Debt consolidation with a LendingClub personal loan means replacing multiple high-interest debts — credit cards, medical bills, store cards — with a single fixed-rate loan at a lower APR. The result: one monthly payment, a clear payoff date, and potentially thousands saved in interest.

The average credit card APR is currently above 20%. If you qualify for a LendingClub loan at 9.57% or lower, you could dramatically reduce the total cost of your debt.

Common Uses

Credit card debt
Medical bills
Store card balances
Payday loans
Personal loan refinancing
Student loan consolidation (private)
Tax debt
Utility arrears
Buy Now Pay Later balances
Multiple debt sources

LendingClub vs Credit Cards for Debt Consolidation

FeatureLendingClub Personal LoanCredit Cards
Interest rateFixed 9.57%+20%+ variable
Payment structureFixed monthly paymentMinimum payment trap
Payoff timeline2–7 years (defined)Indefinite
Credit score impactMay improve over timeHigh utilization hurts score
Origination feeVaries by lenderNone
Check My Debt Consolidation Rate with LendingClub →

Who Qualifies for a LendingClub Debt Consolidation Loan?

Typical Requirements
  • Credit score: 600+
  • U.S. citizen or permanent resident
  • Verifiable income or employment
  • Bank account for fund deposit
  • Debt-to-income ratio below 45%
May Disqualify You
  • Recent bankruptcy (within 1–2 years)
  • Very high debt-to-income ratio
  • No verifiable income
  • Active delinquencies
  • Insufficient credit history

Frequently Asked Questions

Can I use a LendingClub loan to pay off credit card debt? +
Yes. Debt consolidation is one of the most popular uses for LendingClub personal loans. You can use the funds to pay off multiple credit cards and consolidate into one fixed monthly payment.
Will consolidating debt with LendingClub hurt my credit score? +
There may be a small, temporary dip when you apply (hard inquiry), but consolidating debt typically improves your credit score over time by reducing your credit utilization ratio.
How much can I save by consolidating with LendingClub? +
Savings depend on your current interest rates and the rate you qualify for. If you're paying 24% APR on credit cards and qualify for a LendingClub loan at 9.57%, you could save thousands over the life of the loan.
What credit score do I need to consolidate debt with LendingClub? +
You generally need a credit score of at least 600 to qualify for a LendingClub debt consolidation loan. Borrowers with higher scores qualify for lower rates.
How long does it take to get funds from LendingClub for debt consolidation? +
LendingClub typically funds loans within 2–4 Days after approval. You can then use the funds to pay off your existing debts immediately.

Related Guides

LendingClub Review 2026 → Debt Consolidation Calculator → Best Debt Consolidation Loans → Debt Snowball vs Avalanche → How to Get Out of Debt →

Advertiser Disclosure: WiseIQ may earn a referral fee from some lenders and financial products on this page. This does not influence our editorial ratings or recommendations. Our reviews are independently researched and editorially independent.

Sources & Methodology: WiseIQ's editorial team researches and fact-checks all content using primary sources including the Consumer Financial Protection Bureau (CFPB), Federal Reserve G.19 Consumer Credit Report, myFICO Credit Education, and lender websites for current rates and terms. Last reviewed: April 2026. How we rank products.