Accumulating credit card debt is a serious problem that we need to tackle! For the convenience and points we can earn, sure, credit cards are a great way to pay, as long as we pay the full balance every month!
The challenge is that it can be all too easy to overspend!
For many of us, we deposit our paychecks, pay our bills, run out of cash and then charge the next tank of gas on a credit card. Unless we pay that credit card balance in full each month, we start to fall behind. By carrying a credit card balance for two or three months (or more) in a row at those high interest rates, we start digging a hole and can get ourselves in deeper with each purchase. It becomes increasingly difficult to climb out of debt.
Our Personal Loans via LendingClub offer a lower interest rate and payment plans that can help people climb out of debt over time. We’ve done our homework and feel confident in recommending LendingClub to our customers. It is a good solution to help you declare war on your credit card debt.
READY TO TAKE CONTROL?
Our Personal Banking team can review your financials and advise you on what options you may have to reduce debt, lower rates and increase your credit score. It is our mission to help you achieve your financial goals – and getting out from your debt hole should be one of them! We’ve already done the homework for you by reviewing several online lending services based on lending requirements, fees and payment flexibility and we made an informed decision to partner with LendingClub to offer unsecured personal loans.
LOWER YOUR RATES with a Personal Loan via LendingClub
Borrowers who used a personal loan via LendingClub to consolidate debt or pay off high interest credit cards reported in a survey that the interest rate on their loan was an average of 7.0 percentage points lower than they were paying on their outstanding debt or credit cards. This finding is based on responses from 21,347 borrowers in a survey of 98,585 randomly selected borrowers conducted from April 1, 2014 – April 1, 2015. Borrowers who received a loan to consolidate existing debt or pay off their credit card balance reported that the interest rate on outstanding debt or credit cards was 21.8% and average interest rate on loans via LendingClub is 14.8%
IMPROVE YOUR CREDIT SCORE with a Personal Loan via LendingClub
By consolidating debt or paying off credit cards, you may improve your credit score. With a personal loan via LendingClub, 77% of borrowers experience a FICO score increase three months after obtaining their loan, with an average score increase of 22 points! And of course, checking your rate to view the loan offers you qualify for will not impact your credit score. This is an average credit score change of all borrowers who took out a loan via LendingClub between January 1, 2013 and October 31, 2014 with a stated loan purpose of debt consolidation or pay off credit cards.
With one structured monthly payment that can be deducted directly from your bank account on a regular schedule, you can better manage your debt load and improve your credit score, setting you on a path for financial success!