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Which Type of Loan is Right for You?


At LendingClub, we believe that simple solutions can help people achieve their financial goals. If you’re looking for a loan, LendingClub can help you discover multiple options—and get the right type of loan for your needs.

For quick flexible funds, a cash loan allows you to decide when and how to use your loan funds. If you’re focused on debt consolidation or paying down credit cards, a balance transfer loan makes it simple—and often comes with the lowest APRs. If you want to rebuild your credit or aren’t eligible for a loan on your own, a joint-applicant loan enables members to get the financial support they need, even if they’ve struggled to get a loan in the past.

If you are looking for extra cash flow each month, we also provide access to auto refinance loans that may help you lower your monthly car payment and save on interest over the life of your loan.

Balance Transfer Loans

With a balance transfer loan, you can save money while paying down your credit cards quickly and easily. You’ll have one affordable, fixed-rate payment each month for all the debt you consolidate. Simply decide which creditors you’d like to pay and how much money you want sent—we’ll handle the rest. Any remaining money is deposited straight into your bank account.

Compared to balance transfer credit cards, a balance transfer loan has no temporary introductory period to worry about, no interest accrual (so you’ll never owe interest on top of interest), and no sudden increases to your APR. Best of all, customers who choose a balance transfer personal loantypically receive some of the lowest APRs through LendingClub.


  • Pay multiple creditors quickly at time of loan
  • You control who gets paid and how much money to send
  • We handle the details of the balance transfer, so you don’t have to

Joint-Applicant Loans

If you have a lower credit score, higher levels of debt, or were denied a loan in the past, a joint-applicant loan could help you get back on track. When you apply with a co-borrower, the credit history and debt-to-income (DTI) ratio of both you and your co-applicant will be considered. This can help you become eligible for a loan and potentially save you money by consolidating high-interest debt.


  • Helps borrowers with challenging financial histories
  • Considers both applicants during the approval process
  • Enables the primary borrower to consolidate debt into one affordable, fixed payment

Cash Loans

If you select a cash personal loan, your money will be transferred straight to your bank account. This offers you complete flexibility—you can use the money for home improvement, medical bills, vacation, or even car repairs. You can also pay down high-interest debt, such as revolving credit card balances or other personal loans, for one affordable, fixed monthly payment.


  • You decide how to use the money
  • One affordable, fixed monthly payment
  • Cash deposited directly into your bank account

Auto-Refinance Loans

If you’re stuck with a high interest rate and high monthly payment from buying your car, then you may benefit from an auto-refinance loan. When you refinance your auto loan through LendingClub, you could save an average of $3,000.1 Our process is quick and easy, and there are no origination fees or prepayment penalties.


  • Fast, online process
  • Lower monthly payments and flexible terms
  • No origination fee

Still not sure which type of loan is best for you? Read more about types of loans here.

1Based on analysis of customers who received auto refinance loans through LendingClub between January 2018 to November 2018, which showed an average total interest savings of $3,090 during that period.

How much do you need?

Enter up to $40,000