Last Updated: November 21, 2023

Loan Definitions

Equal Credit Opportunity Act (ECOA): A federal regulation which requires lenders to promote the availability of credit to all creditworthy applicants without regard to race,color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to whether all or part of the applicant’s income derives from a public assistance program; or to whether the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The regulation prohibits creditor practices that discriminate on the basis of any of these factors. Contract: A written binding document, describing terms of an agreement between two or more persons. (Keep all paperwork. Later, if there are any questions, you will have your agreement in writing.) Annual Percentage Rate (APR): The cost of your credit as a yearly rate. APR is a combination of the interest rate plus the fees charged on your loan. APR is higher than the interest rate because it includes both fees and interest as finance charges. The calculation of APR is mandated pursuant to Federal Law (12 CFR Part 1026 – Truth in Lending Act (“TIL-APR”)). It is intended to provide a single value for a consumer to compare the cost of credit between one lender and another. Finance Charge: The dollar amount the credit will cost you. Finance charges include interest and may also include transaction fees and service fees. Principal: The amount of money owed on a debt, on which interest is calculated. Balance: The total amount of money owed to a lender. Interest: The cost of borrowing money, generally a percentage of the amount owed. Default: Failure to pay a debt as agreed to on a contract. When a loan is in default, the lender may demand full payment of the remaining debt. Collateral: Security pledged by a borrower to protect the interests of the lender; in case of default, the lender may take ownership of the security, if any, pledged by the borrower. Credit Bureau: A private company that keeps a record of your credit history for distribution upon request by authorized parties. When you apply for credit, a lender may request a credit report to review when considering your application.  

Initial Disclosures

Consumer Liability Tell us within two business days if you believe your card (or other method of payment) has been lost or stolen, or if you believe that a payment has been made without your permission using information from your financial institution. Calling us at (888) 839-7171 is the best way for Cherry to be notified of the event. Also, it is important for you to report the event directly to your financial institution. If you tell us within 2 business days after you learn of the loss or theft of your card (or other method of payment), we can promptly effectuate a stop payment. Also, if your statement shows a payment that you did not make, including those made by card or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, we will not investigate, cancel or reverse the payment. If an extenuating circumstance kept you from telling us, additional consideration may be provided. Contact in event of unauthorized transfer If you believe your card (or other method of payment) has been lost or stolen or if you believe a payment has been made using the information from your financial institution without your permission, you must report the event to your financial institution as soon as possible. Business days For purposes of these disclosures, our business days and hours are:

• Monday – Friday: 9AM – 9PM ET.
• Saturday: 9AM – 6PM ET.
• Sunday: Closed.

*Business days: A business day means any day except Saturday, Sunday, or any day which is a legal holiday or any day on which financial institutions are authorized or required by law or other governmental action to close. Note: our business days and hours of operation may vary due to public holidays observed by the company. Fees 1 Late Fee(s). If we do not receive a scheduled payment in full within ten (10) days after its scheduled due date, then we may charge you a late fee in the amount of $15.00. 2 Non-Sufficient Funds (NSFs) Fee. If a payment cannot be made due to a lack of funds to cover it, then we may charge you a NSF fee in the amount of $15.00. 3 Card Fee. If a payment is made using a credit card (or a pre-paid/non-traditional debit card), then we will charge you a 2.99% processing fee.   Documentation

• Periodic statements. You will get a monthly account statement.

  Pre-authorized payments

• Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here’s how:
  • Call us at (888) 839-7171 or email us at support@withcherry.com in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.

• Notice of varying amounts.  If a pre-authorized payment from your account were to vary in amount from the previous transfer under the same authorization or from the pre-authorized amount, Cherry shall send you a written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.

• Liability for failure to stop payment of pre-authorized transfer. Although the originating financial institution is responsible for effectuating a stop payment order, Cherry shall cooperate with the financial institution in promptly canceling or reversing the pre-authorized payment.

  Cherry’s liability If we do not complete a payment from your account on time or in the correct amount according to our loan agreement with you, we will be responsible for correcting and resolving the error. However, there are some exceptions. We will not be liable, for instance:

• If, through no fault of ours, you do not have enough money in your account to make the transfer.

• If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.

• There may be other exceptions stated in our loan agreement with you.

     

Initial and Annual Error Resolution Notice 

In case of errors or questions about your Cherry payments, please call us at (888) 839-7171 or email us at support@withcherry.com as soon as you can, or if you think your statement is wrong or if you need more information about a payment listed on the statement. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared. 1 Tell us your name and loan contract number. 2 Describe the error or the payment you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information. 3 Tell us the dollar amount of the suspected error. If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not investigate the complaint or question. We will tell you the results within 3 business days after completing our investigation, and we will provide you with a written explanation. Please note, that you may ask for copies of the documents that we used in our investigation.   *Business days: A business day means any day except Saturday, Sunday, or any day which is a legal holiday or any day on which financial institutions are authorized or required by law or other governmental action to close. Please visit https://withcherry.com/patients/ to review the normal business hours of operation. Note: our business days and hours of operation may vary due to public holidays observed by the company.