You're pre-approved for the orange loan account

[TrevorHere]

So, I've had their 1k "overdraft loc" since the inception of the electric orange. Now it appears this is a new product. any other ING customers receive this email?

 

 

Edited January 15, 2010 by TrevorHere

[more credit less cash]

Interesting... personal LoC with variable 8.9% APR is pretty good. You should call them and ask if they report to CRAs or not, and if it will become available to everyone.

[craigg]

The 8.9% rate is not bad. Is it fixed or prime plus 5.65? A 25K line is okay but you may want to be cautious on that "up to" language. I know if they tossed you a 5K line it would be meaningless even if hard free

[TrevorHere]

Here is the info once I click on the link:

 

You've been pre-approved for an Orange Loan Account, an easy-to-access line of credit.

We're offering you up to $25,000 at a rate of 8.900% APR.

 

This offer is the simple outcome of these wishful questions:

 

What if you had more control over your finances?

What if borrowing money felt responsible?

What if you had money when you needed it, so you could cover the unexpected and plan for the expected—without dismantling your savings or surrendering to a high interest loan?

We asked these questions, and we came up with the Orange Loan Account, responsible borrowing made simple.

 

Our first simplification? Pre-approval. There's no lengthy credit check. No tedious forms. Just easy access to money when you need it. Accept the offer and you'll immediately receive your line of credit.

 

 

So, does that mean no hard pull?

[kevinkev99]

I'm with craigg, "up to" scares me.

[TrevorHere]

I'm with craigg, "up to" scares me.

 

Yep. I'd want at least the 25K, not any amount up to...

[kevinkev99]

Well, if you get a pull, chances are its a bumpable EQ.

 

I've had an ing direct acct since 2001, and have not gotten the email.

 

Only one way to find out....

Edited January 15, 2010 by kevinkev99

[TrevorHere]

Get ready, here are the T&C's:

 

This is the Orange Loan Account Agreement, also known as Terms and Conditions. Oh, the excitement! Okay, okay. But, really, there is important information here—we're trying to make the Orange Loan Account as easy to understand as it is to access—so grab a coffee and read on.

 

Please note that these are the terms that govern your ING DIRECT Orange Loan Account, so when you're finishing reading, please keep a copy for your records. Also, just to state the obvious, when we use the words "you" and "your", we're referring to the applicant; the words "the Bank, "our", "us", "we" and "ING DIRECT" mean ING Bank, fsb.

 

THE BASICS:

You can open a deposit account with us if you are a citizen or permanent resident (per the U.S. Citizenship and Immigration Services) of the 50 United States and the District of Columbia (the "U.S."), are at least 18 years old and have an existing, active deposit account with ING DIRECT. (Although you may also have a personal checking account at another U.S. chartered bank that is linked to your Orange Loan Account.) You must also be an e1st Customer. That means that you must keep us supplied with your valid email address, and you must agree to accept electronic delivery of all written communication from us.

 

When you open the account, you link it to a deposit account—whether it's an account you already have open with ING DIRECT or an external account. Your account is activated when you move funds from your Orange Loan Account ("Account") into to your ING DIRECT or your linked external account, which you can do through our website or by calling us. Your initial credit limit is the amount you see when we open an Account for you, and we may increase or decrease your credit limit at any time. We will only advance a loan up to the amount of your available credit limit.

 

WE'RE SERIOUS ABOUT YOUR SECURITY:

To protect your Account, we reserve the right to ask you to confirm any of your electronic instructions before we process a loan advance ("Advance"). However, we're not required to confirm any advance that looks like it was made by you, so we won't be liable if we don't contact you. Also, since we're not required to confirm the actual identity or authority of anyone who uses your electronic identification, like your personal identification number, we need you to agree to keep your electronic identification secret and safe to prevent unauthorized use—otherwise, you may be responsible for any loss that stems from leaking that information. So, please tell us immediately if any part of your electronic identification has been lost or stolen. (See Section 12 for more details.)

 

KEEPING GOOD CREDIT:

We approved you for an Orange Loan Account because you've demonstrated a strong credit history and met our credit criteria. (Yes, we know, you rock.) But you agree that in connection with your application for an Account, we reserve the right to obtain additional credit information about you from one or more credit reporting agencies, and to obtain follow-up credit reports on you in connection with the maintenance, review or collection of your Account.

 

YOUR PROMISE TO PAY:

You promise to pay the total amount of all Advances, plus Finance Charges and any other amounts, owed under this Agreement. Payments may only be made by using our website or by calling us.

 

AND YOUR TIMELINESS OF REPAYMENT:

Minimum Payment. Your "Billing Cycle" will be a period of approximately 28 to 34 days, depending on the particular Billing Cycle. The minimum payment due each Billing Cycle is the greater of (a) $50.00 or ( three percent (3.0%) of the outstanding unpaid Advances as of the close of the Billing Cycle, plus any past due minimum payment from previous Billing Cycles, plus any amount by which you have exceeded your credit limit, plus any late charges. Quite the equation, we know—so borrow responsibly, make your payments on time and you'll keep it simple. Want to be certain that you're paying on time? Set up an Automatic Payment Plan—this will automatically draw funds from your linked account to pay off your minimum for each Billing Cycle. When your New Balance becomes less than $50.00, your minimum payment will equal your New Balance. (That's good news—it means your loan is almost paid off.)

Prepayment. Of course, you may pay more than the minimum payment due without penalty, but please know that additional payments will not change the minimum payment described above. You may make an additional payment by using our website or calling us.

Crediting Payments. Our bank business days include every day other than Saturday, Sunday or one of the Federal Holidays, or other days we are closed ("bank business day"). We'll credit your Account with a payment as of the bank business day we received the payment (or the bank business day you authorize the payment to made if you make a payment using our website or by calling us and you authorize the payment by 11:59 p.m. Eastern Time on that bank business day) if the payment was an Automatic Loan Payment or if we received a payment with a client identification number or an account number at the address we specified for payments on your Statement. Any other payment to your Account will be credited as of the bank business day after we receive it.

Application of Payments. We'll apply your payments and credits first to late and insufficient funds charges and then to billed and unpaid Finance Charges from prior Billing Cycles before applying them to Advances.

Payments Marked "Paid in Full". If you or anyone else, marks a check, money order, or other instrument sent as payment on your Account "paid in full" or uses a similar phrase on or with the check, money order or other instrument, in order to settle a debt owed on your Account that is reasonably in dispute, you must send the check, money order or other instrument (and any accompanying letter or other instructions) to: ING DIRECT, Attn: Post Closing Department, 30 7th Avenue South, St. Cloud, MN 56301.

For any payment you send to any other address (including without limitation any Automatic Loan Payment and any payment you make using your E-Identification), you agree that (i) we may ignore any special notations or instructions on or with the payment, and (ii) our crediting any such payment to the Account does not mean that we have agreed to any special notations or instructions on or with the payment.

 

No Waiver. We may accept late or partial payments, and payments that do not comply with our requirements, without losing any of our rights under this Agreement.

STATEMENTS AND NOTICES:

At the end of a Billing Cycle, if there was activity on your Account, we'll make your Statement available to you via our website (www.ingdirect.com) showing what you owe as of the end of the Billing Cycle. The Statement will show the New Balance, any Finance Charges you owe for the Billing Cycle, the minimum payment due and the payment due date. The Statement will also show your current credit limit, an itemized list of new Advances, payments and credits and other important information. Your most recent Statement is the best evidence of what you owe on your Account as of the end of that Billing Cycle.

 

We only send statements to the most recent address we have on file for you, so you'll need to notify us promptly of any change in your e-mail address and other contact information by using our website or calling us.

 

CALCULATING YOUR NEW BALANCE:

The total outstanding balance on your Account as of the last day of a Billing Cycle (including all outstanding Advances and all accrued and unpaid Finance Charges) appears as the "New Balance" on your Statement. To determine the "New Balance," we take the total outstanding unpaid Advances at the end of the Billing Cycle (which includes any new Advances posted to your Account during the Billing Cycle less the portion of any payments and credits applied to your principal balance). Then we add all accrued and unpaid Finance Charges through the end of the Billing Cycle (after subtracting the portion of any payments and credits applied towards such Finance Charges), and other applicable adjustments. The result is the "New Balance" for your Account as of the last day of a Billing Cycle.

 

ANNUAL PERCENTAGE RATE:

Initial Annual Percentage Rate. The initial Annual Percentage Rate (APR) for the Account and its corresponding daily periodic rate are shown in the materials we send you when we open or activate an Account for you. The daily periodic rate is the applicable APR divided by 365. (Or 366 in leap year. Yay, leap years.)

Variable Annual Percentage Rate. The initial APR for the Account will change (increase or decrease), as often as once each bank business day, based on the following formula:

First, we will take the value of an "Index". The Index is the ING DIRECT Prime Rate as published on the "Products and Rates" page of www.ingdirect.com. The ING DIRECT Prime Rate mirrors the Wall Street Journal Prime rate which is defined as the base rate on corporate loans posted by at least 75% of the nation's 30 largest banks.

 

Then, we'll add a "margin" to this Index value and we'll tell you what the margin is when you apply for the Account. The margin is subject to change at any time.

 

The APR for the Account will equal the applicable margin plus the applicable Index value.

 

The APR may change daily based on the most recent Index value and margin in effect as of the start of the day. The APR will increase if the Index or the margin increases. If your APR increases, the Finance Charge you owe will also increase. If your APR decreases, the Finance Charge you owe will decrease. See Section 18 for details on additions or changes to the terms of the Agreement.

 

FINANCE CHARGE:

We will charge a Finance Charge on Advances from the day of the Advance to the day as of which we credit payment in full of the Advance, as follows:

 

We start with the total outstanding unpaid Advances at the beginning of the Billing Cycle (called the "Opening Principal Balance" on the Statement). The "Opening Principal Balance" does not include any accrued or unpaid Finance Charge.

On each day of the Billing Cycle we subtract payments and credits (except for the portion of payments and credits applied towards billed and unpaid Finance Charges), add new Advances, and make other appropriate adjustments. This gives us a daily balance for Advances. Unless we elect to use a later date, we add new Advances to the daily balance as of the date of the new Advance.

On each day of the Billing Cycle we multiply the daily balance for Advances by the applicable daily periodic rate for Advances. The resulting number is your Finance Charge for that day. Then we add up all the Finance Charges for each day in the Billing Cycle. The resulting number is your total Finance Charge for the Billing Cycle.

ACCOUNT CHARGES (A.K.A. THE ONES WE HOPE YOU'LL AVOID BY PAYING ON TIME):

We may impose a charge on your Account if you fail to make a payment on or before the date it is due, in which case a $20.00 late charge will be assessed.

 

CREDIT BALANCE:

We don't pay any interest on credit balances. So, go put that spare money in your other ING DIRECT account and earn some interest.

 

MORE ABOUT LOST OR STOLEN IDENTIFICATION. (LIKE WE SAID, WE'RE REALLY REALLY SERIOUS ABOUT YOUR SECURITY.):

If any part of your E-Identification, or any access device we may issue in connection with the Account (such as any card), is lost or stolen, or if you think someone has used or may use your E-Identification or access device without your permission, notify us AT ONCE by calling 1-888-ING-0727 (that is, 1-888-464-0727). Unless prohibited by applicable law, we may close your Account if you fail to notify us immediately of any of these events.

 

You will be liable for unauthorized use of your Account that occurs before you notify us of the loss, theft, or possible unauthorized use of E-Identification or Account access device, to the fullest extent permitted by applicable law.

 

You will not be liable for unauthorized use of your Account that occurs after you notify us of the loss, theft, or possible unauthorized use of E-Identification or Account access device.

 

We may require you to provide certain information in writing to help us find out what happened. You also must identify for us any Advances shown on your Statement that were not requested by you or someone authorized by you, and from which you received no benefit.

 

Don't use your E-Identification or Account access device after we've been notified.

 

You agree that we will close the Account to new Advances, change the Account number and require you to obtain new E-Identification, if we have been notified of the possible loss, theft or unauthorized use of your E-Identification or Account access device.

 

CLOSING YOUR ACCOUNT:

You May Ask Us to Close Your Account. You may ask us to close your Account to new Advances at any time, by using our website or calling us. You agree to give us at least ten (10) days' advance notice when you notify us, and also to stop using the Account immediately after you notify us in writing that you want us to close your Account to new Advances.

You remain responsible for all new Advances and Finance Charges posted to your Account before we close the Account to new Advances, subject to Section 12 above.

 

We May Close Your Account. We may close your Account to new Advances at any time, regardless of whether you are in default. If there's no activity on your Account for 18 months, we'll close your Account. This is because there are costs associated with keeping your account open, even if it's inactive, and if you're not using it, we'd like to be able to offer it to someone who will. If we close your Account to new Advances, you agree to pay us all amounts you owe under this Agreement, under the terms and conditions of this Agreement. If you are in default, we may close your Account and require you to pay us immediately the entire amount you owe under this Agreement, in full. If we do this, we may also require you to pay us immediately the entire amount you owe under other loans or accounts you may have with us (subject to any contrary agreement we may have with you in connection with those other loans or accounts).

After We Close Your Account. After we close your Account, you remain responsible for all Finance Charges that continue to accrue on, or that are otherwise attributable to, any Advances we processed before we closed your Account to new Advances.

DEFAULT:

You will be in default, and we will not be obligated to honor any request for an Advance (even if we do not give you advance notice) if we do not receive a payment when due or you break one of your promises under this Agreement, or we reasonably believe that the prospect of your future payment or performance has been impaired.

 

Here Comes the REALLY Hardcore Legal Stuff:

OUR RIGHTS:

General. If you are in default under this Agreement, we may, at our option and without advance notice, close your Account, and require you to pay us immediately the entire amount you owe under this Agreement, in full. If we close the Account, you agree to stop using the Account immediately upon our request, and to return any Account access device we may have issued.

Collection Costs. We may refer any past due amounts you owe under this Agreement to a collection agency or lawyer for collection. In such case, you agree to pay us our reasonable costs of collection including collection agency costs, court costs and attorneys' costs to the fullest extent permitted by applicable law.

DELAY IN ENFORCEMENT:

We may delay enforcing any of our rights or remedies under this Agreement or under applicable law without losing any of those rights or remedies. Even if we do not enforce our rights or remedies at any one time, we may enforce them at a later time.

 

INFORMATION REPORTING:

General. We may report your performance under this Agreement to credit reporting agencies and others, to the fullest extent permitted by law, including your failure to make payments in the required amount when due. A negative credit report may significantly harm your ability to obtain credit from other sources.

Account Servicers. You agree that we may give information about you and your Account to any third party assisting us with the servicing of the Account, and to any third party reasonably needing the information to process any Advance or other Account transaction.

Updating Information. You agree to give us information updating your finances and employment and any other information we may reasonably request, promptly after our request. If you do not give us such information promptly, we may close your Account to new Advances, and we may also consider you to be in default under this Agreement.

CHANGE IN TERMS:

WE MAY AT ANY TIME NOTIFY YOU OF AN ADDITION OR A CHANGE IN ANY OF THE TERMS OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, HOW WE COMPUTE THE ANNUAL PERCENTAGE RATE OR FINANCE CHARGE ON YOUR ACCOUNT AND ANY CHARGES THAT MAY BE IMPOSED ON THE ACCOUNT. ANY ADDITION OR CHANGE MAY AFFECT CURRENT AND FUTURE ACCOUNT BALANCES AND PAYMENTS AS PERMITTED BY APPLICABLE LAW.

 

OUR LIMITED LIABILITY:

Unless applicable law expressly requires otherwise, we will not be liable to you for any direct, indirect or consequential loss, damage or inconvenience arising directly or indirectly out of your use of, malfunction, cancellation, restriction or inability to access, your E-Identification or your Account by any means.

 

Unless applicable law expressly requires otherwise, we won't be responsible for any damages suffered by you or any inconvenience caused directly or indirectly by our failure to complete any requested Advance in accordance with your instructions.

 

MISCELLANEOUS:

Certain Waivers. You waive the right of "presentment" and "notice of dishonor." "Presentment" means the right to require us to demand payment of amounts due under this Agreement. "Notice of dishonor" means the right to require us to give notice to other persons that amounts due under this Agreement have not been paid. You also waive demand for payment, protest, notice of protest, and all other notices and demands, to the fullest extent permitted by applicable law.

Governing Law. This Agreement is entered into in the State of Delaware. We make decisions about granting credit and extend credit from our offices in Delaware. Delaware and federal law (including Delaware and federal law concerning permissible rates and charges, such as 12 U.S.C. Section 1463(g)), without regard to Delaware principles of conflicts of laws, will govern this Agreement and your Account.

If any term of this Agreement is held invalid or unenforceable by an arbitration proceeding, court or administrative agency having proper jurisdiction, the remainder of this Agreement shall remain in effect.

 

If a law, which applies to this Agreement and which sets maximum charges, is finally interpreted so that the charges collected or to be collected in connection with this Agreement exceed the permitted limits, then: (i) any such charge shall be reduced to the permitted limit; and (ii) any sums already collected that exceeded permitted limits will be refunded. We may refund such sums by applying the amount of the refund as a credit or prepayment towards the amounts you owe under this Agreement at that time.

 

Assignment. We may assign your Account and our rights under this Agreement to our affiliates or to another financial institution or company without advance notice to you. That entity will take our place in this Agreement if such assignment occurs. You may not assign or transfer the Account or any of your responsibilities under this Agreement to any other person without first obtaining our written consent. We do not have to give our consent.

No Security. This Account is unsecured. We are not taking a security interest in any property in connection with this Account.

Evidence. You agree that we may use an electronic copy, microfilm, microfiche or digital image of this Agreement, any Statement and any other document to prove what you owe us, and that the electronic copy, microfilm, microfiche or digital image will have the same validity as the original.

Captions. The captions used in this Agreement are for convenience only. They do not affect the meaning of the paragraphs in this Agreement.

JURY TRIAL WAIVER - YOU AGREE TO GIVE UP YOUR RIGHT TO A TRIAL BEFORE A JURY:

To the fullest extent permitted by applicable state and federal law, you and we each agree to waive the constitutional right to a trial before a jury. Our disputes will be resolved either through arbitration or in the courts, in either case without any jury.

 

YOUR BILLING RIGHTS - KEEP THIS NOTICE FOR FUTURE USE:

This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.

 

Notify Us In Case of Errors or Questions About Your Statement

If you think your Statement is wrong, or if you need more information about a transaction on your Statement, write to us on a separate sheet at ING DIRECT, P.O. Box 17117, Wilmington, Delaware 19885-7117. Write to us as soon as possible. We must hear from you no later than 60 days after we sent you the FIRST Statement in which the error or problem appeared. You can telephone us or e-mail us, but doing so will not preserve your rights.

 

In your letter, give us the following information:

 

Your name and Account number;

The dollar amount of the suspected error; and

Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item you are not sure about.

Your Rights and Our Responsibilities After We Receive Your Written Notice

We must acknowledge your letter within 30 days, unless we have corrected the error by then. Within 90 days, we must either correct the error or explain why we believe the Statement was correct.

 

After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. We can continue to bill you for the amount you question, including finance charges, and we can apply any unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay the parts of your Statement that are not in question.

 

If we find that we made a mistake on your Statement, you will not have to pay any finance charges related to any questioned amount. If we didn't make a mistake, you may have to pay finance charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that it is due.

 

If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and you write to us within ten days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your Statement. And, we must tell you the name of anyone we reported you to. We must tell anyone we report you to that the matter has been settled between us when it finally is.

 

If we don't follow these rules, we can't collect the first $50 of the questioned amount, even if your Statement was correct.

[craigg]

It's a variable rate at prime plus 5.65 and it can be changed at any time. I wouldn't apply for it cold as I don't really trust ING. The rate is similar to PenFed but I feel PenFed is the more reputable lender. You could freeze your report(s) and see what they offer with little risk.

[Ron1]

I also got Orange Electric Checking with $1K LOC and I haven't gotten any Orange Loan Pre-approval from them thru email.

 

 

Ron.

Edited January 15, 2010 by Ron1

[johnnyt6]

Hey trev, freeze and pull report back.

[TrevorHere]

Well, according to the csr I am approved for the 25K and all I need to do is click the link to accept. csr indicated that the offer is only good for 30 days and there will be no hard pull - a soft apparently approve me for the offer.

 

Because I don't trust the no hard pull statement 100% and I have my eye on something (which is why I'm impatient for one more EQ b*) I will wait until I decide on that.

 

There was no hard pull when I first opened the account 4-5 years ago. And the 1K loc came out with the ING electric orange package, there also was no hard pull. It's my understanding that they do pull for recent customers signing up for a new account - and from what has been reported it is EQ that they favor.

 

So I will wait...

Edited January 15, 2010 by TrevorHere
need caffeine LOL

[murkmurk]

I had a similar letter and received a hard pull

[TrevorHere]

I had a similar letter and received a hard pull

 

See, I never fully trust a "soft not hard" pull claim from a csr. I'm always ready for them to pull a hard before I decide to go ahead with the acceptance or request.

 

Did you receive the full 25K?

 

Apparently this was actually just rolled out yesterday...

Edited January 15, 2010 by TrevorHere

[vintagespeed]

...So I will wait...

 

you made us read 3 pages of T&Cs for THIS?????

 

what a buzz kill.

[TrevorHere]

...So I will wait...

 

you made us read 3 pages of T&Cs for THIS?????

 

what a buzz kill.

 

 

I'll be making my decision as soon as this afternoon...

[more credit less cash]

...So I will wait...

 

you made us read 3 pages of T&Cs for THIS?????

 

what a buzz kill.

 

 

I'll be making my decision as soon as this afternoon...

 

So... it's 1:41PM EST... what's your decision?

[TrevorHere]

...So I will wait...

 

you made us read 3 pages of T&Cs for THIS?????

 

what a buzz kill.

 

 

I'll be making my decision as soon as this afternoon...

 

So... it's 1:41PM EST... what's your decision?

 

I made my decision on the other card and was approved (another usbank card)

 

Not sure I'm actually going to decide on this loc today.

 

No one else here (besides murk) received this pre-approval?

 

I know some of you have had an orange account for a few years. I want to see someone else pull the trigger first

[centex]

[ I know some of you have had an orange account for a few years. I want to see someone else pull the trigger first

 

there's the problem with society today...nobody ever BOTHERS to start a path. If the path is there, hey, a path, let's go down it...but to START a path....oh, no...can't do THAT.

 

[more credit less cash]

No one else here (besides murk) received this pre-approval?

 

I know some of you have had an orange account for a few years. I want to see someone else pull the trigger first

 

[TrevorHere]

[ I know some of you have had an orange account for a few years. I want to see someone else pull the trigger first

 

there's the problem with society today...nobody ever BOTHERS to start a path. If the path is there, hey, a path, let's go down it...but to START a path....oh, no...can't do THAT.

 

 

 

Does that mean you also received the pre-approval?

[kevinkev99]

No email here, but I guess its because I've had only the orange savings since 2001. I opened Electric just a few months ago.

[TrevorHere]

No email here, but I guess its because I've had only the orange savings since 2001. I opened Electric just a few months ago.

 

You've had an account longer than me then. I opened mine in either late 2004 or early 2005.

[TrevorHere]

No hard pull.

 

[CIO]

Congrats, Trevor! Very nice. You're making my app finger itchy for the PenFed LOC now.