<p>LendingClub offers a REST API service in beta that allows approved investors to participate programmatically in a dedicated auction of LendingClub loans. The following technical documentation provides details on the individual APIs that make up the current availability of the Scale Auction program. If you have questions regarding technical integration, please email <a href="mailto:LCXMarkets@lendingclub.com">LCXMarkets@lendingclub.com</a>.</p>

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Often a measure of last resort, reasons for filing bankruptcy frequently involve overwhelming medical debt, financial strain due to a divorce, or an unaffordable mortgage.

<p>Bankruptcy provides relief for people who are overwhelmed by debt. Common reasons for seeking protection from creditors include medical debt, credit card bills, a lost job, divorce, or a personal crisis. Because bankruptcy may involve the court-ordered liquidation of your assets and remain on your credit report for several years, bankruptcy is often a measure of last resort.</p><p>Why do people file for bankruptcy? Every story is unique, but most of them share at least some contributing factors. Here’s a closer look at some of the most common reasons for personal bankruptcy.</p><h2><b>Top 7 Reasons People File for Bankruptcy</b></h2><p>Most bankruptcies happen for one reason: too much debt and too little income. In 2022, there were 374,240 non-business bankruptcy filings in the U.S., each with its own story – and, most likely, multiple contributing causes behind it. Someone took on a sizable mortgage, then lost their job. Another was injured in a car accident and ended up with medical expenses and a prolonged leave of absence from work without pay. </p><p>Though there are a million possible reasons why people might file bankruptcy, the following contributing factors are commonly cited.</p><h3>1. Loss of Income</h3><p>Job loss, pay cuts, disability, and business failure can all leave people unable to keep up with their monthly debt payments. The financial fallout of unemployment isn’t limited to lost wages: Many who lose their jobs pay high insurance premiums through COBRA. </p><h3>2. Medical Expenses</h3><p>A Kaiser Family Foundation Health Care Debt Survey found that 41% of adults had debt caused by medical or dental bills, and nearly one in five of those with medical debt thought they would never be able to pay it off. Nearly half who owed medical debt had used up all or most of their savings, while 40% took an extra job or worked more hours; 41% increased credit card debt; and 37% skipped or delayed paying other bills.</p><p>In a study published in the <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6366487/">American Journal of Public Health</a>, medical expenses and medical problems causing work loss contributed to 66.5% of bankruptcies.</p><h3>3. Unaffordable Mortgage</h3><p>Mortgages are often the largest debt people carry—and the most consequential. Defaulting on a mortgage could mean losing your home and your equity in a foreclosure. </p><p>Filing for bankruptcy can put a pause on foreclosure activities. Although bankruptcy may not stop a foreclosure altogether, it may provide you the option of eliminating mortgage debt if you give up your home or avoiding foreclosure by enacting a repayment plan.</p><h3>4. Student Loans</h3><p>According to the Federal Reserve, four in 10 people who attended college took out student loans to fund their education. Among people who had outstanding debt from their own education in 2022, the median student loan balance was between $20,000 and $24,999.</p><p>Given that student loan payments have resumed and there’s still uncertainty about additional forgiveness, some people carrying student loan debt may have difficulty meeting other debt obligations or even basic living expenses.</p><h3>5. Overwhelming Debt</h3><p>Debt can easily become unmanageable. While overspending is a possible culprit, debt also adds up when you’ve used student loans to pay for college, financed a car so you can commute to work, or used credit cards to cope with the rising cost of necessities.</p><h3>6. Helping Friends or Relatives</h3><p>Helping loved ones in need is a kindness, but it can create financial problems if they’re unable (or unwilling) to repay you.</p><h3>7. Divorce</h3><p>Divorce is a major financial disruptor. Splitting a single household into two may double your monthly expenses (without increasing your monthly income). Shouldering legal costs, dividing assets, and untangling joint debt can add to financial stress. Child and spousal support often feel like too little for the recipient and too much for the payer. And for many, divorce isn’t the beginning of financial trouble: Money difficulties can be both a symptom and a cause of marital problems.</p><h2>Strategies to Help Avoid<b> Bankruptcy</b></h2><p>Bankruptcy is an extreme measure that can have far-reaching consequences for your credit score and financial wellbeing. Before you decide to file for bankruptcy, first consider these other strategies:</p><h3>Financial DIY</h3><p>Getting a firm grip on your financial situation is a good place to start. Fully understanding your income, expenses, assets, and debts may help you find a way to avoid bankruptcy, or, if not, give you information to make solid decisions going forward. Get started by:</p><ul><li><p><a href="https://www.lendingclub.com/resource-center/personal-finance/50-30-20-rule-the-easy-budget-method-that-works">Creating a budget</a></p></li><li><p>Looking for ways to cut your costs</p></li><li><p>Boosting your income with a second job or side hustle</p></li><li><p>Selling property to raise cash</p></li><li><p>Finding a <a href="https://www.lendingclub.com/personal-loan/debt-consolidation">strategy to pay down debt</a></p></li></ul><h3>Credit Counseling</h3><p>You don’t have to review your finances alone. A nonprofit credit or debt counseling service can work with you to set a budget and find a strategy for repaying your debt. Accredited nonprofit counseling services work with you at a low cost and may offer some advice for free. Find an accredited agency with certified credit counselors, such as through the <a href="https://www.nfcc.org/">National Foundation for Credit Counseling</a>.</p><h3>Debt Management Plan</h3><p>As part of their service, a credit counseling agency may be able to help you negotiate lower interest rates, reduce penalties, and establish manageable monthly payments by<a href="https://www.lendingclub.com/resource-center/personal-loan/what-is-a-debt-management-plan"> setting up a debt management plan</a>. Generally, a credit counselor speaks to each creditor on your behalf to try to negotiate a repayment plan that fits your budget. </p><h3>Debt Consolidation</h3><p><a href="https://www.lendingclub.com/resource-center/personal-loan/what-is-debt-consolidation">Consolidating debt</a> generally means taking out a single loan to pay down outstanding higher-interest debts. Although a debt consolidation loan doesn’t erase your existing debts, it can simplify your finances and make it easier to manage your monthly payments. If you’re currently paying high interest rates on credit cards, a debt consolidation loan may save you money on interest as well. For this approach to work, it&#39;s important not to drive up debt again on those credit cards you just consolidated.</p><h3>Negotiate with Creditors</h3><p>You can contact creditors on your own to let them know your circumstances and try to negotiate a modified payment plan. Although creditors aren’t obligated to work with you, many will offer temporary hardship assistance, workouts, and lump sum settlements depending on the type and contractual age of the account. Keep in mind, reducing your debt obligation by settling with a creditor for less than the full balance owed will have a negative impact on your credit score,</p><h3>Debt Settlement</h3><p>Debt settlement involves <a href="https://www.lendingclub.com/resource-center/personal-loan/what-is-a-debt-management-plan">settling your debts for less than you owe</a>, often using the services of a debt settlement company. While debt settlement may lower your debt by as much as 50% to 80%, debt settlement companies charge significant fees, and the process could damage your credit score. The Consumer Financial Protection Bureau is a good place to <a href="https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-relief-program-and-how-do-i-know-if-i-should-use-one-en-1457/">understand the pros and cons of proceeding with a debt settlemen company</a>. Keep in mind, other types of creditor settlements with may also negatively impact your credit scores (settling for less than the full balance).</p><h2>The Bottom Line</h2><p>If you’re struggling with overwhelming debt, experienced a dramatic loss of income, or facing any other reason causing you to consider filing for bankruptcy, ask for help. You may be able to negotiate with your creditors or take advantage of credit counseling or use a debt management plan that can put your finances back on track. If you’ve determined you’re unable to repay your debts and decide to move foward with bankruptcy proceedings, it’s a good idea to contact a qualified attorney who can help guide you through the process.</p><h2>Frequently Asked Questions</h2><h3>How does bankruptcy work?</h3><p>Bankruptcy is a complex process. Generally, after demonstrating you can’t repay your debts and completing some credit counseling, if you choose to move forward you’ll need to decide whether to proceed with a Chapter 7 or Chapter 13 bankruptcy filing. While both types of bankruptcy relieve debt in different ways, they both can also help provide relief from unsecured debt (such as personal loans or credit cards), put a stop to foreclosure or repossession of your home or car, as well as end wage garnishments, utility shut-offs, and debt collector activity. In both cases, you can usually expect to pay your own attorney fees and court costs.</p><p>To ensure you receive proper guidance, it’s probably best to discuss your financial situation with a bankruptcy attorney, as well as the rules, regulations and possible options and outcomes you may face.</p><h3>Does bankruptcy erase all debts?</h3><p>A bankruptcy can erase all your debts, but it doesn’t always. Nondischargeable debts include tax claims, child or spousal support, debts for willful or malicious injury, government fines, and some condominium or cooperative housing fees. Debts that are not listed in bankruptcy court filings may not be included in the discharge. </p><h3>Will bankruptcy ruin your credit score?</h3><p>A bankruptcy significantly affects both your credit score and credit report. Bankruptcies appear in the public records section of your credit report for up to 10 years from the date of discharge. Your creditors may also mark any accounts discharged in bankruptcy as “included in bankruptcy.” This information can stay in your credit file for seven years. </p><h3>How many times can you file bankruptcy?</h3><p>There are limitations to how often you can receive a discharge of debts through bankruptcy. It’s important to discuss your situation and options with a bankruptcy attorney before proceeding.</p>

Soft inquiries won’t impact your credit scores, and hard inquiries can hurt your scores slightly. Here's what you need to know.

<p>When a company or individual sends a request to one of the national credit reporting agencies (Equifax, Experian, or TransUnion) to look at your credit file, it’s known as a credit inquiry, or credit check. Credit checks generally fall into one of two types: soft inquiries and hard inquiries. </br></br>Here are the ways soft credit checks and hard credit checks are used, how they’re different, and how they impact your credit score.  </p><h2>What’s the Difference Between a Soft vs. Hard Credit Check?</h2><p>Generally, a soft credit inquiry is a request for review of your credit file, including a review of existing accounts and your own requests to see your annual credit report. A soft credit check is a request for your credit report or credit score for any purpose other than issuing credit. These will not impact or change your credit scores.</p><p>A credit check is considered a hard inquiry if it is used in a decision about issuing you a loan, credit card, or financing on goods (such as a car or cell phone) or services. Typically, hard inquiries are initiated by lenders after you apply for credit. A hard inquiry can also occur if you’re renting something of significant monetary value (such as an apartment or car) from a company, for example, to determine a security deposit amount for an apartment you want to rent. Generally, hard inquiries are used to evaluate whether you’ll be able to meet your current and potential future financial obligations.</p><p>Soft and hard credit inquiries are recorded in your credit files, where they can remain for up to two years. Each credit bureau records only inquiries it has received, so you may see differences in the inquiry listings on reports from different bureaus. For instance, if you apply for a car loan and the potential lender only checks your Equifax credit report, you’ll see that inquiry on your Equifax credit report, and not on your Experian or TransUnion reports. </p><h3>How Do Credit Checks Affect My Credit Score?</h3><p>Soft credit pulls won’t impact your credit scores, however hard pulls can. Typically, you may see your credit score temporarily dip by a few points after a lender or credit card issuer does a hard credit check. Hard credit inquiries may stay on your credit report for up to two years, however, they may only affect your score for one year. </p><h3>Why does a hard credit check hurt your credit score?</h3><p>Statistics show that taking on new debt makes a borrower more likely to be unable to pay their existing bills. When you apply for new credit, credit scoring models such as FICO<sup>®</sup> Score and VantageScore® typically will recalculate your scores by a few points. If you continue paying your bills on time, your scores can typically bounce back within a few months. Hard credit pulls account for 10% of your overall FICO<sup>®</sup> Score and 5% and 11% of your VantageScore<sup>®</sup> 3.0 and 4.0 scores, respectively. </p><p>While hard inquiries can impact your score, other factors carry more weight with some of the popular credit scoring models. Both the FICO<sup>®</sup> Score and VantageScore<sup>®</sup> models rank payment history as one of the most important factors in determining credit scores. Other factors weighted more heavily than hard inquiries include how much you owe and the length of your credit history. </p><h2>Examples of Soft Credit Checks</h2><p>Here are some examples of when a new soft inquiry may show up on your credit reports. </p><h3>1. Checking your rate with a potential lender</h3><p>Many lenders let you <a href="https://www.lendingclub.com/personal-loan">check your rate</a> online before you apply. This soft “rate check” can give you a fairly good idea of whether you would qualify for a loan and the potential interest rate and other loan terms you’d potentially receive, without impacting your credit score. </p><h3>2. Prescreened offers </h3><p>The national credit bureaus provide prescreening and marketing services to a variety of companies such as financial institutions, credit card issuers, and insurance companies. These companies may use credit report data or credit scores to target potential new customers with specific product offers.  </p><p>If you receive a prescreened offer of credit or insurance, you’ll likely see a soft credit check on one of your credit reports.</p><h3>3. Checking your own credit report</h3><p>Using a credit monitoring service or requesting a copy of one of your own credit reports is a soft inquiry. This is why checking your own credit does not hurt your credit score. </p><h3>4. Current creditors checking your credit</h3><p>Creditors also regularly check current customers’ credit reports to monitor their creditworthiness and manage their accounts. For example, your credit card issuer might decide to increase your card’s credit limit if you have a good payment history. Alternatively, the issuer can lower your credit limit if a major drop in credit score suggests you have problems managing your debts. </p><h3>5. Prospective or current employers checking your credit</h3><p>Current and potential employers may also check your credit reports as part of a background check, but they need to have your written permission first. Credit reports issued to employers omit certain information, such as date of birth. Some states limit or ban the use of credit checks for employment purposes. </p><h2>Examples of Hard Credit Checks</h2><p>As mentioned, hard credit checks typically happen when you apply for loans or credit lines, however, you may be subject to a hard credit inquiry in the following situations. </p><h3>1. Applying for a loan</h3><p>Lenders typically conduct a hard credit check if you formally apply for a mortgage, auto loan, student loan, or personal loan. They review your credit to help determine if you&#39;re a lending risk and how likely you are to make your monthly payments. </p><h3>2. Applying for a credit card</h3><p>A credit card issuer will also do a hard credit pull when you apply for a new credit card. As with lenders, they do this to determine if you’re likely to make your monthly payments on time. </p><h3>3. Applying for a rental, phone, or utilities (sometimes)</h3><p>You’ll often undergo a credit check when you apply to rent a home or apartment, open a new phone plan, or start a utility or telecom service. These credit checks are typically soft inquiries. However, it’s important to ask the provider, as sometimes it will be a hard inquiry. </p><h3>4. Unauthorized inquiries</h3><p>Hard inquiries require your permission (which is included in a loan or credit application and more explicitly in employment or rental screenings). If a hard inquiry is run without your permission, it may mean someone has used your personal credentials to apply for credit in your name, for purposes of credit fraud or identity theft. If you believe someone has or is trying to steal your identity, immediately contact the credit reporting companies (Experian, Equifax, TransUnion) and <a href="https://www.identitytheft.gov/#/">report it to the FTC</a>.</p><p>ProTip: Inquiry entries on credit reports will sometimes list company names or abbreviations that are not immediately recognizable, which can make legitimate inquiries appear unfamiliar. So before assuming something criminal is happening, verify using the contact information included in the inquiry entry on your credit report.</p><h2>3 Ways to Reduce the Impact of Hard Inquiries</h2><p>If you’re concerned about hard inquiries damaging your credit score, there are a few ways to reduce their impact. Here are some strategies that could help. </p><h3>1. Check your rate before applying.</h3><p>Many lenders let you see if you might be eligible for a loan by checking your rates with a soft credit check before you submit, or complete, a formal application. Checking your rate before you apply helps you shop lenders without it impacting your credit scores. Also keep in mind that checking your rate isn’t a guarantee you’ll be approved, but it can help you avoid submitting loan applications that may not work for you. </p><h3>2. Be strategic about applications.</h3><p>When you’re ready to apply for a loan, shopping around by checking your interest rate online can help you find the best rate you can qualify for among a sea of lenders. Fortunately, popular credit scoring models account for rate shopping, as it’s a common and smart strategy for consumers. If you rate shop within a specific timeframe, usually 14-45 days depending on the scoring model, multiple hard inquiries may only count as one. </p><h3>3. Focus on improving your credit.</h3><p>A hard credit check might impact your credit scores, but it’s a minor scoring factor. Focusing on major factors, such as building a long history of on-time payments and only using a small portion of your available revolving credit balances could help improve your overall credit. Once you have a good or excellent credit score, a small and temporary drop might not matter as much. </p><h2>The Bottom Line</h2><p>Both soft and hard credit inquiries may appear on your credit report, but these reviews of your credit are typically done for different reasons. For example, if you check your rate for a personal loan, for instance, the lender typically does a soft credit check. However, you’ll be subject to a hard credit check when you formally apply by completing your application. </p><p>Another key difference between soft vs. hard credit checks: while soft inquiries won’t impact your credit scores, hard inquiries can hurt your scores slightly. Fortunately, any decreases to your scores are temporary and may only impact your scores for up to a year or less.</p><h2>Soft vs. Hard Credit Check FAQs</h2><h3>Will checking my own credit score result in a hard credit check?</h3><p>Checking your own credit scores will not result in a hard credit check. But it’s important to note that your credit scores do not generally appear on your credit reports. Instead, you may be able to view your credit score for free through your credit card issuer, bank, or a third-party credit scoring service. You can also purchase a report that lets you see your credit score through one of the national credit reporting agencies.</p><h3>Will a soft credit check affect my credit score?</h3><p>A soft inquiry has no impact on your credit score. If you formally apply for a loan or credit line, your creditor will do a hard credit check, which may cause a temporary, small drop (a couple of points) in one or more of your credit scores. </p><h3>What does a hard credit inquiry show?</h3><p>A hard credit check or hard inquiry is a record of when an organization checked one of your credit reports to assess your credit behavior in response to an application for a loan, credit card, auto financing, or lease. A hard inquiry can stay in your credit history for two years, even if you don’t take out a new credit line or loan.</p>

Identifying red flags and knowing how to correct inaccuracies in your credit report can help keep your credit score in good shape. Here's what you need to know.

<p>Your historical record of on-time bill payments, credit mix, debt utilization, and more, as compiled in your credit report, can have a critical impact on your personal finances and life. That’s because lenders, landlords, insurers, and employers may use this information to predict your future credit behavior, such as how likely you are to repay a loan on time. </p><p>Knowing how to read and detect the red flags on your credit report, as well as dispute and correct inaccuracies, could help you maintain or improve your credit score. It could also help you know what changes you might need to make to reach your financial goals faster. </p><p>Here’s what you need to know to dig into yours. </p><h2>What Is a Credit Report and What Does It Show?</h2><p>A credit report contains all the information that one of the three major credit bureaus—Equifax, Experian, or TransUnion—has compiled about you. </p><p>Each credit bureau, also known as a consumer reporting agency or credit scoring company, maintains credit files filled with personal financial information on millions of people. Your credit report contains historical information about your borrowing and payment habits, including: </p><ul><li><p>Original loan amounts and credit limits</p></li><li><p>Current loan and credit card balances</p></li><li><p>Account opening dates</p></li><li><p>Payment history, including late payments, and accounts in collection</p></li><li><p>Inquiries into your credit report</p></li><li><p>Personal information, such as your name, address, and employer</p></li><li><p>Public records, such as bankruptcy and foreclosure</p></li></ul><p>While all consumer reporting companies collect similar information about you, each one produces its own unique credit report which is also why you can have different credit scores.</p><h2>How to Get Your Credit Report</h2><p>You can get a free copy of your credit report from all three major credit bureaus at least once every 12 months at <a href="https://www.annualcreditreport.com/index.action">AnnualCreditReport.com</a>, although the credit bureaus may allow you to access them more frequently. Some lenders, credit card companies, banks, and credit unions may also provide free access to your credit score as a benefit of being a customer or member.</p><p>If you have ever been denied credit for any reason, you have the right to request a free copy of your credit report from the credit bureau the lender used to make its decision. You’re also entitled to one additional free copy of your credit report during any 12-month period if you’re on welfare assistance or are unemployed and seeking employment within 60 days.</p><p>Outside of these situations, you can request a copy directly from the credit bureaus at any time, though you may have to pay a fee. </p><h2>How to Read Your Credit Report</h2><p>Your credit report will look different depending on where you got it, but it’s usually broken up into a few different sections. Generally, here’s how to read your credit report and the red flags you should watch for in each section:</p><ul><li><p>Identify incorrect personal info (name, date of birth, social security number, etc.)</p></li><li><p>Check the summary for any missed payments</p></li><li><p>Review the consumer statement</p></li><li><p>Review all your accounts and identify any that don’t belong to you</p></li><li><p>Identify hard inquiries you don’t recognize</p></li><li><p>Look for collection accounts you don’t recognize</p></li><li><p>Validate the information listed under public records</p></li></ul><h3>Summary</h3><p>Near the top, you may see a summary of the information contained in your credit report, including: </p><ul><li><p>Date when the report was created</p></li><li><p>Average age of your accounts </p></li><li><p>Length of your credit history</p></li><li><p>Accounts with potentially negative information </p></li></ul><h4>Red flags</h4><blockquote><p>If the summary section shows accounts with negative information and you’ve never missed a payment, take a closer look at those accounts. You may need to contact those creditors to learn more and file a dispute to correct the reporting.</p></blockquote><h3>Identifying Information</h3><p>You may also find an overview of the personal information that the credit bureaus have about you near the beginning of your report. This may include your legal name, aliases, date of birth, and part of your Social Security number. There could also be current and previous addresses, employers, and phone numbers listed here. </p><h4>Red Flags</h4><blockquote><p>Read your credit report carefully to identify any misspellings of your name, addresses you don’t recognize, or an incorrect Social Security number, as these are all potential red flags.</br></br>While it&#39;s not uncommon for a creditor to misspell your name, a different first or last name on your report could be a sign of identity theft. Addresses you don’t recognize could indicate someone attempted to open a card in your name and had it mailed to a different address. Incomplete or incorrect Social Security numbers could simply be a technical error or a warning of identity theft. <b>Pay careful attention to this section: </b>If you spot something unusual, immediately open a dispute with the credit bureau. They&#39;ll investigate and provide next steps if fraud is suspected. </p></blockquote><h3>Consumer Statement</h3><p>You can choose to add a consumer statement to your credit report to provide an explanation for why you missed a payment or why you believe something is being reported incorrectly. </p><h4>Red flags</h4><blockquote><p>If an account with negative information falls off your credit report, be sure to review your consumer statement to make sure you remove any reference to a late payment or other negative information that someone wouldn’t otherwise know about. </p></blockquote><h3>Accounts</h3><p>The accounts section typically holds the most information and is where you’ll find your credit cards, <a href="https://www.lendingclub.com/personal-loan">personal loans</a>, student loans, mortgages, auto loans, lines of credit, and other types of credit accounts listed. </p><p>Your accounts may be separated into one section for accounts in good standing, and another for accounts that are past-due or have previously missed payments. Closed accounts can stay on your credit report for up to ten years but may be listed separately. </p><p>Each account, also referred to as a tradeline, will include details about the loan or line of credit, including: </p><ul><li><p>Type of account</p></li><li><p>Account number</p></li><li><p>Date of last payment</p></li><li><p>Monthly payment amount</p></li><li><p>Current payment status, current balance </p></li><li><p>List of previous payments</p></li></ul><h4>Red flags</h4><blockquote><p>Look for accounts you don’t recognize, as those may be fraudulent. If you’ve missed payments, those usually appear in the payment history section and will indicate how late your payment was (30, 60, 90, etc.). Look over these details carefully to make sure you agree with any negative information listed, and that whatever is reported is error-free and accurate. Dispute any incorrect information with the credit bureau. Keep in mind, if you have multiple inaccuracies you may need to file multiple disputes. </p></blockquote><h3>Inquiries</h3><p>An inquiry is a record of requests for your credit report. These are separated into hard credit inquiries, such as when a creditor needs to make a lending decision, and soft credit inquiries, generally for non-lending purposes. </p><p>For example, your current credit card issuer may request your credit report and perform a hard credit inquiry to determine if it should change your credit limit. Or, lenders may do a soft credit pull to provide you an estimated loan offer.  It’s important to know the difference between hard and soft credit inquiries, and that soft inquiries do not affect your credit score. Certain soft inquiries show up as &quot;promotional&quot; on your credit report, such as those performed by an existing creditor who wants to extend you a new offer of credit. These also do not impact your credit score. </p><h4>Red flags</h4><blockquote><p>If you see an account with a hard inquiry on your report that you don’t remember applying for, it could indicate someone has tried to get credit in your name. If you see an account you don’t recognize, start by contacting the creditor’s fraud department to have the account investigated. Next, file an identity theft report online with the <a href="https://www.identitytheft.gov/">Federal Trade Commission</a> (FTC). Finally, dispute the account with the credit bureau. The bureau may recommend freezing your credit temporarily while it investigates. </p></blockquote><h3>Collections</h3><p>If one of your accounts is sold or sent to collections, the account may appear closed in the accounts section, however, the collection agency may report your collections account. This can include credit cards and loans, but also bills not usually reported to the credit bureaus, such as cellphone plans, utility bills, and subscription services. </p><h4>Red flags</h4><blockquote><p>Collection accounts may include fees and interest, so the amount due might be more than you remember (which is not unusual). However, a collection for an account you never opened could potentially be identity theft. Identity theft is on the rise. If you don’t recognize the original creditor, open a dispute with the credit bureaus and file an identity theft report with the FTC. </p></blockquote><h4>Public Records</h4><p>If you’ve filed for bankruptcy within the last 10 years, it may show up in the public records section of your credit report. Previously, civil judgments and tax liens were included in credit reports as well, but that’s no longer the case. </p><h4>Red flags</h4><blockquote><p>A misreported bankruptcy filing could be disastrous for your credit. If the filing dates are incorrect, it can have a negative impact to your credit report, potentially for longer than is necessary. Be sure to double check dates, filing information, and dispute any public record inaccuracies with the credit bureau, immediately. </p></blockquote><h2>Who Can Access Your Credit Report and How Can They Use It?</h2><p>Another person or organization can access and read your credit report only in certain situations, and there are limitations on how your credit report can be used. The Fair Credit Reporting Act states that consumer reporting agencies may provide consumer reports only for purposes related to credit, employment, and insurance, and in accordance with the written instructions of the consumer.</p><p>For example, when you apply for new credit and give permission to pull your credit report. Or, if you’re already a customer, the company can continue to review your credit. However, you don’t always have to give permission for a company or person to have a permissible purpose to request a copy of your credit report. For example, a credit bureau doesn’t need your permission to send a copy of your report to an organization in response to a court order. </p><p>Also, if you received a credit card or loan offer in the mail, your contact information was likely part of a prescreened list. Credit bureaus compile prescreened marketing lists based on specific criteria, such as credit records and demographics, and, as a result, you may see a record of a soft credit pull in your credit history. </p><p>There are limitations on how organizations can use your credit reports, and these may vary from state to state. For example, employers can often request special reports that won’t contain certain personal information (such as your age or your credit score). But in some states, employers are not permitted to review your credit report at all as part of the hiring or promotion process. Also, some states limit how insurers can use credit when offering or pricing insurance policies. </p><h2>How Your Credit Reports Relate to Your Credit Scores</h2><p>Your credit reports are often the sole basis for your credit scores. However, credit scores only examine certain parts of your credit reports to determine your scores. </p><p>For example, with VantageScore® and FICO® Score scoring models, your personal information won’t impact your credit scores, however, your account information, public records, and hard inquiries will. </p><p>There are many different credit scoring models, and you won’t necessarily know which credit score a creditor will use to evaluate your application. That’s why learning how to read your credit report and understand what’s included in it is important because the different scoring models will determine your scores based on the same underlying credit report. </p><p>You want to make sure there aren’t any errors in your reports, because erroneous negative items could hurt your credit scores. In turn, lower credit scores can make it more difficult to <a href="https://www.lendingclub.com/personal-loan">get a new loan</a> or credit card, and lead to higher interest rates if you’re approved. </p><p>Keep in mind, most credit reports—including the free copies you can obtain once per year through <a href="https://www.annualcreditreport.com/index.action">AnnualCreditReport.com</a>—will not include your credit scores. You’ll need to order your credit scores through <a href="https://www.myfico.com/">MyFICO</a>® or the credit reporting agency, or purchase a combined credit report and credit score, to see both. </p><h2>How to Dispute Inaccuracies in Your Credit Report</h2><p>Learning how to read a credit report can help you identify errors, which you can then correct by <a href="https://consumer.ftc.gov/articles/disputing-errors-your-credit-reports">filing a dispute</a> directly with the credit reporting agencies. You may need to do this three times, once with each bureau, if the error appears on all three reports. </p><p>The credit bureau generally has 30 days to investigate your claim and respond to your dispute. It may find that the information is correct and leave your credit report unchanged, update your credit report with corrected information, or remove the disputed information entirely. Disputing errors can be helpful because your credit score may rise when negative information is corrected or removed by the credit bureaus. </p><p>The easiest way to initiate a dispute is through the credit bureaus&#39; online dispute systems. You can find these on the <a href="https://www.equifax.com/personal/credit-report-services/credit-dispute/">Equifax</a>, <a href="https://www.experian.com/disputes/main.html">Experian</a>, or <a href="https://www.transunion.com/credit-disputes/dispute-your-credit">TransUnion </a>websites. </p><h2>How to Read Your Credit Report FAQs</h2><h3>How do credit bureaus get their information?</h3><p>Much of the information found in your credit reports is voluntarily sent to credit reporting companies by creditors and collection agencies. Creditors do this, in part, to incentivize their customers to pay on time (as customers know a late payment can hurt their credit). Additionally, credit bureaus actively collect or purchase data from public records. </p><h3>What if I&#39;m new to credit?</h3><p>If you&#39;ve never applied for or taken out a loan or credit card, your information might not be in the credit bureaus’ credit files. As a result, you might not have a credit report and won’t be “scorable” as the scoring models may not have enough information about you to analyze. </p><h3>What&#39;s a good credit score?</h3><p>Credit scores commonly range from 300 up to 850. A score in the mid-600s or above may be considered a good score, however, higher scores may make it easier to get approved for a new loan or line of credit with favorable terms. Regardless of your score, creditors will also consider the underlying information in your credit report to make their determination on whether or not to lend. </p><h3>Can I dispute my credit score?</h3><p>You can&#39;t dispute your credit scores. However, if you think your score is lower than it should be, closely review your credit reports for negative information that may be influencing your credit scores. If you find any inaccuracies, file a dispute with the credit bureaus and have the information corrected.</p>

Want to consolidate high-interest debt, renovate your home, or manage an unexpected expense? A personal loan could help. 

<p>While you can take out a personal loan for almost any reason—good reasons to consider using a personal loan include saving money by refinancing high-interest debt, debt consolidation, or carving a big expenditure into manageable payments.  </p><p>For example, if you&#39;re planning home renovations or a wedding, you can benefit from predictable monthly payments and potentially lower interest rates than credit cards. A personal loan also may help you avoid overextending your budget because you’ll know exactly how much you have to spend. If you’re looking to consolidate high-interest debt, you could roll all your debt into one personal loan with a fixed rate, term and a single monthly payment. Plus, you&#39;ll know exactly when your debt will be paid off.</p><p>Whether you’d like to finance a big project or consolidate debt, here are some of the top reasons to get a personal loan.</p><h2>4 Good Reasons to Get a Personal Loan</h2><h3>1. Good for paying off high-interest rate debt.</h3><h4>Loan refinancing and consolidation</h4><p>Personal loans are commonly used to consolidate multiple balances from other high-interest loans or medical debt into a single loan with a fixed rate and term. It can help you save money by reducing your interest rate or by making it easier to pay off debt faster. A debt consolidation loan may also lower your monthly payment. The reasons for taking out a <a href="https://www.lendingclub.com/personal-loan/debt-consolidation">debt consolidation personal loan</a> to pay down debt can vary depending on your circumstances.</p><p>For example, you may want to simplify your finances by decreasing your total number of monthly bills. You can do this by paying off multiple high-interest debts with your personal loan (i.e., debt consolidation), leaving you with a single monthly payment.</p><p>Ideally, you can also save money by finding a personal loan with a lower rate than your current debts. When that’s the case, it can make a lot of sense to refinance a single debt with a lower-rate personal loan, lowering your cost of borrowing money.</p><p>Consolidating and refinancing debts can also change your monthly payment amount. Choosing a personal loan with a shorter term will lead to higher monthly payments, but you’ll also pay off the loan much faster. Generally, you’ll save on interest costs over the life of your loan by choosing a shorter term. A longer term may give you lower monthly payments, which can be easier to manage on a tight budget, but it will cost you more in interest over time.</p><h4>Credit card refinancing and consolidation</h4><p><a href="https://www.lendingclub.com/personal-loan/credit-card-consolidation-loan">Paying down multiple credit card balances</a>, a type of debt refinancing, can be another good reason for a personal loan. </p><p>As with loan refinancing, you may be able to save money on the cost of borrowing. For example, according to <a href="https://www.federalreserve.gov/releases/g19/current/default.htm">Federal Reserve data</a>, revolving credit card accounts had an average interest rate of 22.16% during the second quarter of 2023; meanwhile, 24-month personal loans had an average 11.48% interest rate during the same period.</p><p>Personal loans can also be easier to manage than credit cards, as you generally don’t have to worry about variable rates or variable monthly payments, and you’ll know exactly when the loan will be paid off. Also, paying down credit card debt with a personal loan could decrease your credit utilization rate, a positive factor for your credit scores.</p><h3>2. Good for unexpected (and expensive) expenses.</h3><h4><b>Home repairs</b></h4><p>A leaky roof, broken water heater, or electrical issues can happen anytime. Often, these need to be addressed immediately to prevent further damage and make your home safe and comfortable.</p><p>Your savings or a credit card could be best for minor repairs. However, a personal loan can offer a larger lump-sum cash payout that you may need for more extensive and costly repairs.</p><h4><b>Medical expenses</b></h4><p>Unexpected medical expenses are another common reason to get a personal loan. About 3 million Americans had $10,000 or more in outstanding medical debt in 2022, according to U.S. Census data.</p><p>Even if you have health insurance, you may need help paying deductibles, copays, and medical bills from out-of-network providers. But before taking out a loan, it’s best to try to negotiate a lower cost with your providers and see if they’ll offer you a no-interest payment plan.</p><h4><b>Divorce</b></h4><p>A divorce can be emotionally and financially taxing for both parties. Even uncontested divorces can cost thousands of dollars in court costs, attorney fees, and expert consultations. Contested divorces can cost a lot more.</p><p>Divorce costs can range from $4,100 to $20,400 on average according to Nolo<sup>®</sup>, depending on whether the case goes to trial. Some attorneys offer clients payment plans, but you might need to consider a personal loan for non-attorney fees and expenses.</p><h4><b>Funeral costs</b></h4><p>Unless someone had set aside savings to pay for a funeral, it’s often up to family members and loved ones to cover the expense. The National Funeral Directors Association reports the median cost of a funeral with viewing and burial was $7,848 in 2021. And that’s before flowers, a grave marker, and a vault (which many cemeteries require).</p><h4><b>Other emergencies</b></h4><p>Many households don’t have an emergency fund to fall back on and may need to figure out how they’ll cover emergency expenses during a crisis. Personal loans can be a good option because you can usually quickly apply online and upon approval get the funds deposited directly into your bank account within a few business days.</p><h3>3. Good for planning for a large expense.</h3><h4><b>Elective medical procedures</b></h4><p>Health insurance might not cover elective procedures, such as fertility treatment, hair restoration, or weight loss surgery. Certain types of dental work isn’t covered by general health insurance plans either, such as dental implants, which are generally considered cosmetic and therefore not a medically necessary procedure. Some lenders work directly with thousands of U.S. health care providers to offer <a href="https://www.lendingclub.com/patient-solutions">patient financing options</a> with competitive rates and affordable repayment options.</p><h4><b>Home improvements</b></h4><p>Home improvements are common reasons for personal loans. Unlike unexpected home repairs, you have time to prepare for and dream about home improvement and remodeling projects. Some improvements, like replacing a garage door or your home’s siding, or remodeling a kitchen can even increase your home’s resale value—making the project something you can enjoy now and profit from later.</p><p>You may also want to consider a home equity loan or home equity line of credit, both of which are popular ways to <a href="https://www.lendingclub.com/personal-loan/home-improvement-loan">finance home improvement projects</a>. However, those won’t be an option if you don’t have enough equity in your home.</p><p>Additionally, those are secured loans, while most personal loans are unsecured and don&#39;t require you to use your home as collateral.</p><h4><b>Moving</b></h4><p>The cost of moving varies widely depending on how far you’re going and how much stuff you have. Relocating your household could cost as much as $10,000 for long-distance moves, according to ConsumerAffairs<sup>®</sup>. However, that’s only the cost associated with hiring movers to transport your belongings. A personal loan may help cover those expenses and give you money to get settled in your new home.</p><h4><b>Wedding</b></h4><p>Even small weddings may come with big price tags, so weddings are common reasons for personal loans. According to the wedding planning website The Knot<sup>®</sup>, weddings cost an average of $30,000 in 2022. If you need help paying for your big day, a personal loan could be a good alternative to higher interest debt. </p><h3>4. Good for starting or growing a business.</h3><p>Whether you’re starting a new business, freelancing on the side, or are an established business owner, financing can be important to long-term success. However, you need to match the type of <a href="https://www.lendingclub.com/business-loan">small business financing</a> to your business’s needs.</p><p>For example, a credit card could make sense if you can repay your balance within 30 to 60 days. However, for major purchases that will take longer to pay off, a personal loan can provide a competitive, fixed interest rate with predictable monthly payments. These features can make installment loans a good option for financing large purchases while minimizing the impact on your cash flow.</p><h2>When Not to Use a Personal Loan</h2><p>In general, it’s wise to borrow only what you can afford to repay. If another monthly payment will cause you to struggle financially, a personal loan probably isn’t the best choice. Instead, consider saving up for an expense rather than financing it. If the cost is unexpected and you need funds quickly, consider working out a payment plan if possible or borrowing money from a trusted family member or friend.  </p><p>While you can use personal loans for many purposes, there are some restrictions. Lenders generally won’t allow you to use loan proceeds for higher education costs, investing, or illegal activities. </p><h2>The Bottom Line</h2><p>Emergencies and planned expenses alike can be good reasons for personal loans, especially when compared to high-interest rate credit cards or payday loans. However, whether you should get a personal loan can depend on the loan offer.</p><p>Fortunately, many online banks and lending marketplaces can help you get prequalified with a soft credit check, which allows the lender to review your credit history without impacting your credit scores. You can then review your estimated loan amounts and repayment terms to see if getting a personal loan makes sense for you right now.</p><h2>Reasons to Get a Personal Loan FAQs</h2><h3>1. What is a good reason to get a personal loan?</h3><p>One of the most popular reasons to get a personal loan is to <a href="https://www.lendingclub.com/personal-loan">consolidate and pay down high-interest debt</a> at a lower rate. This kind of loan is known as a debt consolidation loan and is often used to pay off high-interest credit card debt. Unexpected costs, such as expensive home repairs or medical procedures, are also common reasons for personal loans.</p><h3>2. Can I get a personal loan with bad credit?</h3><p>You might be able to get a personal loan with bad credit, but it might take a few extra steps. For example, you may need to provide additional documentation or apply for a lower personal loan amount than you really need. You can always try applying for a joint personal loan with a co-borrower (with a good credit history) to increase your chance of qualifying with more favorable terms and the loan amount you want.</p><h3>3. What is the best type of loan for me?</h3><p>The best type of personal loan is one that you can comfortably afford to pay each month and that fits within your budget. It’s important you check your rate and compare lenders to find the best personal loan for your financial situation and credit profile. Research loan APRs, lender reputations, loan fees, and terms to find a suitable option.</p><h3>4. Can you go to any bank to get a personal loan?</h3><p>A personal loan is a lump sum of money you can borrow from several different types of lending institutions, such as traditional banks, credit unions, and online lending marketplaces. It’s important to do your research and check your rate with a few lenders first because the terms, interest rates, APRs, and fees offered by each will vary. Depending on your credit scores and financial situation, applying for a loan could be fast and easy with some lenders while others may have tighter credit policies or require you visit a branch to fill out an application. </p>

Find out how your savings stack up against other people your age—and what you can do to grow your savings at any stage of life. 

<p>Having some money tucked away can provide peace of mind at any age. But how much money should you have in savings? While there’s no one answer to this question, comparing your savings to those of other people your age can give you an idea of where you stand. Learn how much money the average American has in savings and get tips for starting and growing your savings if you feel like you have some catching up to do. </p><h2>How Much Do Americans Have in Savings by Age? </h2><p>A savings account can prepare you for planned expenses such as vacations, unexpected expenses such as medical bills, or financial emergencies such as losing your job.<a href="https://www.lendingclub.com/resource-center/personal-savings/essential-guide-to-planning-for-your-retirement"><u>Saving for retirement</u></a> early on gives your money more time to grow. You may need savings for different purposes at different life stages.   </p><p>According to the latest available Federal Reserve data, Americans have a median of $5,300 and an average of $41,800 in transaction accounts. (Transaction accounts are typically checking and regular savings accounts, and don’t include investments, retirement accounts, or other long-term savings that aren’t considered readily accessible.)  </p><h3>Average vs. median savings by age </h3><p>Before you start worrying about how much is in your own savings account, let’s clarify median vs. average savings by age. <i>Median</i> <i>savings</i> is the middle data point, or the number at which half the people have more in savings and half the people have less. <i>Average savings </i>adds up everyone’s savings and divides the total by the number of people surveyed. So for example, nine people with $5,000 in savings and one person with $500,000 would give you an average of $54,500 in savings. As you can see, the average figure can be significantly skewed by a small number of people with much higher balances. This is why median may generally be a more accurate reflection of reality. </p><p>Below, we’ve broken out average and median amounts of savings by age group so you can see how your balance stacks up.  </p><h4>Savings by Age</h4><table><tr><th><p>Age</p></th><th><p>Average Account Balance</p></th><th><p>Median Account Balance</p></th></tr><tr><td><p>Under 35 </p></td><td><p>$11,250 </p></td><td><p>$3,240 </p></td></tr><tr><td><p>35 to 44 </p></td><td><p>$27,910 </p></td><td><p>$4,710 </p></td></tr><tr><td><p>45 to 54 </p></td><td><p>$48,200 </p></td><td><p>$6,400 </p></td></tr><tr><td><p>55 to 64 </p></td><td><p>$57,670 </p></td><td><p>$5,620 </p></td></tr><tr><td><p>65 to 74 </p></td><td><p>$60,410 </p></td><td><p>$8,000 </p></td></tr><tr><td><p>75 and older </p></td><td><p>$55,320   </p></td><td><p>$9,300 </p></td></tr></table><p><i>Source: Federal Reserve </i><a href="https://www.federalreserve.gov/econres/scf/dataviz/scf/table/#series:Transaction_Accounts;demographic:all;population:1;units:median"><i><u>Survey of Consumer Finances</u></i></a><i>, 2019.</i> </br></p><h2>What to Know About Savings at Any Age </h2><p><a href="https://www.lendingclub.com/resource-center/personal-savings/fire-movement-financial-independence-retire-early"><u>How much you need to save</u></a>—and how much you’re <i>able to</i> save—varies depending on personal factors like your income, education, family situation, lifestyle, and expenses. And while external factors such as economic instability and recessions can also influence your ability to save, generally, people within the same age group have many of the same challenges, goals, and decision opportunities when it comes to saving and spending. </p><h3>Savings in your 20s </h3><p>You may be starting out in your career or finishing your education—and you’re probably on a tight budget. You may face new expenses, such as paying off student loans, getting an apartment, or buying a car.   </p><h4>Tips for saving money in your 20s: </h4><ul><li><p>Create a budget. </p></li><li><p>Aim for an emergency fund covering three to six months’ worth of living expenses. </p></li><li><p>Avoid accumulating and carrying high-interest debt; pay off credit card balances in full every month. </p></li><li><p>While saving, don’t forget about retirement accounts. The earlier you begin contributing to a retirement account, such as an IRA or 401(k), the longer you’ll have to take advantage of compounding interest. </p></li></ul><h3>Savings in your 30s </h3><p>By your 30s you may be advancing in your career and earning more money than you did in your 20s. You may be married with children, still repaying student loans, or saving for big goals like a wedding or home. While your income may be increasing, your expenses are likely growing, too—and earning more may tempt you to splurge or start living beyond your means.   </p><h4>Tips for saving money in your 30s: </h4><ul><li><p>Boost your emergency fund; you’ll need more than you did in your 20s to cover three to six months’ worth of essential living expenses. </p></li><li><p>Put tax refunds, bonuses, and other extra income into high-interest savings while also funding your retirement accounts. </p></li><li><p>Revise your budget at least annually to reflect your increasing income and expenses and any new financial goals. </p></li><li><p>Resist lifestyle creep: when you get a raise, direct some (or all) of the extra income into savings instead of spending it. </p></li></ul><h3>Savings in your 40s </h3><p>While your income may begin to reach new highs in your 40s, your financial responsibilities may also begin to peak. You may be paying a mortgage and children’s tuition, and you may or may not still be paying your own student loans.    </p><h4>Tips for saving money in your 40s: </h4><ul><li><p>Pay off high-interest debt; charging more than you can afford to pay back on credit cards can make it harder to save as interest accrues on your balance. </p></li><li><p>Rebalance your retirement accounts annually and make sure your investment portfolio is well diversified. </p></li><li><p>Consider working with a financial advisor. </p></li></ul><h3>Savings In your 50s </h3><p>College tuition and supporting aging parents are common expenses in your 50s. Fortunately, you may be at your peak earning power, too. You probably still have a mortgage, but your children may be more independent (or possibly out of the nest), requiring less of your time and resources.    </p><h4>Tips for saving money in your 50s: </h4><ul><li><p>Lifestyle creep can strike if your emptying nest means extra money. Revise your budget accordingly, but still focus on saving. </p></li><li><p>Boost your retirement contributions. When you turn 50, you can start making “catch-up” contributions to help grow your savings. </p></li><li><p>Increase your emergency fund. It could be more difficult to find comparable employment if you’re laid off in your 50s. Padding your emergency fund can prevent tapping retirement savings. </p></li><li><p>Research your options for a health savings account or long-term care insurance to cover healthcare costs in retirement. </p></li></ul><h3>Savings In your 60s </h3><p>By your 60s, your children may be living their own lives and your mortgage paid off (or close to it). You might be thinking about dialing back your career, pursuing a second career, or even retiring. You have more time to yourself to consider what the future can hold. You may be thinking about downsizing your home and traveling more. </p><h4>Tips for saving money in your 60s: </h4><ul><li><p>Review your retirement plan to make sure you’re on track. </p></li><li><p>Delay taking Social Security as long as possible to maximize your benefit. </p></li><li><p>Consider whether paying off your mortgage or downsizing into a more affordable home would make more sense for you financially.  </p></li><li><p>Avoid taking on new debt. </p></li></ul><h3>Savings in retirement </h3><p>Once you’re in retirement, your expenses generally decline, but your annual income typically drops, too. Now’s the time to make your nest egg last.   </p><h4>Tips for saving money in retirement: </h4><ul><li><p>Revise your budget for your new income and expenses. </p></li><li><p>If you haven’t already, consider downsizing to a smaller home that’s cheaper to insure and maintain. </p></li><li><p>Consider taking a low-stress, part-time job to for some extra spending money. </p></li><li><p>Look for little ways to save, such as senior discounts. </p></li></ul><h2>How to Start Saving Faster </h2><p>Choose the right savings account to reach your savings goals faster. Some of your options may include:   </p><h3>High-yield savings accounts  </h3><p><a href="https://www.lendingclub.com/personal-savings/high-yield-savings"><u>High-yield savings accounts</u></a> generally have higher <a href="https://www.lendingclub.com/resource-center/personal-loan/apr-vs-apy-whats-the-difference"><u>annual percentage yield</u></a> (APY) than standard savings accounts. You’ll often find the highest APYs at online-only banks, which tend to have low or no fees.   </p><p>Pros </p><ul><li><p>Higher interest rates than traditional savings account </p></li><li><p>Savings in member Federal Deposit Insurance Corporation (FDIC) banks or member National Credit Union Administration (NCUA) credit unions are generally guaranteed up to $250,000 per account, per account holder </p></li><li><p>Withdraw money any time with no early withdrawal penalty </p></li></ul><p>Cons </p><ul><li><p>APY may increase or decrease depending on prevailing interest rates </p></li><li><p>May require a larger initial deposit than standard savings accounts </p></li></ul><h3>Certificate of deposit accounts (CDs) </h3><p><a href="https://www.lendingclub.com/personal-savings/cd"><u>Certificates of deposit</u></a> (CDs) are savings accounts that hold your deposit (the principal) for a certain period (the term) in return for guaranteed interest earnings. Common CD terms range from a few months to five years or more. If you hold the CD until maturity, you know exactly how much you will earn. Take money out of the CD before maturity, however, and you may face an <a href="https://www.lendingclub.com/resource-center/personal-savings/cd-early-withdrawal-penalty-what-you-need-to-know"><u>early withdrawal penalty</u></a>.  </p><p>CDs can be useful for savings goals with a longer timeline, such as a vacation or wedding.  </p><p>Pros </p><ul><li><p>Higher APY than standard savings accounts </p></li><li><p>Guaranteed APY locked in for length of CD term </p></li><li><p>Earnings are predictable when CD is held to maturity </p></li><li><p>Accounts at member FDIC banks or member NCUA credit unions are guaranteed up to $250,000 per account, per account holder </p></li></ul><p>Cons </p><ul><li><p>Penalties for withdrawing money before CD maturity </p></li><li><p>Risk of being locked in a lower rate and earning less if rates continue to rise </p></li><li><p>Minimum initial deposit requirements may be $1,000 or more </p></li></ul><h3>Interest-bearing and rewards checking accounts  </h3><p>Money in a checking account generally doesn’t earn interest, however, interest-bearing checking accounts from some banks and credit unions do, though it may not be much.    </p><p>To earn even more from your checking account, you might consider a <a href="https://www.lendingclub.com/personal-checking/rewards-checking"><u>rewards checking account</u></a>. Like rewards credit cards, these accounts offer perks such as cash back on spending. Unlike credit cards, you’re spending money you already have, rather than running up a revolving balance. You can even find <a href="https://www.lendingclub.com/personal-checking/rewards-checking"><u>checking accounts</u></a> that earn interest on your balance <i>and</i> rewards for your spending.   </p><p>Pros </p><ul><li><p>Earn interest on your checking account </p></li><li><p>Earn rewards for spending </p></li><li><p>Guaranteed up to $250,000 per account, per account holder if kept at member FDIC banks or member NCUA credit unions </p></li></ul><p>Cons </p><ul><li><p>Usually have higher fees than standard checking accounts, potentially canceling out earnings </p></li><li><p>May have minimum balance requirements </p></li></ul><p>No matter what savings method you use, the following steps can help you grow your savings faster. </p><h3>Make a budget </h3><p>Budgeting helps keep your savings plan on track. Add up your monthly income and expenses and allocate a certain amount of money to each category—including savings. Track your spending for a few months and adjust your budget as needed. The <a href="https://www.lendingclub.com/resource-center/personal-finance/50-30-20-rule-the-easy-budget-method-that-works"><u>50/30/20 budgeting method</u></a> is a flexible approach that devotes 20% of your income to savings (including retirement). If 20% isn’t realistic right now, that’s OK. Saving even a small amount each paycheck can eventually achieve your savings goals.   </p><h3>Pay down high interest debt </h3><p>Carrying credit card debt gets expensive, especially when interest rates rise. Try the <a href="https://www.lendingclub.com/resource-center/personal-finance/debt-snowball-vs-avalanche-which-should-you-choose"><u>debt snowball or debt avalanche</u></a> approach to tackle high-interest debt. Struggling to <a href="https://www.lendingclub.com/resource-center/personal-finance/save-or-pay-off-debt-which-should-you-do-first"><u>pay down debt and save money</u></a> at the same time? A <a href="https://www.lendingclub.com/personal-loan"><u>personal loan</u></a> may be an option. A personal loan consolidates all your debt into one monthly payment at a fixed interest rate that may be more affordable than all your credit card payments combined. </p><h3>Give savings a boost with extra cash </h3><p>A tax refund, work bonus, inheritance, or other financial windfall can boost your savings fast. Put such “found money” into savings and watch your balance grow. Apps that let you round up your purchases to the nearest dollar or that put spare change into savings automatically can also help. </p><h3>Automate your savings </h3><p>Set up automated transfers from your checking to your savings account each payday or have part of your paycheck deposited directly into your savings account. You’ll be less tempted to spend money that never hits your checking account.   </p><h2>The Bottom Line </h2><p>In the long term, saving for retirement can provide financial security in your golden years. In the short term, saving for an emergency fund, vacation, or major goal creates the confidence to handle financial setbacks without borrowing money or running up credit card bills. Reducing expenses, putting unexpected cash into savings, and selecting a savings account that maximizes your interest earnings can all build your savings faster—and achieve your financial goals sooner.   </p><h2>Understanding Average American’s Savings by Age FAQs </h2><h3>How much do Americans have in savings? </h3><p>Overall, Americans have a median of $5,300 and an average of $41,800 in savings, according to the Federal Reserve<b>. </b>These are readily accessible savings in transaction accounts (typically checking and regular savings accounts), and don’t include investments, retirement accounts, or other long-term savings that aren’t immediately available. </p><h3>How much does the average American have in savings by age? </h3><p>The amount the average American has in savings ranges from $11,250 for people under 35 to $60,410 for those age 65 to 74. In general, Americans’ savings grow as they get older.  </p><h3>How much should a 25-year-old have in savings? </h3><p>How much you’ve saved by your 25th birthday depends on your financial objectives and income. At this age, experts typically recommend <a href="https://www.lendingclub.com/resource-center/personal-savings/essential-guide-to-planning-for-your-retirement">putting at least 10% of your pretax income into a retirement account</a>. You should also work to build an emergency savings account that can cover three to six months’ worth of your essential living expenses. Create a budget that includes saving for retirement, emergencies, and other goals, such as buying a home.  </p><h3>How much should a 30-year-old have in savings? </h3><p>The amount you should have in savings by the time you’re in your 30s will vary based on your financial goals and income. However, it’s generally a good idea to have three to six months’ worth of living expenses or more stashed in an emergency high-yield savings account. On average, Americans under 35 have a median $3,240 and an average of $11,250 in savings, according to the Federal Reserve. </p>

Related Resource Center

From groceries and diapers to Halloween costumes for pets, nearly 60% of American consumers prefer to shop online for everyday items that make life more convenient, comfortable, and enjoyable. And with rising prices showing no signs of stopping anytime soon, we’re pleased to introduce StackitTM from LendingClub Bank—a new browser extension that automatically finds and rewards eligible members with coupons and cash back for extra savings at more than 15,000 favorite online retailers.

<p>From groceries and diapers to Halloween costumes for pets, nearly 60% of American consumers prefer to shop online for everyday items that make life more convenient, comfortable, and enjoyable. And with rising prices showing no signs of stopping anytime soon, we’re pleased to introduce Stackit<sup>TM</sup> from LendingClub Bank—a <a href="/member-benefits/stackit/install?utm_source=Internal&utm_medium=Blog&utm_campaignid=stackit_launch">new browser extension</a> that automatically finds and rewards eligible members with coupons and cash back for extra savings at more than 15,000 favorite online retailers.</p><h2>Limited Time Offer to Double Your Cash Back Through 12/31/22</h2><p>Stackit is a free, new cash back and rewards program available to personal loan members that’s easy to download and install. Eligible members can activate their favorite offers with one click to start saving while stacking cash back offers with existing loyalty program rewards at eligible stores.</p><p>“We’re relentless when it comes to giving customers more, and Stackit is a perfect example of this,” said Amber Carroll, SVP of Membership and Lifecycle Marketing. “Stackit appears as you shop so it’s easier to activate. You can redeem your cash back for gift cards from hundreds of online stores. And you can continue accumulating loyalty points from merchants and rewards from credit cards while we stack coupon savings and cash back earnings on top of all of it,” she said. “Stackit demonstrates our promise to help members make smart money moves that are both easy and rewarding.”</p><p>To celebrate the new Stackit rewards program, LendingClub is offering its personal loan members double the cash back on eligible purchases made now through the end of the year. To start earning and stacking rewards, eligible members can simply <a href="/member-benefits/stackit/install?utm_source=Internal&utm_medium=Blog&utm_campaignid=stackit_launch">add the new Stackit Extension</a> to their browsers—<b>doubling their earnings for a limited time through 12/31/22.</b>* Cash back can be redeemed for e-gift cards through the Earnings Dashboard.</p><h2>New Name, Better Rewards</h2><p>Earlier this year, LendingClub soft-launched its exclusive member rewards program as a separate Chrome browser extension test that was made available to a small subset of customers. Drawing from these learnings,Stackit is LendingClub Bank’s new and improved rewards program featuring a new extension, expanded browser availability, and enhanced account integration that is rolling out to a wider member audience beginning in November.</p><p>Currently, any LendingClub personal loan member can download and start using the new Stackit browser extension. (Users of the old LendingClub Chrome Extension can continue earning cash back through 11/30/22; any amount remaining in users’ accounts after 11/30 will automatically be paid out via PayPal. Members are advised to add the new Stackit Extension to continue earning cash back and rewards, including double cash back, on future purchases.) In addition to Chrome,Stackit expands browser availability to Safari and Edge, and enables members to view recent transactions and cash back earnings inside their LendingClub account instead of a third-party site. Planned rollouts to LendingClub members with Auto, Deposit, and other accounts beyond personal loans are expected, however, timing is still under consideration.</p><p><i>*Double Cash Back Offer on eligible transactions expires 12/31/22. See </i><a href="/legal/terms-of-use"><i>Terms of Use</i></a><i> for full details. Offer is subject to change without notice.</i></p><p>Stackit is a non-deposit product offered by LendingClub Bank.</p>

Even in today’s low-yield, high-inflation environment, it’s essential to keep a certain amount of money in an easy-to-access checking or savings account for things like daily household and emergency expenses, or to meet short-term financial goals. 

<p>Even in today’s low-yield, high-inflation environment, it’s essential to keep a certain amount of money in an easy-to-access checking or savings account for things like daily household and emergency expenses, or to meet short-term financial goals. However, recent <a href="https://www.fdic.gov/analysis/household-survey/">FDIC research</a> shows approximately 7.1 million Americans are “unbanked,” meaning they do not have a basic checking or <a href="/personal-savings">savings account</a>.</p><h2>Being Unbanked Increases Costs for Families</h2><p>Reasons for being unbanked (and underbanked) vary from not having enough money to meet a minimum balance and high or unpredictable fees, to having a history of credit, ID, or banking problems, and/or a general distrust of financial institutions.As a result, this drives unbanked individuals to expensive, alternative financial outlets—such as check cashers, payday lenders, and pawn shops that charge high fees for financial products and services—to manage their money. </p><p>Such fringe financial “solutions” hold people back from making meaningful financial progress, many of whom are living on low incomes and, likely, already struggling to make ends meet. Without a <a href="/personal-checking/rewards-checking">checking account</a>, these families wind up overpaying for basic financial transactions, making it difficult for them to build savings and assets over time.</p><h2>More Rewarding Banking for More People</h2><p>In light of this, we’re proud to share that recent improvements to LendingClub Bank’s <a href="/personal-checking/rewards-checking">award-winning Rewards Checking</a> has earned us official certification by the national Cities for Financial Empowerment Fund as meeting the BankOn National Standards for trust and affordability for consumer transactional accounts.Key features of our award-winning Rewards Checking account include:</p><h3>Low Minimum Opening Balance</h3><ul><li><p>Access Rewards Checking with an opening deposit of only $25</p></li><li><p>Freedom from Fees Save more of your hard-earned money with no overdraft, monthly maintenance, and incoming wire transfer fees<sup>1</sup></p></li></ul><h3>Unlimited Cash Back</h3><ul><li><p>Earn <a href="/personal-checking/rewards-checking">unlimited 1% cash back</a> on Qualified (signature-based) Purchases when using your Rewards Checking debit card<sup>2</sup></p></li></ul><h3>Free ATM Access</h3><ul><li><p>Enjoy <a href="/personal-checking/atm-fee-rebates">ATM access with no LendingClub ATM fees</a>, plus get unlimited ATM fee rebates on fees charged by other banks<sup>3</sup></p></li></ul><h3>Get Your Paycheck Early</h3><ul><li><p>Set up direct deposit into your account and you could be eligible to receive your money up to 2 days earlier<sup>4</sup></p></li></ul><h3>Earn Interest</h3><ul><li><p>Earn an APY that’s more than the national average with account balances of at least $2,500<sup>5</sup></p></li></ul><h3>FDIC Insurance</h3><ul><li><p>Rest easy knowing your deposits are FDIC-insured up to the maximum amount allowed—$250,000 per depositor for each ownership category</p></li></ul><h3>Best Online Experience</h3><ul><li><p>Based on our easy-to-use mobile app and award-winning <a href="/personal-checking/rewards-checking">online checking account</a>, NerdWallet named us <i>Best Bank or Credit Union for Online Experience</i></p></li></ul><h2>What Our Members Say</h2><p>It’s important knowing we’re offering products and services that are helping to improve the financial lives and stability of all Americans, including unbanked and underbanked individuals and families, in every community across the United States.Here’s what some of our members have to say about their Rewards Checking experience with LendingCLub Bank:<i>“I never knew how much money I was losing with my old bank whenever I used an ATM. [LendingClub Bank] reimburses fees from ATM’s and now I look forward to getting the cash back every month.”</i></p><p><b>Robin</b>, a LendingClub Bank Member<i>“The rewards checking account with cash back every month has helped me ditch my credit card and debt.”</i></p><p><b>Lauren</b>, a LendingClub Bank Member</p><p>Read more member reviews.</p><h2>Your Financial Well-Being Matters to Us</h2><p>At LendingClub Bank, making <a href="/personal-checking/rewards-checking">checking accounts</a> more rewarding for more people is an example of our belief that financial well-being should be attainable for everyone—not just for those who can afford it. Everything we do is centered around empowering our members to meet their personal financial goals by enabling access to a broad range of financial  products, services, and educational resources, all designed to help them pay less when borrowing and earn more when saving. </p><p><i>Testimonials reflect the real-life experiences of individuals who used our products; however, individual results may vary.</i></p><p><i></i></p><hr/><h4><i>Terms and Conditions</i></h4><p><i>Accounts subject to approval. $25 minimum opening deposit required. See Product Terms &amp; Conditions for additional details.</i></p><p><i>1. Miscellaneous fees may apply. View Product Terms &amp; Conditions for complete details.</i></p><p><i>2. The Debit Card Rewards Program (“Cash Back Rewards”) provides 1.00% </br>cash-back on all Qualified Purchases using a debit card tied to an Eligible Account.</i></p><p><i>Eligible Accounts are: Rewards Checking accounts that meet the following requirements for the calendar month in review:</i></p><p><i>1). Maintain an average monthly balance of at least $2,500.00; or 2). Receives at least $2,500.00 in Qualifying Direct Deposits.</i></p><p><i>Qualifying Direct Deposits are defined as: Recurring Automated Clearing House (ACH) credits, including payroll, pension or government payments (such as Social Security) made by your employer, or an outside agency. We may require documentation to verify that credits are Qualifying Direct Deposits. Qualifying Direct Deposits do not include peer to peer payments or ACH transfers (funds transfers) from your external accounts.</i></p><p><i>Qualified Purchases are defined as: Signature-based purchases made using the debit card </br>tied to an Eligible Account. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and is based on how the transaction is transmitted at the time of processing. Qualified Purchases do not include: (1) any goods or services purchased that are returned or otherwise credited to your Eligible Account; (2) unlawful purchases; or (3) purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Checks, gift cards, cryptocurrency, casino chips, peer to peer payments, prepaid debit cards, account openings, loan payments, or other cash equivalents).</br> </br>We may report the value of Cash Back Rewards to the IRS as required by law. Any client whose tax status would require us to impose tax withholding of any sort will not be eligible for Cash Back Rewards.</br> </br>Accounts are reviewed after the end of each month. Any earned Cash Back Rewards will be credited to your account on or before the 10th calendar day of the next calendar month. The Eligible Account must be open and active at the time the Cash Back Reward is credited.</i></p><p><i>3. LendingClub does not charge a fee for using another bank’s ATM. Plus, get unlimited automatic ATM surcharge rebates for ATM fees other banks charge you. ATM surcharge rebates apply to cash withdrawals from a Rewards Checking account. ATM fees will be rebated at the end of each statement cycle. Excludes international exchange fees. LendingClub makes its best effort to identify those ATM fees eligible for rebate. In the event that you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.242.0272. LendingClub reserves the right to modify or discontinue the ATM surcharge rebate program at any time. Out-of-network ATM fees cost $2.50 on average — source: CNBC as of 01/26/2022. If someone were to use an out-of-network ATM 6 times per month at an average fee of $2.50 per withdrawal, they would spend $180 in ATM fees in 12 months.</i></p><p><i>4. Any account features that enable you to receive direct deposits, or that enable direct deposit funds to be made available to you early, are contingent upon and subject to the payor’s support of such features. </i></p><p><i>5. Annual Percentage Yield (APY) accurate as of 8/1/2022. Rate tiers are as follows: 0.00% APY applies to balances of $0.00–$2,499.99, 0.10% APY applies to the entire balance on balances of $2,500.00–$99,999.99, and 0.15% APY applies to the entire balance of $100,000.00 or more. Rates are variable and are subject to change, at the discretion of the bank and without notice, at any time after an account is opened. Fees may reduce earnings.</i></p>

Since 2007, LendingClub has been on a mission to deliver a world-class experience to all our members. This month we took a moment to reflect on the more than four million members who have chosen LendingClub as their partner to help them reach their financial goals.

<p>Since 2007, LendingClub has been on a mission to deliver a world-class experience to all our members. This month we took a moment to reflect on the more than four million members who have chosen LendingClub as their partner to help them reach their financial goals.</p><p>As the leading digital marketplace bank in the U.S. built on the belief that innovative, creative solutions deliver more value and a better experience, we’re always looking for new ways to provide more. In early 2021, LendingClub became a bank holding company operating a national bank, allowing us to expand our products and level the playing field for everyone.  </p><p>“Every day we help members leverage their money so they can earn more when saving and pay less when borrowing,” said Amber Carroll, Senior Vice President of Membership &amp; Lifecycle Marketing at LendingClub. “We&#39;re working to redefine banking, which means ensuring our interests are well aligned with those of our members and introducing new ways to better serve their needs.” </p><p>Since the beginning of the pandemic, how we work, live, and manage our finances has evolved in ways most of us would never have imagined. Increasingly, more Americans across varying credit profiles are struggling to stretch their dollars between paychecks. According to a recent survey from LendingClub and PYMNTS, even among workers earning more than $100,000 per year nearly half are living paycheck to paycheck.  </p><p>At LendingClub, we’re inspired every day by our members who continue to strive for financial well-being during these unprecedented times—such as by consolidating their credit card debt into a single, more manageable payment, refinancing their auto loan to free up room in their budget, or taking advantage of a CD or high-yield savings account to invest in their future. The Club is working hard to help members reach their goals and we’re incredibly proud to help simplify their path. As one of member recently shared: </p><p>“This is the third time I have utilized LendingClub&#39;s great rates and lending plans to assist with home repairs and debt consolidation. Their application and payment processes are quick and simple to use. I have saved so much time and money using this funding!” — Christine, a member from Texas </p><p>We believe everyone deserves a better financial future. If you’re ready to improve your financial well-being and are not already a member of the Club, we can help. From banking smarter with your <a href="/personal-deposits/online-banking">personal checking and savings</a>, to working toward larger financial goals—like <a href="/personal-loan">consolidating debt</a>, <a href="/auto-refinancing">refinancing an auto loan</a>, or making home improvements—you can easily check your rate for a personal loan in minutes, with no impact to your credit score. </p><p>Thanks again to all of our members for helping us achieve this incredible milestone.  </p>

In March 2022, we hosted our first quarterly webinar where we celebrated our one-year anniversary as a digital marketplace bank. 

<p>In March 2022, we hosted our first quarterly webinar where we celebrated our one-year anniversary as a digital marketplace bank. </p><p>During the webinar, Anuj Nayar, our Financial Health Officer, discussed:</p><ul><li><p>Our journey to get to where we are today </p></li><li><p>Lessons learned from our 15-year history as a fintech pioneer</p></li><li><p>How we’re leveraging our digital marketplace bank to further our mission to help Americans on their path towards financial health</p></li><li><p>We recently reported Q4 2021 and year-end earnings</p></li><li><p>New data on the financial health of U.S. consumers from our latest Paycheck-to-Paycheck report</p></li></ul><p>A historic milestone, as one of the first fintech company to acquire a national bank we’ve paved the way for other fintechs to follow suit. With 15 years under our belt, more than 3.9 million members, and over $70 billion in loan originations, the marriage of LendingClub’s marketplace fintech business with all the benefits of being a bank is fundamentally changing the nature of our business and influencing change across the banking industry as a whole. We’re also creating something new for our members -- a bank that puts the customer at the center of what we do. </p><p><a href="https://vimeo.com/686043451">Check out the video below to learn more.</a></p>

LendingClub completed the acquisition of Radius Bank in February 2021. At that time, in addition to the direct-to-consumer deposit business, we inherited a fintech partner program, and several lending businesses. As we reach the one-year anniversary of the acquisition, and in conjunction with the conclusion of a strategic review of our business operations, we have made the decision to discontinue certain businesses that don’t fit our mission.  

<p>LendingClub completed the acquisition of Radius Bank in February 2021. At that time, in addition to the direct-to-consumer deposit business, we inherited a fintech partner program, and several lending businesses. As we reach the one-year anniversary of the acquisition, and in conjunction with the conclusion of a strategic review of our business operations, we have made the decision to discontinue certain businesses that don’t fit our mission.  </p><p>This includes our yacht loan business. Yacht loans are simply not in line with our mission to help <i>everyday </i>Americans on their path to financial health and we plan to grow our auto refinance business to take its place.  </p><p>During the review, we also thoroughly examined relationships and operating activities for the fintech partners. As a result of our review, we are asking certain partners to modify their activities and/or operations to match expectations and contractual commitments, and we have begun exiting certain partners. As part of the ongoing dialogue with these partners, we have discussed transition plans or operational changes that could impact the services available to these partners and their customers.   </p><p>As a pioneer in this space, we have a unique perspective. We operated for 15 years as a fintech with a partner bank model and now we operate as a fintech, a bank, and a partner bank. We work hard at LendingClub to maintain and build a robust, secure, compliant and scalable enterprise. We are guided by our core values, our extensive experience, our deep data set and technology investments, and governed by strong controls, to deliver on behalf of our members, communities, shareholders, partners, and team members.  </p><p><b>These business model changes will have no material effects on our business operations </b>and we plan to report more details when we issue our Full Year 2021 and Q4 earnings in a few weeks. </p><p><i>Scott Sanborn CEO </i> </p><p>LendingClub</p><hr/><p><i><b>Safe Harbor Statement</b></i></p><p><i>Some of the statements above, including statements regarding  the effect on our business operations as a result of the business model changes, are &quot;forward-looking statements.&quot; The words &quot;anticipate,&quot; &quot;believe,&quot; &quot;estimate,&quot; &quot;expect,&quot; &quot;intend,&quot; &quot;may,&quot; &quot;outlook,&quot; &quot;plan,&quot; &quot;predict,&quot; &quot;project,&quot; &quot;will,&quot; &quot;would&quot; and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include those factors set forth in the section titled &quot;Risk Factors&quot; in LendingClub&#39;s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each as filed with the Securities and Exchange Commission, as well as in LendingClub&#39;s future filings made with the Securities and Exchange Commission. LendingClub may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. LendingClub does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. </i></p>

Related Impact

{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.

<p>A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.</p><h2>What is Revolving Credit?</h2><p>Revolving credit is a type of credit that lets you borrow money as needed up to an amount called your credit limit. Borrowing reduces your available credit, and repayment replenishes your credit limit (minus the interest and fees charged). Revolving credit does not have a fixed number of payments. This differs from installment credit which lets you borrow a lump sum and pay it back over a set number of fixed monthly payments.</p><h2>How Does a Revolving Line of Credit Work?</h2><p>It helps to think of a revolving line of credit as a renewable source of funds within a set credit limit. The lender sets the credit limit upon application approval. You can use as much of your credit limit as you need, paying interest only on the money you borrow. As you repay what you’ve borrowed (plus interest and fees), your available credit replenishes, and you can continue borrowing against your revolving line up to the credit limit.</p><h3>Types of Revolving Credit</h3><p>The most common revolving credit products are lines of credit and credit cards.</p><p><b>Lines of credit </b>come in different forms, including home equity lines of credit (HELOCs), personal lines of credit, and business lines of credit. Credit lines are typically issued by banks and credit unions, and generally you can draw on your line using special checks, ATM, telephone, and online banking. You’ll only pay interest on the money borrowed from your line of credit. </p><p>Some lines of credit may be limited in how the funds can be used, such as only for balance transfers from credit cards.</p><p><b>Credit cards</b> are revolving credit accounts that, unlike lines of credit, require you make a purchase or cash advance to access your credit line. While card issuers reserve the right to change your credit limit, you can access your available credit as long as your account is in good standing. When you make purchases on a credit card, you can repay the balance in full by the end of your billing cycle to avoid interest charges and fees. If you don’t pay your outstanding balance in full,the balance “revolves,” or rolls over, to the next month and will accrue interest until paid in full. </p><p>Note: Both lines of credit and credit cards can be secured or unsecured. Secured accounts require collateral; unsecured accounts do not. For example, a HELOC uses your home as collateral. Credit cards are typically unsecured, but some secured cards require cash deposits as collateral.</p><h3>Why is Revolving Credit Important?</h3><p>Revolving credit offers greater borrowing flexibility than installment credit. For instance, if you get a $10,000 installment loan for a home remodeling project, you typically receive all the money at once and must start repaying on the entire loan balance immediately plus interest on that amount—even if you don’t use the funds right away. If you need more money, you’ll have to apply for a new loan.</p><p>On the other hand, if you get a line of credit or credit card with a $10,000 limit, you can draw on it as needed—say, $1,000 in January, $2,000 in April and $1,500 in June­—and interest will accrue only on the amounts you borrow. As you pay back what you’ve borrowed, your available credit is restored up to your credit limit, so you can make future purchases without needing to apply for additional credit.</p><p>Since it doesn’t require fixed monthly payments, revolving credit can also offer greater payment flexibility than installment loans. If money is tight in a particular month, you have the option of only making the minimum payment on a revolving account, potentially making it easier to meet other financial obligations.</p><p>Revolving credit can also serve as a financial cushion. Even if you never use it, it’s there in case you need quick access to small amounts of cash in an emergency.</p><h3>What Are the Risks of Revolving Credit?</h3><p>Revolving credit has some drawbacks you should be aware of.</p><p><b>Collateral risk:</b> If you fail to make payments on a secured revolving credit account, you could lose your collateral. With a secured credit card, that loss could be a few hundred dollars. With a HELOC, you stand to lose your home.</p><p><b>High interest rates:</b> Revolving credit typically has higher interest rates than installment credit. Interest rates for most credit cards and many lines of credit are also <i>variable</i>, meaning they can change over time based on economic conditions.</p><p><b>Excessive debt: </b>If you only make the minimum payment on a credit card, you could accumulate a large balance. Credit card interest is typically <i>compounded</i>, meaning interest accrues on both the balance of your purchases and on previously applied interest. Compound interest can cause your balance to snowball until it’s difficult to pay down.</p><h3>How Does Revolving Credit Affect Your Credit Score?</h3><p>Revolving credit could help your credit score in several ways.</p><ul><li><p><b>On-time payments:</b> Making revolving credit payments on time could boost your credit, since timely payments are a major factor in your FICO®  Score.</p></li><li><p><b>Responsible credit utilization:</b> Keeping your revolving credit balance below 30% of your credit limit could increase your credit score.  Ideally, you would pay your credit card balances in full each month.</p></li><li><p><b>Diverse credit mix:</b> A variety of accounts, including installment credit and revolving credit, could show lenders you can successfully manage different types of debt.</p></li></ul><p>Revolving credit could also have negative impacts on your credit score when not managed responsibly. </p><p><b>Late payments: </b>Missing payments could have a significant negative impact on your credit score. Setting up auto-payments on your revolving credit accounts can help ensure you never miss a due date.</p><p><b>Excessive credit utilization:</b> Consistently carrying balances that exceed 30% of your available credit limit can reduce your credit score. </p><p><b>Hard inquiry:</b> When you apply for revolving credit, creditors perform a credit check called a <i>hard inquiry</i>, which could cause a small, temporary dip in your credit score.</p>

{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment. 

<h2>What Is Accrued Interest? </h2><p>Accrued interest is the amount of unpaid interest that has accumulated as of a specific date, either on a loan or credit card you’re repaying or on an interest-bearing account or investment.  </br> </br>Accrued interest can be owed or earned. For example, with a loan or credit card, it’s the amount of interest (payment you owe) that has been incurred since you made your last payment. With an interest-bearing account or an investment, such as a bond, it&#39;s the interest (income you earned) that has accumulated since the last time you received a payment from the financial institution or bond issuer. </p><h2>How Does Accrued Interest Work? </h2><p>The way accrued interest works depends on several factors, including the type of account, the balance or principal, the interest rate, timing, and whether you are borrowing money (such as with credit cards, auto loans, and personal loans), or earning money (such as with interest-bearing checking or savings accounts).  </p><h2>Accrued Interest on Loans </h2><p>Personal loans, auto loans, and other types of debt charge interest to their borrowers. Most lenders use the simple interest method of accounting, which means that interest that accrues each day is based only on the principal balance of the loan and doesn&#39;t compound on previously accrued interest. </p><p>For example, on a personal loan, the interest on your debt accumulates daily based on your current loan balance and interest rate.  When you make a loan payment, a portion of your total payment amount goes toward the interest that has accrued since your last payment and the remainder goes toward paying down the principal balance of your loan. </p><p>If you have a fixed interest rate, the daily interest amount will go down over time as your principal amount owed decreases with on time payments. With variable rate loans, the amount of interest that accumulates can fluctuate along with the loan&#39;s interest rate, however there&#39;s generally a downward trend with timely payments.  </p><p> </p><h2>Accrued Interest on Bank Accounts </h2><p>Generally, with interest-bearing deposit accounts, such as a high-yield checking or savings account, interest typically accumulates daily and is paid out monthly. The amount of interest that accrues is based on your balance and the account&#39;s annual percentage yield or APY (which may adjust higher or lower as rates rise or fall) and compounding interest. The higher the APY and your balance, the more you&#39;ll earn. </p><p>Also, most banks and savings institutions will compound the interest you earn, usually daily. This means that the interest that accrues each day is based not only on your principal account balance but also on the interest that has accumulated since the last payment.  </p><p>For example, let&#39;s say you have a $10,000 balance in a savings account with an interest rate of 5%. On the first day, your balance earns $1.37 in interest, and that gets added to your interest-earning principal—compounded—at the end of the day. That happens every day. </p><p>By the end of the year, your principal will have grown to $10,512.67—$500 in interest on your principal balance, and $12.67 from the interest earned on your interest.  </p><p> Calculation for daily interest rate: </p><p>0.05 / 365 = 0.000136986 </p><p> Calculation for first day’s interest: </p><p>0.000136986 x 10000 = 1.36986 </p><p> While your interest rate is 5% compounded daily; your total return including compounding, or <a href="https://blog.lendingclub.com/apr-vs-apy-whats-the-difference"><u>annual percentage yield</u></a>,  is 5.1267%. </p><p>Compounding interest increases your savings over time, especially in a rising interest rate environment. </p><h2>Accrued Interest on Bonds </h2><p>If you&#39;re investing in bonds, interest is typically paid out every six months, and the amount that accrues between payments depends on the face value of the bond and its interest rate. This calculation is known as yield to maturity. </p><p>Interest on bonds does not compound; that is, you don’t earn interest on your interest. </p><h2>How Accrued Interest Affects Borrowers </h2><p>If you borrow money, understanding accrued interest gives you an idea of how your loan&#39;s costs are incurred. As you make your regular monthly payments, for instance, the amount of interest that accumulates over time decreases. And if you make additional principal payments on top of your regular payments, you can reduce how much interest accrues even more.   </p><p>Keep in mind that, if you make an extra payment on a loan the lender may use some of that money to pay off the interest that has accrued since your last regular payment unless you specify otherwise. You can request that the lender put the full amount of your additional payment toward the principal balance, saving you more money on interest in the long run. </p><p>Understanding how accrued interest works is particularly important if you have student loans. While college students aren&#39;t typically required to make monthly payments while they&#39;re still in school, interest accrues from the moment the loans are disbursed.  </p><p>For borrowers with federal subsidized loans, the federal government will typically pay interest that accrues while they&#39;re in school and during future deferment periods. If you have unsubsidized loans or private student loans, all the interest that accumulates while you&#39;re in school (and during periods of deferment or forbearance) is added to your balance once repayment begins.  </p><p>If you want to avoid a growing balance, consider making interest-only payments while you&#39;re still in school. </p><h2>How Accrued Interest Benefits Savers </h2><p>If you have an interest-bearing deposit account, look into how often (daily, weekly, monthly, quarterly, semi-annually, annually) your financial institution compounds the interest that accrues in your account. The more frequently interest is compounded (e.g., daily vs. quarterly) makes it possible for you to earn more interest more quickly. </p><p>And if you&#39;ve invested in bonds, understanding how accrued interest works can help ensure that you get the money you&#39;ve earned, especially if you sell the bond between scheduled interest payments. For example, if you sell a bond three months after your last payment, you won&#39;t receive the amount of interest that accrued during that time. Because the buyer will receive the full semi-annual (every six months) interest payment despite only owning the bond for three months, they should pay you the amount that has accrued since your last payment on top of the price of the bond. </p><h2>How Is Accrued Interest Calculated? </h2><p>On loans, lenders generally calculate interest on a daily basis using either a 360-day or 365-day year. The lender will divide the loan&#39;s interest rate by one of those numbers to determine your daily interest rate, which it then applies to your balance. </p><p>On interest-bearing deposit accounts, interest generally accrues daily. Depending on how often your financial institution compounds interest, the amount that accrues each day may be calculated based on the principal balance plus previously accrued interest. </p><h2>What Is an Example of Accrued Interest?  </h2><p>Let&#39;s say you have a personal loan with a $20,000 principal balance and a 12% interest rate. To calculate the amount of interest that accrues every day, you&#39;ll do the following equation: </p><p>Calculation for daily interest rate: </p><p>0.12 / 365 = 0.000328767123288 </p><p>Calculation for daily accrued interest: </p><p>0.000328767123288 x $20,000 = $6.58  </p><p> In other words, you&#39;ll have $6.58 in daily accrued interest. Over 30 days, that amounts to $197.40.</p>

{noun} The total annual cost to borrow money, including fees, expressed as a percentage.

<h2>What is Annual Percentage Rate (APR)?</h2><p>Annual percentage rate (APR) is the cost of borrowing money on an annual basis. APR is expressed as a percentage, to make it easier to compare the cost of credit. </p><p>APR and interest rate are sometimes used interchangeably, however, APR and interest rate are different. APR includes both interest plus fees applied over the course of a loan. Because APR is a more complete measure of the cost of credit, it is usually higher than the interest rate.</p><h2>How is Annual Percentage Rate Calculated?</h2><p>To calculate APR on a loan, you’ll need to know a few other numbers first:</p><p><b>Interest:</b> The total interest charges paid over the life of the loan, also known as the cost of borrowing money.</br><b>Fees:</b> Review the terms and conditions of the loan to find the fees that apply to your loan. Fees vary by loan type and lender. </br><b>Principal:</b> The original loan amount.</p><p><b>Days in the Loan Term (n):</b> Since APR measures the annual cost of borrowing money, multiply 365 (days) by the number of years in the loan term. For loan terms under one year, use the number of days.</br></br>The formula to calculate APR is: </p><img src="//images.ctfassets.net/orqped9h4wgz/6cJEgR4ftSGoIaSuKLlek6/a3ce252e07839182be4e7550cd09e08a/Formula-Calculate-APR.png?fm=webp" alt=""/><p>The steps to calculate APR are:</p><ol><li><p>Find the interest charges</p></li><li><p>Add the fees</p></li><li><p>Divide the sum by the principal balance</p></li><li><p>Divide by the number of days in the loan’s term</p></li><li><p>Multiply by 365</p></li><li><p>Multiply by 100</p></li></ol><h3>Credit Card APRs</h3><p>Credit card APRs do not reflect fees and since a credit card has no set loan amount or fixed repayment term, its APR is simply its interest rate.</p><p>Under the Truth in Lending Act, passed in 1968, lenders and other financial institutions must disclose APR when offering credit. </p><h2>Why is Annual Percentage Rate Important?</h2><p>Knowing the annual percentage rate helps you understand the true cost of borrowing. </p><p>For example, all lenders are required to disclose APR, which makes it easier to compare loans from different banks and make a more informed borrowing decision.</p><h2>Are There Different Types of APRs?</h2><p>There are different categories of APRs depending on the type of financial product.</p><h3>Credit Card APRs</h3><p>Credit cards have several APRs that may apply to different transactions or account activities.</p><ul><li><p><b>Purchase APR: </b>The rate you pay for purchases. </p></li><li><p><b>Balance transfer APR: </b>The rate applied if you use a card to pay down balances on other credit cards or loans. </p></li><li><p><b>Cash advance APR:</b> The rate charged on ATM withdrawals or cash-equivalent transactions, like money-order purchases. </p></li><li><p><b>Introductory APR: </b> A promotional interest rate for a limited period of time that is lower than the card&#39;s regular APR, sometimes as low as 0 percent APR.</p></li><li><p><b>Penalty APR</b>:  A higher-than-normal rate that results from violating a card’s terms of service. </p></li></ul><h2>What’s the Difference Between Fixed and Variable APRs?</h2><p>APRs can be fixed or variable. A fixed APR remains unchanged for the life of your loan. A variable APR fluctuates in sync with a published market index, like the U.S. Prime Rate.<b>   </b></p><h3>Adjustable-Rate Mortgages</h3><p>Home loans with variable interest rates are called adjustable-rate mortgages (ARMs). With an ARM, your APR is fixed for an initial term (typically one, three, or five years, but sometimes as long as 10 years), then resets every six or 12 months, based on market rates. </p><h2>What Affects APR?</h2><p>The APR you&#39;re offered depends on a few factors: </p><ul><li><p>Whether a loan or line of credit is secured or unsecured</p></li><li><p>Current economic conditions</p></li><li><p>Your credit history</p></li></ul><p>Lenders may also consider your income and assets, down payment, and where you live when determining your APR.</p><h2>How Do You Get a Good APR?</h2><p>Getting the best APR on a loan or credit card typically requires shopping around. </br></br>Start by prequalifying with multiple lenders. Prequalifying is a quick process where you provide some basic information about your income and borrowing goal. Then, lenders respond with a preliminary, non-binding estimate of the loan amount and APR. This is typically done through a soft credit check, which doesn’t impact your credit.</p><p>Then, compare the preliminary offers and submit a full application to your lender of choice. With your detailed financial information and a hard credit inquiry, which will impact your credit, lenders can make a formal loan offer that includes your APR, fees, and repayment terms. </br></br>If you’re unhappy with the terms you’re offered (or if lenders decline your applications), your credit history might be the culprit. If this is the case, you can work to pay down your existing debts and bring late payments current, which can improve your credit score and chances for approval over time.</p>

A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.

<p>A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.</p><h2>What Is a Charge-Off?  </h2><p>A charge-off on your credit report indicates the financial institution or creditor has written the account off as a loss and has stopped attempting to collect on a debt that you owe. However, a charge-off does not mean your debt is forgiven—it may be transferred to a collection agency or sold to a debt buyer. As long as the debt remains outstanding, you&#39;re still responsible to pay it. </p><h2>How Does a Charge-Off Work? </h2><p>When you miss a payment on a loan or credit card or have a bank account with a negative balance, the creditor or financial institution will attempt to collect the amount you owe. At some point, the creditor may determine the debt is uncollectible and decide to charge it off. This means the creditor has written off the remaining balance as a loss.  </p><p>At this point, the creditor will report the account as “Charged Off” to the credit reporting agencies which will appear on your credit reports along with the account balance. If the charge-off is legitimate and you can&#39;t convince the creditor to remove it, a charge-off can remain on your credit reports for up to seven years after your first missed payment. </p><p>Once a creditor has charged off a debt, they may decide to sell it to a debt buyer or transfer it to a debt collection agency for pennies on the dollar. If this happens, your account will be closed, interest will stop accruing on your balance, and your credit report will reflect that the account was &quot;Charged Off.&quot; However, you will still be liable for paying off the debt to the debt collection agency. Additionally, the collection agency may report a collection account for the same debt, further impacting your credit score. </p><h2>Will a Charge-Off Impact Your Credit Score? </h2><p>Your payment history is the most influential factor in your FICO credit score. Missing just one payment could have a significant negative impact on your credit score. </p><p>If a debt balance remains unpaid long enough for the creditor to stop attempting to collect payment, the worsening delinquency and subsequent charge-off could have a long-term  and far reaching impact to your credit score.  </p><p>For example, a low credit score and history of nonpayment may make it more difficult to get approved for credit in the future. It may also impact your ability to get approved for a residential lease or to qualify for lower interest rates on auto or homeowners insurance.  </p><h3>How Can You Repair a Charge-Off? </h3><p>The best way to repair a charge-off is to prevent it from happening. If you start missing payments, don&#39;t ignore the situation. Contact your lender and ask if there’s anything that can be done to help you avoid a charge-off situation. </p><p>In the event your debt is charged off, as long as there is a balance, you’re still responsible for repayment which is why you should consider ways to pay off the debt as soon as possible to avoid having it go to collections. Even if you cannot pay off the debt in full, you may want to consider negotiating a payment settlement with the creditor for less than what you owe or, if necessary, having the debt discharged in bankruptcy.  </p><p>In some cases, you may be able to negotiate with the lender to remove the charge-off from your credit report in exchange for full payment—a process known as “pay for delete.” Even if you can&#39;t get it removed, paying off the balance could potentially reduce the impact to your credit score.  </p><p>If the creditor does sell the debt to a collection agency, you&#39;ll face more attempts to collect the amount you owe. Some debt collectors may even resort to lawsuits to force collection through a court order. </p><h3>How Can You Limit Charge-Off Damage? </h3><p>The timeframe for when a creditor decides to charge-off an account ranges from 120 to 180 days from your initial delinquency date. You&#39;ll typically receive letters and phone calls reminding you of the past-due payment, urging you to get caught up. Don&#39;t ignore the creditor—this is the best time to talk to the lender to see if you can avoid a charge-off. </p><p>If you&#39;ve had an account charged off recently, contact the creditor as quickly as possible to verify the accuracy of the account details and look for opportunities to pay off some or all of the debt to avoid transfer to a collection account and further damage to your credit score. </p><p>In some cases, a charge-off could be reported in error. If this happens, it could damage your credit score, so you should act quickly to dispute the negative item with the credit reporting agencies. As long as the dispute isn&#39;t frivolous, the credit bureaus are required to investigate it and remove or update the information if it&#39;s found to be innacurate.  </br> </br>To contact the credit bureaus:  </p><ul><li><p><a href="https://www.equifax.com/personal/credit-report-services/credit-dispute/"><u>Equifax</u></a> </p></li><li><p><a href="https://www.experian.com/contact/personal-services-contacts.html"><u>Experian</u></a> </p></li><li><p><a href="https://www.transunion.com/credit-disputes/dispute-your-credit"><u>TransUnion</u></a> </p></li></ul><p>If the creditor decides to charge-off your account, it&#39;ll only report only to the credit reporting agencies that it normally reports to. For many lenders, it&#39;s all three, but some lenders may only report to one or two of the major credit bureaus. </p>

{noun} An interest rate that remains the same for a set time, usually for the life of the loan.

<p> An interest rate that remains the same for a set time, usually for the life of the loan.</p><h2>What Is a Fixed Interest Rate?</h2><p>A fixed interest rate is an interest rate that remains the same for a set time, usually for the life of the loan. With fixed-rate financing, borrowers can enjoy payment stability and avoid the risk of a variable interest rate—which may increase substantially over time, especially in rising interest rate environments.</p><h2>How Do Fixed Interest Rates Work?</h2><p>When you take out a loan with a fixed interest rate, your loan terms will define the fixed rate period.</p><p>Generally, for financial products like fixed rate mortgages and personal loans, your interest rate will remain the same throughout your loan term, as will your monthly payment amounts.</p><p>For financial products such as adjustable rate mortgages, the interest is variable, which means it can change periodically. Often, an adjustable rate mortgage (ARM) will have an initial period where the rate is fixed. After the fixed period, your interest rate may stay the same or it may adjust based on prevailing interest rates at the time.</p><h2>What Is the Difference Between Fixed and Variable Interest Rates?</h2><p>Fixed interest rates generally won’t change—either for the life of your loan or during a predetermined fixed period. In contrast, variable interest rates fluctuate based on market conditions and may change at any time.</p><h3>What Benefits Do Fixed Interest Rates Offer?</h3><p> Having a fixed rate loan offers several benefits for your finances.</p><ul><li><p><b>Financial Predictability. </b>A fixed interest rate makes it easier to plan your finances since your monthly payments don’t fluctuate over the fixed period, usually the life of the loan. Such predictable payments can  help you more easily manage your budget and alleviate stress.</p></li><li><p><b>Eliminate Interest Rate Risk. </b>With a fixed interest rate, you don&#39;t have to worry if interest rates start to increase in a volatile economy. Compared to loans with variable rates, a fixed-rate loan with a lower interest rate could save you money in a rising interest rate environment.</p></li><li><p><b>Potentially Lower Borrowing Costs. </b>With fixed-rate loans, you’ll know your total borrowing costs—including interest and fees—before you sign your loan documents. With variable-rate loans, it’s difficult to calculate your total borrowing costs since your interest rate may change substantially over time.</p></li></ul><h3>What Are the Drawbacks to Fixed Interest Rates?</h3><p>While a fixed interest rate can help you plan your finances for the long term, there are a few drawbacks to consider.</p><ul><li><p><b>Potentially Higher Rates. </b>Adjustable-rate financial products often have lower interest rates for an initial, introductory fixed period which may temporarily lower your cost to borrow. Fixed-rate products don’t offer such “teaser” rates.</p></li><li><p><b>Risk in Decreasing Interest Rate Environments. </b>If interest rates start going down, you may end up paying more to borrow on a higher interest rate than if you took out a new loan.</p></li><li><p><b>Refinancing Costs. </b>Even if you decide to refinance to get a lower rate, refinancing costs may outweigh the savings you may realize, and the process can be time-consuming. It’s  important to compare the total cost of borrowing of your existing versus a potentially new loan before making a decision.</p></li></ul><h2>What Can You Do to Get a Good Fixed Interest Rate?</h2><p>Generally, having a high credit score and a demonstrated track record of responsible debt management can help you land a lower fixed interest rate. In contrast, if you have a low credit score and a spotty history of on-time payments, the lender may view you as a higher-risk borrower and may not offer you the best fixed interest rate they have available.</p><h2>Can You Switch from a Variable Interest Rate to a Fixed Interest Rate?</h2><p>In most cases, you can&#39;t switch from a variable to a fixed interest rate on an existing loan. While you may be able to refinance your loan—either with your current lender or a new one—and move to a fixed-rate loan that way, it’s important to consider how well you would be able to cope with economic uncertainty. A low variable rates may be tempting initially, but should economic conditions sour and rates begin to rise rapidly, it may be difficult to find a good fixed rate when you want one. Or you may experience an unexpected obstacle, like job loss, that could make refinancing into a fixed interest rate loan difficult.</p><h3>Are Credit Card Interest Rates Fixed?</h3><p>Generally, credit card interest rates are variable, not fixed.</p><h3>Are Student Loan Interest Rates Fixed?</h3><p>It depends on the type of student loan. Student loans like Perkins Loans and PLUS Loans have fixed interest rates. Many other direct federal student loans—both subsidized and unsubsidized—have fixed rates as well.</p>

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