Stipulations in Section 16 of the TERMS OF SERVICE:
a) Company will provide lender information to Client by email to the email address given by the Client. It is Client’s responsibility to check their spam or junk folders if they cannot find the email. It is Client’s responsibility to contact Company if the email cannot be found so that Company can send it again by email or send it by another means, even by the regular mail, if necessary. Once Client pays the referral fee, the contract is in force as per these terms and conditions and is not cancellable for any reason. Company will provide lender information as needed for client to receive the approval amount requested. Company will usually provide about 21 referrals, but may provide more if Client requests it or if Client is unable to apply to any of the lenders for whatever reason.
b) If Client has any trouble applying with a lender because Company did not provide accurate lender information, Company will provide Client with the correct information, whenever possible. If Client is unable to apply to a lender because of lender’s service area, then Client is no longer required to apply with that lender. If a lender changes their website address or website links or makes lending policy changes or changes their phone number or experiences website problems or outages, it is not the fault of Company. Company will make every effort to provide Client with the correct and up-to-date information, whenever possible.
c) Company may or may not be affiliated with a referred lender, so Client should apply to lenders directly as if there is no relationship between Company and the lenders.
d) Company guarantees the approval amount to the Client subject to these terms of service. The approval amount is the total amount approved for collectively from each lender referred. Approval amount includes approval amounts for any and all extensions of credit. Client is never obligated to accept a lender’s approval offer. However, if an approval offer is made, it is considered an approval as far as these terms of service are concerned, regardless if Client accepts it or not.
e) Lenders are free to make their own individual decisions regarding approvals and/or interest rates and are under no obligation whatsoever to the Client. Interest rates are at the discretion of each lender and cannot be guaranteed by Company. Lenders that offer personal loans will not require any fees. A line of credit lender may require a small fee, although it is usually included in the line of credit.
f) Client is not obligated to apply to the lenders or to do anything unless Client applies for any type of refund. Then proper refund request procedures must be used by Client.
g) If Client is not approved for the full amount that they requested after applying with each referred lender, Client may apply for a full or partial refund of referral fee paid to Company. In order to qualify for any type of refund, Client must follow proper instructions as outlined below.
h) Refund requests: Client must apply to each of the referred lenders, with some exceptions as outlined below. An application means that Client has completed an application for a credit extension by providing accurate information to the lender including their social security number. Lender must run either a “soft” or “hard” inquiry on Client’s credit profile in order to make a decision of approval or denial. A “soft” credit inquiry will not affect an applicant’s credit score. A “hard” inquiry may lower the applicant’s credit score by a few points. In either case, the lender is obligated to provide you with either an approval or an explanation of denial based on their review of your credit profile. They may send it by email or by regular mail. The explanation will include your name and the reason for denial being a review of your credit profile. If it does not mention the review of your credit profile, then they have not performed a soft or hard inquiry and it is not an actual application that was made as far as these terms of service are concerned. Whenever a company runs neither, they are attempting to filter applicants and avoid running an inquiry on the applicant which costs them a little bit of money. If Client runs into a company that does not wish to run a soft or hard inquiry, then Client needs to contact the company by other means, such as phone or email or even in person, if reasonable, and complete a loan application with them. If Client is unable to submit a valid application to a lender, then Company will provide a substitute lender, if available. Otherwise, Client is exempt from applying with that lender. According to the Fair Credit Act, a lender CANNOT refuse to take an application REGARDLESS of past credit history or bankruptcy. Client must make sure that the lender takes his/her application regardless of the Client’s situation.
i) Documentation: Results of all applications must be properly kept by the Client. If a result is sent to the Client through email, then Client must copy or print the result, unless the lender also sends documentation through the regular mail. All documentation must be authentic and must show that it pertains specifically to Client and must not simply be a generic email or letter or other document.
j) Clients must wait until they have all documentation from all referred lenders. Documentation must then be sent by regular mail to the Company’s mailing address so that the refund department may examine it and make a refund determination. All documentation needs to be included in the one refund request. If documentation is not complete, refund request will be denied. Only copies should be sent, not originals. Documentation must be authentic. If documentation has been tampered with, refund will be denied permanently. All documentation must be in the Client’s name, not the Client’s spouse; however, documentation showing the Client applied with a spouse or with a co-signer is acceptable. No refund requests will be accepted after 90 days of referral fee payment to Company. All documentation must be sent by regular mail to the following address: PLAC GUAR, Refund Department, 1070 Middle Country Road, Suite 201, Selden, NY 11784.
k) If Client already has an existing account with one of the lenders prior to paying the referral fee, then Company will provide a substitute lender’s information, if available. Client must first provide a copy of a statement from that particular lender with Client’s name on it to Company which proves that Client already has a loan or line of credit with them. Statement needs to be dated 1-2 months PRIOR to referral fee payment. Old credit accounts that are closed or settled are not acceptable. If Client is currently in bankruptcy negotiations which relate to that lender, Client should provide recent documentation to that effect.
l) If Client has already applied with a referred lender within 60 days prior to referral payment to Company, then Company will provide a substitute lender’s information, if available. Client must first provide the previous denial letter from that lender, or if Client does not have one, Client must send a copy of credit report inquiry page to Company showing that lender was applied to within 60 days PRIOR to referral fee payment. The inquiry page must be authentic and must show that it pertains specifically to Client and must not be a generic email, letter or other document.
m) Client and Company agree to be bound strictly by these terms of service. If Client has a dispute with Company, Client agrees to communicate directly with Company to resolve the dispute and agrees not to go elsewhere for a remedy, unless an amicable compromise cannot be reached. Company will do its best to work out an amicable agreement or compromise. If Client does not wish to follow proper procedures as outlined in these terms of service, then no refund will be granted.
n) We have drafted these terms of service for our protection, of course, but we also want the Client to be aware of everything involved.