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Sugar River Bank has partnered with Lending Club to offer access to Personal Loans

Borrowers reduce their rates by an average of 24%1!

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 24% lower than they were paying on their outstanding debt or credit cards.

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 Lending Club

Sugar River Bank 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.

About Lending Club

Lending Club offers a way for ordinary people to invest in the success of others, and for borrowers to enjoy a fast, easy and secure way to get a loan from $1,000-$40,000 at a competitive fixed rate. Lending Club operates fully online with no branches and uses technology to lower cost and deliver a great customer experience, passing the cost savings to borrowers in the form of lower rates.

Through Lending Club, your good credit rating is rewarded with a low, fixed rate personal loan. Borrow up to $40,000 for almost anything. There are no hidden fees and no prepayment penalties. Apply in minutes to receive an instant rate quote without affecting your credit score. It's fast, easy, and secure. If you apply online now, you could have the money you need in as little as 7 days.

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 penatly.  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 Lending Club 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 7,715 borrowers in a survey of 122,975 randomly selected borrowers conducted from 1/1/16 - 3/31/17.  Brrowers 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 20% and average interest rate on loans via Lending Club is 15.2%.  The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017.  Best APR is available to borrowers with excellent credit. 

2 Average credit score change of all borrowers who took out a loan via Lending Club between January 1, 2013 and December 31, 2016 with a stated loan purpose of debt consolidation or pay off credit cards.

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