With a Direct Pay loan, you pay a portion of your loan directly to your creditors. If you receive an offer for a Direct Pay loan, here’s how it works:
- Tell us which debts you’d like to pay.
When you apply, you’ll see a checkbox next to the question "Would you like to pay off any existing business debt?" on the financial information page. After selecting that option you can add the lender name, current balance and monthly payment. At this time, we do not offer Direct Pay for credit card debt or existing debt through other LendingClub loans.
- Select the Direct Pay loan offer that works best for you.
Your offer includes the amount that goes directly to your creditors and the amount that you’ll receive in your bank account. The origination fee is removed from the total loan proceeds.
- We will confirm the offer and the payoff amount during the review process.
- Once your loan is approved, your creditors are paid directly.
The rest of your loan will be deposited into your bank account.