Connect with us

Bad Credit

How to Get a Personal Loan: Rates & Fees

Published

on

With the coronavirus pandemic wreaking havoc on the US economy and millions continuing to file for unemployment, many people are finding themselves tight on money. Nobody wants to be in this situation, but if you’re strapped for cash, you might consider applying for a personal loan to cover your expenses.

But what exactly is a personal loan? How does it differ from a mortgage or a credit card? Is now a good time to get a personal loan, and what’s the best way to go about it? CNN Underscored has the answers to all your questions about personal loans to help you decide if getting one is right for you.

A personal loan is a type of debt where, typically, a person receives a fixed amount of cash from a bank, credit union or online lender that must be paid back over a set time period, often two to five years.

There are many reasons you might want to get a personal loan. Usually, you can use the money for any reason, but some of the more common scenarios include paying off debt, consolidating medical bills, starting a business, financing a home renovation or other personal needs.

Personal loans are typically — although not always — unsecured, which means you aren’t pledging any assets in advance to cover the loan if you fail to pay it off (also known as “collateral”). This is one way personal loans are different from mortgages; mortgages are instead secured by using your home or property as the collateral.

Because personal loans are unsecured, they’re generally more expensive than secured loans like a mortgage. But while a secured loan comes with a lower interest rate, if you’re unable to repay it, you can lose the asset you’ve put up as collateral, such as your home if you default on your mortgage.

Personal loans are usually unsecured, but also cost more than a secured loan.

Personal loans are usually unsecured, but also cost more than a secured loan.

PHOTO:
iStock

However, even with an unsecured personal loan, if you fail to pay the money back, a lender can still legally pursue you for the amount you owe by sending your loan to a collections agency, reporting your failure to pay to credit bureaus (which hurts your credit score) and even filing a lawsuit in court.

Save money with a personal loan offer at LendingTree, an online loan marketplace.

There’s no one-size-fits-all option when it comes to applying for a personal loan. You can look for personal loans at banks, credit unions or from online lenders. There are also online marketplaces such as LendingTree that can make it easy to quickly see offers from a whole network of lenders all at once.

With an online marketplace, you only have to enter your details once to be considered by many lenders. Some of the information you’ll need to provide includes how much money you need, the purpose of the loan, how fast you need the cash and other key details.

Once you’ve entered your information, it’s sent to dozens of lenders for consideration, and you’ll quickly get a list of personal loan offers that may be right for you. From there, you can decide which offers are best for your situation, and work directly with those specific lenders.

Click here to compare multiple personal loan offers at LendingTree.

Interest rates on a personal loan can vary widely depending on several factors.

Interest rates on a personal loan can vary widely depending on several factors.

PHOTO:
iStock

Based on data from the Federal Reserve, the average rate for a 24-month personal loan in the second quarter of 2020 was 9.5%. However, personal loan interest rates can vary widely, ranging from anywhere between 6% and 36% depending on the lender, the borrower and the terms of the loan.

Here are the most important factors that determine your interest rate and other costs connected to a personal loan:

Loan Amount: The amount you want to borrow with a personal loan affects your interest rate, as larger personal loans generally come with higher rates. Personal loan amounts can range between $1,000 and $50,000, or even more in some cases.

Length: Interest rates are also usually higher for longer loans, meaning the more time you have to pay off a personal loan, the more you’ll pay for it, both as a result of a higher interest rate and paying interest over a longer period of time.

Credit Score: The higher your credit score, the lower your interest rate on a personal loan. People with good credit scores also have the best chance to qualify for a personal loan, although there are personal loans available for those with lower credit scores as well.

Fees: You’ll want to keep an eye on any fees charged in connection with a personal loan. For instance, some lenders charge an origination fee, which is a fee to start a personal loan. An origination fee can range between 1% and 8%, but some lenders don’t charge origination fees at all, so you’ll want to shop around.

Prepayment Penalty: If your personal loan has a prepayment penalty, you may have to pay an additional fee if you decide at some point to pay off the loan early. A typical prepayment penalty might be several months of interest or a percentage of the remaining loan amount. Again, some lenders don’t charge prepayment penalties on personal loans, so you’ll want to pay close attention to the terms of your loan.

Check your interest rates on personal loans at LendingTree.

When considering a personal loan, it’s important to know how much you’ll end up paying for it each month. A personal loan payment calculator will help you figure out how much you’ll owe, both monthly and during the overall life of the loan. This is a great tool to use before you apply, so you can visualize what your cost will be from a budgeting standpoint.

Enter the total amount you’re borrowing with a personal loan, the interest rate and the length of your loan, and the calculator will immediately break down your monthly and total payments.

For example, let’s say you’re considering taking out a $10,000 personal loan to pay off your medical debt. One lender offers you an interest rate of 9.5%, which you must pay back within five years, but another lender offers an 8% rate with a three-year repayment period.

You can enter both offers into the personal loan calculator one at a time to see how much each one will cost. The calculator shows that in this case, while a 9.5% interest rate results in a monthly payment of $210, your total repayment would be $12,601. On the other hand, the 8% rate will increase your monthly payment to $313, but you’ll only pay a total of $11,281 over the life of the loan, which is a significant savings.

Use a personal loan calculator to see your monthly payment, as well as how much you

Use a personal loan calculator to see your monthly payment, as well as how much you’ll pay over the life of the loan.

PHOTO:
LendingTree

A personal loan calculator also provides a full amortization table, which breaks down the amount you’re paying for your personal loan in principal versus interest on a monthly basis.

Ultimately, a personal loan payment calculator will do a great deal of the hard work for you in figuring out which loan works best for your specific situation.

If there’s one piece of advice to keep in mind when applying for a personal loan — or any loan for that matter — it’s to strive for excellent credit. This typically means having a credit score of 720 or higher.

With a high score, you’ll be offered some of the lowest interest rates, as well as the most favorable terms. But even if you only have good rather than excellent credit — meaning generally a credit score between 680 and 719 — you’ll still likely be able to get a competitive interest rate on a personal loan.

If you’re right on the edge of having a good credit score, one way to improve your score is to lower your debt-to-income ratio, which is the amount of debt you currently have versus the amount of money you earn. A lower ratio is better, so if you start paying off your debt, there’s a good chance you can increase your score enough to move into the “good” credit range.

Of course, regardless of your score, you’ll still want to do your research on lenders to find a loan with a low interest rate and fair terms. But with a good credit score and a reliable source of income, you should have little problem being approved.

Get personal loan offers with good to excellent credit at LendingTree.

For many, moving up into a good or excellent credit bucket can be very difficult. But don’t let that discourage you. While having a fair credit score — meaning between 640 and 679 — isn’t the ideal place to be, there are still some lenders that will offer you a personal loan.

Even if you only have fair credit, you can still get a personal loan from some lenders.

Even if you only have fair credit, you can still get a personal loan from some lenders.

PHOTO:
iStock

However, you’ll likely find yourself being offered higher interest rates than if you had good or excellent credit. You may also be subject to fees or less desirable personal loan terms, though these can vary depending on your income and monthly cash flow.

You’ll also probably have fewer personal loan options to choose from with a fair credit score, but this is where an online marketplace can come in handy — since your information can be considered by many different lenders all at once, giving you the best opportunity to find a match.

If you’ve made some poor financial decisions in the past or haven’t yet had time to build up your credit history, your credit score likely reflects this. A credit score under 640 definitely won’t give you the best options when it comes to securing a personal loan, but you might not be completely out of luck.

An online marketplace will submit your information to its lender network even if you have bad credit, and some lenders will still offer you a personal loan. Unfortunately, you’ll almost certainly have to pay a relatively high interest rate if you have a bad credit score. You might even be asked to provide collateral to make the personal loan a secured loan, which could include an asset like your car. That means you’d be subject to losing your collateral if you aren’t able to pay back your loan in the end.

People with bad credit who are considering a personal loan in the future can take advantage of the time right now to start improving your credit score. Some steps you can take include paying your credit card bills on time going forward, making more than the minimum payments on your cards, correcting any errors on your credit report and even negotiating with an existing creditor to accept a partial payment.

These steps aren’t easy, and can take some time and persistence. But in the end, they can make a huge difference in improving your financial future and the likelihood that you can get a personal loan with favorable terms.

See if you qualify for a personal loan at LendingTree even if you have bad credit.

A personal loan could be an option to consider if you need cash right now.

A personal loan could be an option to consider if you need cash right now.

PHOTO:
iStock

Applying for a personal loan truly depends on your situation. If you’re planning to use a personal loan on a non-essential expense — such as a lavish vacation or a big birthday bash — we highly recommend against it. In the end, personal loans are expensive financing options, and you’ll ultimately be paying a lot of extra money for an unnecessary reason.

But if you want to consolidate your existing debt and can get a lower interest rate on a personal loan versus what you’re currently paying on your credit card, then it’s worth considering. You should also look at other options such as a balance transfer credit card or refinancing your mortgage if you’re a homeowner, both of which could offer lower interest rates or better terms than a personal loan.

In the end, personal loans are another tool in your financial toolbox. Given the current economic climate, having cash right now could be worth the cost of a personal loan. So do your homework by knowing what to look for in a personal loan, and find the best offer for you.

Learn more about personal loans at LendingTree and get offers from multiple lenders.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Bad Credit

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?

Published

on

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

Hello there, MarketWatchers. Check out the Moneyist private Facebook

US:FB

group, where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

By submitting your story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Source link

Continue Reading

Bad Credit

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

Published

on

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

Source link

Continue Reading

Bad Credit

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

Published

on

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
Compare personalized rates from multiple lenders without affecting your credit score. 100% free!
Compare Now

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

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

Source link

Continue Reading

Trending