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Buying a Car With No Credit

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Your credit score can never be “zero,” but you can have no credit. If you’ve never borrowed before, it’s likely you have a thin file, which means your credit “file” is literally empty. It’s not a bad thing, but it can make lenders hesitant to approve you for new credit.

Roadblocks of a Thin Credit File

It’s not uncommon for new borrowers to start their credit history off strongly with a car loan. Auto loans are installment loans, typically large, and usually last for a few years. Combine all that with the potential positive impact on credit, and a loan like this can really jump-start your credit file.

However, traditional lenders may look at someone with no credit or a thin file as risky, and may not approve you for a car loan. This is simply because you haven’t proven your ability to repay a large loan yet.

But you’re not out of luck. There are a few things you can do to increase your chances of getting approved, since there are subprime auto lenders that are often able to work with no credit and bad credit borrowers. Additionally, we’ve got some tips that can help you build a credit history, thicken up that thin file, and help you get on the road.

Check Your Credit Reports

Just because you’ve never had a loan before doesn’t mean that your credit reports are blank. A credit score doesn’t actually start at “zero.” On the FICO credit score scale, the lowest score is 300, with the highest being 850. If you’re a new borrower, you’re normally somewhere in the lower middle of that range.

Your credit score is generated from your credit reports. There’s a lot of information from different types of credit accounts that can be listed on your reports. Before you apply for a car loan, you should know what lenders are seeing when they’re evaluating your creditworthiness.

To avoid being left in the dark about what your credit reports say about you, you can request your reports online at www.annualcreditreport.com. You’re entitled to a free copy of your reports from each of the three major credit reporting agencies – TransUnion, Equifax, and Experian – once every 12 months.

However, until April 2021, you can request a free copy of each once a week. This is due to the coronavirus pandemic, and the bureaus are allowing everyone the ability to keep track of their credit during this uncertain time.

Once you’ve looked through your credit reports, you’re able to see what lenders see when you apply for new credit. All three are likely to generate differing scores and display different information, so look through them carefully. You can also dispute any errors or duplicates and get them removed. Disputing is a term used when you attempt to correct an error on your credit reports.

As an example of a dispute, say you find an old account you’ve already paid off on one of your credit reports. So, you contact the bureau, file a dispute, and provide proof that an old “delinquent” account was already paid off using a receipt, bank statement, or something similar. The bureau then removes the error, improving your score. This is called credit repair, and if you have multiple credit errors, disputing incorrect negative accounts can really boost your score.

However, if you find no errors in your reports (or nothing reported at all), you can ask someone to help you out with an auto loan, save up for a down payment, and work with the right lender.

Getting an Auto Loan With Zero Credit

Buying a Car With Zero CreditWith zero credit, you may have to apply with a subprime lender that works with no credit borrowers. While traditional lenders may not approve some first-time borrowers, being in a no credit situation is better than having bad credit, in many cases.

Subprime lenders aren’t available at every dealer since they work through a dealership’s special finance department. Once you find a dealer to work with, you’re still going to have to meet the lender requirements to get financed.

To meet a subprime lender’s requirements, you’re typically going to need:

  • A minimum monthly income of $1,500 to $2,000, before taxes.
  • A down payment of at least $1,000 or 10% of the vehicle’s selling price.
  • A stable living situation and solid work history.

This means providing computer-generated check stubs, recent utility bills, and a trade-in with equity and/or cash for the down payment. Additional items typically include a valid driver’s license, a working contract cell/landline phone, and, if you get approved, a list of personal references. Some lenders may require more documents to determine your ability to qualify for a car loan, but the items we’ve listed are rather common ones that you can prepare for.

If you want to increase your chances of approval even more, you can also ask a cosigner to sign the loan with you. A cosigner is someone with a good credit score that is legally obligated to pick up the slack if you’re unable to make the auto loan payment, which makes a lender more likely to approve you.

Many new borrowers ask cosigners for help when they’re just starting out, and normally, cosigners are parents, close family members, or friends. Keep in mind, a cosigner also needs to meet the lender’s requirements on their own.

Finding a No Credit Lender

There are resources available to help new borrowers get into their first car loan. While getting approved for credit when you have no credit history seems difficult, everyone starts somewhere, so why not start with us at Auto Credit Express!

We’ve signed up a nationwide network of dealerships that have special finance departments. Their subprime lenders use more than your credit history to make approval decisions, and we match bad credit, no credit, and odd credit borrowers to dealers for free.

To get matched to a dealership in your area, fill out our free auto loan request form. Give yourself a little “credit” and get started!

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My husband signed for a car for a friend — against my wishes. Now we get notices for unpaid tolls and parking tickets. What if there’s an accident?

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My husband signed a car lease for a friend. He told me he was co-signing because his friend had bad credit even though I objected to that and asked why his friend can’t just buy a used car. Then at the last second, my husband told me that his friend’s credit “was so bad he had to take out the whole loan” in my husband’s name only.

Aside from the fact this story doesn’t add up, he is now getting second notices for unpaid tolls and parking tickets, and just sends them to his friend and trusts him to pay. He ensures the lease payments are made every month, and tells me that tolls will send collections notices before reporting to credit-collection agencies.

He also claims that his friend has insurance, but that doesn’t add up. The state we are in requires the owner to have insurance. He tells me that none of this is my business, and I have no right to be upset. Yet every time another “past due” envelope arrives I panic at the thought of the savings I worked so hard to put away might be gone in one accident, and that the home I wanted to buy with our excellent credit won’t be possible anymore.

Can you help me explain to him why this was a very bad idea, and why it’s not “none of my business,” as he says? What options do I have to get us out of this mess before we lose everything?

Panicking Wife

You can email The Moneyist with any financial and ethical questions related to coronavirus at [email protected]

Dear Panicking,

Yes, your husband is responsible for the vehicle insurance, especially if someone else is driving this car on a regular basis. If the documents say the borrower should be the primary driver, your husband’s arrangement with this friend is a “straw deal” and is likely also illegal.

But your problems go way beyond this car. Your husband’s willingness to take out a lease on behalf of a friend, and endure these collection notices, raises many red flags. What does your husband owe this person? Why would he go above and beyond any reasonable expectation of a friendship to risk his finances and credit rating in this way? The fact that he did this against your express wishes and good sense adds insult to injury. Something is wrong with the bigger picture.

As for your husband’s legal liability. According to Maggiano, DiGirolamo & Lizzi, a law firm based in Fort Lee, N.J., “As strange as it may sound, you can be held liable for a car accident that involves your vehicle — even if you weren’t present at the time. In most motor vehicle accidents, the negligent driver is the one held liable for any injuries or harm caused. However, in certain situations, the law can attribute fault to the owner of the car instead.”

The firm cites the legal principles of negligent entrustment and negligent maintenance. The first involves “entrusting your vehicle to someone who was unfit to drive.” Negligent maintenance “is the failure to properly maintain your vehicle, presenting a safety risk for anyone driving the car. This term ‘negligent maintenance’ is used because you have a duty to other drivers to keep your car in safe, working condition as to minimize the risk of an accident.”

Given that your husband owns the car and it is being driven by someone who is not paying its bills, and creating more costs through careless driving and bad parking, your husband is already fully aware that this is a bad situation. You are left without a “why” or action by your husband to address this. Take a closer look — with the help of an attorney — at your joint/separate finances, and explore ways to protect your savings. You also need to take action to restore your peace of mind.

Otherwise, you will be driving around in proverbial circles without knowing your legal and financial options. Whatever that potential action entails should be decided between you and your attorney in the first instance. I am willing to guess that this is not the first time your husband has made a decision in your marriage that has left you baffled. A lawyer should explain to you why it’s a bad idea to endure these kinds of unilateral decisions, and what you can do about them.

The Moneyist: ‘I cut his hair because he won’t pay for a haircut’: My multimillionaire husband is 90. I’ve looked after him for 41 years, but he won’t help my son

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Loans Bad Credit Online – China’s Very Bad Bank: Inside the Huarong Debt Debacle | Fintech Zoom

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Loans Bad Credit Online – China’s Very Bad Bank: Inside the Huarong Debt Debacle

It’s been 11 weeks since Lai Xiaomin, the man once known as the God of Wealth, was executed on a cold Friday morning in the Chinese city of Tianjin.

But his shadow still hangs over one of the most dramatic corruption stories ever to come out of China – a tale that has now set nerves on edge around the financial world.

Photographer: Anthony Kwan/Bloomberg

At its center isChina Huarong Asset Management Co., the state financial company that Lai lorded over until getting ensnared in a sweeping crackdown on corruption by China’s leader, Xi Jinping.

From Hong Kong to London to New York, questions burn. Will the Chinese government stand behind $23.2 billion that Lai borrowed on overseas markets — or will international bond investors have to swallow losses? Are key state-owned enterprises like Huarong still too big to fail, as global finance has long assumed – or will these companies be allowed to stumble, just like anyone else?

The answers will have huge implications for China and markets across Asia. Should Huarong fail to pay back its debts in full, the development would cast doubt over a core tenet of Chinese investment: the assumed government backing for important state-owned enterprises, or SOEs.

“A default at a central state-owned company like Huarong is unprecedented,” said Owen Gallimore, head of credit strategy at Australia & New Zealand Banking Group. Should one occur, he said, it would mark “a watershed moment” for Chinese and Asian credit markets.

Not since the Asian financial crisis of the late 1990s has the issue weighed so heavily. Huarong bonds — among the most widely held SOE debt worldwide — recently fell to a record low of about 52 cents on the dollar. That’s not the pennies on a dollar normally associated with deeply troubled companies elsewhere, but it’s practically unheard of for an SOE.

Time is short. All told, Huarong owes bondholders at home and abroad the equivalent of $42 billion. Some $17.1 billion of that falls due by the end of 2022, according to Bloomberg-compiled data.

Huarong Bonds Tank

It wasn’t supposed to be this way. Huarong was created in the aftermath of the ‘90s Asian collapse to avert another crisis, not cause one. The idea was to contain a swelling wave of bad loans threatening Chinese banks. Huarong was to serve as a “bad bank,” a safe repository for the billions in souring loans made to state companies.

Along with three other bad banks, Huarong swapped delinquent debts for stakes in hundreds of big SOEs and, in the process, helped turn around chronic money-losers like the giant China Petroleum & Chemical Corp.

After Lai took over in 2012, Huarong reached for more, pushing into investment banking, trusts, real estate and positioning itself as a key player in China’s $54 trillion financial industry.

Before long, global banks came knocking. In 2013, for instance, Shane Zhang, co-head of Asia-Pacific investment banking at Morgan Stanley, met with Lai. Zhang said his company was “very optimistic” about the future of Huarong, according to a statement posted on Huarong’s website at the time.

Before Huarong went public in Hong Kong in 2015, it sold a $2.4 billion stake to a group of investors including Warburg Pincus, Goldman Sachs Group Inc., and Malaysia’s sovereign wealth fund. BlackRock Inc. and Vanguard Group acquired lots of stock too, according to data compiled by Bloomberg. The stock has collapsed 67% since its listing.

Lai had no trouble financing his grand ambitions. A big reason: Everyone thought Beijing would always stand behind a key company like Huarong. It easily borrowed money in the offshore market at rates as low as 2.1%. It borrowed still more in the domestic interbank market. Along the way Lai transformed Huarong into a powerful shadow lender, extending credit to companies that banks turned away.

The truth was darker. Lai, a former senior official at the nation’s banking regulator, doled out loans with little oversight from his board or risk management committee.

One Huarong credit officer said Lai personally called the shots on most of the offshore corporate loans underwritten by her division.

Money also flowed to projects disguised as parts of China’s push to build railroads, ports and more around the world – the so-called Belt and Road Initiative, according to an executive at a state bank. Huarong didn’t immediately reply to questions on its lending practices.

Given Lai’s fate, both people spoke on the condition of anonymity.

Huarong snapped up more than half of the 510 billion yuan in distressed debts disposed of by Chinese banks in 2016. At its peak, Lai’s sprawling empire had almost 200 units at home and abroad. Heboasted in 2017 that Huarong, having reached the Hong Kong stock exchange, would soon go public in mainland China, too.

The IPO never happened. Lai was arrested in 2018 and subsequently confessed to a range of economic crimes in a state TV show. He spoke of trunk-loads of cash being spirited into a Beijing apartment he’d dubbed “the supermarket.” Authorities said they discovered 200 million yuan there. Expensive real estate, luxury watches, art, gold – the list of Lai’s treasure ran on.

This past January, Lai wasfound guilty by the Secondary Intermediate People’s Court in Tianjin of accepting of $277 million in bribes between 2008 and 2018. He was put to death three weeks later – a rare use of capital punishment for economic crimes. Some took the execution as a message from China’s leader, Xi Jinping: my crackdown on corruption will roll on.

At Huarong, the bottom has fallen out. Net income plummeted 95% from 2017 to 2019, to 1.4 billion yuan, and then sank 92% during the first half of 2020. Assets have shriveled by 165 billion yuan.

The company on April 1 announced that it would delay its 2020 results, saying its auditor needed more time. The influential Caixin magazine this week openly speculated about Huarong’s fate, including the possibility of bankruptcy.

According to people familiar with the matter, Huarong has proposed a sweepingrestructuring. The plan would involve offloading its money-losing, non-core businesses. Huarong is still trying to get a handle on what those businesses might be worth. The proposal, which the government would have to approve, helps explain why the company delayed its 2020 results, the people said.

Company executives have been meeting with peers at state banks to assuage their concerns over the past two weeks, a Huarong official said.

The Chinese finance ministry has raised anotherpossibility: transferring its stake in Huarong to a unit of the nation’s sovereign wealth fund that could then sort out the assorted debt problems. Regulators have held several meetings to discuss the company’s plight, according to people familiar with the matter.

In an emailed response to questions from Bloomberg, Huarong said it has “adequate liquidity” and plans to announce the expected date of its 2020 earnings release after consulting with auditors. China’s banking and insurance regulator didn’t immediately respond to a request seeking comment on Huarong’s situation.

Rising Stress

Onshore bond defaults by China’s state firms hit a record in 2020

Source: Fitch Ratings; 2021 data are for the first quarter

One thing is sure: Huarong is part of a much bigger problem in China. State-owned enterprises are shouldering the equivalent of $4.1 trillion in debt, and a growing number of them are struggling to keep current with creditors. In all, SOEs reneged on a record 79.5 billion yuan of local bonds in 2020, lifting their share of onshore payment failures to 57% from just 8.5% a year earlier, according to Fitch Ratings. The figure jumped to 72% in the first quarter of 2021.

The shockwaves from Huarong and these broader debt problems have only begun to reverberate through Chinese finance. Dismantling all or part of Lai’s old empire would show Beijing is willing to accept short-term pain to instill financial discipline among state-owned enterprises.

The irony is that Huarong was supposed to fix China’s big debt problem, not cause a new one.

“Allowing a state-owned financial institution that undertook the task of resolving troubles of China’s financial system to fail is the worst way to handle risks,” said Feng Jianlin, a Beijing-based chief analyst at research institute FOST. “The authorities must consider the massive risk spillover effects.”

— With assistance by Charlie Zhu, Jun Luo, Zheng Li, Dingmin Zhang, Evelyn Yu, Rebecca Choong Wilkins, and Tongjian Dong

Loans Bad Credit Online – China’s Very Bad Bank: Inside the Huarong Debt Debacle

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Loans Bad Credit Online – Federal Student Loans and COVID-19: What You Need to Know | Fintech Zoom

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Loans Bad Credit Online – Federal Student Loans and COVID-19: What You Need to Know


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

4.54%+N/A10, 15, 20$7,500 up to up to $200,000
(larger balances require special approval)
  • Fixed APR:
    4.54%+
  • Variable APR:
    N/A
  • Min. credit score:
    Does not disclose
  • loan amount:
    $7,500 up to $500,000
  • loan terms (years):
    10, 15, 20
  • Max. undergraduate loan balance:
    $250,000 – $500,000
  • Time to fund:
    4 months
  • Repayment options:
    Immediate repayment, forbearance, loans discharged upon death or disability
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Must be a resident of Kentucky
  • Customer service:
    Phone
  • Soft credit check:
    No
  • Cosigner release:
    After 36 months
  • loan servicer:
    Kentucky Higher Education Student loan Corporation
  • Max. graduate loan balance:
    $250,000 – $500,000
  • Credible Review:
    Advantage Education loan review
  • Offers Parent PLUS Refinancing :
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.95%+1.89%+5, 7, 10, 15, 20$10,000 up to $250,000
(depending on degree)
  • Fixed APR:
    2.95%+
  • Variable APR:
    N/A
  • Min. credit score:
    Does not disclose
  • loan amount:
    $10,000 to $400,000
  • loan terms (years):
    5, 7, 10, 15, 20
  • Repayment options:
    Military deferment, forbearance
  • Fees:
    Late fee
  • Discounts:
    Autopay
  • Eligibility:
    Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
  • Customer service:
    Email, phone
  • Soft credit check:
    Does not disclose
  • Cosigner release:
    No
  • loan servicer:
    Firstmark Services
  • Max. Undergraduate loan Balance:
    $100,000 – $149,000
  • Max. Graduate loan Balance:
    $200,000 – $400,000
  • Offers Parent PLUS Refinancing:
    Does not disclose


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.97%+¹2.24%+¹5, 7, 10, 15, 20$10,000 to $500,000
(depending on degree and loan type)
  • Fixed APR:
    2.97%+¹
  • Variable APR:
    2.24%+¹
  • Min. credit score:
    Does not disclose
  • loan amount:
    $10,000 to $750,000
  • loan terms (years):
    5, 7, 10, 15, 20
  • Repayment options:
    Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees:
    Late fee
  • Discounts:
    Autopay, loyalty
  • Eligibility:
    Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    After 24 to 36 months
  • loan servicer:
    Firstmark Services
  • Max. Undergraduate loan Balance:
    $100,000 to $149,000
  • Max. Graduate loan Balance:
    Less than $150,000
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

3.34%+23.24%+25, 7, 10, 12, 15, 20$5,000 to $300,000
(depending on degree type)
  • Fixed APR:
    3.34%+2
  • Variable APR:
    3.24%+2
  • Min. credit score:
    Does not disclose
  • loan amount:
    $5,000 to $300,000
  • loan terms (years):
    5, 7, 10, 12, 15, 20
  • Repayment options:
    Military deferment, forbearance, loans discharged upon death or disability
  • Fees:
    Late fee
  • Discounts:
    Autopay
  • Eligibility:
    All states except for ME
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    After 24 to 36 months
  • loan servicer:
    College Ave Servicing LLC
  • Max. Undergraduate loan Balance:
    $100,000 to $149,000
  • Max. Graduate loan Balance:
    Less than $300,000
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

4.41%+52.03%+510, 15, 20$7,500 to $200,000
  • Fixed APR:
    4.41%+5
  • Variable APR:
    2.03%+5
  • Min. credit score:
    700
  • loan amount:
    $7,500 to $200,000
  • loan terms (years):
    10, 15, 20
  • Repayment options:
    Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Must be a U.S. citizen or permanent resident and submit two personal references
  • Customer service:
    Email, phone
  • Soft credit check:
    Yes
  • Cosigner release:
    After 36 months
  • loan servicer:
    Granite State Management & Resources (GSM&R)
  • Max. Undergraduate loan Balance:
    $150,000 to $249,000
  • Max. Graduate loan Balance:
    $150,000 to $199,000
  • Offers Parent PLUS Refinancing :
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.79%+32.39%+35, 7, 10, 12, 15, 20Minimum of $15,000
  • Fixed APR:
    2.79%+3
  • Variable APR:
    2.39%+3
  • Min. credit score:
    680
  • loan amount:
    No maximum
  • loan terms (years):
    5, 7, 10, 12, 15, 20
  • Repayment options:
    Forbearance
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
  • Customer service:
    Email, phone
  • Soft credit check:
    Yes
  • Cosigner release:
    No
  • loan servicer:
    Mohela
  • Max. Undergraduate loan Balance:
    No maximum
  • Max. Graduate loan Balance:
    No maximum
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

3.47%+42.47%+45, 10, 15, 20$5,000 – $250,000
  • Fixed APR:
    3.47%+4
  • Variable APR:
    2.47%+4
  • Min. credit score:
    670
  • loan amount:
    $5,000 to $250,000
  • loan terms (years):
    5, 10, 15, 20
  • Repayment options:
    Academic deferment, military deferment, forbearance
  • Fees:
    Late fee
  • Discounts:
    Autopay
  • Eligibility:
    Must be U.S. citizen or permanent resident
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    Yes
  • Max undergraduate loan balance:
    $250,000
  • Max graduate loan balance:
    $250,000
  • Offers Parent PLUS refinancing:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

3.05%+3.05%+7, 10, 15$10,000 up to the total amount of qualified education debt
  • Fixed APR:
    3.05%+
  • Variable APR:
    3.05%+
  • Min. credit score:
    670
  • loan amount:
    $10,000 up to the total amount
  • loan terms (years):
    7, 10, 15
  • Repayment options:
    Military deferment, loans discharged upon death or disability
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service:
    Email, phone
  • Soft credit check:
    Yes
  • Cosigner release:
    No
  • loan servicer:
    AES
  • Max. Undergraduate loan Balance:
    No maximum
  • Max. Gradaute loan Balance:
    No maximum
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.99%+2.15%+5, 8, 12, 15$7,500 to $300,000
  • Fixed APR:
    2.99%+
  • Variable APR:
    2.15%+
  • Min. credit score:
    670
  • loan amount:
    $7,500 to $300,000
  • loan terms (years):
    5, 8, 12, 15
  • Repayment options:
    Does not disclose
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Must be a U.S. citizen and have and at least $7,500 in student loans
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    After 12 months
  • loan servicer:
    PenFed
  • Max. Undergraduate loan Balance:
    $300,000
  • Max. Graduate loan Balance:
    $300,000
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

3.19%+N/A5, 10, 15$7,500 up to $250,000
(depending on highest degree earned)
  • Fixed APR:
    3.19%+
  • Variable APR:
    N/A
  • Min. credit score:
    680
  • loan amount:
    $7,500 to $250,000
  • loan terms (years):
    5, 10, 15
  • Repayment options:
    Academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
  • Customer service:
    Email, phone
  • Soft credit check:
    Does not disclose
  • Cosigner release:
    No
  • loan servicer:
    Rhode Island Student loan Authority
  • Max. Undergraduate loan Balance:
    $150,000 – $249,000
  • Max. Graduate loan Balance:
    $200,000 – $249,000
  • Offers Parent PLUS Refinancing:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.99%+62.85%+65, 7, 10, 15, 20$5,000 up to the full balance of your qualified education loans
  • Fixed APR:
    2.99%+6
  • Variable APR:
    2.85%+6
  • Min. credit score:
    Does not disclose
  • loan amount:
    $5,000 up to the full balance
  • loan terms (years):
    5, 7, 10, 15, 20
  • Repayment options:
    Academic deferment, military deferment
  • Fees:
    None
  • Discounts:
    Autopay, loyalty
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Email, phone, chat
  • Soft credit check:
    Yes
  • Cosigner release:
    No
  • Max undergraduate loan balance:
    No maximum
  • Max graduate loan balance:
    No maximum
  • Offers Parent PLUS refinancing:
    Yes
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5Iowa Student loan Disclosures | 6SoFi Disclosures

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