sample payday loan application

8/2/2019 Sample Payday Loan Application

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PAYDAY LENDERS PAYDAY LOAN APPLICATION

ELIGIBILITY CONDITIONS:

When Applying For Unsecured LoanBefore the applicant hereinafter called the Borrower is approved by PayDay Lenders Limitedhereinafter 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 withPayDay 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, andprovide 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 STATUSYou must be in permanent employment. We regret that we cannot accept applications from people whoare self employed.

DOCUMENTATION REQUIREDYou 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 isapproved, you will be asked to sign a loan agreement before the loan can be issued. (Please check thatthe details are correct before you sign it.

CREDIT CHECKSWe reserve the right to carry out checks on your status through credit references and fraud preventionagencies.

TERM OF THE LOAN:The maximum loan period is Twelve (12) months from the date the loan is accepted. At the veryminimum, interest on the loan plus a minimum stipulated principal repayment must be paid monthly withthe full amount (principal and interest) repaid within the specified term agreed by the Lender and theapplicant.

RATE OF INTERESTThe rate of interest is between 12%p.a. and 15%p.a. The rate of interest is subject to change based onmarket conditions.

FEES:All Loans are subject to a one-time J$500 processing non-refundable fee. Should an adjustment have tobe made to the terms and conditions of this Agreement, a fee of J$1,500 will be charged by PayDayLenders Limited.

DISBURSEMENT:The proceeds of the loan will be paid over to the Applicant or Assignee at the discretion of the LoanOfficer that the applicant has satisfactorily met all requirements.


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LOAN REPAYMENTLoan repayments starting immediately will be made directly to the Lenders bank account or otherapproved 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 toservice 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 appointmentwith a PayDay Lenders Loans Officer to discuss the renegotiation. The maximum term of an Employeerenegotiation 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 isterminated.

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 thepreparation 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 toproceed with Legal Action and/or refer the debt to Debt Collection. Should the loan not be repaid by thedue date (and no contact has been made with the Lender), a Payment Demand letter will be sent. Ifpayment 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 DOCUMENTATIONApart from the documentation included in this loan application package, the Lender may require theEmployee to sign additional documentation to provide additional information or perfect the collateraltaking on the loan facility.

I HAVE READ AND UNDERSTOOD THE ELIGIBILITY CONDITIONS AND GENERAL NOTES TO

APPLICANT ABOVE:

________________________________ ___________________________________APPLICANT DATE


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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 ESTIMATED WEEKLY COMMITMENTS

Wages (after tax) _____________ Rent / Board _____________

Casual Employment (after tax) _____________ Living Expenses _____________

_____________ Loan repayments (other than this) _____________

_____________ Car / House / Furniture __________________________ Other _____________

_____________ _____________

TOTAL _____________ TOTAL _____________

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

Applicants Occupation _______________________________________________ # of years __________________

Name and Address of Employer ___________________________________________________________________

_____________________________________________________________________________________________

Monthly Salary _____________________________ Will Loan be repaid through Salary Deduction Yes No

SECTION E DECLARATIONI declare that I am a permanent Employee at the above-named Company, with permanent residency in (Country). Ihave 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 Officers Signature ______________________________________ Date ________________________APPROVED / NOT APPROVED

Lender (Officer Responsible) ___________________________________ Date ____________________________

FORM A - CONFIDENTIA


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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 _____________ (subjectto 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 finalpayment.

2. Borrower will repay the instalments as outlined on Form A (Section C) as follows:

In twelve (12) weekly instalments;In six (6) fortnightly instalments;In three (3) monthly instalments

3. Borrower cannot change the repayment terms and conditions without the expressed permission of PayDayLenders Limited, which will be in writing. The Borrower also agrees that if such is granted, a fee ofJA$1,500 will be added to the repayment amount. There will be a 1% charge for payments not meeting duedates. A processing fee of $500 is required for loan applications. The borrower will also immediately advisethe Lender in writing of any changes in:

(i) Financial Status (ii) Residential Address (iii) Employment Status

4. It also agreed that:

(a) Should Borrower cease to be an Employee of present employer, whether by termination, voluntary orotherwise, all outstanding balances owed to PayDay Lenders Limited will be repaid in full from anymonies owing to Borrower by the employer, without prejudice. Notice MUST be given to PayDayLenders Limited should Borrower move from present place of employment and any portion of this loanremaining unpaid remains the Borrowers legal obligation. The Borrower also agrees to execute newdocumentation 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.

5. The Borrower has read and understood the entire Loan Application packet and agrees to abide completelyto the contents therein.

Signature of Borrower ______________________________________________ Date ________________________

Witness (PayDay Lenders Loans Officer) ___________________________________ Date________________________

FORM B - CONFIDENTIA


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FORM C SALARY DEDUCTION AUTHORIZATION

LOAN DETAILS:

Name of Person requesting Loan: ___________________________________Amount Requested: $_____________

Name of Employee_______________________: _____________________________________________________

EMPLOYMENT STATUS: Full-Time Employee: Part-Time Employee:

EMPLOYMENT DETAILS

Name of Employer: _____________________________________________________________________________

Work Address: _________________________________________________________________________________

Job Title: ___________________________ Commencement Date of Employment___________________________

Telephone No.: _____________________________________ Employee/Payroll No.: ________________________

PROOF OF IDENTIFICATION: Drivers License: Current Signed Passport: TRN:

----------------- --------------------- -------------

PROOF OF ADDRESS: Latest Utility Bill Bank Statement Tenancy Agreement Mortgage Statement

I , (Borrower) request that the amount of $____________________ be deducted from mysalary 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 (#)

I hereby authorize you ( ), my employer, to deduct $ _________ per pay period from my salary commencing

_______________________ 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 LendersLimited.

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________________


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Official Company (Employer) Stamp:

FOR GOOD AND VALUABLE CONSIDERATION (the receipt and sufficiency of which is herebyirrevocably acknowledged) the undersigned hereby indemnifies and saves harmless the Lender from andagainst any and all claims, demands, actions, suits, losses, costs, charges, expenses, damages andliabilities whatsoever which the Lender may pay, sustain, suffer or incur by reason of or in connection withthe 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) incurredin connection with any such loss or damage.

I agree to indemnify the Lender against all debt collection costs, solicitors costs and any disbursements incurred as aresult of my non-payment of monies owed to the Lender.

Name of Borrower _________________________________ Signature of Borrower __________________________

Name of Witness __________________________________ Signature of Witness ___________________________

Date __________________________________________

.

FORM D - INDEMNITY FORM

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