Lender Verbiage Legitimate?

[Lydia DeAngelo]

Hello, I have been reaching out to some ads I've seen about a loan. We are hoping to find something that will cover us quickly for about $30k at ideally between 3 - 5 year terms, not less than 2. I've gotten some responses and both looked similar to this format. Some things seemed fishy, some things seemed legit. Curious of anyone's input on what you see here as their response to my inquiry:

I appreciate your response. I am very glad to have you and would also be willing to secure a good working experience with you.

Meanwhile, you are required to read carefully the outlined terms and conditions below in order to start up your loan process without delay.

Terms & Conditions

1. Parties

This Agreement is between the lender and the borrower(s) named on the front of this Agreement.

2. Requirements

· Borrower MUST have a working bank account in his/her name or company name which will be used for the transfer of the loan.

· Borrower MUST have either the copy of his/her driver’s license, work identity card, national identity card or international passport for the confirmation of his/her legitimacy and for the processing of his/her loan.

· Borrower MUST provide bank statement of account or last pay stub to assure us of his/her capability of paying back the loan completely and on time.

3. Joint borrowers

· If this is a joint Agreement, you shall each be fully liable for all sums outstanding under the Agreement and not just half the balance.

4. Loan Information

· Loan Amount

Loan amount ranges from $20,000.00 to $5,000,000.00 otherwise agreed by both parties

· Loan duration

Loan duration ranges from 6 months to 20 years at maximum and additional 5 years only on mutual agreement between both parties.

· Loan Process

It takes the interval of 1 to 7 working days or less from application to funding.

· Interest Rate

Interest rate shall be 5% irrespective of the loan amount or the nature of the investment.

. Fees

Borrowers are responsible for the payment of 2 points and for loan origination, tax, and insurance or any other cost associated with the loan at closing.

5. Your right to withdraw

If you wish to withdraw from this Agreement you must notify us of your intention to withdraw by writing us.

You must also repay the amount you owe us within the timescale set out in this Agreement. We will not charge you any interest. If you do not repay the amount you owe us within 30 calendar days from the day after the date you notified us of your intention to withdraw, we will recover it as a debt through the Courts.

6. Your right to repay early

6.1 Partial Early Repayment

If you decide to make a partial early repayment you should notify us that you wish to do so. Your payment will only be treated as a partial early repayment if you are paying us some of the amount payable by you before the time fixed by this Agreement. If you notify us that you wish to make a partial early repayment, you must make the payment (a) within 28 days beginning with the day following the day on which notice was received by us that you wished to do this; or (b) on or before any later date stated in your notice to us.

Any partial early repayment of your loan will reduce the amount on which we charge interest from the day after we receive your payment. The effect of any partial early repayment will be to reduce the Term of your loan.

You also have the right to request a statement showing the effect that this additional payment has had on the balance outstanding under this Agreement. You can make this request either at the same time as making your early payment or after that time. We will send you a statement within 7 working days after we receive your request.

6.2 Full Early Settlement

If you want to pay off the entire loan early, you must request a settlement quotation from us. We will confirm to you in writing the amount required to settle your loan in full. This settlement quotation is valid for twenty eight days from the date you request it.

Your settlement quotation will include interest up to and including this date. In addition, in accordance with the regulations made under the Consumer Credit Act, if your loan term is greater than 12 months you will pay an additional 30 days interest. If you decide to settle your loan we must receive the amount detailed in the settlement quotation by the stated date.

7. Our right to demand earlier payment

We may demand immediate and full repayment of your loan if:

· You gave us false or incorrect information when you applied for the loan; or

· You are more than six months overdue with any amount you owe us.

If you fall behind with your repayments we may pass information about the amount you owe to a credit reference agency. Credit reference agencies record this information and companies may use it to assess any future loan/credit applications you might make. This may affect your ability to get credit.

8. Missing or underpayment

We need to make you aware of some of the consequences of not making your agreed payments. If you underpay or miss any payment due under the credit agreement you will be in default on the agreement and:

· You may pay more overall.

· You may find it more difficult to obtain credit in the future.

· Legal proceedings could be taken against you which could result in any outstanding debt being secured against any property you own.

If you have difficulties making payments under your Agreement please contact us.

9. Interest for late payments and charges

Interest at the Interest Rate shown on this Agreement will be payable on any amount not paid by its due date (including any balance which may become payable under section 9 of the Terms and Conditions of this Agreement) calculated from the due date until actual payment to us, to run both before and after any judgment.

All reasonable expenses, charges and costs incurred in locating you or in collecting any sums due and unpaid shall, if we wish, be recovered from you should you fail to comply with any provision of this Agreement.

10. Change of address

You will notify us in writing within seven days of any change in your address. You must inform us about change of circumstances and must tell us promptly if you think there is any information that We should be aware of.

You are advised to get back to me with your response if you are in agreement with the above terms in order to start up with the loan process.