Credit Card
5. ALLOCATION OF PAYMENTS: Payments shall be first credited to any late fees due, then to interest due and any remainder will be credited to principal. 6. PREPAYMENT: Borrower may pre-pay this Loan Contract without penalty.
8. ACCELERATION: If the Borrower is in default under this Contract or is in default under another provision of this Contract, and such default is not cured within the minimum allotted time by law after written notice of such default, then Lender may, at its option, declare all outstanding sums owed on this Contract to be immediately due and payable. 9. ATTORNEYS’ FEES AND COSTS: Borrower shall pay all costs incurred by Lender in collecting sums due under this Contract after a default, including reasonable attorneys’ fees. If Lender or Borrower sues to enforce this Contract or obtain a declaration of its rights hereunder, the prevailing party in any such proceeding shall be entitled to recover its reasonable attorneys’ fees and costs incurred in the proceeding (including those incurred in any bankruptcy proceeding or appeal) from the non-prevailing party. 10. WAIVER OF PRESENTMENTS: Borrower waives presentment for payment, notice of dishonor, protest and notice of protest. 11. NON-WAIVER: No failure or delay by Lender in exercising Lender’s rights under this Contract shall be considered a waiver of such rights. 12. SEVERABILITY: In the event that any provision herein is determined to be void or unenforceable for any reason, such determination shall not affect the validity or enforceability of any other provision, all of which shall remain in full force and effect. 13. INTEGRATION: There are no verbal or other agreements which modify or affect the terms of this Contract. This Contract may not be modified or amended except by written agreement signed by Borrower and Lender. 14. CONFLICTING TERMS: The terms of this Contract shall have authority and precedence over any conflicting terms in any referenced agreement or document. 15. NOTICE: Any notices required or permitted to be given hereunder shall be given in writing and shall be delivered (a) in person, (b) by certified mail, return receipt requested, (c) by facsimile, (d) electronic mail, or (e) by a commercial overnight courier that guarantees next day delivery and provides a receipt, and such notices shall be made to the parties at the addresses listed below. 16. GUARANTORS: There shall be no person or entity, under the terms of this Contract, that shall be responsible for the payment, late fees, and any accrued interest other than the Borrower. 17. EXECUTION: The Borrower executes this Contract as a principal and not as a surety. If there is a Co-Signer, the Borrower and Co-Signer shall be jointly and severally liable under this Contract. 18. GOVERNING LAW: This Contract shall be governed under the laws in the State of Florida.
With my signature below, I affirm that I have read and understand the attached loan contract and agree to be bound by all terms within. I further understand that I am authorizing My Course Funding to immediately charge my account for my loan down payment in the amount of $105.90, and the amount of $35.00 on the 1st of every month until this loan is paid in full in accordance with the terms as set forth in this contract. I further agree and consent that I am not entering into this agreement under any pressure or duress and this contract was initiated by me in order to pay for a course I have already or intend to enroll in and whether or not I complete the course, or fail the course, or fail to continue with the course after this loan contract is finalized I understand and agree to be bound by this agreement in order to satisfy the loan in accordance with the terms of this contract.
I hereby give my consent
I understand that My Course Funding is paying in advance for an online course of my choosing and that certain courses and on-line schools do not offer refunds to their students. In the event that I am unhappy with the course I have purchased, and in the event that the course does not or will not issue me a refund I understand that My Course Funding has still paid for the course on my behalf and that I am in no way absolved of my debt to My Course Funding regardless of my dealings with the school I have chosen. I hereby acknowledge and agree that I will satisfy my loan commitments to My Course Funding in accordance with the terms as outlined in the contract.
I hereby give my assurance
Last Four of Borrower's Social Security Number
Date of Birth