IMPORTANT CONSUMER INFORMATION

This brochure contains some common terms and definitions, which are intended to help you better understand your credit transaction. Credit costs money, so it is important that you fully understand the terms of your credit transaction. If you come across terms you do not understand, look up the terms, or ask our personnel to explain the terms to you. Ask questions. Make certain the questions that you ask are answered. Make certain you understand the terms and costs of your loan.

Common Terms and Definitions

  1. Equal Credit Opportunity Act (ECOA). A federal regulation which requires lenders to promote the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to whether all or part of the applicant’s income derives from a public assistance program; or to whether the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The regulation prohibits creditor practices that discriminate on the basis of any of these factors.

  2. Contract. A written binding document, describing terms of an agreement between two or more persons. (Keep all paperwork. Later, if there are any questions, you will have your agreement in writing.)

  3. Annual Percentage Rate (APR). The cost of your credit as a yearly rate. This measures the cost of credit expressed as a yearly interest rate. It is intended to provide a single value for a consumer to compare the cost of credit between one lender and another.

  4. Finance Charge.
    The dollar amount the credit will cost you. Finance charges include interest, and may also include transaction fees and service fees.

  5. Principal. The amount of money owed on a debt, on which interest is calculate.

  6. Interest. The cost of borrowing money, generally a percentage of the amount owed.

  7. Balance. The total amount of money owed to a lender.

  8. Default. Failure to pay a debt as agreed to on a contract. When a loan, is in default, the lender may demand full payment of the remaining debt.

  9. Collateral. Security pledged by a borrower to protect the interests of the lender; in a case of default, the lender may take ownership of the security, if any, pledged by the borrower.

  10. Credit Bureau. A private company that keeps a record of your credit history for distribution upon request by authorized parties. When you apply for credit, a lender may request a credit report to review when considering your application.

  11. Credit History. A record containing information about you, including your payment history on previous debts.

  12. Credit Report. A report of the credit history and other information about you that is kept by credit bureaus, which may include: your name, address, social security number, payment history (good and bad), current and previous debts, employers, income, etc. Accurate information on a credit report may not be legally removed. Incorrect information may be removed by disputing the information to the credit bureau involved.

This business is regulated by the Regulation and Licensing Department, Financial Institutions Divisions, 2550 Cerrillos Road, Santa Fe, New Mexico 87504 telephone number 415-527-0688.

Small Loan Licenses

Disclosures

LoanMart may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. LoanMart does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License. See State Disclosures for additional disclosures.

1Credit approval is subject to LoanMart’s credit criteria standards. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by applicant. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

2Based on consumers who received a loan from February 2002 to October 2018.

3Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 5PM PST on a business day.

4To exercise the right to rescind, the consumer(s) must notify LoanMart in writing by midnight on the third calendar day from obtaining the loan. Within one business day from notice of rescission, the consumer(s) must return any monies received and fees paid on behalf of the consumer(s) by certified funds.

5LoanMart recommends and encourages customers to pay early and often and more in order to avoid additional finance charges.

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LoanMart is a responsible lender and takes its legal responsibilities seriously. Questions? Customersupport@800loanmart.com or call 855-399-2261.