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At New Fidelity Funding, they work with a network of independent lenders who can provide you with the credit you need. They don’t lend money themselves, but they can put you in touch with a lender who can help you get the financing you need. The company advertises its services at newfidelityfunding.com.
New Fidelity Funding Summary
There are plenty of personal loan companies out there, but you may be wondering what sets New Fidelity Funding apart from the rest. Here’s a closer look at what this company has to offer.
You probably received a mailer with a photo of a credit card with your name on it offering you a pre-approved loan of $82,000. You were probably given a”PRE-APPROVAL CODE” with an expiration date. You may have been directed to call a toll-free number or visit newfidelityfunding.com to claim your loan at an excellent low rate of 2.92%.
Some interesting facts about their website and mailer came to light during our investigation. Here are a few things we found:
- New Fidelity Funding is not a lending institution and does not engage in any lending activities.
- A lender may choose not to give you a loan if, after reviewing your application, they feel you no longer meet the eligibility requirements.
- Annual Percentage Rates (APR) range from 2.92% (AAA) to 4.99% (DD+).
- Flexible terms from 12 months up to five years.
- To qualify for an AAA New Fidelity Funding Rating, you must have excellent credit and meet other conditions.
What is New Fidelity Funding?
New Fidelity Funding is a company that can help you get the loan you need. They work with a network of independent lenders who are willing and able to provide the credit you need. Personal loans and debt consolidation services are advertised on their site.
Although it has an A+ rating from the BBB, this business is not accredited by them. They have a 1 out of 5-star rating with only one customer review and 0 complaints.
New Fidelity Funding is located at 919 E Main St Ste 100
Richmond, VA. You can contact them by email at [email protected] or by phone at (877) 353-1046.
How does New Fidelity Funding work?
New Fidelity Funding works by connecting borrowers with a network of independent lenders. So as long as you meet their criteria, they may be able to match you with one or more of these other lenders. Each lender has its own standards and may decline to extend credit to you.
Loan laws differ from state to state, so customers may qualify for loans of varying amounts and terms. Creditworthiness can also affect these factors.
How to qualify for New Fidelity Funding?
New Fidelity Funding has a very rigorous application process which includes a thorough review of your credit history and score, employment verification, and income verification. Additionally, they will need to make sure that your monthly expenses are affordable. The originating lender will be the creditor for all accounts, not New Fidelity Funding.
New Fidelity Funding BBB Reviews
Fidelity Funding is not accredited by the Better Business Bureau (BBB), but it still has an A+ rating from them. They have a 1 out of 5-star rating with only one customer review and 0 complaints. They also have a 1 star rating at Yelp, with 6 reviews.
Here are some reviews:
Daniel M 09/15/2020
Received a “Pre-approval” letter for an unsecured loan of $********* at ****% interest. Called the 888 number and provided the Pre-Approval Code. The call center that answered asked questions like how much annually I made and what my credit card debt was. I provided the annual amount and said I did not want to provide the amount of debt. I said I wanted the loan amount and interest rate on the pre-approval letter. I was told a rep would call me the back. A rep called back and asked how much I made annually.
He said they would make a “soft” credit pull as to not impact my credit score. He said he would call back the next day. When the rep called back, he started talking about unsecured loans versus secured loans and how my credit score and debt to income ration disqualified me for a loan. I told him this was BS-bait ans switch also.
I did read another review of this company that said they tried to act as a debt negotiator for his creit card debt and told him not to pay hs cards so they could setle for pennies on the dollar. STAY AWAY FROM NEW FIDELITY!!!!! THEIR PRE-APPROVAL LETTERS ARE NOT WORTH THE PAPER THEY ARE PRINTED ON!!
Susan K. San Diego, CA 2/2/2021
Just received the magical “pre-approved” offer in the mail earlier today. Okay, so I decided to dig deeper into the company motto “Let me help you– I’ll manage your monthly installments for you” proposed company services plan.
Seriously, guys? The main reason I (which probably applies to the majority of individuals getting this “pre-screened” offer in the mail) have credit card revolving debt (which is not an issue by the way — I run a business and require access to my credit cards which I routinely pay) is because I (“we”) PAY my bills on time! And yes, sometimes the interest is a slightly absorbent of my monthly budget (it’s also writable on my annual tax return under schedule C) which, to me, makes this offer ridiculous in nature and one more prime example (read the fine print) of loan sharking that is not being addressed on the government level.
My suggestion to anyone considering participation in this business proposal-scam – set up your own auto pay with said creditors if you find yourself unable to remember to timely pay your monthly credit card invoice/bill(s). One more point of interest, this company — so google locator states — is located in: The Krudys Law Firm, PLC SunTrust.. That said, this is NOT an offer, read the fine print!
New Fidelity Funding FAQs
How much does New Fidelity Funding charge?
After scouring the New Fidelity Funding website, we were unable to find any information regarding how they receive payment. There is no mention of fees or charges anywhere on the site.
Are there any pre-payment penalties?
With New Fidelity Funding you’ll have a variety of personal loans available, each with different terms and conditions. Some lenders allow for early repayment or overpayment, while others have strict payment schedules.
Does New Fidelity Funding affect your credit score?
Before you commit to a loan, it’s important to understand the potential impact on your credit score. A free consultation with a lender shouldn’t affect your score, but proceeding with the loan and allowing the lender to check your credit could lower it. Therefore, knowing the consequences of each step is crucial in managing your overall credit health.
How to cancel New Fidelity Funding?
You can’t cancel or reverse a personal loan after the funds have been deposited into your account. You can cancel the loan before the money is disbursed, but you’ll need a good reason.
Do you find yourself struggling to make ends meet? Here is some advice that may help you regain control.
- Create a budget and stick to it: This will help ensure you only spend what you can afford, and avoid getting into a difficult financial situation.
- Talk to a financial advisor: They can assist you with exploring your options and developing a plan that is right for your individual circumstances.
- Reach out to their customer service team: They may be able to help arrange a payment plan that is more manageable for you.
Is New Fidelity Funding Legit or a Scam?
Newfidelityfunding.com is a lead-generation company that has an A+ rating from the Better Business Bureau. However, it is not accredited by the BBB, and only has a 1-star rating on Yelp and BBB. Most of the reviews we found online are negative.
But before you make any decisions, it is important to do your research and read as many reviews from customers as possible. That way, you can be sure you’re making the best decision for your needs.
Have you had any experience with New Fidelity Funding? We’d love to hear about it in the comments below.