Title Loan Contract
Promise To Pay:
The title lender agrees to loan you the principal sum of $ , to bear interest at the rate of % per annum until paid in full.
The loan is payable in ________ payments of $____________ beginning on _____________ and continuing on the same day of each month thereafteruntil paid in full. You may prepay this loan, in full or in part, at any time without penalty. The loan origination fee, if any, is fully earned at the time the loanis made unless the full principal loan amount is returned to the lender by the close of the next full business day.
Loan Origination Fee: You agree to pay a loan origination fee of $ .
You agree to give the title lender a security interest per the Uniform Commercial Code in the unencumbered titled personal property listed aboveand further agree that the title lender may retain possession of the certificate of title until this loan is paid in full.
Upon payment of the loan in full, the lenderwill release any security interest in the titled personal property and return the title to you.
This loan may be renewed for an additional period of time upon payment of all interest and fees due. Beginning with the 3rd renewal and witheach renewal thereafter, you must reduce the loan by 10% of the original principal amount until the loan is paid in full.
In the event you default on the loan, the lender may, after providing all notices required by law, exercise any and all rights as a secured party per theUniform Commercial Code, including repossession of the collateral.
Returned Check Fee:
If any instrument is returned for any reason by any financial institution, you agree to pay a fee of $25, plus the amount charged thetitle lender by the financial institution for processing the refused instrument.
Late Charge: You also agree to pay a late fee as follows:
If this is a single payment loan and a payment is 15 days late you will be charged 5% of the payment, or $50, whichever is less.
If this is a monthly payment loan and a payment is 15 days late you will be charged 5% of the payment, or $50, subject to a minimum chargeof $15 for payments over $25 and $5 for payments of $25 or less.
Attorney Fees & Court Costs: If it becomes necessary to file suit to collect this loan, you agree to pay attorney fees and court costs pursuant to section408.140 RSMO.Nonpayment of this loan may result in the loss of your vehicle, or other titled personal property.
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Signed by Steve Hennings
Signed On: February 13, 2019
If you have questions about the contents of this document, you can email the document owner.
Document Name: Title Loan Contract
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