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 America's largest online credit marketplace. Borrowers have access to 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 upon credit score, loan amount, loan term, and credit usage & history. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement with 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.
1 Checking your rate generates a soft credit inquiry, which is visible only to you. A hard credit inquiry that may affect your credit score only appears when your loan is issued.
2 Savings vary per customer. 3,690 randomly selected borrowers in a survey conducted from 1/1/18 - 11/30/18 reported an average interest rate on outstanding debt or credit cards of 20.5%. Assuming 3% annual fees, based on CFPB, “The Consumer Credit Card Market,” 2015, that yields an APR of 22.74%. From 1/1/18 - 11/30/18, borrowers who received a loan via LendingClub to consolidate existing debt or pay off their credit card balance received an average APR of 19.2% and average loan size of $14,700. With a paydown period of 36 months on an initial balance of $14,700, the monthly payment for credit cards is $550.06 vs. $513.91 for a personal loan, for total savings of $1,290.88 in interest and fees.
3 On average, borrowers who paid their debt down and maintained low balances saw a credit score increase, however, other factors including increasing debt load could result in your credit score declining.