When considering a loan from The Money Vault or Kohn’s Loans Company, it’s essential to understand the specific terms and conditions, particularly as they operate under unique collateral-based lending models. This article outlines the key disclosures made by Money Vault and Kohn’s Loans Company, ensuring potential borrowers are fully informed.
Loans from The Money Vault and Kohn’s Loans Company are defined as collateral loans. This fundamentally means that repayment isn’t a mandatory requirement in the traditional sense. Since the loan is secured by collateral, borrowers have the option to conclude the loan agreement simply by forfeiting the pledged item. This structure means there are no set minimum or maximum repayment periods. Customers have the flexibility to decide against repaying the loan amount at any point without incurring penalties, and there isn’t a mandatory 60-day repayment rule as might be standard with other loan types.
Eligibility for a loan and the specific terms offered are determined by several factors. These include the applicant’s credit history at the time of application, their income, existing debt obligations, the value and nature of the collateral offered, and, where applicable, any prior loan history with either The Money Vault or Kohn’s Loan Company. Importantly, there is no down payment required beyond surrendering the collateral item itself. Furthermore, borrowers will never face a prepayment penalty should they choose to settle their loan early.
Concluding a loan agreement is dependent on your full agreement to all stipulated terms and conditions within the loan contract. Borrowers retain the right to retrieve their collateral item at any time during the loan term by repaying the original loan amount along with the agreed-upon interest. It’s important to note that all loans are subject to credit approval and adherence to standard underwriting procedures. The specifics of loan amounts, interest rates, associated fees, repayment terms, and collateral requirements are governed by specific guidelines and are subject to change without prior notice. The Annual Percentage Rate (APR) applicable to each loan is fully disclosed at the time the loan originates and is clearly communicated to the customer before the loan agreement is finalized. All loans are provided under The Money Vault or Kohn’s Loans Company, operating in Cincinnati and Lima, Ohio. Available cash amounts can vary, and collateral requirements are applied to all loans. All lending practices are conducted in full compliance with applicable Ohio laws.
For illustrative purposes, consider an example using a 42-month installment contract. On a $4,500 loan with an interest rate of 29.00% and an APR of 33.10% (which includes all permissible fees), the borrower would make 42 monthly payments of $172.
Both Money Vault and Kohn’s Loan Company operate under the regulations of the Tate Law – Section 4727.06 of the Ohio Pawnbrokers Act, specifically Section 4727.06. For more detailed information, you can refer to the specifics of the Tate Law.
This disclosure aims to provide clarity and transparency regarding the loan services offered by The Money Vault and Kohn’s Loans Company, ensuring borrowers are well-informed about the nature of collateral loans and their terms.
