Additional Loan Specifics
Simple & Safe Process
- Clients will be emailed a fully insured FedEx Express Overnight shipping label, along with detailed packing instructions. The FedEx label is to be printed by the client and used following the instructions provided. Packages are then overnighted to Diamond Banc’s headquarters and are tracked every step of the way.
- Upon arrival, packages are opened under video recording and the verification process is completed.
- Loan documents are completed digitally online and then funds are issued immediately via wire transfer or check depending on client preference.
- Collateral is sealed inside of a serialized, tamper proof bag and stored in state of the art vaults which are fully insured.
- Once a loan is repaid, the collateral is immediately returned via insured overnight shipment with signature confirmation required.
General Loan Terms
- 30 day loan that can be extended for as many 30 day periods as needed, as long as the minimum monthly interest is paid every 30 days.
- Minimum interest only payments do NOT go towards paying down principal.
- Any amount paid each month above the minimum interest payment will go towards paying down principal, thus lowering the monthly interest payment moving forward. We gladly assist clients to structure a repayment plan that best fits their needs. The length of the loan is solely dictated by the client, allowing them to take as little or as long as needed to repay.
- The only other fees clients are responsible for are a one time wire fee of $50 for funding the loan via wire transfer (if chosen as the payment option) plus the shipping and insurance expense for incoming and return transit. The incoming shipping and wire fees are paid after a loan is executed and funds have been issued, then the return shipping is paid back at the end of the loan upon final payment.
- Clients secure at least the minimum monthly interest payment via credit/debit card which gets automatically processed each month to keep the account current and in good standing. Auto monthly payments can be set for any amount desired.
Loan Payments & How They Are Applied
- Your minimum monthly interest payment is solely the cost of your funds. No component of your minimum monthly interest payment reduces your loan balance.
- Your minimum recurring monthly payment will be auto-charged 30 days from when you initially receive your funds (unless an alternate date is chosen).
- Your minimum monthly interest payment being successfully collected will extend your loan for another 30 days.
- To reduce your loan balance, you must make a payment above your minimum monthly interest payment. You can pay as little or as much as you like above the minimum payment. It is your responsibility to contact our office to arrange additional principal payments during your loan. Your loan is only eligible for principal payments, providing your loan is currently in good standing and does not owe any unpaid interest.
- Your interest is a percentage of your loan balance. Your minimum monthly interest payment amount will reduce in correspondence with your principal balance.
- For example, if you have a $1,000 loan at 10% interest per month, and you make a $300 payment by day 30, then $100 covers your minimum monthly interest payment, and the additional $200 is applied to your loan balance. Thus, lowering your loan balance to $800, making your new minimum monthly interest payment $80.
- You can borrow the money for as few or as many 30-day periods as you wish, providing the minimum monthly interest payment is made every 30 days.
- If at any time during the duration of your loan, a total of three minimum monthly interest payments go unpaid, you default on the terms of your loan and your collateral legally becomes Diamond Banc’s property. These missed payments do not need to be consecutive.
Diamond Banc’s monthly interest is not prorated. Your cost is the same whether you borrow the money for 1 day or 30 days. For example, if you complete a loan for $1,000.00 at 10% interest per month on August 1st, your minimum monthly interest payment is $100. If you make this payment of $100 on August 31st, then on September 1st, your account accrues another $100. Whether you make your minimum monthly interest payment on September 9th or on September 30th your owed payment is still $100.