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Secured and Unsecured Loans

The bank products are originated by FinWise Bank. The bank offers both secured and unsecured installment loans that can fund both the merchant or the consumer directly.

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Finance U Graduation program

This program allows customers the opportunity to qualify for lower rates on subsequent loans. It requires taking financial education modules online and making payments on time. Customers can reduce their rates up to 50% on qualifying future loans.

Bank products are underwritten, originated, and held by FinWise Bank, an FDIC-insured bank in Murray, Utah, Member FDIC. American First Finance services these loans on behalf of FinWise Bank.

Bank Products - Frequently Asked Questions

When you say “No Credit Required” or “FICO® not required for approval,” what does that mean?

When applying with FinWise Bank, it is likely that your credit history or FICO Score will be pulled. However, it is possible to not have a credit history or FICO Score and still receive an approval from the bank.

Do I need a certain credit score to get approved?

No. Your credit history is one part of the decision process, but a certain score is not required for approval.

Do my payments get reported to the credit bureau(s)?

Yes. Payments are reported to Transunion, Clarity Services, Inc., and Data X each month. This can give you the opportunity to pay on time and have those payments reported to the credit bureau as a means of building credit history over time.

Who is my loan with? American First Finance or the bank?

Your bank loans are underwritten, originated, and held by FinWise Bank. American First Finance is servicing your account on behalf of the bank. Should you need assistance or have questions about your loan at any time, you can speak to an American First Finance representative to assist you with your FinWise Bank loan.

Are bank products cash loans?

Possibly. Make sure you understand the difference. The secured installment loan products are not cash loans. The unsecured installment loan products are cash loans. The difference between the two is how and where the loan funds are being used. If you are purchasing goods and services from a merchant and using the bank loan for such purchases where the funds from the bank for the purchase will be sent directly to the retailer, this is a secured installment loan. If you are getting funds directly to your instant debit card, via ACH, or on a virtual card that you can then use to make purchases across a number of merchants, this is an unsecured installment loan.

Am I required to make a down payment?

In some cases, a down payment may be required at signing. Any down payments you make will be applied to the amount being financed. You have the option to make a down payment, even if not required, if you choose to lower the amount you want to finance.

Can I pay off early?

Yes, you may pay off any bank loan contract early at any time and you have a couple of options when it comes to this. If you pay off during your Early Payoff Discount period, you can pay the principal amount plus the lesser of accrued finance charges or a small fee (plus late and NSF fees, only if you have them). You may also pay off early after the Early Payoff Discount period by simply paying the accrued finance charges and your principal balance at that time, in addition to applicable late and NSF fees.

What is the Early Payoff Discount Option and how does it work?

FinWise Bank installment loan customers may save money on interest by paying off the full balance within the Early Payoff Discount Period. Here’s what is included in the full balance. By paying the Amount Financed plus the lesser of the accrued interest or discounted interest, an Origination Fee, and other applicable fees (e.g., NSF Fees and Late Fees) within the Early Payoff Discount Period, a customer may pay a FinWise account off in full. The expiration date of your Early Payoff Discount Period is disclosed on your agreement.

Note that this is not a “same as cash” program because of the applicable fees described above.

Here is an example of how the Early Payoff Discount works, but remember to review your agreement for the specific terms applicable to you.

If you finance an amount of $5,000 at an interest rate of 145% with a $250 origination fee, are making 104 weekly payments of $154.92, have a Finance Charge Start Date of 01/01/2020, have Discounted Interest in the amount of $50, no Late Fees, NSF fees, or other applicable fees, and have an Early Payoff Discount Period of 101 days (ending on 04/12/2020), you may pay off the loan in full on 01/03/2020 for $5,291.71. $5,291.71 includes the original Principal of $5,250 plus the accrued interest of $41.71. Since the accrued interest of $41.71 was less than the Discounted Interest of $50, the Discounted Interest was not charged.

As a further example, what if you pay off later on during the Early Discount Period, when your accrued interest amount is greater than your Discounted Interest?

If you paid the same loan in full on 04/11/2020, which is the 100th day from the Finance Charge Start Date but still within the Early Payoff Discount Period, you would pay $5,300, which is the original Principal of $5,250 plus the Discounted Interest of $50. By the time of 04/11/2020, the Discounted Interest of $50 would be less than the accrued interest. In other words, in this scenario you would not be charged the accrued interest.

What happens if I over-pay when paying off my account?

If you pay more than what is owed, including during the Early Payoff Discount Period, a refund will be issued to you via the same method of payment that you used.

• If you paid with a check, we will wait one (1) week from the date the check was deposited into our account before we remit the refund.

• If you paid via ACH, we will wait until the payment settles with your bank, which can take about five (5) business days.

• If you paid via credit card or debit card, we will remit the refund as soon as your payment settles, which can take up to one (1) business day.

Approval is possible without a FICO Score, but credit history may be checked.