Installment Loan Contract With Consumer Proposal In Illinois

State:
Multi-State
Control #:
US-002WG
Format:
Word; 
Rich Text
Instant download

Description

A retail installment agreement is an agreement signed by the Purchaser involving a finance charge and providing for the sale of goods or services. Federal and some State Laws (Consumer Credit Protection Acts) require the disclosure of what the Purchaser is being charged for the credit he/she is receiving. These disclosures include such things as the amount being financed; finance charges; the annual percentage rate; and the number of payments and when due. However, such disclosures are usually only required when a person regularly extends consumer credit (e.g. more than 25 times in the preceding calendar year).



This form is for a casual seller who does not enter into such transactions on a regular basis. It can also be used in commercial transactions (e.g., credit that is not being extended primarily for personal, family, or household purposes).



The Purchaser in this form grants the Seller a security interest in the collateral being sold. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. The Seller requires the Purchaser to secure the obligation with the personal property being purchased so that if the Purchaser does not pay as promised, the Purchaser can take the collateral back, sell it, and apply the proceeds against the unpaid obligation of the Purchaser.

Free preview
  • Preview Retail Installment Contract or Agreement
  • Preview Retail Installment Contract or Agreement

Form popularity

FAQ

Today's Mortgage Rates in Illinois ProductTodayLast Week 30 yr fixed mtg refi 6.96% 6.96% 15 yr fixed mtg refi 5.68% 5.68% 7/1 ARM refi 6.25% 6.25% 15 yr jumbo fixed mtg refi 3.02% 3.05%3 more rows

An installment contract is a single contract that is completed by a series of performances –such as payments, performances of a service, or delivery of goods–rather than being performed all at one time. Installment contracts can provide that installments are to be performed by either one or both parties .

An instalment sale agreement between you and a credit provider allows you to buy a vehicle or asset using the principal debt, which you repay by means of regular instalments over an agreed period, with fees and interest.

Some of the lenders I have encountered making illegal loans to Illinois residents include Uprova Credit, Clean Air Lending, Bright Lending, Blue Mountain Loans, eLoan Warehouse, Eagle Wing Funds, Big Picture Loans, Ascend Loans, and Rapid Arrow Loans.

Filing a consumer proposal will typically result in an R7 rating for 6 years from the date the proposal is filed, or three years from the day the proposal is complete, whichever comes first.

A consumer proposal can only be filed for non-mortgage debt up to $250,000. Bankruptcy has no limit to the amount of debt that can be included, only a minimum of $1000.

Trusted and secure by over 3 million people of the world’s leading companies

Installment Loan Contract With Consumer Proposal In Illinois