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make a determination as to whether or not a product, such as a debt consolidation loan, would be to your advantage.

This will enable you to accurately assess whether the time, effort, and impact of applying for such a loan is even worth doing. You will be able to view just how much money you could potentially save, after running different interest rate scenarios.

This is more important than it may seem at first glance. The calculator can actually show you the interest rate range at which a debt consolidation loan will be worthwhile. Considering that Lending Club’s interest rates run as high as 35.96%, you’ll need to know how high you can go on the rate before a consolidation becomes less beneficial.

Once you know your Lending Club credit grade, you can then use the calculator to run payment scenarios. It may also help you to determine which loans you’d like to include in the consolidation.

What the Lending Club Personal Loan Calculator Doesn’t Do for You

It’s important to understand that the Personal Loan Calculator won’t provide you with your Lending Club credit grade. That can only be determined by making an actual application, at which point your credit grade will be assigned.

But as noted above, the calculator will help you to know the maximum interest rate at which a debt consolidation will make financial sense. If you suspect that you might be assigned a lower credit grade — and, therefore, a higher interest rate — the calculator may help you to determine if it’s even worth your time to submit an application.

The good thing about Lending Club is that when you apply, they do a “soft” credit pull. This means an inquiry won’t show up on your credit report just for applying. Assume, though, that you already predict a low credit grade and don’t want to apply, merely confirming this. The calculator can give you a basic idea on how far into the process you want to g

Using the Calculator – Entering Your Information

The calculator is incredibly easy to use. It uses an interactive chart that enables you to enter each loan that you want to consolidate. You can even include the type, the balance, your current interest rate, and your monthly payment.

The calculator will then tally