FEDERAL DISCLOSURE REQUIREMENTS

Installment loans are advances that are intended to be paid off in set amount of payments. They are not designed as a solution to long term financial issues. If you would like to discuss other alternatives, feel free to contact a non-profit counseling service in your area.

Regulation B in Federal Law prohibits the consideration of Age, Sex, Race, Ethnicity, Gender, National Origin, or Handicap as a basis for making anyone a loan. 123MoneyHelp, through its website does not discriminate based on any of these factors. In addition 123MoneyHelp will not enter into or maintain vendor/reciprocal information service type relationships with anyone who does not conform to these anti-discriminatory practices.

Regulation Z in Federal Law requires the full disclosure of all costs and terms associated with any credit purchase or transaction (such as this cash advance) and further requires that the costs associated with the transaction be expressed as an annual percentage rate of interest or A.P.R. Below all costs, terms and rates associated with the 123MoneyHelp cash advance program are given.

Federal Truth in Lending Act (T.I.L.A.)

123MoneyHelp Terms and Conditions



 

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1) PAYMENT ARRANGEMENTS
    a) Payment Agreement
    b) Early Payments
    c) Late Payments
    d) Right of Rescission

2) “EFT/ACH” AUTHORIZATIONS

3) AGREEMENT/AUTHORIZATION FORM

4) DEFINITIONS


1) PAYMENT ARRANGEMENTS

a) Payment agreement

I agree to pay 123MoneyHelp the “Amount Financed” and “the Finance Charge” for that amount, according to my Installment Loan Payment Schedule. I understand and agree that my payments are on or around my nearest nearest payday. I authorize 123MoneyHelp to ACH/EFT debit the total amount due or any part thereof until this cash advance is paid in full.

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I agree to maintain and keep in good standing the account with the financial institution I supplied in my application so that 123MoneyHelp can receive all payments due, in a timely manner.
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b) Early Payments

I may prepay all or part of the “Installment Loan Cash Advance Amount” at any time. If I do so before my “Payment Date” I shall receive a pro-rated discount on my “Finance Charge”. This charge will be either fifty percent (50%) of my “Finance Charge” or a percentage calculated by dividing the number of days since I received my cash advance divided by fourteen (14), whichever is larger.
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c) Additional Charges

As allowed by Delaware Law, if you are are late or delinquent on your loan, 123Moneyhelp, LLC reserves the right to charge one 5% delinquency charge on the unpaid installment payments or portion thereof under the loan agreement which is in default.

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d) Right of Rescission

As required by federal law, you are given the right to rescind. In order to rescind you must notify 123MoneyHelp of the rescission by mail, telegram, or other means of written communication. You may only exercise the right to rescind until midnight of the third business day following the original contract agreement. You may not rescind each credit extension made under the plan if such extension is made in accordance with a previously established credit limit for the plan.
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2) EFT/ACH AUTHORIZATIONS

To serve you better 123MoneyHelp has an electronic banking service to help you prevent “NSF” return fees by your bank. In ordinary course of business we obtain your written pre-authorization to process your payments electronically. This allows us to submit an electronic entry to your bank instead of a check. Providing the payment is honored, Under Federal Regulation E, authorizing this transaction does not give us the right to access your account further. Only the authorized amount can be debited from your account. Payments due are presented to your bank on the morning of your “Payment Date”.  Although Installment Loans are not variable rate loans, if your payment should vary for any reason, 123Moneyhelp, LLC will send you written notice at least 10 days before the scheduled date of the transfer for preauthorized transfers which vary in amount from the previous transfer.
I hereby authorize 123MoneyHelp or their agent to initiate debits/credits entries to the account I supplied, for all payments due, including but not limited to “Amount Financed”, “Finance Charge” and “Service or Delinquency Fee” unless other arrangements have been made between lender and borrower as it relates to the repayment of the borrowers loan.

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3) AGREEMENT AND AUTHORIZATION FORM

1.) I acknowledge that I have read, understand, and agree to all the conditions, terms, and disclosures of the 123MoneyHelp agreement.
2.) I acknowledge that I have provided my banking information, including routing and account number for 123MoneyHelp to use for debit/credit transactions.
3.) Once approved, I give 123MoneyHelp authorization to deposit a cash advance into my account. This amount will be my “Amount Financed”.
4.) I understand that the “Amount Financed” may be less than the amount I requested.
5.) I authorize and approve 123MoneyHelp to withdraw the “Amount Financed” plus the “Finance Charge” on my “Payment Dates” as determined by the payment schedule specific to my Installment Loan. And that those dates correspond to my paydates.
6.) I confirm and promise that I am not currently in bankruptcy proceedings nor am I planning on filing bankruptcy in the future.
7.) I understand that all transactions will be deemed to have taken place in the State of Delaware regardless of where I viewed, submitted or accepted this application and agreement.
8.) I understand and agree that this agreement and authorization are binding and valid for now and as requested in the future and will remain in effect.
9.) If I am approved for a loan with 123MoneyHelp, then I give permission to 123MoneyHelp to alert me via SMS Text messaging as to matters related to my account.
10.) I understand that if my payment of "Finance Charge" and/or "Amount Financed" on my due date is rejected by my bank for any reason, I may be assessed a 5% fee each time it occurs. I understand that if I fail to make arrangements to resubmit payment, my account may be reported unpaid to MicroBilt and/or Clarity, databases used by lenders to determine whether or not to make loans to consumers in the future, and may be sent to a collections agency.
11.) 123MoneyHelp is a Delaware based Licensed Lender. If you apply, we will receive and process your application here, the same as if you submitted it to us in person at our office. We only make loans in Delaware. If we approve your application, the funds will be deposited from our account here in Delaware. Our loans are governed by Delaware State law. We are not licensed, registered, or authorized to do business in any other state. Delaware law governing consumer loan agreements may be different from the laws of the state where you reside. If you do not want to enter into a loan agreement subject to Delaware law, you should apply for this loan at a lender located in the state where you live.
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4) DEFINITIONS

A) “Amount Financed” – The amount of cash you receive from 123MoneyHelp

B) “Finance Charge” – Your actual cost for the cash advance you receive.

C) “Payoff Balance” – This is the “Amount Financed” minus anything you have paid to your balance. * See pay-down requirement under Delaware State Regulations.

D) “Service Fee” – This could any of several fees charged to you if your account goes delinquent.

E) “Payment Date” – This is the date your payment is due according to your payment schedule, this should be on or close to your paydates.

F) “APR” – Annual Percentage Rate – The “Finance Charge” expressed as a yearly rate.

G) “ACH” – Automated Clearing House – The agency responsible for financial electronic transactions.

H) “EFT” – Electronic Funds Transfer – An electronic banking service to process your payments electronically.
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DELAWARE Licensed Lenders Regulations
Itemized Schedule of Charges
(5 Del. C. . §§2218 and 2231)

The Delaware State Licensed Lenders Regulations and Itemized Schedule of Charges are available on this website by clicking here. (to review click here)

DISCLOSURE: 123MoneyHelp is a Delaware based Licensed Lender. If you apply, we will receive and process your application here, the same as if you submitted it to us in person at our office. We only make loans in Delaware. If we approve your application, the funds will be deposited from our account here in Delaware. Our loans are governed by Delaware State law. We are not licensed, registered, or authorized to do business in any other state. Delaware law governing consumer loan agreements may be different from the laws of the state where you reside. If you do not want to enter into a loan agreement subject to Delaware law, you should apply for this loan at a lender located in the state where you live.

 

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