Loan Agreements
Daffodilian Getaways
By applying for, accepting, or receiving a loan from Daffodilian Getaways (“we,” “us,” or “our”), you (“the Borrower” or “you”) agree to the following Loan Terms & Conditions. Please read them carefully.
1. Loan Amount
The loan amount you are approved for will be confirmed and documented in your Loan Schedule or approval notice. By accepting the loan, you acknowledge and agree to the approved amount and its intended use.
2. Interest
- The interest rate is agreed upon between you and Daffodilian Getaways and is stated in your Loan Schedule.
- Interest is calculated on the outstanding loan balance according to the agreed terms.
- Interest begins accruing on the date specified in your Loan Schedule and continues until the loan is paid in full.
3. Repayment Terms
- Loan repayment will be made through consecutive monthly payments, including principal and interest.
- Payments begin on the agreed payment or deduction date and continue monthly until the loan is fully repaid.
- Payments may be made through authorized deductions, electronic transfer, or other approved payment methods.
Early Repayment
- You may repay your loan in full or in part at any time without penalty, provided your account is not in default.
4. Missed or Dishonored Payments
If a payment is missed, returned, or dishonored, applicable fees may be charged immediately.
Repeated missed payments may result in your loan being considered in default.
5. Default
You will be considered in default if:
- A payment is not made on time
- Any term of these Loan Terms & Conditions is breached
- False or misleading information was provided during the application process
Consequences of Default
- The full remaining loan balance, including accrued interest and fees, may become immediately due and payable.
- From the date of default, an additional interest rate of 30% per year, calculated yearly and not in advance, may apply until the balance is paid in full, subject to applicable law.
6. Costs & Enforcement
If enforcement action is required due to default, you agree to pay all reasonable costs incurred by Daffodilian Getaways, including administrative and legal fees where permitted by law. These costs may be added to your outstanding balance.
7. Co-Signer (If Applicable)
If your loan includes a co-signer:
- The co-signer is jointly and severally responsible for repayment of the loan.
- We may seek repayment from either you or the co-signer without first pursuing the other.
8. No Waiver
If we do not immediately enforce any part of these Terms & Conditions, this does not mean we waive our right to enforce them later.
9. Changes to These Terms
These Loan Terms & Conditions may only be changed through a written agreement approved by Daffodilian Getaways. Any changes will be provided to you in writing.
10. Severability
If any part of these Terms & Conditions is found to be invalid or unenforceable, the remaining sections will continue to apply in full.
11. Governing Law
These Loan Terms & Conditions are governed by and interpreted in accordance with the laws of the Province of Alberta, Canada.
12. Acceptance
- By submitting a loan application, signing electronically, or accepting loan funds, you confirm that:
- You have read and understood these Loan Terms & Conditions
- You agree to be legally bound by them
