In order to represent your legal consent to a loan contract, you must sign the agreement. Nation 21 Loans enables you to digitally sign a loan agreement using an electronic signature system denoted as “E-Consent.”
The E-consent allows third party lenders we work with to accept and use electronic signatures, notices, records, contractual documents, and legal disclosures while transacting business with you. It will also inform you of your rights concerning the electronic information you receive and submit to the lender.
In most cases, you will only be required to click on the “I agree/I consent” button on the e-consent document sent by the lender. You are advised to print and/or retain the document for reference in future. This is important because the lender is allowed to alter the terms and therefore retaining a copy prevents the borrower from being n essence, the e-consent serves the same legal purpose as physical signatures in documents.
Request for Paper Documents
Should you desire to sign a paper copy of any of the loan documents, you should contact the third party lender directly. The lender will then provide you with the documents. While most lenders will do so free of charge, some charge a small amount. It is up to you to seek clarification beforehand. The lender may retain all disclosures as guided by the laws of the state in which the transaction is made.
Scope of Consent
E-consent governs all interactions between you and the lender including those through phones, smartphones, tablets and computers. By using E-consent, you are allowing your lender to interact with you electronically as well as send you notices and emails.
Prior to granting your E-consent, you should determine if you possess the computer hardware and software to conduct business electronically. You will need a PC or Mac compatible computer that supports an internet browser capable of 128 bit encryption like Internet Explorer, Mozilla, or Netscape. You must have an email account. You should also possess Adobe Acrobat Reader to read some documents. Your computing system should also include a printer. In absence a printing option, a long-term storage device could serve to help you retain the documents.
You may not withdraw your E-consent to be matched with lenders through Nation 21 as that is a one-time transaction. However, you may revoke your E-consent with lenders at any time and at no charge. If you revoke your E-consent prior to loan approval, your lender may choose to not extend credit or a loan offer to you. To do so, you must contact the lender directly and request it. Any agreements you previously signed using your E-consent will not be affected by this cancellation.
Since we may link you with more than one lender, you should contact the specific lender whose e-consent you wish to withdraw. Withdrawing the e-consent with a specific lender does not affect the agreements you had before, agreements with other lenders, or agreements with Nation 21. The withdrawal of consent is usually at no charge to the borrower.
Updating Contact Information
It is your responsibility to notify your lender if any of your contact information is changed including phone, physical address or email address. It is preferable to update this information through the lender’s website or by conventional mail.
By clicking the E-consent link, you agree to all of the terms regarding electronic signatures, disclosures, record and electronic business transactions. You acknowledge that you have read and agreed to all of the disclosures about E-consent. You are consenting to the use of electronic documents, signatures, and disclosures. You are also allowing third party lenders to provide services over the internet.