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nate pay later terms and conditions

i. how pay later works
i.i First you must enroll and designate your preferred bank account (“Your Account”).

i.ii After purchasing in-app or sharing your product page (which must currently be in the amount of $50 or more for Pay Later) with nate, you select Pay Later as your payment option, and then Your Account will be used to pay for the purchase in 4 virtually equal installments over time.

i.iii We reserve the right to put a cap on the maximum size of a purchase that can be paid via Pay Later. The size of this cap may vary over time, depending on nate policy, and/or depending on your credit history and/or your payment history with nate.

i.iv For each transaction, we will charge you a service fee, which is currently $1 total or 25 cents per installment (the “Service Fee”). We reserve the right to change this fee with notice.

i.v The first installment payment (which is approximately ¼ the total item price including any taxes, shipping fees and/or handling charges, plus 1/4th of the currently $1 Service Fee – or 25 cents) will be debited from your Account when nate completes the purchase.

i.vi The remaining three (3) installment payments will be automatically debited from Your Account approximately every 2 weeks, with the full purchase being paid for completely, at the end of approximately 6 weeks.

i.vii There is no interest and no finance charges with Pay Later.

i.viii If you return your purchase, and your return is accepted by the merchant, we will automatically refund you the amount of each installment you have already paid back to Your Account (less any non-refundable amounts under the merchant’s return policy) if and to the extent we have collected the refund from the merchant. If the refund goes directly to you instead of to nate, you will owe us for the amounts we have paid on your behalf.

i.ix Any applicable refunds by us to you will be made in the same amount as the installments that you have paid (less any non-refundable amounts under the merchant’s return policy) if and to the extent we have collected the refund from the merchant, and future scheduled payments will be cancelled.
i.ix.i Note: any installment charges in progress may take up to an additional week to be refunded to Your Account.

i.x IMPORTANT: You are responsible for ensuring there are sufficient funds in your Account for the transactions. If for any reason you do miss an installment payment, and such payment is not completed within three (3) days of the installment payment due date, YOUR USE OF THE NATE PAYMENT FEATURE WILL BE SUSPENDED ENTIRELY. nate may charge a reactivation fee (currently $10) (“Reactivation Fee”). We reserve the right to change this fee with notice. You will not be able to make any purchases with nate until you pay back the outstanding installment and this fee, while any scheduled payments will still be processed as usual.


ii. fees and charges associated with your nate app
ii.i service fee
ii.i.i Every purchase you make with your nate App will be subject to a Service Fee. The Service Fee is used to maintain nate services and related services necessary to process your nate App purchases and your payments to us for your purchases. The Service Fee will be charged to your chosen payment method on the date of the purchase. For Pay Later transactions, the Service fee will be divided into four equal amounts, each added to one of the four installments.

ii.ii pay later
ii.ii.i timing and amount of charges. The Pay Later Option is currently only available for purchases of $50 or more. We reserve the right to change this amount with notice. If you have chosen the Pay Later option as of the time of your App transaction, then your Account will be charged for the transaction in 4 substantially equal installments. The first installment will be charged to your Account at the time of your nate App purchase or as soon as the purchase transaction can be processed. The first installment will also include 1/4th of the Service Fee. Each of the other 3 installments (each with 1/4th of the Service Fee) will be charged to your Account at approximately two-week intervals, with the full installment plan being complete at the end of approximately 6 weeks after the nate App purchase.

ii.ii.ii your authorizations. By choosing Pay Later as your payment option, (i) you are instructing nate, and agreeing to allow nate, to send the total purchase price to the merchant on your behalf; (ii) you authorize nate to charge the Service Fee to your Account; and (iii) you authorize nate to charge your Account for the full amount of the purchase transaction in four substantially equal installments and on the following schedule (the “Payment Schedule”):

ii.ii.ii.i initial payment. The Initial Payment is your first of four payments and is due as soon as the order is placed or the purchase is made. The Initial Payment will be equal to approximately one-fourth of the total amount of your nate App purchase, plus the Service Fee plus taxes, and any shipping and handling fees, which nate will automatically charge to your Account for the Initial Payment.

ii.ii.ii.ii installment payments. Approximately two weeks after the Initial Payment is charged to your Account, nate will charge approximately one-fourth of the purchase amount to your Account (an “Installment Payment”), and will charge another Installment Payment to your Account approximately every two weeks thereafter until a total of three Installment Payments have been made. This payment schedule means that your last Installment Payment will be made approximately 6 weeks after the Initial Payment so long as all payments are made as scheduled as required by this Agreement.

ii.ii.iii By choosing the Pay Later option, you acknowledge and agree to these terms and the structure of the Payment Plan. If you do not agree to these Pay Later terms then you may not use the Pay Later option. By proceeding with Pay Later as your chosen payment method, you are agreeing to these terms as well as the determined Payment Plan.

ii.ii.iv interest and finance charges. We charge no interest or any finance charges in connection with your nate App or your use of the Pay Later option.

ii.iii your responsibilities for sufficient funds. You are responsible for ensuring that your Account has sufficient available funds to pay for your nate App purchases and the Service Fee at the time of the nate purchase and at the time of each Installment Payment (“Sufficient Funds”). If your Account does not have Sufficient Funds at the time of the purchase transaction, your purchase transaction may be declined. If you fail to make a payment when due under this Agreement, your nate App will be deactivated, and you will not be able to make any purchases with the nate App until such time that the amount due and the Reactivation Fee is paid in full. In addition, if your Account does not have Sufficient Funds at the time of the App purchase and/or Installment Payment but we process it anyway, your bank may charge you fees for overdrawing your Account. If you overdraw your Account, that may also result in you breaching the terms of your applicable agreement with the bank and may impact your credit rating. We reserve the right to cancel or modify the Pay Later terms at any time on notice. We reserve the right to suspend or terminate your ability to use Pay Later if we believe in good faith that you lack sufficient funds to pay or if your credit rating is insufficient. We reserve the right to put a cap on the maximum size of a purchase that can be financed via Pay Later.

ii.iv payment processing
ii.iv.i automatic payments:
All Pay Later payments, including both the Initial Payment and Installment Payments for the Pay Later option, will be done automatically via debit withdrawals from your chosen Account. You will choose your preferred Account upon enrollment, and have the option to choose for each individual purchase. In doing so you authorize us to make preauthorized electronic funds transfers from that Account. Due to bank and automated clearing house processing windows, you may not see the Pay Later charge as debited from your Account until up to 3 days after the date of your installment payment transaction. Nothing requires you to use the Pay Later option; you may always use the nate App solely for Pay Now transactions. If you would like to pay with a different payment method, please contact us via our in-app chat or through email at hi@nate.tech

ii.iv.ii payment issues; failed payments; and account activation and reactivation: If any charge by us to your Account is rejected by the bank holding your Account due to insufficient funds in your Account, or otherwise cannot be processed and received by us (a “Failed Payment”), we reserve the right to automatically reattempt to collect that payment at a later time or date. We will retry initially with the same Account. If a grace period of an additional 3 days has elapsed, nate reserves the right to charge any other payment method you have on file for the full amount outstanding, as well as the Reactivation Fee. In addition, upon any initial Failed Payment, we will deactivate your nate App. That will mean that you can no longer use your App to purchase items with any payment method, whether using the Pay Now or the Pay Later option, unless and until (1) we have been able to collect the Failed Payment and (2) you pay a Reactivation Fee to reactivate your App purchasing services. When we make the charge to your Account to try to obtain the funds for a Failed Payment, you agree that (unless you notify us otherwise) we also will automatically add the Reactivation Fee to the amount that we charge to your Account for the Failed Payment. If we are able to charge your Account for the Failed Payment and the Reactivation Fee, we will automatically reactivate your App purchasing privileges. If we are only able to charge your account for the Failed Payment, but not the Reactivation fee, we will charge for the Failed Payment, but your nate App purchasing privileges will continue to be suspended. If you used the Pay Later option for the App transaction that resulted in a Failed Payment and we are unable to charge your Account for the amount of the Failed Payment and the Reactivation Fee, we will add the total of those amounts to your next scheduled Installment Payment (if applicable).


iii. reactivation fee limits
iii.i We will not charge more than two Reactivation Fees, for a total of $20, relating to any single App purchase. nate will also not charge fees for Reactivation where, or to the extent, prohibited by law. Pay Later Example: You miss Installment Payment #2 and we are unable to collect the Reactivation Fee or the amount of the Failed Payment. If you then also miss Installment Payment #3, we will not charge an additional Reactivation Fee because your App Account is already deactivated. However, if we were able to collect the Reactivation Fee related to Installment Payment #2 and reactivate your account, we would charge a second Reactivation Fee if Installment #3 is missed. However, in no cases would we charge more than two Reactivation Fees for a single App purchase.

vi. fees
vi.i You promise to pay all fees applicable to your nate App transactions, as described in this Agreement.

v. negative credit reports
YOU ARE HEREBY NOTIFIED THAT A NEGATIVE CREDIT REPORT REFLECTING YOUR CREDIT HISTORY WITH US MAY BE SUBMITTED TO A CREDIT-REPORTING AGENCY IF YOU FAIL TO FULFILL THE TERMS OF YOUR NATE APP OBLIGATIONS. LATE PAYMENTS, MISSED PAYMENTS, OR OTHER DEFAULTS ON YOUR NATE APP MAY BE REFLECTED IN YOUR CREDIT REPORT.