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In these Application Terms and Conditions, the words “you” and “your” mean First Electronic Bank, its service provider Glow Financial Services Inc., and their respective service providers, successors, and assigns. The words “I,” “me,” and “my” mean the individual who receives and agrees to these Application Terms and Conditions in connection with applying for and obtaining a loan from you.
I understand that I am not required to pay any fees to apply for a loan. My annual percentage rate, finance charge, amount financed, total of payments, and other terms of any loan I obtain from First Electronic Bank will be disclosed in its loan agreement.
Obtaining and Using Consumer Reports and Other Information About Me: I understand and agree that you may obtain and use my consumer report information for any legal purpose associated with my request for prequalified offers, my loan application, and the servicing and collection of my loan, to the extent and in the manner allowed by law. I also authorize you to obtain information about me from other sources for fraud prevention and identity verification purposes. Upon my request, I understand that you will tell me whether you obtained a consumer report about me and, if you did, you will tell me the name and address of the consumer reporting agency providing a consumer report about me.
Notice of Negative Information Furnishing: You may report information about my loan to credit bureaus. Late payments, missed payments, or other defaults on my loan may be reflected in my credit report.
DISPUTE RESOLUTION THROUGH ARBITRATION AND JURY TRIAL WAIVER: I understand my loan agreement will include an arbitration provision. This means that if I have a claim and you are unable to resolve it informally, you or I may elect to resolve it by individual binding arbitration. If a claim is arbitrated, it will not be heard by a court or a jury. Also, the claim will proceed as an individual action, and neither you nor I will have the right to participate in a class action in court. I have the right to opt-out of the arbitration provision by providing timely notice to you. Please review the Arbitration Agreement in Section 26 of your loan agreement for complete details. I understand my loan agreement includes a jury trial waiver that applies to any dispute that is not arbitrated. Under the jury trial waiver, you and I agree to waive any right to trial by jury in the event of litigation between us.
No Waiver of MLA Rights or Recourse: If I am a “covered borrower,” as defined by the Military Lending Act (10 U.S. Code § 987) and its implementing regulations (32 C.F.R. § 232.3(g)), I understand that you may not require me to waive any right to legal recourse I have under any provision of law that otherwise applies to me. If any provision in this Agreement conflicts with any rights or protections I have as a “covered borrower” under the Military Lending Act, you and I agree these provisions do not apply to me, they have no force and effect against me, and you are not requiring me to waive my rights or protections under the Military Lending Act and its implementing regulations.
Statement of Military Annual Percentage Rate (“MAPR”): Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account).
Oral Disclosures: To hear Military Lending Act disclosures and payment information, please call (844) 216-1729.
State Notices:
California Residents: An applicant, if married, may apply for a separate loan.
Connecticut Residents: Small Loan Company License #SLC-2277799
Ohio Residents: The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.
Maine Residents: Do not sign this agreement before you read it. You are entitled to a copy of this agreement.
Vermont Residents: THIS IS A LOAN SOLICITATION ONLY. GLOW FINANCIAL SERVICES INC. IS NOT THE LENDER. INFORMATION RECEIVED WILL BE SHARED WITH ONE OR MORE THIRD PARTIES IN CONNECTION WITH YOUR LOAN INQUIRY. THE LENDER MAY NOT BE SUBJECT TO ALL VERMONT LENDING LAWS. THE LENDER MAY BE SUBJECT TO FEDERAL LENDING LAWS.