Are refinance services worth it?

Credit card refinancing services, also known as a balance transfers, are simply a process of moving a credit card balance from one card to another that has a more favorable interest and fee structure.

So these are worth it if they enable you to save. Use this calculator to run the numbers for your particular situation and determine how much a balance transfer would save you.

That's likely going to depend on your credit score, income, etc. Going through Lending Club is just like going through a more "traditional" lender (e.g. bank, credit union, etc.) in the sense that you still have to show income, complete an app, do a credit check, etc.

Once that is done, your interest rate could be anywhere between about 6% and as high as 22%, give or take. A lot of that is going to be dependent upon your credit score and then the loan must be funded through people investing in it.

My suggestion would be to check out what your rates would be, as you can get rate quotes without completing a full application, to get a sense of what interest rate you might be paying.

Once the loan is funded, it is like any other loan in that you have a fixed monthly payment for either 3 or 5 years and if you miss payments they will attempt to collect them and your credit would take a hit, etc.

It would be helpful to know your income and budget to know what you could afford to pay each month toward the existing debt and then run some numbers to figure out how long it would take to pay off under that scenario. That is one good thing about Lending Club is that you know that if you comply with the terms of the loan you take that it will be paid off in either 3 or 5 years.

I would say that it is certainly worth checking out Lending Club or Prosper (or similar entity); however, without knowing exactly what your income, budget, interest rates on the proposed loan, etc. are, it's impossible to say whether it would be the better route for you to go.

I hope that helps some and best of luck.