Berru Charitable Foundation
Last Updated: December 15, 2024
Welcome to Berru Charitable Foundation ("Foundation," "we," "us," or "our"). These Terms of Service ("Terms") constitute a legally binding agreement between you ("Borrower," "you," or "your") and Berru Charitable Foundation regarding your use of our financial services, including but not limited to charitable loans, educational grants, and related financial assistance programs.
By submitting an application for financial assistance, accepting funds, or utilizing any services provided by the Foundation, you acknowledge that you have read, understood, and agree to be bound by these Terms, as well as our Privacy Policy and any additional terms and conditions that may apply to specific programs or services.
The Foundation reserves the right to modify, amend, or update these Terms at any time without prior notice. Any changes will become effective immediately upon posting on our website at https://berrucharity.com. Your continued use of our services following the posting of revised Terms constitutes your acceptance of such changes. We encourage you to review these Terms periodically to stay informed of any updates.
If you do not agree with any provision of these Terms, you must immediately cease using our services and contact us to discuss the termination of any existing agreements.
To be eligible for financial assistance from the Foundation, applicants must meet the following minimum requirements:
All applicants must complete the Foundation's official application form and submit the following documentation:
The Foundation reserves the right to request additional documentation or information at any time during the application review process or throughout the term of any financial assistance agreement. Failure to provide requested documentation within the specified timeframe may result in application denial or termination of existing agreements.
All applications are subject to thorough review and approval by the Foundation's evaluation committee. The review process typically takes 10-15 business days from the date of complete application submission. The Foundation may conduct background checks, credit inquiries, employment verification, and reference checks as part of the evaluation process.
Approval is not guaranteed and is granted at the sole discretion of the Foundation based on available funds, program priorities, and applicant qualifications. The Foundation is not obligated to provide reasons for application denial and reserves the right to reject any application without explanation.
The Foundation offers charitable loans ranging from $500 to $50,000, depending on the specific program, demonstrated need, and available funding. Loan amounts are determined on a case-by-case basis following comprehensive evaluation of the applicant's financial situation, purpose of the loan, and ability to repay.
Upon approval, funds will be disbursed via electronic transfer to the bank account specified in your application within 5-7 business days. In certain circumstances, the Foundation may issue funds directly to educational institutions, service providers, or other third parties as specified in the loan agreement. Borrowers are responsible for ensuring accurate banking information is provided; the Foundation is not liable for delays or misdirected funds resulting from incorrect information.
Loan repayment terms are established based on the loan amount, program type, and borrower's financial capacity. Standard repayment periods range from 12 months to 60 months, with specific terms outlined in your individual loan agreement. The Foundation offers the following general repayment structures:
Monthly payment amounts are calculated to include principal and interest (if applicable) and are due on the same day each month as specified in your loan agreement. The first payment is typically due 30 days after loan disbursement unless otherwise specified.
Borrowers may prepay their loans in full or make additional principal payments at any time without penalty. Prepayments will be applied first to any outstanding fees or charges, then to accrued interest, and finally to the principal balance. Early repayment does not excuse borrowers from any obligations incurred prior to full repayment. To make a prepayment, borrowers must contact the Foundation at 640 235 0163 or berru@berrucharity.com to obtain payoff information and instructions.
As a charitable foundation committed to serving our community, we strive to offer competitive and fair interest rates that reflect our mission while ensuring the sustainability of our programs. Interest rates are determined based on several factors including loan amount, repayment term, borrower creditworthiness, program type, and current market conditions.
Our standard interest rate ranges are as follows:
The Foundation primarily offers fixed-rate loans, meaning your interest rate remains constant throughout the entire repayment period. This provides predictability and stability in your monthly payment amounts. Your specific interest rate will be clearly stated in your loan agreement and will not change unless you refinance or modify your loan terms with Foundation approval.
In limited circumstances, the Foundation may offer variable-rate loans tied to a specified index (such as the Prime Rate or LIBOR). Variable-rate loans will include clear disclosure of the index used, margin applied, rate adjustment frequency, and any caps on rate increases. Borrowers with variable-rate loans will receive written notice at least 30 days prior to any rate adjustment.
Interest is calculated using the simple interest method on the outstanding principal balance. Interest accrues daily from the date of loan disbursement and is included in your monthly payment amount. The specific calculation method is: (Principal Balance × Annual Interest Rate) ÷ 365 days × Number of Days in Period.
For loans with grace periods (such as educational loans), interest may be deferred during the grace period, meaning it does not accrue or is subsidized by the Foundation. The terms of any grace period, including whether interest accrues and when repayment begins, will be clearly specified in your loan agreement.
The Foundation does not charge application fees for any of our charitable loan programs. We believe that access to financial assistance should not be hindered by upfront costs. However, approved loans may be subject to an origination fee to cover administrative costs associated with processing, underwriting, and disbursing your loan.
Origination fees, when applicable, are calculated as follows:
Origination fees may be deducted from the loan proceeds at disbursement or added to the principal balance and amortized over the loan term, as specified in your loan agreement.
Timely payment is essential to maintaining your loan in good standing. Payments are considered late if not received by the due date specified in your loan agreement. The Foundation provides a grace period of 10 days after the due date before assessing late fees.
Late payment fees are structured as follows:
Late payments may also result in negative reporting to credit bureaus, which can adversely affect your credit score. If you anticipate difficulty making a payment, please contact us immediately at 640 235 0163 to discuss alternative arrangements.
If a payment is returned due to insufficient funds (NSF), closed account, or any other reason, the Foundation will assess a returned payment fee of $30 per occurrence. This fee covers the administrative costs associated with processing the returned payment and attempting to collect the outstanding amount.
After a returned payment, the Foundation may require future payments to be made via certified funds, money order, or cashier's check. Multiple returned payments may result in acceleration of the loan balance or other remedies as outlined in Section 7 of these Terms.
Additional fees may apply in certain circumstances:
All fees are subject to applicable state law limitations and will not exceed the maximum amounts permitted by law. The Foundation reserves the right to waive fees on a case-by-case basis for borrowers experiencing genuine financial hardship.
By accepting a loan from the Foundation, you agree to repay the full principal amount plus any applicable interest and fees according to the payment schedule outlined in your loan agreement. You are responsible for ensuring that payments are received by the Foundation on or before the due date each month, regardless of whether you receive a payment reminder or statement.
Payment methods accepted include:
You are responsible for any fees charged by your financial institution for payment processing. Payments made by mail should be sent at least 7 business days before the due date to ensure timely receipt.
You agree to provide accurate, complete, and truthful information in your application and throughout the term of your loan. You must promptly notify the Foundation of any changes to your contact information, employment status, financial circumstances, or other material information within 15 days of such change.
Required updates include but are not limited to:
Failure to maintain current contact information may result in missed communications, late payment fees, and potential default. You can update your information by calling 640 235 0163, emailing berru@berrucharity.com, or logging into your online account portal.
Loan funds must be used solely for the purpose stated in your application and approved by the Foundation. Misuse of funds, including but not limited to using loan proceeds for illegal activities, gambling, speculative investments, or purposes other than those disclosed in your application, constitutes a material breach of these Terms and may result in immediate acceleration of the loan balance and legal action.
For educational loans, you must maintain enrollment in the approved educational program and provide proof of enrollment upon request. For business-related loans, you must use funds for legitimate business purposes and may be required to provide documentation of fund usage.
You agree to cooperate fully with the Foundation in all matters related to your loan, including responding promptly to requests for information, documentation, or clarification. You agree to maintain open communication with the Foundation and to notify us immediately if you experience financial difficulties that may affect your ability to make payments.
The Foundation is committed to working with borrowers facing temporary hardship and may offer alternative payment arrangements, forbearance, or other assistance programs. However, such accommodations are only available to borrowers who communicate proactively and demonstrate good faith efforts to meet their obligations.
You will be considered in default under your loan agreement if any of the following events occur:
Upon default, the Foundation may exercise any or all of the following remedies:
Before exercising remedies for payment default, the Foundation will provide written notice of default and allow a cure period of 15 days from the date of notice. During this cure period, you may bring your account current by paying all past-due amounts plus any applicable late fees and charges.
If you cure the default within the specified period, your loan will be reinstated to good standing, though the default may still be reported to credit bureaus. The Foundation may, at its sole discretion, allow reinstatement after acceleration if you pay the accelerated balance in full or negotiate a settlement agreement.
The Foundation recognizes that borrowers may experience temporary financial difficulties due to circumstances beyond their control, such as job loss, medical emergencies, natural disasters, or other hardships. We encourage borrowers facing such difficulties to contact us immediately to discuss available options.
Hardship assistance options may include:
Hardship assistance is granted on a case-by-case basis and requires documentation of the hardship circumstances. Approval is not guaranteed and is subject to Foundation policies and available resources. To request hardship assistance, contact us at 640 235 0163 or berru@berrucharity.com.
The Foundation collects, uses, and maintains personal and financial information about you in accordance with applicable federal and state privacy laws, including the Gramm-Leach-Bliley Act (GLBA) and other relevant regulations. The information we collect includes but is not limited to:
We use this information to evaluate your application, process your loan, service your account, comply with legal requirements, prevent fraud, and improve our services. We may also use your information to communicate with you about your account, provide customer service, and inform you of other Foundation programs that may be of interest to you.
The Foundation does not sell, rent, or trade your personal information to third parties for marketing purposes. However, we may share your information with third parties in the following circumstances:
All third parties with whom we share information are required to maintain the confidentiality and security of your information and use it only for the purposes for which it was disclosed.
The Foundation maintains physical, electronic, and procedural safeguards to protect your personal information from unauthorized access, use, or disclosure. Our security measures include:
While we implement robust security measures, no system is completely secure. You are responsible for maintaining the confidentiality of your account credentials and for notifying us immediately if you suspect unauthorized access to your account.
You have certain rights regarding your personal information, including:
For complete details about our privacy practices, please review our Privacy Policy available on our website at https://berrucharity.com or request a copy by contacting us at 640 235 0163 or berru@berrucharity.com.
To exercise your privacy rights or submit a privacy-related inquiry, please contact our Privacy Officer at the address above or email berru@berrucharity.com with "Privacy Request" in the subject line.
Submission of an application does not guarantee approval for financial assistance. The Foundation reserves the right to approve or deny any application in its sole discretion based on eligibility criteria, available funding, program priorities, and other factors. The Foundation is not obligated to provide reasons for application denial and such decisions are final and not subject to appeal.
The Foundation does not provide financial planning, investment, tax, or legal advice. Any information provided by Foundation staff or on our website is for general informational purposes only and should not be construed as professional advice. You are encouraged to consult with qualified financial advisors, tax professionals, or attorneys regarding your specific circumstances before making financial decisions or entering into loan agreements.
To the maximum extent permitted by law, the Foundation, its directors, officers, employees, and agents shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising out of or relating to your loan, these Terms, or your use of Foundation services, including but not limited to:
The Foundation's total liability for any claims arising under these Terms shall not exceed the amount of principal you have paid to the Foundation under your loan agreement.
You agree to indemnify, defend, and hold harmless the Foundation, its directors, officers, employees, agents, and affiliates from and against any and all claims, liabilities, damages, losses, costs, expenses, or fees (including reasonable attorneys' fees) arising from:
The Foundation shall not be liable for any failure or delay in performing its obligations under these Terms due to circumstances beyond its reasonable control, including but not limited to acts of God, natural disasters, war, terrorism, civil unrest, labor disputes, government actions, pandemics, or failures of third-party service providers.
If any provision of these Terms is found to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such provision shall be modified to the minimum extent necessary to make it valid and enforceable, or if such modification is not possible, the provision shall be severed from these Terms. The remaining provisions shall continue in full force and effect.
These Terms and any loan agreements entered into pursuant to these Terms shall be governed by and construed in accordance with the laws of the State of New Jersey, without regard to its conflict of law provisions. Any legal action or proceeding arising out of or relating to these Terms or your loan shall be brought exclusively in the state or federal courts located in Bergen County, New Jersey, and you hereby consent to the personal jurisdiction and venue of such courts.
Before initiating any formal legal proceedings, you agree to first attempt to resolve any dispute, claim, or controversy arising out of or relating to these Terms or your loan through good faith negotiations with the Foundation. You must provide written notice of the dispute to the Foundation at berru@berrucharity.com or 90 Main Street STE 205, Hackensack, NJ 07601, US, describing the nature of the dispute and the relief sought.
The Foundation will respond within 30 days and work with you in good faith to resolve the dispute. If the dispute cannot be resolved through informal negotiations within 60 days of your initial notice, either party may proceed with formal dispute resolution as outlined below.
Except as otherwise provided herein, any dispute, claim, or controversy arising out of or relating to these Terms or your loan that cannot be resolved through informal negotiations shall be resolved through binding arbitration administered by the American Arbitration Association (AAA) in accordance with its Consumer Arbitration Rules then in effect.
The arbitration shall be conducted by a single arbitrator in Bergen County, New Jersey, or at another location mutually agreed upon by the parties. The arbitrator's decision shall be final and binding, and judgment on the award may be entered in any court having jurisdiction. Each party shall bear its own costs and expenses, including attorney fees, unless the arbitrator determines otherwise based on applicable law.
Notwithstanding the arbitration agreement above, either party may bring an action in small claims court if the claim qualifies for such court's jurisdiction. Additionally, the Foundation may seek equitable relief (such as injunctions or specific performance) in court to protect its rights or enforce these Terms without first pursuing arbitration.
You agree that any arbitration or legal proceeding shall be conducted on an individual basis and not as a class action, consolidated action, or representative action. You waive any right to participate in a class action lawsuit or class-wide arbitration against the Foundation. This class action waiver is an essential part of this arbitration agreement, and if it is found to be unenforceable, the entire arbitration agreement shall be null and void.
These Terms, together with your individual loan agreement, Privacy Policy, and any other documents incorporated by reference, constitute the entire agreement between you and the Foundation regarding your loan and supersede all prior or contemporaneous communications, agreements, and understandings, whether written or oral.
The Foundation reserves the right to modify these Terms at any time by posting updated Terms on our website. Material changes will be communicated to active borrowers via email or postal mail at least 30 days before the effective date. Your continued use of our services after the effective date of any changes constitutes acceptance of the modified Terms. If you do not agree to the modified Terms, you must contact us to discuss termination of your loan agreement.
You may not assign, transfer, or delegate your rights or obligations under these Terms or your loan agreement without the prior written consent of the Foundation. The Foundation may assign, transfer, or sell your loan or any rights under these Terms to any third party without your consent, provided that such assignment does not materially alter your rights or obligations. You will be notified of any such assignment.
No waiver of any provision of these Terms shall be deemed or shall constitute a waiver of any other provision, nor shall any waiver constitute a continuing waiver. The Foundation's failure to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision.