A balance transfer loan through LendingClub offers borrowers a simple way to pay down credit card and high-interest debt. A portion of your loan is paid straight to your creditors, and the rest of the money is deposited into your bank account.

If you choose a balance transfer loan, you can set up direct payment to your creditors in your To-Do List before your loan is issued.

Sections in this article cover:

• Adding creditors
• Airline, retail, and reward cards
• If your creditor isn't showing up

Adding creditors

1. In your To-Do List, go to Tell us which accounts to pay down.
   This allows you to transfer money to pay down all or part of your current balances.
2. Click Add an account and enter your creditor's name, your account or card number, and the amount you want to pay down.
   If there are multiple listings for your creditor, choose the one that most closely matches the information on your latest billing statement. In some cases, the creditor's name or address may not match exactly, but don’t worry—we’ll let you know if we need more information.
3. Keep adding creditors until the Debt paid amount in the bottom right meets or exceeds the minimum balance amount you need to reach. You can see the minimum amount at the top of the page.
4. Click Continue.
5. Review your plan. If you want to make any changes, click Edit Accounts.
   You must submit all the creditors you want to include at the same time. We'll confirm that the creditors and account numbers match, and we'll let you know if we need anything else.
   
   After your loan is approved, the amounts you entered will be sent to the creditors you added. Any remaining money from your loan is deposited into your bank account.
   
   
6. If everything looks good, click Confirm.
   Once you click Confirm, there's no way to make changes to your plan, so be sure to double-check your information!

Note: It’s important to keep paying your creditors until they confirm that they’ve received the payment from your loan. Creditors typically get electronic payments within 3–5 business days and check payments within 5–10 business days. It can take them an additional 1–3 days to process and post the funds. 

Airline, retail, and reward cards

Sometimes the name on the front of your credit card may not match the name listed in our 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, not the reward program name. Check the back of your card, your latest billing statement, or contact your credit card if you think your card has a different issuer.

Here are some common reward cards and the potential credit card names listed in the payment network:

If your creditor isn't showing up

Some bank credit cards are listed in the payment network under names that don’t match exactly what appears on your 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. Check the back of your card or your latest billing statement, or contact your credit card if you think your card has a different issuer.

Here are some common bank credit cards and the potential credit card names listed in the payment network:

Also check to make sure that you've entered the creditor's address correctly. Choose the address that most closely matches the address shown on your billing statement. For credit cards, a close match is usually enough, while term loans require an exact match. 

If your creditor isn't showing up and you've tried all the tips above, it's possible they're not currently in our payment network. We're always working to improve our network and hope to include additional creditors in the future.

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