Borrowers who used a personal loan* via Lending Club to consolidate debt or pay off high interest credit cards report in a survey that the interest rate on their loan was an average of 7.0 percentage points lower than they were paying on their outstanding debt or credit cards.
All loans feature an affordable fixed rate, which means your monthly payment will never increase!
Loan payments are automatically scheduled each month. No more remembering to mail checks for each of your credit card bills.
By consolidating debt or paying off credit cards, you may improve your credit score. 77% of borrowers experience a FICO score increase three months after obtaining their loan, with an average score increase of 22 points! And of course, checking your rate to view the loan offers you qualify for will not impact your credit score.
BankNewport is dedicated to helping you achieve financial stability and success. That is why we have partnered with Lending Club, a trusted credit marketplace, to provide our customers a lower-cost alternative to a traditional consumer loan.
Lending Club is the world's largest online credit marketplace. Borrowers access lower interest rate loans through a fast and easy online or mobile process. Lending Club operates fully online, and uses technology to lower cost. These lower costs are passed on to our customers in the form of lower rates on loans.
Important things to consider:
* All loans made by WebBank, a Utah-chartered Industrial Bank, Member FDIC. Your actual rate depends on credit score, loan amount, loan term, and credit usage & history.
** Origination fees apply and are deducted from total loan amount
1 Based on responses from 21,347 borrowers in a survey of 98,585 randomly selected borrowers conducted from April 1, 2014 - April 1, 2015, borrowers who received a loan to consolidate existing debt or pay off their credit card balance reported that the interest rate on outstanding debt or credit cards was 21.8% and average interest rate on loans via Lending Club is 14.8%.
2 Average credit score change of all borrowers who took out a loan via Lending Club between January 1, 2013 and October 31, 2014 with a stated loan purpose of debt consolidation or pay off credit cards.