With a balance transfer loan from LendingClub Bank, you designate a portion of your loan for direct payment by us to your creditors, making it easy to pay down high-interest credit card and other debt. Any remaining loan funds are deposited into your bank account.
On non-balance transfer personal loans, (or "cash" loans), your entire loan amount is deposited into your bank account. While this may offer flexibility in how your funds are used, it also means you’re responsible for paying all creditors yourself – the way you intended to when you took out your loan. With a balance transfer loan, we handle this part for you.