REC LOANS 360, LLC

TERMS & CONDITIONS OF THIS APPLICATION

Date updated 06/01/2024

By submitting this application, I/We HEREBY AND AGREE TO:

• Applicant(s) agree and certify that all information provided on this application or in connection with this application is true, correct and complete, even if completed by a third party representative on applicant’s behalf. The information provided in this application will be used for the purpose of credit decision and the applicant understands that making false or misleading statements in order to obtain credit may be grounds for criminal charges.
• Applicant(s) provide express written consent for Rec Loans 360 and its Affiliates to contact me/us, in connection with my/our loan, at the phone number(s) and e-mail address(es) provided. This application is governed by Texas law.
• Applicant(s) acknowledge that all calls with Rec Loans 360 may be recorded and give consent to recording of all such calls, emails and text messaging.
• Applicant(s) agree for Rec Loans 360 and its Affiliate partners and lenders, referred to as the “Affiliates” to make credit inquiries, employment inquiries and, may provide and exchange information about me with any sources of credit information needed for financial institutions for purposes of fulfilling this credit request.
• Applicant(s) certify that they are a U.S. Resident.
• Applicant(s) understand that in the event I am entitled to a refund due to the cancellation of a product or otherwise, Rec Loans 360 may offset from said refund any amounts owed Rec Loans 360 by me based on the loan documents, an escrow overage or any other just obligation of myself to Rec Loans 360.

ADDITIONAL INCOME:

Alimony, child support or separate maintenance income need not be disclosed if you do not wish to have it considered as a basis for repaying this obligation.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR APPLYING FOR CREDIT:

Rec Loans 360 complies with Section 326 of the USA PATRIOT Act. which mandates that we verify certain information about you and your identity while processing your loan account application.

DOCUMENTARY FEE:

In order to complete your documents, you agree to pay a document fee of $150. A document fee is not an official fee and is not required by law, but may be charged to buyers for handling documents relating to the sale. A documentary fee may not exceed a reasonable amount agreed to by the parties that is not more than the maximum amount allowed by Texas state law.

FACILITATION FEE:

Rec Loans 360 does not charge an application fee to receive a loan offer. When you close your loan, we charge a facilitation fee of $495 for our credit services organization. This fee is financed into your loan amount and is non refundable.
Applicant(s) will not be charged a Facilitation Fee unless we are able to arrange a loan for you. You can cancel this agreement within three (3) days from the date you sign the agreement. Unless you deliver to us a Notice of Cancellation of the agreement and return in cash or certified funds the full amount of the proceeds of the loan made to you, the Facilitation Fee will be earned on the day you receive and accept the loan and receive the funds from the Lender and paid to Rec Loans 360 at the time of closing of the loan.

NOTICE TO RESIDENTS OF:

• NEW YORK RESIDENTS:
  A consumer credit report may be requested in connection with this application or in connection with updates, renewals or extensions of any credit granted as a result of this application. If you subsequently ask for this information, 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.
• OHIO RESIDENTS:
  The materials appearing on Rec Loans 360’s web site could include technical, typographical, or photographic errors. Rec Loans 360 does not warrant that any of the materials on its web site are accurate, complete, or current. Rec Loans 360 may make changes to the materials contained on its web site at any time without notice. Rec Loans 360 does not, however, make any commitment to update the materials.
• WISCONSIN MARRIED RESIDENTS:
  Wisconsin Law provides that no agreement, unilateral statement or court decree relating to marital property shall adversely affect a creditor’s interest unless prior to the time credit is granted the creditor has furnished a copy of the agreement, statement or decree or has actual knowledge of the adverse provisions. You must indicate the name of your spouse on the credit application, and the address if different from yours.
• MAINE RESIDENTS:
  If this application is approved by the creditor, you will be required to obtain and maintain physical damage insurance on the collateral securing the debt. You have a right of free choice in the selection of the agent and insurer through or by which the insurance is placed.
• CALIFORNIA RESIDENTS
  Rec Loans 360 is not subject to regulation under the California Consumer Privacy Act of 2018 (“CCPA”). Therefore, even if you are a California resident and Rec Loans 360 may have personal information about you that is the type of the information subject to the CCPA, the CCPA is not applicable to Rec Loans 360 or to our relationship with you. However, if you are a resident of the State of California and Rec Loans 360 has an established business relationship with you, then, pursuant to Section 1798.83 of the California Civil Code, you have the right to request the following at any time:
  1. Information from Rec Loans 360 free of charge regarding the manner in which Rec Loans 360 shares certain personal information collected through your application or the site in which the application was submitted or with third parties who use such information for direct marketing purposes
  2. the discontinuation (or opt-out) of Rec Loans 360’s sharing of such information with such third parties.

Please submit any such request (“California Privacy Rights Request”) In writing by mail: Attn “Your California Privacy Rights.” Rec Loans 360, 2001 N. Lamar St. Suite 250, Dallas, Tx 75202 or email at info@recloans360.com, with a subject line of “Your California Privacy Rights.”

CHILDREN’S ONLINE PRIVACY PROTECTION

Rec Loans 360 in compliance with the requirements of Children’s Online Privacy Protection Act (COPPA), does not market to or solicit or collect personal information from children under age 13. Our website, products, and services are all directed towards consumers that are at least 18 years old or older.