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ELIGIBILITY CONDITIONS: When Applying For Unsecured Loan Before the applicant hereinafter called the “Borrower” is approved by PayDay Lenders Limited hereinafter called the “Lender”, applicants must abide by the conditions outlined below: Applicants must be currently Employed Applicants may not apply for an loan if they already have an outstanding debt or other loan with PayDay Lenders; Applicants must supply proof of employment; Proof of residency (Paid utility bill for last 3 months); 1 passport size picture and picture ID (Drivers Licence, Passport); Copy of Tax Registration Number. Salary Authorization Form duly signed by Employer for payment of Installments. Applicant must be over the age of eighteen; Applicant must reside in (Country)
The Applicant is obligated to supply/carry out the following: Details of employer, job title, contact telephone number at work and home, contact address, and provide proof of full time employment, such as a payslip; Sign the Loan Agreement and Conditions forms prior to the loan being accepted; and Advise the Lender immediately of any changes to work or home details.
NOTES TO APPLICANT: EMPLOYMENT STATUS You must be in permanent employment. We regret that we cannot accept applications from people who are self employed. DOCUMENTATION REQUIRED You must present this form personally at any PayDay Lenders Limited office along with proof of ID, employment and address, and have it witnessed by an authorized member of staff. If the loan is approved, you will be asked to sign a loan agreement before the loan can be issued. (Please check that the details are correct before you sign it. CREDIT CHECKS We reserve the right to carry out checks on your status through credit references and fraud prevention agencies. TERM OF THE LOAN: The maximum loan period is Twelve (12) months from the date the loan is accepted. At the very minimum, interest on the loan plus a minimum stipulated principal repayment must be paid monthly with the full amount (principal and interest) repaid within the specified term agreed by the Lender and the applicant. RATE OF INTEREST The rate of interest is between 12%p.a. and 15%p.a. The rate of interest is subject to change based on market conditions. FEES: All Loans are subject to a one-time J$500 processing non-refundable fee. Should an adjustment have to be made to the terms and conditions of this Agreement, a fee of J$1,500 will be charged by PayDay Lenders Limited. DISBURSEMENT: The proceeds of the loan will be paid over to the Applicant or Assignee at the discretion of the Loan Officer that the applicant has satisfactorily met all requirements.
LOAN REPAYMENT Loan repayments starting immediately will be made directly to the Lender’s bank account or other approved method. INTEREST ADDED TO THE LOAN: There is no interest added to the loan amount during the loan period. RENEGOTIATION OF THE EMPLOYEE LOAN: If the applicant has experienced extraordinary circumstances which compromise his or her ability to service the loan during the loan period, the applicant has the option to renegotiate the term of the loan. Within each loan, the applicant is allowed one renegotiation. The applicant must make an appointment with a PayDay Lenders Loans Officer to discuss the renegotiation. The maximum term of an Employee renegotiation is a further 3 months. EARLY REPAYMENT OF EMPLOYEE LOAN: Loans can be repaid ant any time partially or fully without penalty. WHAT IF EMPLOYEE LEAVES EMPLOYMENT OR IS TERMINATED: Immediate repayment of the loan is expected from the applicant if the applicant leaves employer or is terminated. NOTIFICATION OF CHANGES: Any changes of address, financial status or employment status must be made in writing to the Lender. CANCELLATION FEE: There may be a cancellation fee charged to applicants should they change their mind after the preparation of the loan. Ask the Lender for details. FAILURE TO REPAY THE LOAN: If the Loan is not adequately serviced during the period of the loan, the Lender reserves the right to proceed with Legal Action and/or refer the debt to Debt Collection. Should the loan not be repaid by the due date (and no contact has been made with the Lender), a Payment Demand letter will be sent. If payment is not received within 14 days of this letter, the Lender will begin debt collection proceedings, which will incur additional expenses to you, the Employee. OTHER DOCUMENTATION Apart from the documentation included in this loan application package, the Lender may require the Employee to sign additional documentation to provide additional information or perfect the collateral taking on the loan facility.
I HAVE READ AND UNDERSTOOD THE ELIGIBILITY CONDITIONS AND GENERAL NOTES TO APPLICANT ABOVE:
FORM A - CONFIDENTIAL
LOAN APPLICATION SECTION A – PERSONAL DETAILS Full Name of Applicant___________________________________________________________________________ Mailing Address ________________________________________________ Phone (W) ______________________ Home Address _________________________________________________ Phone (H) ______________________ Email Address __________________________________________ Mobile Number __________________________ Date of Birth ________________________________ Age __________________TRN _______________________ Type of Identification ________________________________________ ID # ________________________________ SECTION B – FINANCIAL DETAILS – Complete the following, giving figures to the nearest dollar ESTIMATED WEEKLY INCOME Wages (after tax) Casual Employment (after tax) _____________ _____________ _____________ _____________ _____________ _____________ TOTAL _____________ TOTAL ESTIMATED WEEKLY COMMITMENTS Rent / Board Living Expenses _____________ _____________
Loan repayments (other than this) _____________ Car / House / Furniture Other _____________ _____________ _____________ _____________
SECTION C – LOAN INFORMATION Loan Amount Required $__________________ Purpose of the Loan ______________________________________ Repayments will be made $ _______________ weekly / fortnightly / monthly, beginning _______________________ This loan will be repaid in full on or before the __________ day of _____________________________ 20_____ SECTION D – EMPLOYMENT Applicant’s Occupation _______________________________________________ # of year’s __________________ Name and Address of Employer ___________________________________________________________________ _____________________________________________________________________________________________ Monthly Salary _____________________________ Will Loan be repaid through Salary Deduction Yes No
SECTION E – DECLARATION I declare that I am a permanent Employee at the above-named Company, with permanent residency in (Country). I have completed and signed the AGREEMENT AND CONDITIONS FORM (Form B) and declare that the information I have given is true and complete at the time of this declaration.
Signature of Applicant ____________________________ Date _________________ Witness __________________ SECTION F – FOR OFFICE USE ONLY CREDIT CLEARANCE Yes No Recommended Amount $____________________________________
Interviewing Officer’s Signature ______________________________________ Date ________________________ APPROVED / NOT APPROVED Lender (Officer Responsible) ___________________________________ Date ____________________________
FORM B - CONFIDENTIAL
LOAN AGREEMENT – TERMS AND CONDITIONS
This loan agreement is made between ________________________________________________________ (The Borrower) and PayDay Lenders Limited (The Lender) on this ___________ day of _________________ 201_____. In consideration of a loan of (amount in words) _______________________________________________________ ($_________________) being made to me by the Lender, I ______________________________ of (residential address) _______________________________________________________________________ agree that the terms and conditions of the agreement for a loan are as follows: 1. Borrower will repay the said loan plus any interest, calculated at the agreed rate of _____________ (subject to change), within the agreed period, to PayDay Lenders Limited in __ months. The amount of $ _____________________ per pay period will be deducted by way of salary deduction commencing _________________ 201____ and ending on ________________, 201____, which will be the final payment. Borrower will repay the instalments as outlined on Form A (Section C) as follows: 3. In twelve (12) weekly instalments; In six (6) fortnightly instalments; In three (3) monthly instalments
Borrower cannot change the repayment terms and conditions without the expressed permission of PayDay Lenders Limited, which will be in writing. The Borrower also agrees that if such is granted, a fee of JA$1,500 will be added to the repayment amount. There will be a 1% charge for payments not meeting due dates. A processing fee of $500 is required for loan applications. The borrower will also immediately advise the Lender in writing of any changes in: (i) Financial Status (ii) Residential Address (iii) Employment Status
It also agreed that: (a) Should Borrower cease to be an Employee of present employer, whether by termination, voluntary or otherwise, all outstanding balances owed to PayDay Lenders Limited will be repaid in full from any monies owing to Borrower by the employer, without prejudice. Notice MUST be given to PayDay Lenders Limited should Borrower move from present place of employment and any portion of this loan remaining unpaid remains the Borrowers legal obligation. The Borrower also agrees to execute new documentation as required by the Lender pertaining to any unpaid loan balances. (b) Should the Borrower make default in any term or condition of the loan: (i) The Lender may demand immediate repayment of any outstanding loan; or (ii) Only the Lender may re-negotiate the loan repayments so that the loan can be repaid over a different loan period at the rate commensurate with current market personal loan rates. (iii) The Borrower may have legal action taken against me to secure repayment.
The Borrower has read and understood the entire Loan Application packet and agrees to abide completely to the contents therein.
Signature of Borrower ______________________________________________ Date ________________________
Witness (PayDay Lenders ________________________
FORM C – SALARY DEDUCTION AUTHORIZATION
LOAN DETAILS: Name of Person requesting Loan: ___________________________________Amount Requested: $_____________ Name of Employee_______________________: _____________________________________________________ EMPLOYMENT STATUS: Full-Time Employee: EMPLOYMENT DETAILS Name of Employer: _____________________________________________________________________________ Work Address: _________________________________________________________________________________ Job Title: ___________________________ Commencement Date of Employment___________________________ Telephone No.: _____________________________________ Employee/Payroll No.: ________________________ PROOF OF IDENTIFICATION: Driver’s License:
Current Signed Passport:
----------------PROOF OF ADDRESS: Latest Utility Bill
Bank Statement Tenancy Agreement Mortgage Statement
I , (Borrower) request that the amount of $____________________ be deducted from my salary and paid to PayDay Lenders Limited in: Twelve (12) weekly instalments; Six (6) fortnightly instalments; or Three (3) monthly instalments
I agree that deductions will be paid (please tick): Cheque to PayDay Lenders Limited Direct Deposit to (Bank) A/c (#) ), my employer, to deduct $ _________ per pay period from my salary commencing
I hereby authorize you (
_______________________ 201 ____ and ending on _________________________ 201 _____, which will be the final payment.
This salary deduction request cannot be rescinded unless written authorization is received from PayDay Lenders Limited. I also authorize ______________ to pay to PayDay Lenders Limited any balances from any monies outstanding
to me, should I be terminated or depart voluntarily.
Signature of Employee:___________________________________ Date:__________________________________ Signature of Payroll Representative for Employer ______________________________ Date: __________________ Name of Payroll Representative for Employer _________________________________ Date: __________________ Signature of Supervisor _________________________ Name: ____________________Date________________
Official Company (Employer) Stamp:
FORM D - INDEMNITY FORM CONFIDENTIAL
FOR GOOD AND VALUABLE CONSIDERATION (the receipt and sufficiency of which is hereby irrevocably acknowledged) the undersigned hereby indemnifies and saves harmless the Lender from and against any and all claims, demands, actions, suits, losses, costs, charges, expenses, damages and liabilities whatsoever which the Lender may pay, sustain, suffer or incur by reason of or in connection with the granting of the loan facility the terms and conditions of which are described in Form B, including, without limiting the generality of the foregoing, all costs and expenses (including legal expenses) incurred in connection with any such loss or damage.
I agree to indemnify the Lender against all debt collection costs, solicitor’s costs and any disbursements incurred as a result of my non-payment of monies owed to the Lender. Name of Borrower _________________________________ Signature of Borrower __________________________
Name of Witness __________________________________ Signature of Witness ___________________________
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