2024 Spring Pre-Approved Personal Loan Campaign 

Effective: The offer period begins on May 13, 2024, at 12:01 a.m. Eastern Time and ends on July 20, 2024, at 11:59 p.m. Eastern Time (the “Offer Period”). 

 This document highlights the details by which Owners of Libro Credit Union may accept a preapproved loan offering. 

 Offer Description:  

  1. The Preapproved Loan Offering, referred hereon as “the offering,” begins on May 13, 2024, at 12:01 a.m. Eastern Time and ends on July 20, 2024, at 11:59 p.m. Eastern Time (the “Offer Period”). 
  2. The offering exclusively applies to preapproved unsecured personal loans extended to eligible Owners who have received communication indicating their qualification for the preapproved offering.
  3. The offering pertains exclusively to unsecured personal fixed-rate loans, based on the financing amount specified in the personalized offering received via email or direct mail.
    1. An unsecured personal loan is defined as a loan lacking collateral security for repayment.
    2. The final loan amount may exceed the preapproved offering amount solely by the single premium insurance amount.
    3. The loan amount may be adjusted to less than the preapproved offering amount, but more than a minimum $10,000 loan amount.
    4. All loan funds must be deposited into a Libro Credit Union chequing or savings account.
    5. Loans included in this offering are unsecured for a term of sixty (60) months.

 

Offering Requirements:  

  1. No additional credit assessments are necessary to qualify for the offering.
  2. Eligible Owners will receive customized offerings outlining two options for interest rates:
    • (i)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)
    • (ii) Uninsured promotional interest rate. This option offers an unsecured personal loan with a competitive interest rate, unaffected by creditor insurance requirements.
  1. 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 repricing at Libro Credit Union’s discretion.
  2. The Offering is not accessible to Owners who have not received targeted communications via email or direct mail.
  3. Libro Credit Union retains the right for its employees to initiate contact with eligible Owners to discuss this offering.
  4. This Offering cannot be combined with any other promotional offering.
  5. The Offering applies solely to new loan funds and cannot be combined with other credit products or offering
  6. An unsecured personal loan is defined as a loan lacking collateral security for repayment.
  7. 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 repricing at Libro Credit Union’s discretion.
  8. Owners must accept the Offering before July 20, 2024 by email, secure message, appointment or phone. Libro Credit Union bears no responsibility for Owners missing this deadline under any circumstances.
  9. Libro Credit Union reserves the right to modify the terms and conditions or withdraw the Offering at its discretion without prior notice.