WELLNESS SPENDING ACCOUNT AGREEMENT
Customer Name : ___________________________
Customer Address, City, and State: ___________________________
Customer Phone Number: ___________________________
WSA Account Number: ___________________________
Initial WSA Credit Amount: ___________________________
Effective Date: ___________________________
Applicable Interest Rate (after first 30 days):__________________________
This Wellness Spending Account Agreement ("Agreement") is entered into as of the Effective Date, by and between The Better Finance Company LLC, a Georgia limited liability company with its principal place of business located at the address stated below ("BetterFinco" or "Lender"), and the “Customer” identified by the Customer Name, residing at the Customer Address.
This Agreement sets forth the terms and conditions under which the Customer may utilize a revolving line of credit known as the Wellness Spending Account ("WSA") for purchases from time to time of wellness-related goods and services exclusively through vendors approved by BetterFinco (each an "Approved Vendor") and pursuant to which the Customer agrees to repay the WSA as provided herein.
1. DEFINITIONS
1.1 WSA Purchase: A purchase from an Approved Vendor made using the WSA.
1.2 Structured Payment Schedule: A fixed five-installment payment plan for each WSA Purchase, comprised of:
One (1) initial installment equal to twenty percent (20%) of the WSA Purchase amount due at the time of purchase, and
Four (4) additional installments of twenty percent (20%) each, due weekly every seven (7) days thereafter.
1.3 Applicable Interest Rate: The annual interest rate permitted by law in the Customer's verified state of residence that applies on a monthly basis to any unpaid WSA balance remaining after the final scheduled installment.
2. WSA ACCOUNT ELIGIBILITY
2.1 The WSA is a revolving credit facility with an initial credit limit in the amount stated above as the Initial WSA Credit Limit, subject to adjustment from time to time at BetterFinco's sole discretion based on usage, repayment history, and creditworthiness.
2.2 Eligibility for the WSA is restricted to residents of U.S. states where BetterFinco is authorized to operate under applicable consumer lending laws.
2.3 The Customer’s state of residency, as determined and verified by the Customer Address stated above, which the Customer certifies as true and correct, shall govern the applicable interest cap and compliance requirements.
3. WSA STRUCTURE AND REPAYMENT TERMS
3.1 Each individual transaction under the WSA shall be a WSA Purchase. The Customer expressly consents to the Structured Payment Schedule as defined herein for each WSA Purchase.
3.2 Each WSA Purchase shall be automatically split into five (5) equal payments of twenty percent (20%) of the total purchase amount.
The first installment is due and will be debited automatically at the time of purchase.
The four (4) remaining installments will be automatically debited every seven (7) calendar days thereafter, creating a four-week repayment period.
3.3 The total WSA Purchase amount will be deducted from the Customer's available WSA credit limit immediately upon purchase, regardless of the installment schedule.
3.4 If all five (5) scheduled payments are made in full and on time within the four-week period, no interest shall become due on that WSA Purchase. If any portion of the balance remains unpaid at the end of the four-week period, the total unpaid amount shall be added to the Customer’s general WSA balance, and interest will accrue thereafter at the Applicable Interest Rate. Any accrued interest for that purchase may also be added to the WSA balance at this time.
4. DEFAULT AND ACCOUNT SUSPENSION
4.1 The Customer must enroll in and maintain an active auto debit authorization for all payments due under the WSA. Two (2) or more failed auto debit transactions will constitute a default and grounds for account suspension or termination.
4.2 BetterFinco reserves the right to charge late fees, returned payment fees, and administrative fees, as disclosed in the Customer’s account dashboard.
4.3 A default shall occur if the Customer fails to:
(a) complete any scheduled installment payment within three (3) days of its due date;
(b) maintain an active and valid auto debit enrollment; or
(c) otherwise comply with the terms of this Agreement.
4.4 In the event of default, BetterFinco may:
(i) suspend or revoke the Customer’s access to the WSA;
(ii) accelerate any outstanding balance, making it immediately due and payable; and
(iii) initiate collection proceedings to recover the unpaid amounts. The Customer agrees that BetterFinco shall be entitled to attorneys' fees and collection costs as permitted by law.
5. MODIFICATION OF TERMS
BetterFinco may amend this Agreement at any time upon ten (10) days' prior written notice to the Customer. Continued use of the WSA after the ten-day notice period shall constitute the Customer’s acceptance of the amended terms.
6. GOVERNING LAW AND DISPUTES
This Agreement shall be governed by the laws of the State of Georgia. The venue for any dispute shall be a court located in DeKalb County, Georgia, or such other jurisdiction as BetterFinco may choose. BetterFinco may, at its sole discretion, require binding arbitration through the American Arbitration Association. The Customer agrees to be bound by such arbitration and the resulting decision.
7. NOTICES
All notices required or permitted under this Agreement shall be sent to:
If to The Better Finance Company LLC:
Attn: Compliance Department
2 Sun Court, Suite 400
Peachtree Corners, GA 30092
Email: compliancemail@cscglobal.com
If to Customer: At the address stated above.
8. ENTIRE AGREEMENT
This Agreement constitutes the full and complete understanding between the parties and supersedes all prior agreements, discussions, or representations.
9. MISCELLANEOUS
This Agreement may be executed in counterparts, and signatures delivered electronically shall be deemed valid under the Georgia Uniform Electronic Signatures Act.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.
THE BETTER FINANCE COMPANY LLC
By: ___________________________
Name: Chris Spears
Title: CEO
CUSTOMER
By: ___________________________
Name: [Customer Name]