Types of Agreements
When a customer is approved for credit, the account will either be purchased by UAS or the client will own it and it will be serviced through UAS.Purchased (PUR)
A purchased contract means that UAS brokered the sale of the contract to one of many Funding Participants. The client is funded within 3-5 business days dependent on rescission (if applicable).Serviced (SRV)
A serviced contract is owned by the client. We receive payments from the consumers and then disperse them back to you once received.What’s the difference for a customer if they have a SRV v PUR loan?
The consumer knows no different in terms of how their contract works whether it is serviced or purchased.Features of SRV & PUR Accounts
*Read the Hardship article for further information on how a contract may qualify.