We offer some borrowers a balance transfer loan so they can use a portion of their loan to pay down their existing balances with other credit providers. If you receive an offer for a balance transfer loan, you'll set up which balances you want to pay in your To-Do List before your loan is issued.

Sections in this article cover:

• Selecting credit providers
• Changing credit provider information after you submit it
• Airline, retail, and reward cards
• If you can’t find your credit card

Selecting credit providers

1. In your To-Do List, go to Set up your one-time balance transfer.
   These payments transfer all or part of your balances from your existing credit providers.
2. Enter the name of your credit provider, your account number, and the balance amount you want to transfer from that credit provider.
   If there are multiple listings for your credit provider, select the one that most closely matches the information on your latest billing statement. In some cases, the credit provider name or address may not match exactly, but don’t worry—we’ll let you know if we need more information.
3. Continue adding credit providers until the Total transfer amount meets or exceeds the minimum balance amount you’re required to transfer from your credit providers.
   You can see the minimum amount above the Creditor Information table.
4. Click Submit.
   You must submit all of your balance transfer information at the same time. We verify that the credit provider and the account number are a valid match, and will let you know if there are any problems.

Once you tell us from which credit providers to transfer balances, your loan will be ready for final review and investors can back your loan. After your loan is approved, a part of your loan is used to pay down your existing balances with your credit providers, and the rest of the money is deposited directly into your bank account.

Note: It’s important that you continue making payments to those credit providers until you receive confirmation that they’ve received our payment. It may take 3–5 business days for your creditors to receive the funds. 

Changing credit provider information after you submit it

Up to the point when your loan is approved, you can edit transfer amounts, add or remove credit providers, as long as the total transfer amount meets the amount shown in your loan offer. Keep in mind that loan approval can happen at any time, so it’s important to make changes early. When your loan is approved, we process the balance transfers from your credit providers, and it’s no longer possible to make changes.

Airline, retail, and reward cards

Sometimes the name on the front of your credit card may not match the name listed in LendingClub’s payment network. For example, many airline, retail, and reward program cards are issued by Bank of America, Citibank, First USA/Chase, and others. Those types of cards are often listed in the payment network under the issuer name, and not the reward program name. Look on the back of your card, your latest billing statement, or contact your credit card if you believe your card has a different issuer.

For reference, here are some common reward cards and the potential credit card names listed in the payment network:

If you can’t find your credit card

Some bank credit cards are listed in LendingClub’s payment network under names that don’t match exactly what appears on the card. For example, Bank of America credit cards are often issued by MBNA or Bank of America Visa 1, while Chase credit cards may by be issued by First USA / Chase. Look on the back of your card or your latest billing statement, or contact your credit card if you believe your card has a different issuer.

For reference, here are some common bank credit cards and the potential credit card names listed in the payment network:

Related articles

Balance transfer loans

How you can use your loan

How long does it take to get a loan?