When you transfer debt from one credit card to another, you may not be setting yourself up for financial success. Oftentimes, many people end up transferring what they already owe from one high-interest credit card to what eventually turns out to be another high-interest rate card—and, unfortunately in many cases, wind up paying a transfer fee and accumulating more even more debt due to introductory offers. Many credit card companies offer a 0% introductory rate for 6 months or one year or more which can be enticing. Unfortunately, unless that time is used to only concentrate to pay off the debt transferred, the temptation to rack up new debt can be hard to resist and you may find yourself starting the same cycle all over again in a couple of years.
In contrast, a balance transfer loan from LendingClub Bank is a better way to take control of your debt in two ways: 1) by transferring your credit card balance into a low, fixed-rate personal loan repaid over a set period of time; and 2) by allowing us to pay your creditors for you—saving you time and hassle.
And unlike revolving credit card debt, your APR and monthly payment will never change. This means from the moment you take out your loan, you will be on a clear path toward creating a more stable financial future.