Personal Unsecured Loans
Sugar River Bank has partnered with LendingClub to offer access to Personal Loans
Save hundreds of dollars with a personal loan(2)Fixed rates and payments
Loans through LendingClub feature low fixed monthly payments. Rates are often lower than those charged by credit cards and they will never increase.
Customers may even see their credit scores increase
On average, borrowers who paid their debt down and maintained low balances saw a credit score increase (3). And of course, checking your rate to view the loan offers you qualify for will not impact your credit score (1).
Partnership with LendingClub
Sugar River Bank 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 with access to a low-cost alternative to a traditional consumer loan.
LendingClub 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 apply for a loan from $1,000-$40,000 at a competitive fixed rate. LendingClub 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 LendingClub, your good credit rating can be rewarded with access to low, fixed rate personal loan. Borrow up to $40,000 for almost anything. There are no prepayment penalties. Apply in minutes to receive an instant rate quote without affecting your credit score(1). It's fast, easy, and secure. If you apply online now, you could have the money you need in as few as 3 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 (Annual Percentage Rate) ranges from 6.95% 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 5.20% (as of 12/5/18 YTD). 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.
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 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.