Category Archives: Loan

Best Student Loan Refinance

In this article, we’ll talk about the best student loan refinance companies.
It can be pretty hard to pay off student loan debt. First of all, the interest rate on student loans is comparatively higher on student loans. But, some companies can pay off the student loan, and in exchange for that, you will have to pay off a new loan that is estimated mostly based on your credit score.

Remember that these loans require a good credit score. The higher the credit score, the more favorable it is to take the new loan. Unfortunately, if you have less credit score, you may receive a new loan with a rate of annual interest that may be more than your current student loan – which ultimately does not make any sense.

Here is a list of some good companies you can consider to refinance your student loan debt, their basic introduction, and most importantly, PROS & CONS.

Best Student Loan Refinance Companies List

  • SoFi
  • Discover
  • Credible
  • Rhode Island Student Loan Authority
  • MEFA

Now let’s discuss these best student loan refinance companies in detail.

SoFi

SoFi is one of the most prominent players in this industry. SoFi has flexible terms to repay your educational loan. The repayment period varies from 5 years to even 20 years at maximum.

The interest rate here varies from about 3 % per annum to about 8 % per annum. The best part about SoFI is that they require no origination fees. They will never request you to pay any application fees also. No pre-payment is necessary.

SoFi can also be your choice because it provides absolutely free access to career coaching and advice for better financial planning. SoFi also has a solid customer base. As per their data, more than 375K students have chosen their platform to refinance their educational loans.

To apply for a loan, you must first qualify in their online application process. Once you qualify online, you can only go for further application submission – i.e., complete application submission. This makes the process faster, and it won’t waste your time because you will get to know whether you are eligible or not without submitting the full application.

Pros of SoFi

  • Good customer base
  • The flexible loan repayment interval
  • Flexible interest rate

Cons of SoFi

  • The minimum borrowing amount is $5000

Discover: Best Student Loan Refinance Company

Discover is one of those student loan refinance options that allows you to refinance the exact amount of loan you would need in your college or university as the maximum amount of refinancing is equal to the cost of attendance for the case of it.

Like SoFI, Discover also has a flexible interest rate ranging from about 4 % to about 8% (though the APR can vary from 5 % to about 9.49%). But there are chances that if you have a cosigner with a good credit history and currently have a good credit score, the annual interest rate can decrease – all based on your cosigner’s credit history.

Discover charges 0 application fees, and there are no fees for origination also. If you have enabled their auto-debit reward option, you can also get an additional 0.25% off on the interest rate.

[Point to note: If the main borrower, unfortunately, passes away or becomes permanently disabled, Discover also tends to forgive loans in these cases]
The Point where Discover lacks is probably their terms of loan repayment. Unlike SoFi, they offer only two periods to refinance your loan, i.e., ten years / 20 years.

Pros of Discover

  • No origination fees or late fees
  • Flexible interest rate
  • Special forgiveness in case of selected mishaps with the main borrower

Cons of Discover

  • Only two terms are available to refinance your loan

Credible – Student Loan Refinance

Out of all the student loan refinance options we are talking about today, Credible probably has the lowest annual interest rate.

Now, Credible is different from all the above companies mentioned in the list, and the simple reason is that Credible is not an individual company. Credible is a tech-based company that provides a platform to find lenders with whom you can refinance your student loan.

The biggest problem with all the aforementioned online student loan refinancing options is that you can’t directly compare the annual payment rate and fees associated with the platforms at once – that requires an extra effort. But, with Credible, you can screen several lenders at once and thus can get a better opportunity to find a better lender.

Now we are going to discuss a well-known lender from Credible:

Rhode Island Student Loan Authority

Rhode Island Student Loan Authority is one of the well-known lenders from Credible.com. The annual interest rate of the Rhode Island Student Loan Authority is fixed at 4.29% to about 7 percent. There is no variable APR in it.
It is a nonprofit institution that provides services for people throughout the country. The loan terms vary from 5 – 15 years – there are three terms: 5 years, ten years & 15 years.

But, the minimum loan amount is even greater in this case – $7500 though the maximum credit limit is greater in this case also – $250,000. The borrowing student also won’t be required to have any academic degree to be eligible to receive the loan.

The foremost problem with Rhode Island Student Loan Authority is that they do not provide any cosigner release policy, which is probably why people seem to avoid the company.

Pros of Rhode Island Student Loan Authority

  • Flexible loan terms
  • Maximum loan amount of up to $250,000

Cons of Rhode Island Student Loan Authority

  • No cosigner release policy
  • The minimum loan amount is $7500

MEFA Student Loan Refinance

If you currently don’t have any academic degree but still looking for a student loan refinancing option, you can go with MEFA. MEFA also doesn’t have a complicated fee structure. There are almost negligible hidden fees & no late fees too.
It has a fixed annual payment rate of 4.5% – 7.20%. There are three loan terms – 7 years, ten years & 15 years.

The minimum amount of credit is $10,000, and there is no maximum credit limit. One of the most important criteria to be eligible to borrow/consolidate a student loan in MEFA is to have at least $24000 of income. MEFA does not provide cosigner release.

Pros of MEFA

  • Three loan payment terms
  • No academic degree is required to borrowing
  • No maximum credit limit of loan

Cons of MEFA

  • No-signer can’t be released
  • The minimum loan period is seven long years for even a small loan

Conclusion

So, that’s all about the best student loan refinance companies. We hope to provide you with the basic knowledge about the most popular student loan refinancing & consolidation companies.

Needless to say, the thing we all be looking for in this list is the name of the company that provides student loan refinance service with the lowest interest rate.

In this list, we have also included the name of a ‘marketplace’ from which you can select your wishful lender by comparing their APR, loan periods, and other necessary details.

Thanks for reading this blog. If you think we are missing something in the article that needs to be included, you can leave a comment, and we’ll update the article based on what everyone is saying.

Best Personal Loans

Do you know what are the top 5 best personal loans? If not, here is the information.

It’s not that we will have more than the money we need every time. We often lack the amount of money to fulfill any dream or fail to arrange the necessary amount of money in the case of an emergency.

That’s when a personal loan comes into the picture. We can take personal loans for a wide variety of things, pay the institution’s high fees to get a secure admission to a reputed college, or get funds to build your dream home. The field is vast.

However, there are some down points to personal loans. People who are not fully aware of everything they should keep in mind before planning to take a personal loan often fall prey to problems like high-interest rates.  And it ends up resulting in paying more interest than it really was.

We have just listed the best personal loans for you with all the details you need to know about them.

Best Personal Loans 2022

  • Upgrade
  • Discover
  • SoFi
  • Rocket Loans
  • Navy Federal Credit Union

Let’s dive into detail.

Upgrade Personal Loan

If you plan not to take a huge amount of loans, ‘Upgrade‘ is what you might be looking for. The Upgrade is a company involved in the business of personal loans and may be the best option if you want to take small loans for purely personal use.

They also offer a much bigger size of loans. The maximum loan limit for Upgrade is $50,000 – which is obviously a big amount concerning any personal loan. The lowest credit limit for a personal loan in Upgrade is just $500. Upgrade also offers you $200 as a bonus if you open an account for reward checking.

Currently, the company has more than 1000000 members connected to the business.

Approval Time for Personal Loans in Upgrade

The loan approval rate in Upgrade is comparatively lower than other personal loan companies. They offer the approval of loans in just one day. And the best fact is that the loan amount gets directly credited to your bank account within just one business day.

Another notable point about Upgrade is that in Upgrade, you have your independence to your personal loans at any point in time. You can pay your loans before that time of the payment, and they will not charge you any single dollar for that.

The Upgrade mobile app is available for both iOS and Android platforms in Apple Store & Google Play Store, respectively. Users who need personal loans can download the Upgrade app from the platforms they are comfortable with.

Discover Personal Loan

We take personal loans for various kinds of problems. People who are stuck in debt often take personal loans to pay their previous debt. There are many websites and services which offer personal loans. But people who need to pay their previous debt may need something additional with the common features that other personal loan companies offer.

One of the most exciting features of Discover is the speed of approval of payment of the loans. In most cases, they decide to approve the payment within just 24 hours. They also offer you to choose the repayment term from many choices. There should be some reasons why we are promoting Discover as the loan company to select if you want to pay your personal loans.

Pros of Discover: Reasons for choosing Discover :

Often, it is seen that the time takes to form the debt repayment platform (2nd creditor) like Discover to transfer the amount of credit to you, and then the time you take to pay the previous creditor lengthens the time of debt payment.

Discovers can reduce the time of paying the debt to the creditor by directly paying them the amount.
With this process, you don’t need to worry whether the 2nd credit from Discover is received and then re-pays the debt. This surely reduced the time & the headache involved in it. We also recommend Discover because it has no origination fees.

Cons of Discover: Reasons for Not Choosing Discover :

Discover through a good loan company for paying your previous debt; there are things we don’t like about it. The process of a loan is not totally transparent. For example, the credit score you need to obtain for your loan request to get approved has not directly been disclosed on their website.

Another thing is that to get the approval of the loan; you will need to have at least 25 thousand dollars as your monthly income.

SoFi Personal Loan

SoFi is probably one of the best loan companies, and in our recommendation, we can recommend you to choose SoFi for personal loans without any doubt. The biggest problem with the past two companies was that the loan amount that you could take was limited. But that amount may be insufficient for people looking for big loans. That’s why there is SoFi for you.

The maximum credit limit for SoFi is much higher than the two loan providers mentioned above. Here you can apply for personal loans of up to $100000. Like the past ones, it also offers much customization in payment terms.

Pros of SoFi: Reasons for Choosing SoFi

The credit limit was surely one of the biggest concerns behind choosing SoFi instead of other companies. But here are some great advantages of SoFi. SoFi is one of those platforms which charges you the least fees for any personal loan. In SoFi, you don’t have to pay any additional fees for taking personal loans.

The process is also transparent, and we have realized that there are no hidden charges in SoFi. Many companies charge extra fees for installments if you fail to pay the installment within the due date. SoFi is one of those rare platforms that do not charge any late fees.

Additionally, the company is present in almost every state of the United States (excluding Mississippi). So regardless of the state you live in, you can take your personal loan from SoFi.

Cons of SoFi: Reasons for Not Choosing SoFi

Though SoFi may be the best choice for big personal loans, it will certainly not be your best choice for small personal loans as SoFi doesn’t offer personal loans less than $5000. Because SoFi does not charge any hidden fees for personal loans and is mainly recommended for taking big loans, it requires a high credit score to get approved for loans. It is 650 in this case.

Rocket Loans Personal Loan

Is your credit score not that good? But do you need a personal loan? If this is why you are worrying while planning for a personal loan, there are Rocket Loans for you.

Pros of Rocket Loans: Reasons for Choosing Rocket Loans

Rocket Loans is for all kinds of people, but it is more beneficial for people who have a low credit score but still want to take another loan. The loan approval time of Rocket loans is also significantly lower than many other platforms.

Cons of Rocket Loans: Reasons for Not Choosing Rocket Loans

One of the biggest disadvantages of Rocket Loans is the origination fees. It is higher in the case of Rocket loans compared to all the companies mentioned above. Rocket Loans is not available in all states like Iowa, Nevada, or West Virginia.

Navy Federal Credit Union Personal Loan

Navy Federal Credit Union is one of the best options for personal loans for people working in the US navy.

Pros of Navy Federal Credit Union: Reasons for Choosing Navy Federal  Credit Union

Navy Federal Credit Union approves loans for people in the US navy & the appropriate qualifying family members. The funding time of the Navy Federal Credit Union is just one day. They also allow you to pay the credited loan for a time span of 3 years.

Cons of Navy Federal Credit Union

Navy Federal Credit Union has some downsides which you should be aware of before taking personal loans. To be eligible to get a credit from Navy Federal Credit Union, you must be a credit union member. Additionally, Navy Federal Credit Union also deducts some fees for late payment of installments. The APR is also slightly high in the case of this union.

Conclusion

These were the best personal loan platforms, according to us. We have covered all the companies/unions in great detail. We have included the best reasons to choose those platforms & have also included the reasons for not choosing those very companies side by side, so you get a clear idea about the advantages and the disadvantages of the particular company.

Not every loan company (or union) can be covered in a single article. That’s why this article might miss out on the review of the exact company/platforms you were searching for. Still, we hope that you have got a clear idea about those very companies mentioned in the article.

We encourage you to do your own research to find the best personal loan companies that offer the best facility to their customers.

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