Recurring Deposits Program - Terms and Conditions
These Terms & Conditions apply to the Lending Loop Recurring Deposits Program offered by Loop Funding Inc. (the “Firm” or “we”) to Lenders (each a “Lender”) as defined inTerms for Use of Website.
What is the Lending Loop Recurring Deposits Program?
The Lending Loop Recurring Deposits Program (the “Recurring Deposits Program”) allows a Lender to earn a $25 bonus (the “Recurring Deposits Bonus”) for having the recurring deposits feature enabled on the Lending Loop Platform (the "Platform") between 12:01 am EST on March 1, 2020 and 11:59 EST on October 31, 2020 (the “Promotion Period’).
Who is eligible for the Recurring Deposits Program?
The Recurring Deposits Program is available to all existing and new Personal and Corporate Lenders with a Lending Loop account that is approved and in good standing during the Promotion Period. The deposit must be determined to be suitable for the Lender at Lending Loop's sole discretion.
How can a Lender Qualify for the Recurring Deposits Bonus?
To qualify for the Recurring Deposits Bonus, the Lender must deposit and pledge in aggregate at least $1,500 to Payment Dependent Notes (“Notes”) and have the Recurring Deposits feature be enabled during the Promotion Period.
The Lender must have at least three recurring deposits during the Promotion Period to qualify for the Recurring Deposits Bonus and the Recurring Deposits feature must still be active on the Lender’s account on October 31, 2020. Only one Recurring Deposits Bonus will be paid per Lender.
How is the Recurring Deposits Bonus paid to eligible accounts?
The Recurring Deposits Bonus of $25 will be deposited into eligible Lender accounts and added to their available cash balance on or about November 15, 2020.
What can a Lender do with the Recurring Deposits Bonus?
Lenders can commit the Recurring Deposits Bonus to a new loan or loans, or they can withdraw it.
When can the Recurring Deposits Bonus not be paid?
Lending Loop will not credit a Lender's account for the Recurring Deposits Bonus if the account is closed before October 31, 2020 or is in bad standing (for example deposits returned due to NSF) at any time during the Promotion Period. The Recurring Deposits Bonus will not apply to loan pledges that are cancelled or withdrawn for any reason.
The Recurring Deposits Bonus will not be paid if there are less than three consecutive recurring deposits and if the aggregate amount pledged does not equal or exceed $1,500. The Recurring Deposits feature must be active on October 31, 2020.