2% Cash Back Terms and Conditions
What is the Lending Loop Cash Back Promotion?
The Lending Loop Cash Back Promotion (the “Cash Back Promotion”) allows a Lender to earn 2% cash back (the “Cash Back Bonus”) on commitments made up to a maximum commitment of $10,000 per loan on the Lending Loop Platform ("the Platform") from 12:01 AM EST on June 1, 2019 through to 11:59 PM EST on June 30, 2019 (the “Promotional Period”) where the corresponding borrower loan is funded by 11:59 PM EST on August 14, 2019.
For example, a Lender could earn up to $100 for committing $5,000 to a loan on the Platform (or $2 for every $100 lent up to a maximum of $200) during the Promotional Period.
Who is eligible for the Promotion?
The Cash Back Promotion is available to all existing and new Lenders that contribute to Payment Dependent Notes through the Platform. The Lending Loop account must be approved and in good standing.
How is the Cash Back Bonus paid to eligible accounts?
The Firm will calculate a Lender’s Cash Back Bonus by multiplying a Lender's loan commitments made through the Platform during the Promotional Period with respect to loans that are funded and originated by August 14, 2019 by 2%. This amount will be the Lender’s Cash Back Bonus, which will be calculated and deposited into their Lender account by August 15, 2019.
What can a Lender do with the Cash Back Bonus?
A Lender's Cash Back Bonus will be deposited into their Lending Loop account and added to their available cash balance by August 15, 2019. Lenders can commit the Cash Back Bonus to a new loan or loans, or they can withdraw it.
When can Cash Back Bonus not be paid?
Lending Loop may not credit a Lender's account if the Lender’s account has been closed or inactivated before August 15, 2019 or is in bad standing at any time during the Promotional Period. The Cash Back Bonus will not apply to loan commitments that are cancelled or withdrawn for any reason. The Cash Back Bonus will only apply to new commitments that are made during the Promotional Period.