Are my loan payments setup on auto-pay?
Yes. Payments are drafted from the account on the voided check provided at closing. View or edit in your NEWITY account. For questions, use the contact form or call (773) 839-8089.
Can I change my loan payment date?
SBA 7(a) due date cannot be changed. You can change the draft date as long as it is before the due date.
Are there any pre-payment penalties?
SBA 7(a): No prepayment penalty; if paying more than 20% of outstanding principal, written notice is required 21 days in advance. NEWITY Growth Term Loans: require 24 months of payments before prepaying without fees; prepaying before 24 months incurs a fee equal to the interest that would have accrued up to 24 months. Submit notices […]
Am I able to make extra principal payments?
Yes. You can pay more than the monthly amount. Payments are applied to interest due through the payment date, then principal, then late fees (if any). Extra payments cannot be applied to future installments (you cannot prepay to cover upcoming months).
How can I get a loan payoff letter?
Request a payoff letter in your NEWITY account or email billing@newitymarket.com.
What types of debt can I refinance with a loan through NEWITY?
You can refinance business-related debt (e.g., business loans, business credit cards). You cannot refinance merchant cash advances (MCAs) with SBA 7(a), but you may use a NEWITY Growth Term Loan to refinance MCAs. Personal debt cannot be refinanced with either loan type.
Does NEWITY offer Paycheck Protection Program (PPP) loans?
No. The PPP has ended and NEWITY cannot accept new PPP applications. NEWITY can help you secure up to via the SBA 7(a) program. Log in or create a NEWITY account to apply (under 10 minutes, no credit impact). For PPP servicing help, use the contact form, call (773) 839-8089, or use Live Chat. Note: […]
Can I still apply for a loan if I haven’t filed this year’s taxes?
No. You must provide 2024 tax returns if you prequalify for an SBA 7(a) loan or NEWITY Growth Term Loan. See the Document Checklist for required items.
Can I apply for PPP Loan Forgiveness in 2024?
Yes. If you received a payment demand letter for your full PPP amount, you likely did not apply for forgiveness. You can still apply by reaching out via the contact form (select a PPP inquiry option to expedite).
Can I change my requested loan amount if I’ve already started my application?
Yes. If you haven’t submitted the 10-minute application: log in, go to the Loan Request tab, update the amount, Save & Continue. If you prequalified but haven’t uploaded documents: upload requested documents; when your team member introduces themselves, request the higher amount. If you prequalified and already uploaded documents: notify your loan specialist. Final qualified […]