Fixed rates and payments with no hidden fees**
All loans feature an affordable fixed rate, which means your monthly payment will never increase!
Single, convenient monthly payment
Loan payments are automatically scheduled each month. No more remembering to mail checks for each of your credit card bills.
A loan that can boost your credit score
By consolidating debt or paying off credit cards, you may improve your credit score. 73% of borrowers experience a FICO score increase three months after obtaining their loan, with an average score increase of 28 points2! And of course, checking your rate to view the loan offers you qualify for will not impact your credit score.
Partnership with LendingClub
BankNewport is dedicated to helping you achieve financial stability and success. That is why we have partnered with LendingClub, a trusted credit marketplace, to provide our customers a lower-cost alternative to a traditional consumer loan.
LendingClub is the America's largest online credit marketplace. Borrowers access lower interest rate loans through a fast and easy online or mobile process. LendingClub 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, Member FDIC. Your actual rate depends on credit score, loan amount, loan term, and credit usage & history. The APR ranges from 5.99% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
** Origination fees apply and are deducted from total loan amount
1 Based on responses from 2,259 borrowers in a survey of 14,049 randomly selected borrowers conducted from 1/1/17 - 7/31/17, borrowers who received a loan to consolidate existing debt or pay off their credit card balance reported that they saved $287 a month on average.
2 Average credit score change of all borrowers who took out a loan via LendingClub between January 1, 2013 and December 31, 2016 with a stated loan purpose of debt consolidation or pay off credit cards 3 months after issuance.