I applied for a loan with a broker, they have approved, but…

I applied for a loan with a broker, they have approved, but want 10% down that they hold for 1year to ensure payments are made. WHen I questioned them they said everything was legite and that the agrrement is a legal contract. Here is the contract. Is this a scam? XXXXX Suite 1207
Vancouver, BC V6B 3K4
www.sequoiafinance.com
©1998 Sequoia Finance; Sequoia Finance is a registered trademark. All rights reserved.
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Terms and Conditions
Personal Information Statement
Under this Personal Information Statement, the words “I”, “me”, “mine”, “my”, “our”, “us”, “we” means
the applicant(s). The word “SF” means Sequoia Finance.
The personal information I provide to SF (or SF collects with my consent), with respect to this credit
application, will be protected and maintained in a credit file with SF. SF may collect, use and disclose my
personal information to:
A. Confirm my identity and the accuracy of the information provided by me, or collected with my
consent;
B. Better understand the history of my financial dealings with SF and others, and determine my
eligibility for products and services which I have applied for, or which SF offers to me, now or in
the future;
C. Support and maintain the accuracy and integrity of the credit reporting system;
D. Properly administer and service any financial services and products SF provides to me;
E. Assess the value of any security which SF may obtain with respect to this application;
F. Keeps records of instructions given to me over the telephone;
G. Listen to my recorded telephone conversations to maintain quality of service levels;
H. Help SF understand the current and future needs of its customers;
I. Conduct searches to locate me and update my contact information in my file;
J. Provide me the details of other financial products offered by SF, its affiliates and other select
financial product providers; and
K. Comply with legal and regulatory requirements.
My Social Insurance Number (“SIN”) or Social Security Number (“SSN”) may be used for tax reporting
purposes and other purposes required or permitted by law. SF may also use my SIN/SSN as a unique
identifier to keep my personal information separated from that of other customers with similar names, for
internal and external matching of my personal records against records exchanged with third parties that I
have consented to, and to maintain the integrity and accuracy of my personal information. I may
withdraw my consent for SF to use my SIN/SSN for purposes other than required by law, without affecting
SF’s ability to provide me with its products and services; however, this may affect SF’s ability to fully
ensure the accuracy and integrity of my personal information maintained in my credit file.
Before SF collects, discloses and uses my personal information for any other purpose, SF will explain the
purpose to me and seek my consent.
Notices
Any notice, including without limitation, a notice of amendment or any demand or other communication
referred to in this Agreement may be forwarded to me/us by personal delivery, courier or by prepaid XXXXX Suite 1207
Vancouver, BC V6B 3K4
www.sequoiafinance.com
©1998 Sequoia Finance; Sequoia Finance is a registered trademark. All rights reserved.
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ordinary, registered, or certified mail at my/our last known address as shown in the application for this
loan, failing, which, as shown in SF's records. I/We agree that it shall be deemed that I/we have received
the same on the date of delivery, if personally delivered or if delivered by courier or on the fourth (4) day
after mailing by prepaid ordinary, registered, or certified mail, even if I/we do not actually receive it. If
there is more than one applicant, SF may forward any notice or communication that does not contain cost
of borrowing disclosure to any one of us for the benefit of all of us. I/We agree that a notice to any one of
us is a notice to both or all of us.
Amendment
SF may amend or modify the provisions of the Agreement at any time by mailing notice of such
amendment or modification to me/us at least thirty (30) days prior to the date of the intended
amendment, provided that no amendment which increases my/our obligations under the Agreement may
be made without my/our written consent.
Additional Costs and Expenses
I/We will pay SF on demand all reasonable expenses including legal fees on a solicitor and client basis,
which SF incurs in the preparation and execution of this Agreement, in protecting or collecting any
indebtedness or obligation hereunder, or any part thereof, or any security taken in connection therewith,
and registering or discharging any security interests or surely or instruments relating thereto. I/We agree
to pay the cost of any insurance, service charges for each cheque which may be dishonoured, charges for
cheques provided to me/us, registration fees with respect to security granted by me/us or other to secure
my/our indebtedness hereunder, and any other costs or administrative fees charged from time to time as
established and published by SF. Should there by more than one applicant, we will be jointly and
solidarity responsible for the payment of all sums due to SF. If this loan is closed or partially repaid within
12 months of the loan opening date, any interest payments that had previously been waived by SF will
immediately become payable by me/us to SF in the same proportion as the amount of the loan repayment
is to the total loan.
Other product offerings
From time to time, SF may offer or promote its other financial products, or those of its affiliates, and those
of select third parties associated with SF. These other financial product offerings could include for
example, securities, insurance products, loan and investment products, credit card products and reward
programs, which SF believes may be of interest to me. SF will not disclose any of my personal
information to other external parties, for the purpose of the other parties marketing their own products
directly to me, without my consent.
I may withdraw my consent to use my personal information for the purpose of receiving additional product
offerings, at any time. I understand that this will not affect SF’s ability to continue to provide me with the
services I have requested, but will exclude me from receiving direct personalized marketing or special XXXXX Suite 1207
Vancouver, BC V6B 3K4
www.sequoiafinance.com
©1998 Sequoia Finance; Sequoia Finance is a registered trademark. All rights reserved.
3
offers on other products and services. This will not limit the information SF may send to me from time to
time with my statements or information SF provides me when I contact SF.
Waiver
No delay or omission by SF in exercising any right or remedy hereunder or with respect to any
indebtedness hereunder and no waiver as to default shall operate as a waiver thereof or of any other right
or remedy, and no single or partial exercise thereof shall preclude any other or further exercise thereof or
the exercise of any other right or remedy. Furthermore, SF may, but shall not be required to, remedy any
default by me/us or with respect to any indebtedness hereunder in any reasonable manner without
waiving the default remedied and without waiving any other prior or subsequent default by me/us. All
rights and remedies of SF granted and recognized herein are cumulative and may be exercised at any
time and from time to time independently or in combination.
Default
I/We shall be in default if:
A. I/We fail to fulfill any obligations hereunder; or
B. I/We are insolvent or have become bankrupt or commit any act of bankruptcy; or
C. SF believes on reasonable grounds that the secured assets will decline speedily in value; or
D. Any statement I/we make to the Bank was false in any material respect when made or becomes
false; or
E. I/We are declared incompetent by a court or die; or
F. Any event occurs which causes SF in good faith to deem itself insecure or to believe that the
secured assets, or any part thereof, are or are about to be placed in jeopardy.
If I/we are in default, then, in addition to any other remedy available to SF at law, SF may enforce its
security given hereunder in accordance with the security documentation and by any method permitted by
law.
Power of Attorney
I/We irrevocably appoint SF, its officers, employees and nominees or any authorized agent of any of them
to be my/our attorney with full power of substitution, to fill in any blanks on this Agreement, or any
related document, to do, make and execute all such statements, assignments, documents, acts, matters
or things, with the right to use my name whenever SF may deem necessary or expedient and to perform
all acts of ownership in respect of the assets pledged, assigned hereunder. XXXXX Suite 1207
Vancouver, BC V6B 3K4
www.sequoiafinance.com
©1998 Sequoia Finance; Sequoia Finance is a registered trademark. All rights reserved.
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Miscellaneous
I/We agree to provide any additional information or security that SF may require from time to time. I/We
agree, at my/our own expense, to do, execute and deliver, or cause to be done, executed and delivered,
all such further assignments, documents, acts matters or things as may be requested by SF for the
purposes of giving effect to this Agreement. The security given hereunder to the Bank is in addition to
and not in substitution for any other security now or hereafter held by SF.
Joint Applicants
If there are two or more applicants, SF can take instructions or deal with any one of them concerning all
matters in connection with this loan.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of
Connecticut and the Province of British Columbia as set out in the Application.
Complaint issues procedures
Sequoia Finance is committed to providing high quality service and products to its customers. If I/we
have any questions or concerns about SF’s products or services, I/we may contact SF at 1-XXX-XXX-XXXX
and speak with an SF representative. XXXXX Suite 1207
Vancouver, BC V6B 3K4
www.sequoiafinance.com
©1998 Sequoia Finance; Sequoia Finance is a registered trademark. All rights reserved.
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Loan Application
Office Use Only
Account Number: 895426-12
Effective Date: 8/24/2009
Section 1: Represented Information
A. Applicant Information:
? Mr. ? Mrs. ? Miss ? Ms. ? Other
Last Name:
Cindi
First Name:
Hamilton
Middle Initial: Date of Birth (mm/dd/yyyy):
Address:
City: Province: Postal Code:
Home Phone Number:
Business Phone Number: S.I.N.:
Mandatory Identification and Information:
Please enter information of the government issued identification to verify client
? Drivers License ? Passport ? Citizenship Card ? Other
Document #: Issued By:
Occupation: Employer:
Employer Address:
City: Province: Postal Code:
Employer Telephone Number: Years Employed: Monthly Income:
$
B. Co-applicant Information:
? Mr. ? Mrs. ? Miss ? Ms. ? Other
Last Name:
First Name: Middle Initial: Date of Birth (mm/dd/yyyy):
Address:
City: Province: Postal Code:
Home Phone Number:
Business Phone Number: S.I.N.:
Mandatory Identification and Information:
Please enter information of the government issued identification to verify client
? Drivers License ? Passport ? Citizenship Card ? Other
Document #: Issued By:
Occupation: Employer: XXXXX Suite 1207
Vancouver, BC V6B 3K4
www.sequoiafinance.com
©1998 Sequoia Finance; Sequoia Finance is a registered trademark. All rights reserved.
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Employer Address:
City: Province: Postal Code:
Employer Telephone Number: Years Employed: Monthly Income:
$
C. Representative Information:
Last Name:
Anderson
First Name:
Kyle
Middle Initial: Telephone Number:
Company:
Sequoia Finance
Representative Code:
634
Fax Number:
Mailing Address: XXXXX, Suite 1207
City:
Vancouver
Province:
BC
Postal Code:
V6B 3K4
Section 2: Assets and Liabilities
Assets
Amount
Liabilities
Amount
Monthly
Payments
Amount
Cash $_______ Bank Loans $_______ Rent or Mortgage $_______
RRSP’s $_______ Mortgages $_______ Support
Payments
$_______
Stocks and Bonds $_______ Unpaid Income Tax $_______ Property Tax $_______
Residence $_______ Unpaid Real Estate Taxes $_______
Other Real Estate $_______ Other Liabilities $_______
Life Insurance $_______
Vehicles $_______
Other Assets $_______
Total Assets: $ Total Liabilities $ XXXXX Suite 1207
Vancouver, BC V6B 3K4
www.sequoiafinance.com
©1998 Sequoia Finance; Sequoia Finance is a registered trademark. All rights reserved.
7
Section 3: Loan Agreement
In return for Sequoia Finance establishing a Personal loan for me/us and extending any credit in
accordance with this Agreement, and other good and valuable consideration (receipt of which is hereby
acknowledged), I/we agree to the following:
Principal Loan Amount: $5000.00 Security Deposit Required? Yes
Annual Interest Rate: 11.75% Security Deposit %: 10%
Variable/Fixed? Fixed Secured Amount Required: $500.00
Loan Term: 3 Years
Monthly Payment: $165.48 XXXXX Suite 1207
Vancouver, BC V6B 3K4
www.sequoiafinance.com
©1998 Sequoia Finance; Sequoia Finance is a registered trademark. All rights reserved.
8
I understand that:
- I must have sufficient funds to pay the principal and interest on the loan (before any tax
deductions);
- I must provide an amount agreed upon by myself and Sequoia Finance to secure my loan if
required;
- The lender will possess certain rights and powers depending upon the nature of the loan agreement
and that I need to understand the terms and conditions associated with the loan documents;
- Taking out a loan may impact my ability to borrow money for other purposes;
- Sequoia Finance acts solely in the capacity as lender and loan administrator;
- All the information provided is true and complete, and I/we have not withheld any information
pertaining to my/our approval;
- I/we acknowledge and agree that providing false information or withholding the truth of personal
and/or credit on any documentation will result in immediate termination of all services provided by
Sequoia Finance.
Cindi Hamilton
____________________________________________
Primary Applicant Name
8/24/2009
______________________________________________ ____________________________
Primary Applicant Signature Date
______________________________________________
Co-applicant Name
______________________________________________ ____________________________
Co-applicant Signature Date
Kyle Anderson
______________________________________________
Representative Name
8/24/2009 XXXXX Suite 1207
Vancouver, BC V6B 3K4
www.sequoiafinance.com
©1998 Sequoia Finance; Sequoia Finance is a registered trademark. All rights reserved.
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______________________________________________ ____________________________
Representative Signature Date