Using a collateralized loan for Payment Plans
Because Biostar Software and Hardware can be used as personal collateral, a security deposit policy can be helpful to better understand how a **Biostar in-house loans** work and the borrowers obligations.
Personal loans can be offered by banks, credit unions, and online lenders. Applicants are approved based on their credit score and financial history, with lower interest rates and terms offered to applicants with higher credit scores and a better history of paying off their bills on time.
If you don’t have excellent credit, you can take out a secured loan with a **Biostar in-house loan** to receive lower rates. The reason a secured loan may help you receive a lower rate is due to the collateral you are attaching to the loan in the event you can’t keep up with repayment. Personal loans are a form of debt and the interest you will be charged will mean that you need to pay off more than just the cost of the security deposit itself.
Once the **Biostar in-house loan** is approved, the funds are disbursed, and the borrower can purchase immediately. Then the borrower will make regular monthly payments to repay the loan.
Security Deposit Policy:
In order to secure in-house loans, a special internet key is used to meter the use of the software or hardware "collateral". Our billing system determines when a bill is paid or not, and automatically triggers the activation of the license key. In the event that a bill is not paid, the system triggers a deactivation of the license key.
The following obligations apply to all unpaid fees, loans, payment plans or similar payments:
I understand my pc must maintain constant Internet connection in order to use my Hardware/Software
In the case that my pc is disconnected from the internet, I understand that my applications will not start and automatically terminate.
I understand my current or past license key will be used as collateral to secure debt for all fees, loans, payment plans and/or subscriptions.
In the case of non-payment, or late payment, the license key and the billing system will automatically disable the software license and/or support terminated.
After 30 days, in the case of prolonged non-payment, support will be terminated.
After 60 days, in the case of prolonged non-payment, payment plan will be terminated, and payment in full will be required.
A late fee of $25 will need to be paid prior to reactivation.
A reconnection fee of $50 will need to be paid prior to reactivation.
Updated on: 10 / 11 / 2021