VERY IMPORTANT! It is very important that you pay your loan payments on time if choosing this option. If you default on your loan payments, your down payment and all your loan payments are NON-REFUNDABLE and your program will be cancelled. Please read the below regarding any early default the loan payments of your No Credit Check financing program.
After your initial down payment for this program, if you do not successfully complete 2 loan payments on time and the lender is not able to draft another payment within 5 days of the unsuccessful payment, your loan enters a default status and voids your loan agreement with the lender. If the lender attempts to draft a payment and it declines, the lender will not try more than once to redraft the payment and your account will be marked in default.
If you would like to move forward with the initial agreement after your account has been placed in default status, you have the below 3 options:
A. 6mo Recourse. You will have to sign a new loan agreement. You will not have to pay the down payment again BUT, you will not be able to gain access to the program you are purchasing until after you make 6 consecutive loan payments, monthly. You will then pay regular payments for the term of the loan or you have the choice of paying it off early.
B. Pay In full. You can pay for the program's total cost upfront minus the down payment that you have already paid. This will give you access to the program upfront.
C. Re-enroll. The process starts all over. You will need to pay the down payment again and make two successful monthly loan payments like a new customer. You will gain access after this point. You will then pay regular payments for the term of the loan or pay it off early.