Opening an Account

The following is important information about procedures for opening a new home improvement financing account

ACCOUNT OPENING DISCLOSURES

By submitting this loan application, you the applicant, and co-applicant (if any) agree that you are applying for any product that any financial institution participating in the PowerPay® Program (a “Lender”) may offer as part of the PowerPay® Program, regardless of any product your dealer may have specifically discussed with you.

THE FOLLOWING IS IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

In addition, the following notices, disclosures, and authorizations apply to your application.

Alimony, child support, or separate maintenance payments need not be revealed if you do not wish to have them considered.

By submitting this application for credit, you certify the following: (1) all of the statements (whether verbally or written) communicated to us, or to your dealer, are true and correct, and are made for the purposes of obtaining credit; and, (2) if more than one applicant is applying, each applicant intends to apply for joint credit and none is a co-signer (a “co-signer” is a person who agrees to be liable for the debt of another person without receiving the benefit of the loan, whereas a “joint applicant” is a person who intends to apply for joint credit and will receive the benefit of the loan; although we allow joint applicants to apply for joint credit, we do not allow borrowers to use “co-signers”).

In addition, you authorize the PowerPay® Program, on behalf of the Lenders participating in the Program and/or the Lender in your territory directly, to (1) obtain a credit report on you for any legal purpose in connection with this loan application, including any account update, extension of credit, or review or collection of your loan; and, (2) notify your dealer of our credit decision, including your credit score, and if approved, the credit decision and loan information, including, but not limited to, your approved credit limit, the repayment period for your loan, your approved APR, and account number. If you request, you will be informed whether a credit report was requested and, if so, the name and address of the consumer reporting agency that furnished this report. You also agree to provide additional financial information upon request; and (3) in the event you change dealers PowerPay and/or its Lender have the right to run additional credit reports.

By submitting this loan application, you expressly authorize the shared disclosure of loan related information, including but not limited to, your credit decision, proposed loan terms, and personal credit scores to any co-applicant, which will have the same effect as personal delivery to you. Also, if you provide an email address, we, and or the merchant, may use it to contact you about our products, services, special offers and other promotions.

Where applicable, you will be charged a one-time Account Activation Fee of $99 at the time of first purchase. The payment for the Account Activation Fee may be added to the loan request and included in your final loan documents. The acceptance of the loan and the loan agreement further authorizes PowerPay to disburse loan proceeds directly to the authorized dealer in any means agreeable to PowerPay and the authorized dealer.

Mobile Number: By providing your mobile number, you authorize us to contact you at that number using automated dialing technology or artificial or prerecorded voices for any purpose in connection with servicing your loan. You are not required to consent to this use as a condition of this loan application. You may revoke your consent at any time by contacting us at 1121 N. Bethlehem Pike Suite 60-147 Spring House, PA 19477 or call us at (800) 397-4485.

Finally, upon loan approval, use of your installment loan to make a purchase, whether in store, online, on the telephone, through your dealer, or otherwise by any borrower authorized on the loan agreement, will constitute acceptance of the loan and the loan agreement by all borrowers.  The physical and electronic records of any such purchase will constitute the signature of all borrowers on the loan agreement.

NOTICES:

California Residents: If you are married, you may apply for a separate account.

Ohio Residents: The Ohio laws against discrimination requires 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.

Vermont Residents: We are engaged in loan production. Your submission of this credit application is your written instructions to obtain a consumer credit report. A consumer credit report may be requested in connection with this application or in connection with updates, renewals or extensions of credit granted as a result of this application. Upon your request, you will be informed whether or not such a report was requested and, if so, the name and address of the agency that furnished the report.

Married Wisconsin Residents: If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.