The Virtual ATM may now be used to generate an Expedited Contract. The terms are similar to Level 4.E/L, the Secured Debt Contract with Reduced Penalties and Forgiveness Clause. With the exception that the ATM Contract is available only on monthly payments.
Comparison to Standard Expedited Programs:
- Different application experience using the Virtual ATM for data entry.
- Shortened application.
- Monthly Installment Payment amount is chosen FIRST using the ATM, then the relative Engagement Level is calculated.
- Application includes a save/resume feature.
- Processing fee is equal to 25% of the Monthly Installment amount, and is charged when the Contract is processed, instead of at application time.
Required Application Materials:
- Monthly Installment Payment amount and planned signature date.
- Income Verification. (Employment contract, pay stub, screenshot of two separate payroll deposits, tax return, etc.)
- Identity Verification. (Bank account statement, government issued photo ID, housing lease, passport, university issued photo ID, utility bill, etc.)
- Billing address and location of residence.
- Short answer/essay questions designed to gauge ATM’s fitness as a client.
ATM Based Contract Procedures:
- Use the Virtual ATM to select a payment amount.This will become the monthly installment amount.
- Follow the instructions to verify email address.
- Return to the Virtual ATM to complete application* and enter card details.
- Once application has been completed, the payment will be processed and the contract will be generated in a single step.
- Client has ten (10) days to review and sign the contract before it is automatically recalled.
- Once signed, the processing fee is charged, the contract becomes binding, and the recurring payments are set up.
