123 CashNet Agreement 
Printable
Version - Printable version of Section 3: Agreement/Authorization
Form only. Print out and sign this document and return with
other faxed documents to complete your application.
The purpose of this Agreement is to insure that you are informed of all the terms, conditions and policies of 123 CashNet. This should remove all “The Fine Print” and hopefully make you, our valued customers, more comfortable in all your dealings with 123 CashNet.
Table of Contents
Click on the section you wish to view, or scroll down to view the pursuant agreement.
1) PAYMENT ARRANGEMENTS
a) Payment Agreement
b) Extensions of Payments
c) Early Payments
d) Late Payments
e) Return of Payments
f) Right of Rescission
3) AGREEMENT/AUTHORIZATION FORM
4) DEFINITIONS
I agree to pay 123 CashNet the “Amount Financed” and “the Finance Charge” for that amount, in one payment, due on my “Payment Date”. I understand and agree that this “Payment Date” will be my next nearest payday. I authorize 123 CashNet to ACH/EFT debit the total amount due or any part thereof until this cash advance is paid in full.
I agree to maintain and keep in good standing the account
with the financial institution I supplied in my application
so that 123 CashNet can receive all payments due, in a timely
manner.
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Payday loans are short-term advances intended to be paid off quickly. They are not a solution to long-term financial issues. Therefore 123 CashNet does not recommend Extensions of Payment.
I understand that Delaware State regulations will allow me to extend my cash advance a maximum of four (4) times under the following terms. I can do so by paying the “Extension Fee” which is twenty-five dollars ($25) per one hundred dollars ($100) of the “Cash Advance Amount”. After the fourth extension request I will pay an additional amount of at least twenty-five dollars ($25) toward the “Payoff Balance” of my loan. Additional fees may accrue if the loan is extended/rolled over.
I understand that all extension requests must be received
by 123 CashNet a minimum of two (2) days in advance of my
“Payment Date” and that I can only submit such
request through email, telephone, or on the 123 CashNet
website.
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I may prepay all or part of the “Cash Advance Amount”
at any time. If I do so before my “Payment Date”
I shall receive a pro-rated discount on my “Finance
Charge”. This charge will be either fifty percent (50%)
of my “Finance Charge” or a percentage calculated
by dividing the number of days since I received my cash advance
divided by fourteen (14), whichever is larger.
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I may request extra time to pay either my “Extension
Fee” or my “Payoff Balance”, however 123 CashNet is not required to grant me any. This is just a
service that 123 CashNet can use for “Preferred Customers”
at their discretion. All requests must be made a minimum of
3 days before my “Payment Date”.
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If my pre-authorized payment is returned by my financial
institution to 123 CashNet for any reason, I agree that
123 CashNet can automatically reschedule me for a repayment
date and may include extra fees for, but not limited to, the
continued use of my cash advance, a returned payment fee of
thirty dollars ($30), and any other fees incurred by 123 CashNet in the collection of my debt. 123 CashNet has the right
to use any means necessary to collect the amount I owe them.
Including but not limited to smaller separate “ACH/EFT”
withdrawals or preparing and submitting one or more checks
drawn on my account.
If 123 CashNet is unable to obtain this payment in full,
my account will be considered in default and will be transferred
to a collection agency where I may accrue even more fees.
As required by federal law, you are given the right to rescind.
In order to rescind you must notify 123 CashNet of the rescission
by mail, telegram, or other means of written communication.
You may only exercise the right to rescind until midnight
of the third business day following the original contract
agreement. You may not rescind each credit extension made
under the plan if such extension is made in accordance with
a previously established credit limit for the plan.
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To serve you better 123 CashNet has an electronic banking
service to help you prevent “NSF” return fees
by your bank. In ordinary course of business we obtain your
written pre-authorization to process your payments electronically.
This allows us to submit an electronic entry to your bank
instead of a check. Providing the payment is honored, Under
Federal Regulation E, authorizing this transaction does not
give us the right to access your account further. Only the
authorized amount can be debited from your account. Payments
due are presented to your bank on the morning of your “Payment
Date”.
I hereby authorize 123 CashNet or their agent to initiate
debits/credits entries to the account I supplied, for all
payments due, including but not limited to “Amount Financed”,
“Finance Charge”, “Payoff Balance”,
“Extension Fee”, and “Service Fee”.
I understand that the foregoing “ACH/EFT” Authorization
is a fundamental condition to induce 123 CashNet to accept
my application. Consequently such authorization is intended
to be irrevocable during the term of this agreement. I have
read and agree to all terms and conditions contained in this
ACH Agreement and further agree that said document cannot
be altered, modified, revoked, or rescinded unless both parties
agree and said agreement is in writing and signed by both
parties. The authority is to remain in full force and effect
until 123 CashNet has received written notification from
me of its termination in such time and manner as to afford
them and the depository bank a reasonable opportunity to act
on it.
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3) AGREEMENT AND AUTHORIZATION FORM
1.) I acknowledge that I have read, understand, and agree
to all the conditions, terms, and disclosures of the 123 CashNet agreement.
2.) I acknowledge that I have provided my banking information,
including routing and account number for 123 CashNet to
use for debit/credit transactions.
3.) Once approved, I give 123 CashNet authorization to deposit
a cash advance into my account. This amount will be my “Amount
Financed”.
4.) I understand that the “Amount Financed” may
be less than the amount I requested.
5.) I authorize and approve 123 CashNet to withdraw the
“Amount Financed” plus the “Finance Charge”
on my “Payment Date” as determined by the application.
And that that date should be my next payday.
6.) I confirm and promise that I am not currently in bankruptcy
proceedings nor am I planning on filing bankruptcy in the
future.
7.) I understand that if I chose to pay for an extension on
my loan, that paying the “Extension Fee” in no
way decreases my “Payoff Balance”, and that if
I wish to decrease my “Payoff Balance” I must
pay an additional amount above and beyond my “Extension
Fee”.
8.) I understand that all transactions will be deemed to have
taken place in the State of Delaware regardless of where I
viewed, submitted or accepted this application and agreement.
9.) I understand and agree that this agreement and authorization
are binding and valid for now and as requested in the future
and will remain in effect.
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A) “Amount Financed” – The amount of cash you receive from 123 CashNet
B) “Finance Charge” – Your actual cost for the cash advance you receive.
C) “Payoff Balance” – This is the “Amount Financed” minus anything you have paid to your balance. * See pay-down requirement under Delaware State Regulations.
D) “Extension Fee” – This is a fee you can pay to extend your loan another pay period. The fee is $25 per $100 “Amount Financed”
E) “Service Fee” – This could any of several fees charged to you if your account goes delinquent.
F) “Payment Date” – This is the date your payment is due, this should be your next payday.
G) “APR” – Annual Percentage Rate – The “Finance Charge” expressed as a yearly rate.
H) “ACH” – Automated Clearing House – The agency responsible for financial electronic transactions.
I) “EFT” – Electronic Funds Transfer –
An electronic banking service to process your payments electronically.
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