Terms of Application

These Terms were last updated on April 7, 2024.

By indicating your acceptance of these Terms of Application (for instance, by clicking the check box or clicking on the button that indicates your agreement to these Terms of Application), you, acting in your individual capacity, hereby represent and agree to the following. PLEASE NOTE THAT THE BELOW CONTAINS AN ARBITRATION PROVISION, A CLASS ACTION WAIVER, AND A JURY WAIVER. YOU MAY OPT OUT AS SET FORTH BELOW.

• You are authorized on behalf of yourself and the business specified in the application (collectively referred to as the “Applicant”) to prepare and submit this application, to submit any accompanying documents, and to provide the consents and authorizations outlined below.
• You are submitting this application to Status Funding and to third-party lenders, finance companies, and/or other third parties engaged in or providing commercial loans or purchases of receivables (together, “Recipients”), and you recognize that Status Funding's role is solely to connect the Applicant with Recipients.
• If this application receives approval, you are authorized to sign business financing documents on behalf of the Applicant. Please note that certain business financing products may require a personal guaranty.
• All information furnished to Status Funding and/or Recipients is accurate and complete, and you will immediately inform Status Funding of any changes to such information.
• Status Funding and Recipients may rely on the accuracy of the information provided.
• Status Funding may share all information and documents, excluding consumer credit reports, with Recipients to fulfill the Applicant’s requests.
• Status Funding and Recipients may exchange information they possess about you and the Applicant at any time for administrative, marketing, and servicing purposes as allowed by law, and that your personal information may be disclosed to the Applicant as part of the underwriting procedure.
• You and the Applicant waive and relinquish any claims against any information provider concerning the disclosure of information.
• You agree to and accept all terms of the Status Funding Credit Evaluation Authorization found here, which authorizes Status Funding and Recipients to obtain your credit report and other details about the Applicant.
• You understand it is your responsibility to assess the appropriateness and suitability of any business financing products offered by Recipients. This involves reviewing all contracts, terms, and agreements from Recipients carefully. You are also encouraged to seek independent legal counsel to ensure the adequacy and legality of all contracts and/or agreements.
• By submitting this application, you acknowledge and agree that any decisions to enter into contracts and/or agreements with Recipients are made voluntarily, relying solely on your own judgment and discretion. Furthermore, you hereby agree to release, indemnify, and hold harmless Status Funding from any and all claims, liabilities, or damages that may arise from your decisions, agreements, or interactions with Recipients. This explicitly includes the understanding that any general guidance provided by Status Funding is not to be interpreted as financial advice, and Status Funding shall not be held liable for its interpretation or the outcomes of decisions made on the basis of such guidance.
• Any disputes and claims between you and Status Funding that cannot be resolved by the Status Funding Client Engagement team will be resolved in accordance with this dispute resolution provision. To resolve disputes between you and Status Funding efficiently and cost-effectively, both you and Status Funding agree that either party, at any time, may opt to adjudicate their disputes through binding arbitration instead of in courts of general jurisdiction (“Agreement to Arbitrate”). Arbitration is less formal than court litigation. It involves a neutral arbitrator instead of a judge or jury, limits discovery, and is subject to very limited court review. Arbitrators can award the same damages and relief as a court can. Any arbitration under these Terms will occur on an individual basis; class arbitrations and class actions are not allowed. You acknowledge and agree that the arbitrator may only award relief (including monetary, injunctive, and declaratory relief) in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted by that party’s claim(s). Any awarded relief cannot affect other users.
  • You further agree and understand that all disputes, whether presented in court or through arbitration, must be conducted on an individual basis, and you waive your right to participate in a class action to resolve any dispute that you may have with Status Funding.You understand that by entering into this agreement, you and Status Funding are each waiving the right to a trial by jury or to participate in a class action.
  • Claims to Be Resolved by Binding Arbitration. You and Status Funding agree to arbitrate all disputes and claims between us. This agreement to arbitrate is intended to be interpreted broadly. It includes, but not limited to: claims arising out of or related to any aspect of the relationship between us, whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory; claims that arose before these or any prior Terms; claims currently the subject of purported class action litigation in which you are not a member of a certified class; and claims that may arise after the termination of these Terms.
  • Exceptions. You and Status Funding agree that no statement herein shall be deemed to waive, preclude, or otherwise limit either party’s right to (i) pursue enforcement actions through appropriate federal, state, or local agencies; (ii) seek injunctive relief in any competent court of law; or (iii) file suit in a court of law to address intellectual property infringement claims.
  • Arbitrator. Any arbitration between you and Status Funding will be governed by the Commercial Dispute Resolution Procedures (collectively, “AAA Rules”) of the American Arbitration Association (“AAA”), as modified by these Terms, and administered by the AAA. The AAA Rules and filing forms are available at www.adr.org or by calling the AAA at 1-800-778-7879.
  • Notice and Process. Prior to initiating arbitration, a party must send the other party a written Notice of Dispute (“Notice”) via certified mail. The Notice to Status Funding must be mailed to: Status Funding, attn: Legal, 549 Broadway, Suite 204, Massapequa, NY 11758 (“Notice Address”). The Notice needs to (a) describe the nature and basis of the claim or dispute; and (b) outline the specific relief being sought (“Demand”). If you and Status Funding fail to reach an agreement to resolve the claim within 30 days following the receipt of the Notice, either you or Status Funding may commence an arbitration proceedings.
  • Fees. If you initiate arbitration in accordance with these Terms, Status Funding will, upon your request, reimburse you for your payment of the arbitration filing fee, unless your claim exceeds $10,000. In such instances, the payment of fees will be determined according to the AAA Rules. Requests for Status Funding to handle fee payments should be sent by mail to the AAA along with your Demand for Arbitration, and Status Funding will arrange to pay all necessary fees directly to the AAA. If the arbitrator deems that the claims you have presented in the arbitration are frivolous or for an improper purpose (as defined by the standards in Federal Rule of Civil Procedure 11(b)), you will be required to reimburse Status Funding for all arbitration fees it paid on your behalf that you would otherwise be responsible for under the AAA rules.
  • For claims of $10,000 or less, you have the option to decide if the arbitration will be conducted solely on the basis of documents submitted to the arbitrator, through a telephonic hearing without the need for in-person appearance, or via an in-person hearing as specified by the AAA Rules.
  • Should an in-person arbitration hearing be necessary, it will be held at a mutually agreed upon location in Nassau County, New York. Regardless of the manner in which the arbitration is conducted, the arbitrator is tasked with issuing a reasoned written decision that clearly articulates the critical findings and conclusions on which the decision and award, if any, are based. The arbitrator has the authority to issue rulings and settle disputes regarding the payment and reimbursement of fees or expenses at any point during the proceedings and upon request from either party made within 14 days after the arbitrator’s ruling on the merits.
  • No Class Actions. Unless you and Status Funding agree otherwise, the arbitrator may not consolidate more than one person’s claims and may not otherwise preside over any form of a representative or class proceeding.
  • YOU AND STATUS FUNDING AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING.
  • Opt-Out. If you are a new Status Funding user, you have the option to reject the arbitration agreement detailed in this Terms of Application (“opt-out”) by mailing a written opt-out notice (“Opt-Out Notice”). The Opt-Out Notice must be postmarked no later than thirty (30) days after the date you accept these Terms, or the Terms of Use, for the first time. The Opt-Out Notice must be mailed to: Status Funding, attn: Legal, 549 Broadway, Suite 204, Massapequa, NY 11758.
  • The Opt-Out Notice must include your full name, address (including street address, city, state, and zip code), and the user name(s), email address(es), and phone number(s) linked to the Status Funding account(s) and the application for which the opt-out is requested. For the Opt-Out Notice to be valid, you must personally sign it. This procedure is the only way you can opt out of the Agreement to Arbitrate. If you decide to opt out of the Agreement to Arbitrate, all other parts of the Terms will still be applicable to you. Opting out of this Agreement to Arbitrate has no effect on any past, other, or future arbitration agreements you may have with Status Funding.
  • Modifications. Should Status Funding implement any future modifications to this Agreement to Arbitrate (apart from changes to the Notice Address), you have the right to decline any such amendment by forwarding written notice to us within 30 days of the modification to the Notice Address provided above. You acknowledge and agree that if you reject any future amendment, your account with Status Funding shall be terminated immediately, and you will resolve any dispute between us through arbitration, in accordance with the language of this provision.
  • Severability and Enforceability. Should an arbitrator or court determine that any component of this Section is void or unenforceable, the remaining segments of this Section will remain in effect. If this entire Section is deemed unenforceable, then the parties agree that the exclusive jurisdiction and venue outlined in Section 12 of our Terms of Use will preside over any actions stemming from or associated with these Terms, and the remainder of the Terms will continue to apply.

YOU UNDERSTAND THAT THIS IS AN APPLICATION FOR A COMMERCIAL LOAN OR PURCHASE OF FUTURE RECEIVABLES AND THAT ANY FUNDS OFFERED TO APPLICANT MAY NOT BE USED FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES.

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Federal law mandates all financial institutions to obtain, confirm, and document information identifying every individual and entity opening an account or forming a relationship with the institution, including name, address, date of birth, social security or tax identification number, and additional details that will enable the financial institution to authenticate your and/or the entity’s identity. You may also be requested to provide identification documents.