LendingClub Studies Reveal Customers Prioritize Personal Loan Payments Over Credit Cards, Helping Them Progress Towards Financial Health

SAN FRANCISCO, Sept. 22, 2020 /PRNewswire/ — LendingClub Corporation (NYSE: LC), America’s largest online lending marketplace connecting borrowers and investors, today released findings from two recent studies on member financial health and payment behavior before and during the novel coronavirus (COVID-19). Conducted in January and June 2020, the studies sought to understand member behavior before and during the coronavirus-driven recession and how they make decisions regarding prioritization of bills and expenses in relation to their long-term financial goals.


Lending Club, the world's largest online marketplace connecting borrowers and investors. (PRNewsFoto/Lending Club) (PRNewsFoto/Lending Club)

The key takeaway: Customers are prioritizing personal loan payments over their credit cards. These findings support recent assertions from TransUnion suggesting that personal loan delinquency rates were either in line with, or performed better than, credit cards across most credit tiers during the Great Recession.

The findings show that:

  • Despite their overall high levels of income ($90,000 average) and healthy credit profile (700 average), financial stress affected the day
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You Don’t Need Perfect Credit to Get a Personal Loan

A low credit score doesn’t have to stand in your way if you want to get a personal loan to cover an emergency or consolidate your debts.

Borrowers with bad credit, which is a FICO score below 630, may need to put in some extra work to qualify for a personal loan. But taking these steps can not only help you get approved, they could also get you a cheaper interest rate.

Clean up your credit, shrink your debt

Before you apply for a personal loan, get a copy of your credit report to see what the lender will see on it, says Adrienne Ross, a Washington-based certified financial planner. You can get one free copy of your report from all three major credit bureaus at annualcreditreport.com.

The details on your credit report can show you why your score is low and signal how to address the issues before a

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How to Get a Loan With Bad Credit| NextAdvisor with TIME

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Gaining access to credit, like a loan or a new credit card, has become more difficult this year. And if you’ve got a credit score that lenders have deemed “bad,” it’s even harder.

Reacting to economic uncertainty, banks have tightened lending standards for households across all major categories in 2020, including mortgage, credit card, auto, and consumer loans, according to Federal Reserve data.

Lenders and creditors use your credit score and the details on your credit report to determine your creditworthiness, or the risk that they might take on by lending you money. If you have a bad credit score, lenders may view you as more

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Best Personal Loans for Good Credit of September 2020

What Credit Score Range Do You Fall Into?

  • Excellent Credit: 800–850
  • Very Good Credit: 740–799
  • Good Credit: 670–739
  • Fair Credit: 580–669
  • Poor Credit: under 580

What Is a Good Credit Score to Get a Personal Loan?

It’s safe to assume that the higher your credit score, the more doors are open for you. That means more lenders are willing to offer you personal loans at the lowest rates and best terms. While 670 is the minimum “good” FICO credit score, lenders tend to give preference to those with at least a 690 score, and more so if you have an excellent credit score closer to the 800 range. 


Where is The Best Place to Get a Personal Loan With Good Credit?

The good news is that there are plenty of lenders that offer personal loans for borrowers with good credit. Options include banks, credit unions, brick and mortar institutions, and

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Balance transfer credit card vs. personal loan

If you’re looking for the cheapest way to pay down your high-interest credit card debt and you have a good credit score, you have options, including balance transfer credit cards and unsecured personal loans. Either choice will help you consolidate your credit card debt and eventually become debt-free, but there are several factors you should consider while weighing a balance transfer versus a personal loan.



a person is using the cell phone: Man paying credit card with balance transfer credit card


© WAYHOME studio/Shutterstock
Man paying credit card with balance transfer credit card

Snapshot: Balance transfer credit card vs. personal loan

Balance Transfer Credit Cards Personal Loans
Type of debt Better for smaller debt that can be paid off in full in a shorter amount of time Better for larger amounts of debt that may take years to pay off
Repayment terms Need to pay the balance in full by the end of the 0% APR period Need to make fixed payments each month for the
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Personal loan vs. credit card



a hand holding a piece of paper: personal-loan-blog-personal-loan-versus-a-credit-card.jpg


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When an unexpected expense comes your way or you’ve been wanting to make a larger purchase, choosing between a personal loan or a credit card can be difficult. There are distinctions between the two, and knowing when to use your credit card or take out a personal loan can prevent financial hardship down the road.

If you need to take out a large lump sum of money for a project or want to pay off high-interest credit card debt, then you may want to consider a personal loan. If you’re making a smaller, everyday purchase, a credit card is the better option.

Here’s a look at the key differences between a personal loan and a credit card and how to determine which option is best for you.

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Key differences between a personal loan and a credit card

A personal loan provides a lump-sum

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How much does a personal loan affect your credit score?

A personal loan can help or hurt your credit rating depending on these factors. (iStock)

Outstanding personal loan balances hit a record $305 billion last year, according to a study from credit bureau Experian. The report also found that personal loan debt is growing at a faster rate than auto loan, mortgage, credit card, and student loan debt, with the average balance of a personal loan clocking in at $16,259.

Still, taking out a personal loan can be a smart decision for some consumers, particularly for people who are going to use the money to consolidate high-interest debt at a lower interest rate, make necessary home repairs, or cover an emergency medical bill. Credible can help compare personal loan companies (and, hopefully, land you some of the lowest rates for what you’re looking for).

THE BIGGEST MISTAKE TO AVOID WHEN TAKING OUT A PERSONAL LOAN

The caveat: Taking

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Home loans, credit cards, Internet banking & car loans comparison

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