2024 Fall Pre-Approved Personal Loan Campaign
Terms & Conditions
Effective: The offer period begins on October 3, 2024, at 12:01 a.m. Eastern Time and ends on December 18, 2024, at 11:59 p.m. Eastern Time.
This document highlights the details by which member (Owners) of Libro Credit Union may accept a Pre-Approved Personal Loan Offer.
Offer Description:
- The Pre-Approved Personal Loan Offer, referred hereon as “the Offer,” begins on October 3, 2024, and ends on December 18, 2024, at 11:59 p.m. Eastern Time (the “Offer Period”).
- The Offer exclusively applies to pre-approved unsecured personal loans extended to eligible Owners who have received communication indicating their qualification for the pre-approved Offer.
- The Offer pertains exclusively to unsecured personal fixed-rate loans, based on the financing amount specified in the personalized Offer received via email, secure message or direct mail.
- An unsecured personal loan is defined as a loan lacking collateral security for repayment.
- The final loan amount may exceed the preapproved offering amount solely by the single premium insurance amount.
- The loan amount may be adjusted to less than the preapproved offering amount, but more than a minimum $10,000 loan amount.
- All loan funds must be deposited into a Libro Credit Union chequing or savings account.
- Loans included in this offering are unsecured for a term of sixty (60) months.
Offer Requirements:
- No additional credit assessments are necessary to qualify for the Offer.
- Eligible Owners will receive customized Offers outlining two options for interest rates:
- Insured promotional interest rate: This option provides an unsecured personal loan with a reduced interest rate, contingent upon enrolling in creditor insurance through CUMIS.
(1) To secure the promotional rate(s), Owners must enroll in all three available CUMIS creditor insurance products they qualify for: Life, Disability, and Critical Illness insurance.
(2) Applicants must meet CUMIS underwriting qualifications to qualify for CUMIS creditor insurance.
(3) If an Owner opts out or is unable to enroll or qualify for the insurances, they will receive the uninsured rate. Refer to 3. ii) below. - Uninsured promotional interest rate. This option offers an unsecured personal loan with a competitive interest rate, unaffected by creditor insurance requirements.
- Insured promotional interest rate: This option provides an unsecured personal loan with a reduced interest rate, contingent upon enrolling in creditor insurance through CUMIS.
- To retain the promotional rate outlined, borrowers must maintain all eligible CUMIS insurance products throughout the loan’s duration. Failure to do so may result in loan re-pricing at Libro Credit Union’s discretion.
- The Offer is not accessible to Owners who have not received targeted communications via email or direct mail.
- Libro Credit Union retains the right for its employees to initiate contact with eligible Owners to discuss this Offer.
- This Offer cannot be combined with any other promotional offering.
- The Offer applies solely to new loan funds and cannot be combined with other credit products or offerings.
- An unsecured personal loan is defined as a loan lacking collateral security for repayment.
- Owners must accept the Offer before December 15, 2024 by email, secure message, appointment or phone. Libro Credit Union bears no responsibility for Owners missing this deadline under any circumstances. The Offer must be accepted via signed loan documents by December 18, 2024.
- Libro Credit Union reserves the right to modify the terms and conditions or withdraw the Offer at its discretion without prior notice.
- CUMIS® is a registered trademark of CUMIS Insurance Society, Inc., and is used with permission. Payment Protection, Loan Protection or Loan insurance is underwritten by CUMIS Life Insurance Company. For details, please visit Payment Protection, Loan & Mortgage Insurance – CUMIS.