Loan Application Terms and Conditions

I attest that all of the information on this application is true. I authorize DreamSpring to investigate and verify the above information, and contact any references regarding this application. I also authorize DreamSpring to perform a credit check, which may include obtaining consumer and /or commercial credit reports and to exchange information about credit experience with other creditors from time to time, as authorized by law. The release in any manner by DreamSpring of all information is hereby authorized whether such information is of record or not, and I hereby release all persons, agencies, firms, companies, etc., from any damages resulting from such information. I understand that if I am applying as a co-borrower, co-applicant, or co-signer, I am applying for joint credit with the other parties on this application. I understand that if I receive a loan from DreamSpring, I must make my full monthly payments on time. I understand that I cannot be delinquent in my repayment of this loan and that I must use the loan for the business purpose I specified in my loan application. I also understand that delinquent loan payments can adversely affect my credit record. I understand that DreamSpring will retain this application whether the loan is approved or denied and that I can appeal a denial of this loan request. By submitting this application, I agree to the above terms and acknowledge that my application is not complete until all required documents are received.

Making informed decisions when applying for small business loans

Definitions of common loan terms

Important Consumer Information:
This webpage contains some common terms and definitions, which are intended to help you better understand your credit transaction. Credit costs money, so it is important that you fully understand the terms of your credit transaction. If you come across terms you do not understand, look up the terms, or ask our personnel to explain the terms to you. Ask questions. Make certain the questions that you ask are answered. Make certain you understand the terms and costs of your loan.

Definitions:

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. It is intended to provide a single value for a consumer to compare the cost of credit between one lender and another.
For New Mexico borrowers, under New Mexico law, the APR for a loan in an amount of $5,000 or less made pursuant to the Small Loan Act of 1955 or the Bank Installment Loan Act of 1959 cannot exceed one hundred seventy-five percent, effective January 1, 2018.

Balance — The total amount of money owed to a lender.

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.

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.)

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.

Credit History — A record containing information about you, including your payment history on previous debts.

Credit Report — A report of the credit history and other information about you that is kept by credit bureaus, which may include: your name, address, social security number, payment history (good and bad), current and previous debts, employers, income, etc. Accurate information on a credit report may not be legally removed. Incorrect information may be removed by disputing the information to the credit bureau involved.

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.

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.

Finance Charge — The dollar amount the credit will cost you. Finance charges include interest, and may also include transaction fees and service fees.

Interest — The cost of borrowing money, generally a percentage of the amount owed.

Principal — The amount of money owed on a debt, on which interest is calculated.

Licensure and regulations

DreamSpring is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division.

P.O. Box 25101
2550 Cerrillos Road
Santa Fe, New Mexico 87504

To report any unresolved problems or complains, contact the Division by telephone at (505) 476-4885 or visit the website: www.rld.state.nm.us/financialinstitutions/.

For loans in New Mexico under $5000, click here download this notice on Loan Rates and Fees.