Debt Consolidation

On average, borrowers reduce their interest rates by 24%^* when they use a personal loan through LendingClub to consolidate debt or pay off credit cards. Personal loans through LendingClub have fixed rates and terms, so your monthly payment never changes, and you can mark the date when you will be debt free.

When comparing your options, be sure that you are factoring in costs such as balance transfer fees, annual fees, and early payoff penalties that you may pay when use credit cards or borrow from other sources.

Your loan funds are automatically deposited right into your bank account, which gives you the flexibility to choose which bills, credit cards, or loans you want to pay down. Depending on your bank, it may take a few days for the money to appear in your account after your loan is issued.

The entire process typically takes about 7 days. In some cases, it may take a little longer, depending on what we need from you. You can complete the entire process from the comfort of your home, or even on your phone!

You can keep things moving by checking your To-Do List to make sure we have all the information and documents we need.

Once your loan is approved and backed by investors, your money is automatically deposited directly into your bank account. Depending on your bank, this step can take a few more days.