Reply from LoanMartNov 28, 2023
Dear Jessie:
The ChoiceCash Loan is made and originated by Capital Community Bank (“CCBank”), a Utah Chartered bank, located in Provo, Utah, Member FDIC. The ChoiceCash Loan and the proceeds of the loan are primarily intended for personal, family, and household purposes which come in handy when there’s an urgent need for immediate monetary assistance. CCBank requires that all its applicants understand the terms of the agreement, which include among other things, the Annual Percentage Rate, the Finance Charge, the Amount Financed and the Total of Payments should the loan be taken at the full term of thirty-six (36) months. CCBank also discloses when payments are due, and if payments are not made on or before the due date, the account is subject to a late fee. In addition, the ChoiceCash Loan carries a no-prepayment penalty and customers are encouraged to make additional payments to the principal to reduce the cost of interest over the life of the loan. The ChoiceCash Loan also carries a rate reduction program, which may reduce the interest rate and payment monthly so long that payments are made in accordance as outlined by the rate reduction provisions of the agreement.
CCBank is certainly aware that sometimes customers have economic challenges that impact their ability to make the payments required under the applicable loan documents, and upon receiving a hardship request from its consumer, a reasonable review is conducted to ensure that a mutually acceptable resolution regarding the account is reached. LoanMart as the service provider for CCBank ensures that it makes reasonable attempts on behalf of CCBank to establish contact with the customer and make reasonable payment arrangements regarding the account before CCBank initiates any enforcement of its remedies under the agreement and offers various payment methods for a consumer to make payment, i.e. (PayNearMe Debit Card, PayNearMe ACH, Visa or MasterCard, Personal Check, Cashier’s Check, Money Order or Certified Check). We note that there is no fee for any PayNearMe ACH Payments or payments mailed to CCBank’s payment processing center. Absent any contact or understanding of a customer’s intention to cure a default of non-payment, CCBank after exhausting all its contact method options may exercise its rights and repossess the vehicle pledged as collateral.
As noted above, CCBank, the lender with respect to the ChoiceCash Loan, is a Utah state-chartered bank with the FDIC as its primary federal banking regulator. CCBank is governed by both federal banking laws and the laws of the State of Utah which allow CCBank to export its permissible interest rate anywhere in the United States and continue to serve as a financial resource to consumers who do not have the necessary means to access credit via an alternative method.
Thank you for taking the opportunity to review your ChoiceCash experience. Should you wish to discuss your situation further, please contact the Compliance Department at [email protected].
