We’re offering some borrowers a simple way to transfer balances from their current credit providers (like credit cards) to pay down their existing debt. With a balance transfer loan, you use a portion of your loan to pay your credit providers, and the remainder of the loan is deposited right into your bank account. If you receive an offer for a balance transfer loan, here’s how it works:
- Select the loan offer that works best for you.
Each offer includes a minimum transfer amount to pay down your existing balances while the rest of the loan is deposited to your bank.
- Tell us which credit providers you’d like to pay.
You can transfer balances from thousands of credit providers (like credit cards). In your To-Do List, tell us the credit providers’ names, your account numbers, and the amount you want to transfer—keep in mind that you don’t have to transfer your full balance. We’ll send payments to those credit providers to help pay down your existing balances.
For tips on selecting credit providers, see Setting up which balances to transfer.
- Once your loan is approved, those credit providers will be paid directly from your loan.
You can transfer your balances, and we’ll pay those credit providers directly. It may take 3–7 business days for your creditors to receive the funds. The rest of your loan will be deposited into your bank account. After any of your credit providers are paid, we won’t be able to cancel your loan.