FINANCE CONSULTING & LOAN PLACEMENT
SERVICE AGREEMENT
This AGREEMENT made this 04/25/2022 by and between Memelli Inc located at 41655 Reagan Way Ste G, Murrieta (hereinafter referred to as Company) and Client (referred to as Client) and collectively referred to as the "Parties." The client acknowledges that the Company will attempt to secure funding for the amount requested; however, the Client will accept as an alternative to a series of loans that total the combined amount requested.
WITNESSETH:
In consideration of the mutual promises hereinafter contained, the Parties hereto promise and agree as
follows:
GENERAL PRINCIPALS
COMPANY is not a direct lender. You agree that you have authorized COMPANY to help arrange for financing on your behalf with special and limited power of attorney to present you in the application and verification process, either electronically, verbally, written, or otherwise. You agree to hold COMPANY it offices and agents harmless of any unintentional misrepresentation. This Company is not a lender and does not make loans or credit decisions in connection with loans. COMPANY does not endorse or recommend the products of any particular Lender. COMPANY is not an agent of either the Client, or any participating Lender. The Company's services are administrative and consultative only. The Client should rely on their own judgment in deciding which available loan product best suits their needs and financial means. The Lender, and not COMPANY is solely responsible for its services to the Client, and the Client agrees that COMPANY shall not be liable for any damages or costs of any type arising out of or in any way connected with your use of such services. The Client understands that the Lender(s) may keep the Client's loan request form, whether or not the Client is qualified for a loan with the Lender(s). COMPANY does not guarantee acceptance into any particular loan program or specific loan terms or conditions with any participating Lender; loan approval standards are established and maintained solely by an individual Lender(s), Likewise, COMPANY does not guarantee that the loan terms or rates offered and made available the participating Lender( s) through this agreement are the best terms or lowest rates available in the market. Unless expressly stated in writing, nothing contained herein shall constitute an offer or promise for a loan commitment or interest rate lock in agreement.
By submitting the loan request containing the Client's signature, the Client is extending an express invitation to each Lender(s} making loan officers to contact the Client by telephone at the numbers client has provided, so that the Lender(s) may assist the Client with (his/her) transaction., and the Client hereby consents to any such calls, even if (his/her) phone is on any DO NOT CALL List. By providing COMPANY with the Clients information and/or submitting a loan request, the Client gives COMPANY permission to make recorded calls to remind the Client of any deadlines or issues in connection with the Client's loan request. Client acknowledges that the Company's are not liable for any decrease in fico scores or ratings during the application process. Client's also authorizes COMPANY to order consumer credit report and verify other credit information, including past and present references. It is understood that a copy of this contract will also serve as authorization.
COMPENSATION FOR SERVICES:
A. Backend Fee Payment Is Due Immediately Upon Receipt Of Each Individual Funding: Client agrees and understands that the Consulting Fee is IMMEDIATELY DUE AND PAYABLE WITHIN 48 HOURS (WITHOUT EXCEPTION) on each and every credit account approved AS RECEIVED and delivered to client.
B. Consulting Fee Payment Percentage: Client hereby acknowledges that the Consulting Fee for the Company's services are offered on a contingency basis, with no fee due unless you receive funding. The Client agrees to immediately pay the Company a consulting and loan placement fee equal to 12% of each individual Business funded credit limit/loan amount, and 12% of each Personal funded credit limit/loan amount.
C. REFUND POLICY: Client agrees and understands that consulting fees are paid after service has been performed for client and that FEES ARE NON REFUNDABALE.
This agreement will remain in effect for 180 days. During this time, you agree not to circumvent the Company by subsequently applying on your own to our recommended lending partner, and that you agree to pay the Company for any new loan or modification to an existing loan made between you and our recommended lending partner, regardless of your prior relationships or accounts with the lender. Consideration for this clause is made by our offering our fee to you on a contingency basis.
ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the Client and the Company and it supersedes all prior or contemporaneous communications, promises and proposals, whether oral, written or electronic, between the Client and the Company with respect to this agreement and information, software, products and services associated with it. This Agreement shall be subject to and construed in accordance with the laws of the State of California, excluding its conflict of laws principles. If any part of this Agreement is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth above, then the invalid or unenforceable provision will be deemed superseded by a valid enforceable provision that most closely matches the intent of the original provision, and the remainder of the Agreement shall continue in effect. All rights not expressly granted herein are reserved. Disclosures/Other Terms & Conditions: Upon receipt of your application package, you hereby authorize us to obtain your personal credit report. We cannot guarantee that you will be approved for any specific amount, and the consulting fee will still be due in case the approved amount is lower that the amount requested. The consulting fee is not contingent on your subsequent need or lack thereof for the financing and, as such, you may not cancel, withdraw, intentionally, or fail to follow through on a credit application to a lender with whom you already have an existing relationship. If a credit application for unsecured financing is submitted without our written authorization, you hereby agree that such credit application will be treated the same way as a credit application submitted by us, with the exception that the submission date will be considered to be the same as the date the lender placed an inquiry on your credit report. You hereby authorize us to obtain your personal and business credit reports for purposes of reviewing and/or collecting on your account. Client agrees and understands that the Company is not responsible or liable for any credit line limits that are suspended, closed or reduced from the initial funding amount at any time after receipt of funds.
LIMITED POWER OF ATTORNEY
To all persons; be it known, that the undersigned as grantor hereby makes and grants a Limited and specific Power of Attorney to COMPANY and its consultants, to act as my Attorney-in- Fact. My Attorney -in- fact shall act in my name, place and stead in any way which I, myself, could do if I were personally present, with the respect to the following matters:
1. To the extent that I am permitted by the law to act through an agent.
2. To obtain any and all forms that my Attorney-in- Fact may deem necessary for the effective representation of my interest in this matter.
3. To request and receive any and all documents that are alleged or claimed to be my responsibility and to sign on my behalf for the completion of my business interest.
4. To create and maintain an email account for the sole purpose of the funding submissions process.
5. To follow up and respond to lender inquiries regarding pending loan submission applications.
6. To make Personal and/or Business loan applications for extensions of credit via online, fax or email as deem appropriate.
This Power of Attorney shall be revoked upon:
(a) Resolution of the above referenced matter.
(b) If the grantor does not wish to be represented any longer: and/or
(c) If the Attorney-in-Fact does not wish to represent the grantor any longer.
DISCLAIMERS AND LIMITATIONS:
As a condition of use of the Company's services, the Client agrees to indemnify the Company and its suppliers, participating Lenders, or real estate professionals from and against all liabilities, expenses (including attorneys' fees).
DEFINITIONS:
Consulting Fee: Fee paid to COMPANY for the expert review, advice, preparation and submission of your credit application.
Submission: The forwarding of a completed credit application directly to underwriting (or in some cases directly to you, with specific instructions on how to submit it to underwriting, which may need to be done via, phone, fax, or in some cases in person, depending on the lender and the circumstances).
Funded: Funds have been made available to you.
Trade lines: Active open accounts on your personal credit report.
Credit Inquiries: Number of requests by a lending institution, landlord or employer seeking to review an applicant's credit history.
PERSONAL LOAN PLACEMENT SERVICE AGREEMENT
ACKNOWLEGEMENT
By my signature I confirm I have full authority to execute this agreement and to obligate all companies, firms, corporations, partnership, organizations, individuals, and l or entities referenced herein, and certify that although COMPANY may provide informational advice and/or guidance on lender requirements for approval, the information provided to Unsecured Funding is truthful, accurate, and complete, and hereby release and hold harmless COMPANY and its principals, employees, and/or representative or any and all liability or responsibility that may arise as a result of credit application submitted by me or on my behalf, including incorrect numbers, dates, and descriptions. Limited power of attorney: I do hereby appoint COMPANY, its principals, employees, and/or representatives, my true and lawful attorney-in-fact, for me and in my name, place, and stead, and for my use and benefit to endorse in my name, submit execute, acknowledge and I or deliver credit applications and other documentation to potential lenders. I further give and grant unto my said attorney-in- fact full power and authority to do and perform every act as COMPANY its principal, employees, and I or representatives, shall deem necessary and proper to be done in the exercise of any of the foregoing powers as fully as I might or could do if personally present, with full power of substitution and revocation. Entire Agreement: I understand that this agreement is the complete and final agreement and that there are no other verbal, implied, or assumed agreements.
Company Disclosures – Terms & Conditions
Client should contact Company with any questions prior to start of the funding process.
VERY IMPORTANT INFORMATION:
1. You cannot have a fraud alert on your credit before or during the funding process.
2. You cannot make applications for any other type of credit during the funding process.
A. Timely Payment Of Backend Fees. Client hereby agrees and understand that Client is required TO PAY AGREED BACKEND FEE IMMEDIATELY UPON RECEIPT of each individual funding as they arrive (within 24 hours). Backend fees not paid within 48 hours of receipt shall incur a 20% late fee.
B. NO UP FRONT FEES HAVE BEEN PAID BY CLIENT. Client hereby acknowledges that Client HAS NOT paid any upfront fees to Company or any other authorized affiliate of Company for the services herein about to be rendered to Client.
C. Client Required To Notify Company Immediately Upon Receipt Of Funding. Client agrees and understands that client will immediately notify Company via email or by phone immediately upon receipt of credit card(s), loan checks or loan approvals, lender correspondence, and the credit limit amounts associated with such approval(s) as they arrive.
D. Direct Communications With Client. Client hereby acknowledges that Company MUST
communicate directly with Client during the entire funding process. Client must be reasonably available via phone and email during the process of obtaining personal funding in Client name. There is absolutely no exception to this policy.
E. Availability Of Client To Verify Identify And Security Questions. Client can expect that during the funding process, several lenders will initiate to verify and validate the identity of Client by calling Client to ask specific questions pertaining to their request for an extension of credit. Client agrees to be available and to follow specific instructions provided by Company to properly complete such verification processes.
F. Receiving Updates On Progress Of Funding. The Client will be 100% informed "in writing" as soon as any pertinent information becomes available on their respective funding file. Summary updates are provided when we have obtained initial approvals for funding. Pending submissions ARE NOT updated until we have a resolution of the status of that submission with the lender. Requesting updates on PENDING submissions will not generate an answer to the pending status. Having unnecessary demands for updates does not make the process move any faster.
G. Failure Of Client To Pay Back End Fees. Client hereby agrees and acknowledges that if Client should fail to immediately pay applicable back end fee(s) as required on any specific funding that Company arranges on behalf of Client, that Company at its sole discretion, may/will immediately cancel/terminate/suspend said approved funding account, and furthermore, Company at its sole discretion will suspend/cancel any additional funding submissions that have been approved and not yet paid and or funding approvals that are in the funding pipeline. Or Company may opt to have any outstanding balance owed turned over to its designated Collection Agency for collection and in which case such collection activity will reflect on all three of Clients personal credit bureau reports.
H. Client Must Maintain Active Credit Monitoring Account During Funding Process. Once we begin the funding process it is imperative that we continue to have ongoing access to view Clients credit file. In some cases, the Client may have to renew (make payment) their membership with their I. All Personal/Business Fundings Are Issued In The Form Of either Major Credit Cards, Business Credit Lines, or ACH wire transfers depending on client qualifying criteria. Client hereby acknowledges that all personal funding(s) arranged by Company shall be in the form of major credit cards (VISA, MASTERCARD, DISCOVER, AMERICAN EXPRESS) issued by major financial institution, banks and credit unions. Client acknowledges that Company has not made any promises of special dollar amount of cash funding. Cash loans, installment loans or personal/business cash lines of credit can be made available as a result of our funding submissions and subsequent approvals if arranged.
J. Methods Of Payment Of Backend Fees. At the discretion of Company, the method of back-end fee payments shall be paid by Client via one of the following methods:
(1) Charge Card Authorization Form completed and signed by client after receipt of funding.
1.
2. Cash Advance/Deposit against approved funding after received by client
3. Online balance transfer at time of card activation.
K. ACTIVATION PROCEDURES UPON RECEIPT OF FUNDING. IN SOME CASES, Company will be required to activate funding accounts upon receipt by Client. Client hereby acknowledges that Company will provide specific instructions to Client regarding those accounts that require special handing by Company or details provided to Client in order to activate.
L. Credit Inquiries Will Reflect On Clients Credit Report. Client hereby agrees and understands that based on the total dollar amount of funding/credit that Client is attempting to obtain, that a credit inquiry will be generated on Clients personal credit report from each individual lender that Company shall make application with on behalf of Client. In some instances, a lender may in fact pull credit from more than one credit bureau. In all cases, Company has no control over and takes no responsibility for the total number of credit inquiries that may ultimately reflect on Clients credit reports as a result of Company submitting applications for funding approvals.
M. Payment Of Back End Fees To Our Designated Marketing Company. Client hereby acknowledges and agrees that backend fee payment for consulting/loan placement services shall be paid to any of our affiliated marketing companies: Memelli, and any other designated marketing companies so identified by Company.
