This Terms and Conditions page acts as the binding agreement between https://www.loanservicems.com/ (which shall be referred to as us, we, our, ours, the company, website, site) and the user (which shall be referred to as user, user’s, you, your, yours) who uses the website. Your loan contract with Loan Service MS comprises the following documents: authority notice, letter of offer, and loan terms and conditions, which you should read carefully. Letter of Offer contains the loan amount, repayment frequency, repayment amount, and repayment term interest rate.

Loan Establishment

Before Loan Service MS offers you a loan, you should satisfy some requirements. These include the loan’s purpose that should be acceptable to the lender and providing the financial and employment details required. The information we require when you sign up is only used to offer you the services you seek.

Unless otherwise, you will get your requested loan amount within seven working days after satisfying all the requirements of the loan contract. You can cancel the loan contract through a written notice at any time in advance before we pay the loan amount.

Loan Eligibility

You can get a loan from us if you satisfy the following:

• You haven’t repaid any loan from Loan Service MS in full within the last 30 business days.
• You’re presently employed. Unemployed and retired applicants aren’t eligible for any loan.
• You should have a minimum of $1,000 associated with your earnings in your account. This shouldn’t include any money invested in Loan Service MS mutual fund window.

Loan Eligibility Rules for Primary Residence

Loans for primary residence have specific rules compared to the other eligibility rules. The borrowers can only use an immediate residence loan to construct or purchase a place, including a house, condominium, townhouse, mobile home, or shares at companies for housing.

You can’t use a primary residence loan to prepay or refinance your existing mortgage, renovate your current residence, buy a house that you have closed on already, the building of an existing home, buy land only, and purchase out share in the existing residence.

How Loan Service MS Funds Your Loan

We will offer you the loan amount by our loan terms and agreement. The loan contract will stop on receipt after you pay every money you owe us in full.

You should use the money for the reasons in the offer letter only.

Loan Service MS will debit the loan amount to your account directly, and you allow us to pay the loan amount on an advance date in agreement with the rules you gave us.

Loan Service MS will make account statements available on our site every six months. Moreover, we can send it to your email address or postal only upon your request.

Borrowing limits

The least amount Loan Service MS can offer you as a loan is $500, and the maximum amount is $5000. 

Fees

As a borrower, you will pay any fees as explained in a letter of offer. Moreover, you should pay government charges plus duties on payments or receipts to or from your savings or checking account.

Interest

Loan Service MS will charge you interest on the balance you owe at an annual interest rate stated in a letter of offer up to when you fully pay the loan amount. The interest charges are calculated daily on the balance you owe and added to the loan principal.

Repayments

The loan offer includes a schedule to guide you on your repayment amount, the date of every repayment, and your repayment frequency. You should pay to Loan Service MS the repayments set out in the offer on the dates displayed at every repayment, the amount remaining on the date the last payment is due, and every other amount at the period specified in a loan contract.

Accepting our loan offer allows us to deduct the loan amount, any fees, charges, and interest from your checking account when payable.

Moreover, suppose any payment due date isn’t a business day. In that case, Loan Service MS will debit the amount on the following business day not unless the next working day falls to the next month, and in this case, we will debit the payment on the previous Business day.

If repayment is dishonored, Loan Service MS will consider it as if it has not been made. We will try to debit your checking account for repayment or other payable amounts for about 30 days after the due date.

What Happens If You Do Not Pay Your Loan

If you don’t make a loan payment on or before the due date, the loan amount plus every accumulated unpaid interest and any other sum are immediately payable and due. Remember, our agreement can charge you a penal interest or late payment fee.

If you’re going through financial difficulty, you should inform us a few days before the due date to discuss the way forward. You’re in default of the loan contract if no payments are made by the due date, or you breach any obligation on the loan contract if any of the details you have given us in connection with the loan contract is untrue, if you die or become insolvent.

If it is in default and it hasn’t been remedied within the set period, we cannot find you after making some effort. We should limit or cancel minus written notice, and all money loaned or owed under the loan contract is payable and due immediately. This includes the principal amount, fees, and interest. Interest will accumulate on every remaining amount from the default date every day until every amount you owe us is fully repaid. This can force us to start enforcement recovery proceedings for the amount payable and due.

The borrower will pay all the expenses incurred when enforcing and maintaining our rights at your loan contract or other security offered by you, including the legal proceedings if they commence. Loan Service MS will debit any expenses incurred, and they’ll be payable and accumulate interest. 

Early Repayment

Borrowers can make repayments at any time. Early payments aren’t available for redraw unless we agree on it at our discretion. Moreover, one can repay their loan in complete at any time on a request one working day before the day you anticipate making loan payments. This will give us time to calculate the balance you owe us and any unpaid fees and interest accrued. After paying the whole amount, you will have finalized your loan obligations.

Loan Transfer

You can’t transfer or assign your rights on this loan contract to a different person minus a prior written consent given at our discretion. Loan Service MS may transfer, assign or deal with rights under this loan contract. Moreover, the borrower should be aware that we may disclose documents or information necessary to implement this right.

Loan Suspension

Loan Service MS may suspend or cancel without notice and at any time the right to use the loan entirely or withdraw the loan as a product minus affecting borrower’s obligations under the loan conditions.

Variation

Loan Service MS reserves the right to amend, vary or replace any of these conditions at any time minus a notice. We shall inform the account user about the changes made concerning these policies immediately after they are amended and by the most convenient means, given that failure to make this notification won’t invalidate the changes.

Disclosure of Personal Information

When the borrower agrees that the company can disclose information relating to a third party’s loan if, in the company’s view, this disclosure is essential for the evaluation purpose of any application the company makes or other reasons the company deems suitable.

Account users should agree that the company can disclose information relating to loans, including default information in servicing active user accounts, to third parties for account holders to evaluate their creditworthiness or any other legal purpose.

Change of Address and Other Notices

Every notice to the account user makes on these policies is delivered through a short message system or email. Moreover, the account user shall inform the company if there is any address change. Until they receive the notice, the user’s address will remain that filled in when signing an account. If there is any other change in your details from what you have provided, you should notify us immediately. This will help us communicate with you in detail about your financial status at any time.

Changes Made to Your Contract 

Loan Service MS can introduce new fees, vary your existing fees, change your repayments to ensure that your loan is repaid before the repayment date, or change another term on your loan contract. When changes are made, Loan Service MS will inform you through an SMS or email thirty days before that changes are made. We act reasonably when exercising these rights and the changes are only for a legit business purpose. The offer may be for reducing your interest rate from what was stated earlier on the original offer.