Common use of Credit Score Clause in Contracts

Credit Score. The eligible borrower’s FICO Score will determine the interest rate and fee charged on the loan as follows: Tier FICO Score Interest Rate Range Origination Fee* 1 790+ Prime +0.5% N/A 0 000-000 Prime +1.5% 2% 0 000-000 Prime +4.0% 3% 0 000-000 Prime +6.0% 5% 0 000-000 Prime +7.0% 7% 6 No credit score Prime +8.0% 8% 7 599 and below Prime +10.5% 10% * Origination fee calculated as a percent of loan amount Eligible borrowers with an Experian-Fair Xxxxx Score Code of 9002 or 9003 will be priced as if part of Tier 6 (“No Credit Score”). The origination fee will be credited in full to the borrower if an entire disbursement is refunded within 60 days of the disbursement date. Notwithstanding the rates and fees set forth in the table above, the annual percentage rate, including the capitalized origination fee, on any loan will not exceed eighteen percent (18%) over the term of the loan, or such other limit under applicable law that may be in effect from time to time.