Balance Transfer Loans

Consolidate Your Debt

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What Is a Balance Transfer Loan?

A balance transfer loan is a personal loan that simplifies debt consolidation by letting LendingClub Bank pay some or all of your creditors for you. You choose which accounts are paid and how much of your new loan amount you want applied to each. Any funds remaining from your loan amount after your creditors are paid will be deposited directly into your bank account.

Join Over 4 Million Members Nationwide

  • Borrow up to $40,000

  • Quick and easy online application

  • Eligibility based on credit history

  • Receive money fast upon loan approval

  • No prepayment fees

Access Some of Our Lowest Available Rates

Save money!
Save Money
Consolidate your debt and make one easy payment per month.
Save time!
Save Time
Hassle-free direct payment to your creditors—you decide who to pay and how much each receives.
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Improve Your Credit
When you pay debt down, your credit scores may go up.

What Our Members Say

By selecting a balance transfer loan, even with the origination fee, my APR was lower than the next best competitor I was considering. Payment terms are straightforward, early payoff is allowed—and the loan feels much more manageable than the ones I consolidated under it.

—Justin, a member from Pennsylvania

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How to Apply for a Personal Loan

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How to Apply for a Personal Loan

Check Your Rate
Frequently Asked Questions

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 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. Transferring your credit card balance into a competitive, fixed-rate personal loan repaid over a set period

  2. 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.

We work with a partner network of over 1,700 credit card, bank, and lending companies. As you complete your balance transfer application, you can add your creditors to see if they are accepted. You can add up to 12 creditors or accounts per loan.

With a balance transfer personal loan, some or all of your loan is used by LendingClub Bank to pay your creditors directly, making it simple for you to quickly and easily consolidate credit card and high-interest debt with the least amount of effort. Once your creditors are paid by LendingClub Bank, any remaining funds will be deposited directly into your bank account.

With a cash loan, all loan proceeds are directly deposited into your bank account at funding, which means it’s up to you to write the checks or initiate bank transfers to consolidate or pay down your debt. While a cash loan can offer additional flexibility in terms of how and when you use your loan proceeds, it also means you will be solely responsible for paying your creditors. With a balance transfer loan, we make it easy by handling that part for you.

Applying is easy and the entire process can be completed online using your phone, laptop, or tablet. You can help keep things moving along by checking your To-Do List and making sure you have submitted all the documents and information requested.

Checking your rate with LendingClub has absolutely no impact on your credit score because we use a soft credit pull. A hard credit pull that could impact your score occurs only if you continue with your application and a loan is issued to you.

Also remember that a personal loan could have a positive impact on your credit in the future if you’re able to show a history of on-time payments and a reduction in overall debt (not taking on new debt, such as higher credit card balances).

With a personal loan from LendingClub Bank, you can choose to have payments automatically withdrawn from your bank account each month. We'll email you a reminder a few days in advance so you can make sure you have the money.

If you prefer mailing us a check each month instead, that’s okay, too. You can also change your payment date, make additional payments, or pay off your loan right from your Account Summary.

Savings are not guaranteed and depend upon various factors, including but not limited to interest rates, fees, term length, and making payments as agreed. 

Reducing debt and maintaining low credit balances may contribute to an improvement in credit score, but results are not guaranteed. Individual results vary based on multiple factors, including but not limited to payment history and credit utilization.

A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,169 for a term of 36 months, with an interest rate of 10.49% and a 6.00% origination fee of $1,150 for an APR of 14.81%. In this example, the borrower will receive $18,019 and will make 36 monthly payments of $623. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states.

For Personal Loans, APR ranges from 8.98% to 35.99% and origination fee ranges from 3.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of March 8, 2024 and are subject to change without notice.

Checking a rate through us generates a soft credit inquiry on a person’s credit report, which is visible only to that person. A hard credit inquiry, which is visible to that person and others, and which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person. Credit eligibility is not guaranteed. APR and other credit terms depend upon credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and credit usage and history.

Any reviews presented are individual experiences and results may vary. Reviews are collected and authenticated by Bazaarvoice. Any average rating presented is based on these reviews. All reviews can be accessed at https://www.lendingclub.com/company/reviews.

Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Deposit accounts are subject to approval. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category.

"LendingClub" and the "LC" symbol are trademarks of LendingClub Bank.

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