Disbursement Disclosure

    

When you disburse funds directly to your creditors, we will send the amounts you specify.  However, please note:

  • Creditors usually add interest at the end of a billing cycle.  Accordingly, even if you pay your current outstanding balance with Direct Payment, interest may still be added at the end of the billing cycle leaving you with a balance due.  You would need to pay that balance separately.
  • If you receive a credit or refund to or from your creditor (for example, because you return an item you purchased), it may reduce your outstanding balance.  Please take this into account to avoid over-paying your creditor.

Important Information About Disbursements:

After you sign your loan agreement, we will disburse the Amount Financed shown in your loan agreement (“Amount Financed”) to the account(s) provided.

  • If we are unable to disburse the entire Amount Financed to the account(s) provided, we may declare this Loan void. If we declare this Loan void we will inform you.
  • If we are unable to disburse a portion of the Amount Financed, you authorize us, at our option, to either:

(i) disburse that portion of the Amount Financed to any account that you provided to us for disbursement purposes; or

(ii) reduce the Amount Financed by the amount that we are unable to disburse to you and recalculate your payments over the loan term selected during the application process. If we reduce the Amount Financed, we will notify you and provide you with revised Federal Truth in Lending Disclosures.

For example, if you take out a 48 month loan for $16,000 and you direct us to disburse $5,000 to a credit card account and $11,000 to a bank account and we are unable to disburse the $5,000 to the credit card account, we may either (i) disburse the $5,000 to the bank account or (ii) reduce your loan amount to $11,000 and recalculate the monthly payment amount of the $11,000 loan over 48 months.