Complaint Review: Loan Lending Plus - San Francisco Tennessee

 Below is a copy of my "Loan Agreement".  After returning the signed documents, I was prompted to send $463.17 via Moneygram to Raeleen Cameron in Ontario Canada. I have nothing to say right now... I am just really upset, thank heavens I looked up the company before I wasted that much money and wound up worse off than I am now.

DISCLOSURE STATEMENT

Congratulations, your loan request of $ 5,000.00USD was approved based on the credit information that you have submitted to our institution as well as your ability to repay. If any information submitted to us is misrepresented or falsified, this will result in a delay of the loan process, or the termination of the loan agreement. We trust that all information submitted to us is true and accurate. Once final approval has been obtained, you will have seven (7) business days to fully secure your loan. Your consultant will provide you several options as to how you can secure and obtain your loan. Please read the Insurance Disclosure Statement for further details on your selected security option. The Broker has negotiated terms and conditions on your behalf with a Lender to best suit your personal Lending situation. With the funding of this loan we hope that the Lending relationship that we are about to embark on allows both parties to reach their highest potential, together.

Once all required documents are received as per Lender and Broker requirements, you will be required to secure your loan through the agreed upon method; Full coverage, at the premium of $463.17 usd (for more information regarding your security option please refer to Insurance Disclosure Statement). Final paperwork for this loan will be released 5-7 business days after the Funding of the loan, and sent to the above stated mailing address (if incorrect please contact your loan officer to inform us of the error).

In order to ensure prompt delivery of the Loan proceeds you have selected to receive the funds via; Bank account deposit.

All payment information will be released ten (10) business days after we release the loan into your possession. Again, we want to welcome you into the Loan Lending Plus family of valued clients.

David Clark

Senior Loan Division Manager

Note Holder: (Print Name)

(Sign)

(Date)

RETURN FAX NUMBER – 1 (888) 835 5613 : PRESS START

PROMISSARY NOTE

$ 5,000.00 usd7/23/2013

FOR VALUE RECEIVED, the undersigned, Brandy Wick ("Note Holder"), hereby promises to pay to the order of Loan Lending Plus ("Broker"), at such place as Broker may designate in writing from time to time, the principal sum of $5,000.00 usd, together with interest and costs as herein provided of $5,558.04 usd

Interest. The outstanding principal balance of the Loan shall bear interest at the rate of 7.0% per annum. All computations of interest shall be based on a 360-day year for the actual number of days passed.

Term/Note Maturity Date. The term of this Note shall be 36 months. The Note Maturity Date shall be 07/23/2016.

Loan Agreement. This Note is given pursuant to the terms and conditions of the Loan Agreement, dated as of 07/23/2013 between Note Holder and Broker (the "Loan Agreement"). Capitalized terms not otherwise defined herein shall have the meaning given to them in the Loan Agreement.

Payments of Principal and Interest. Note Holder shall make monthly principal and interest payments of $154.39usd on the first day of each month during the term of this Note. Note Holder shall pay all remaining principal and accrued interest on or before the Note Maturity Date.

Prepayment. Note Holder may repay all or any portion of the amount due under this Note without premium or penalty.

Events of Default; Acceleration. Under Stipulation of the Co-signer security agreement, upon occurrence of an Event of Default, at the option of Broker the entire outstanding principal, interest and costs hereunder shall be immediately due and payable and shall thereafter bear interest at a rate equal to eighteen percent (18%) per annum (the "Default Rate"), until payment in full of all amounts due to Broker is paid. Notwithstanding the foregoing, the interest paid under this Note shall never be greater than the maximum rate of interest permitted under applicable law.

Under Stipulation of the Security Deposit, upon occurrence of an Event of Default, The deposited security funds held in trust will be seized by the Broker along with any accrued interest. Furthermore at the option of Lender the entire outstanding principal, interest and costs hereunder shall be immediately due and payable and shall thereafter bear interest at a rate equal to eighteen percent (18%) per annum (the "Default Rate"),

until payment in full of all amounts due to Lender. Notwithstanding the foregoing, the interest paid under this Note shall never be greater than the maximum rate of interest permitted under applicable law.

Please note that for a period no longer than 6 months (unless otherwise specified by the Broker) your monthly principal and interest payments will be monitored, once probationary period is complete and all monthly payments are made without default, the Note Holder will be entitled to a cash rebate of 100% the security deposit from Loan Lending Plus.All documentation will be processed by the Broker at no additional fee to the Note Holder.

Under Stipulation of the Creditors Insurance Policy, upon occurrence of the event of Default, The Creditors Insurance policy will then be enforced at the selected level of coverage; Full coverage, policy coverage is provided via Loan Lending Plusunder agreement # TCF-2210-T12 as negotiated by your Broker. Please note that for a period no longer than 6 months (unless otherwise specified by the Broker) your monthly principal and interest payments will be monitored, once probationary period is complete and all monthly payments are made without default, the Note Holder will be entitled to a cash rebate of 50% of the Policy premium from Loan Lending Plus once the entire balance of the loan is paid, or on the maturity date, the remaining 50% of the policy fee will be rebated. All documentation will be processed by the Broker at no additional fee to the Note Holder.

Obligations of Borrower. You the Borrower, who has signed in acceptance with this note, agrees to abide by all negotiated terms. Each individual is fully and personally obligated to keep all the promises of this Note, including the promise to pay the full amount owed and any security premium for this loan. Any person who is a Borrower or endorser of this Note is obligated, excluding the Broker who has only acted and negotiated on behalf of the Note Holder as requested. The Broker has agreed to release all documentation made in accordance to this Note. The Broker is subjective to disclose all documentation acquired during the making of this agreement. The Note Holder may enforce its rights under this Note against each individual or both parties.

Costs of Collection. all sureties, endorsers and guarantors of this Note, jointly and severally promise to pay: (a) all costs and expenses incurred by Lender, including without limitation attorneys' fees, in the event that Lender consults an attorney regarding a default by Borrower, even though suit is not instituted; (B) all costs and expenses provided for in the Loan Agreement or in any other instrument given as security for this Note and/or incurred by or on behalf of Lender in connection with collecting or otherwise enforcing any right of Lender under this Note, the Loan Agreement or any other instrument given as security for this Note.

Refunds. When refunds are being issued, the process will take between four (4) to six (6) weeks to reach the intended recipient. In case of delay with postal service in your state, the Broker can not be held liable, however stop payments will be made to any checks reported lost or stolen, and re-issued.

NOTICE.NOTICE IS HEREBY GIVEN THAT ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER MICHIGAN LAW.

Applicable Law. This Note shall be governed by and construed in accordance with the laws of the State of California.

Note Holder: (Print Name)

(Sign)

(Date)

RETURN FAX NUMBER – 1 (800) 889 -7249 : PRESS START

Loan Protection Insurance - policy terms and conditions

You Brandy Wick have applied forFull coverage from a US approved Loan Protection Insurance company, and certain underwriters in state of MICHIGAN. In return for the appropriate premium of $5,000.00 usd, your proposal and any endorsements together with the key features and certificate and any written statement of medical or other information you have made are part of this Loan Protection Insurance contract.

Death and Bankruptcy protection is underwritten 100% by Loan Lending Plus. Disability (Accident and sickness) and unemployment is underwritten 100% by specified underwriters in the state ofCalifornia. The underwriters have appointed Compass Underwriting Limited to act for them. Each underwriter is separately liable only for the part of the coverage they provide.

Loan Lending Plus along with your broker, Loan Lending Plus, have worked together to negotiate the terms and conditions of this agreement that best fits the profile information you submitted. Loan Lending Plus issues Loan Protection Insurance to individuals deemed as a high credit risk, by doing so the Lender and policy holder are free from risk of default (depending on level of Loan Protection Coverage you selected).

Loan Protection Insurance - Coverage provided: You can be covered under this Loan Protection Insurance contract if you:

• permanently live in the United States of America, Hawaii or the US Virgin Islands, for tax purposes;

• have taken out a loan

• are aged 18 or over and will not have reached 85 years of age before the finishing date of cover;

• are actively working and you have been in continuous employment for the six-month period before the contract start date

You cannot be covered under this Loan Protection Insurance contract if you:

• know of any possible unemployment or disability or illness which may affect you; or

• are not eligible to register as unemployed in the US.

• know, at the time of taking out this Loan Protection Insurance, of any redundancies, restructure, re-organization, Lending or contractual threats within the business you work in, even if you do not believe these actions will result in your becoming unemployed unless you have declared this to us and we have confirmed our acceptance to you

• are in formal dispute with your employer for performance related issues or facing other disciplinary action

Loan Protection Insurance – Definitions: Some of the words and phrases we use in the Loan Protection Insurance contract terms and conditions have special meanings.

Loan Protection Insurance - Paying claims

A. Life benefit

In the event that you pass away we will pay your lender the amount you still owe under the loan agreement at the date of your death (except any payments that you have missed). We will only pay one life benefit. If you gave your broker the wrong age when this certificate began, we may reduce the sum assured to an amount, which would have applied to your real age. If a claim is made under this section, we will deduct from the claim the balance of any premium still owed to us.

B. Critical Illness benefit

If you are diagnosed after the Loan Protection Insurance start date as having one of the specified critical illnesses and survive for at least 28 days after you are diagnosed, we will pay your lender the amount you still owe under the loan agreement at the date of your diagnosis (except any payments that you have missed). You can only claim benefit for one of the specified critical illnesses throughout the life of your certificate of insurance. If you make a claim under this section, we will deduct the balance of any premium you still owe us from your claim.

C. Disability benefit

If you are in continuous employment and become disabled during the period of Loan Protection Insurance for longer than the waiting period we will pay one thirtieth of the monthly benefit for each day you remain continuously disabled beyond the waiting period. The Loan Protection Insurance benefit will be paid monthly in arrears for up to your chosen maximum benefit period. We will continue to pay your lender until:

a) the last day of your disability;

b) the date you stop providing proof that you are still disabled; or

c) we have made the maximum number of monthly benefit payments we allow in the benefit period;

d) the end date shown on your certificate of insurance or you stop paying your monthly premium whichever is earlier.

If you claim under this section, we may deduct the balance of any premium you still owe us from your claim.

D. Unemployment benefit

If you are in continuous employment and become unemployed during the period of Loan Protection Insurance for longer than the waiting period we will pay one thirtieth of the monthly benefit for each day you remain continuously unemployed beyond the waiting period. The Loan Protection Insurance benefit will be paid monthly in arrears for up to your chosen maximum benefit period. We may ask you to see one of our appointed consultants to help you look for permanent work. We will continue to pay your lender until:

a) the last day of your unemployment;

b) the date you stop providing proof that you are still unemployed

c) the end date shown on your certificate of insurance or you stop paying your monthly premium whichever is earlier.

If you claim under this section, we may deduct the balance of any premium you still owe us from your claim.

Loan Protection Insurance - General conditions: This Loan Protection Insurance contract and any endorsements together with the loan agreement and certificate and any written statement or other information you have made make up the contract between yourself and our company. This contract or any of the terms of this contract cannot be changed unless this is done in writing by one or more of our authorized officials. If at the time any condition of this contract becomes invalid, illegal, or cannot be enforced, it will not affect the rest of the contract. All benefits under this Loan Protection Insurance will not be taxed, although this may change in line with any amendments to legislation. If this happens, we will take from any monthly benefit any amounts, which, by law, we have to take. Unless you and we agree otherwise this Loan Protection Insurance will be governed by US law and the American courts will deal with any disputes.

Loan Protection Insurance – Fraud: If we discover any fraud or that you have hidden any facts relating to this Loan Protection Insurance, we will end this cover and you must repay us any money we have paid you and you will lose any rights to make a claim under this Loan Protection Insurance.

Loan Protection Insurance - How to claim: You will receive a Loan Protection Insurance claim form (or in the event of your death your representative). You (or your representative) will need to fill this in and return it to us as soon as reasonably possible, giving us all the information we ask for so we can process your claim. You (or your representative) will be responsible for giving us the proof we need. If you delay in sending in a claim to us it may make your claim harder to confirm. It could also lead to a delay in paying your claim or not paying your claim at all. For disability claims you must allow us access to your medical records and if we want you to have a medical you must have one, or we may refuse to pay your claim. We will pay any costs involved for the medical.

We will pay the Loan Protection Insurance benefit when we receive satisfactory evidence of your entitlement to claim. Throughout the period for which you claim under this contract we will need you to provide evidence for your claim. We will not pay benefit for any period of disability or unemployment for which you do not provide evidence. Once we have accepted a claim, we will either pay your outstanding loan amount or for disability or unemployment pay your selected benefit for the month passed.

Loan Protection Insurance - Paying premiums and canceling coverage: This Loan Protection Insurance cover will automatically cancel if you re-pay or terminate your loan agreement. You may cancel this Loan Protection Insurance within 15 days after the start date by returning all certificate documents to Loan Lending Plus at 555 California Street suite 507, San Francisco, CA 94104. You must have not made a claim. If you do not do this, we will assume you have accepted this Loan Protection Insurance and agree to keep to its terms and conditions. We may amend your premium or the terms and conditions of this Loan Protection Insurance. We may cancel this Loan Protection Insurance, for any reason, by giving written notice to you at your last known address. This will confirm that all coverage will end 30 days after the date of our notice. This will not affect your ability to make a claim under this Loan Protection Insurance if you have notified us and received written confirmation from us prior to the date of cancellation. You then have the right to cancel this certificate at any time by giving written notice to Loan Lending Plus at 555 California Street suite 507, San Francisco, CA 94104. We will calculate a pro-rata return of any unused premium, if applicable, as long as you have not made a claim.

Loan Protection Insurance - Complaints procedure: We always try to provide a first-class standard of service. However, if you have a complaint, you should contact your broker who arranged this Loan Protection Insurance for you. Further details will be provided to you at the appropriate stage of the complaints process.