Best Refinancing Companies For Student Loans

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Best Refinancing Companies For Student Loans

The Truth About Debt Consolidation Loan

Debt consolidation loan may sound like the best solution to your student loans problems, but it might not be what you think. Many people believe they have bad credit or no credit at all and therefore cannot get any type of loan. If you meet these requirements, then you should definitely apply for debt consolidation loan. However, if you do not qualify for a debt consolidation loan, then you should consider some alternative options.

There Are Better Options Than A Debt Consolidation Loan

You can take out a car loan instead. This means borrowing money to buy a vehicle. You would use the loan to pay off your old debts. After paying off your existing debts, you could then borrow the rest of the amount using your car as collateral.

Another option is to file bankruptcy. This will allow you to wipe out your debts after you file an application with the court. Your creditor’s won’t make any payments to you until the judge clears them. Therefore, filing for bankruptcy is usually considered a last resort since it makes things worse.

If you want to save yourself a lot of trouble and headache, you need to look into some alternatives first before deciding whether to get a debt consolidation loan or not. Below is a list of the best companies to refinance student loans.

Capital One 360

Capital One 360 gives you the flexibility to manage your finances in a way that works for you. In addition to offering traditional banking products, they offer financing options for your education expenses. 2. Conseco Financing

For over 30 years, CFC has been helping families find financial solutions that fit their unique circumstances. 3. GreenPath

Greenpath helps you consolidate your student loans and lower your monthly payment. 4. Lending Club

Lending Club provides you with flexible repayment plans that help you pay back your loans faster.

Best Refinancing Companies For Student Loans

There’s a lot of student loan debt out there, now totaling over $1 trillion. And experts say that the average college grad owes around $35,000. But don’t give up hope – there may be some refinancing companies that offer low rates and flexible repayment options. Here are five of the best ones to look into:

SoFi

SoFi is a leading online lender offering products for students and recent graduates that want to consolidate their loans or refinance their existing credit card debts. SoFi is relatively new, having started lending only in 2012, but they have already helped millions of people get out of debt. And what sets them apart? Well for one thing, unlike many lenders that base refinancing interest rates on how much money you owe, Sofi bases rates off of your FICO score. That means if you’re at least 620 (which is pretty high considering that about 70% of Americans have sub-800 scores), then you’ll probably qualify for lower monthly payments. To see if you qualify for SoFi’s 0 rate, click here!

Great Lakes Education Loan Services

Another company that offers competitive rates is Great Lakes. One drawback to these types of loans, however, is that your payments won’t go down much until after 5 years, when they reach 9%. Still, it’s preferable to paying 10%-20% APRs than paying nothing at all. If you do decide to take out a GLES loan, make sure to check out our guide on the top ways to pay off your student loans faster.

LendKey

Lendkey isn’t just another lender; instead, it’s a peer-to-peer platform that lets borrowers and investors connect. Borrowers can use the site to apply for various types of personal loans, while investors can lend money to small businesses or individuals looking to expand their business. In addition to its P2P model, LendKey also offers traditional loans, like auto finance and home equity. The company was founded in 2005 and now has over 2 million users worldwide.

Sallie Mae

Sallie Mae provides both private student loans and federal Stafford loans, including Perkins loans. Like most lenders, they charge interest based on your credit history and the amount of time you have left before your current payment period ends. But Sallie Mae also offers fixed-rate financing for those who want to lock in a low APR. To learn more about Sallie Mae, visit their website by clicking HERE.

Quicken Loans

Quicken Loans is another major player in the market, providing products for individuals, families, and businesses. Their web portal alone gets tens of thousands of hits per month, so if you have bad credit or are looking to borrow less than $10,000, they might not be the place for you. But Quicken does provide some great mortgage products, including VA mortgages and USDA Rural Development loans. Plus, their student loan calculator can help determine whether consolidation would work for you. Check it out by clicking HERE.

Best Refinancing Companies For Student Loans

LendingTree

LendingTree provides free information about private student loan refinancing companies and has free quotes from lenders who provide them. Their website makes finding the best refinance company easy. Students should use LendingTree before applying to any lender. 2. Student Loan Hero

Student Loan Hero offers students advice to help pay off student loans. Their website features articles written by experts in the field on how to manage student loans. 3. NerdWallet

NerdWallet has an online tool to calculate what you need to pay back each month and what your monthly payment will be after refinance. They have calculators to determine if you qualify for a consolidation loan and if you can get a lower interest rate than what you currently owe. 4. Zopa

Zopa has been around since 1999 and is one of the first peer-to-peer personal finance sites. This means they match borrowers with investors seeking high returns. Borrowers apply directly to banks and get approved without going through a broker. This saves time and money. Currently, Zopa is only offered in the United Kingdom, but they are expanding globally. 5. Prosper

Prosper is similar to Zopa in that it matches individual borrowers with individuals who want to lend money. However, instead of using traditional financial institutions, Prosper uses credit unions and community groups to offer its services. This means you will not earn a commission or fee from lenders offering loans through Prosper’s network. Since its founding in 1998, Prosper has expanded to over 300 locations in 40 states nationwide. They do charge fees for their services though, so make sure you understand those charges ahead of time before agreeing to a loan. 6. Funding Circle

Funding Circle is a P2P lending platform established in 2011. Funding Circle lends money to businesses, businesses owners, and consumers. Money goes directly from the investor to the borrower. Funding Circle does not take a cut from the loan itself. Instead, it collects a small service fee from both the borrower and the lender. Funding Circle is already trusted by many top brands like Google, Twitter, LinkedIn, and Groupon.

7. LendUp

LendUp was founded in 2010 and is my personal favorite among the various peer-to-peer lending websites. They offer short term loans ranging from $500 to $3500. The minimum loan amount is $250. Most people borrow between $1000 and $2500. All applicants are accepted and rates range from 9% – 30%. You will receive an email once you are accepted or rejected from any lender. If you are accepted then you will receive a loan disbursement date and your repayment schedule.

Best Refinancing Companies For Student Loans

studentloans refinance

Student Loan Refinancing | How To Lower Your Payment

Refinancing student loans in Canada is hard – but not because of risk or interest rates. There’s just a ton of paperwork! An average refi takes about 5 days. So if you have already completed loan applications, check out websites like Gandermortgage where they can do almost all of the work at a fraction of a cost. If you need help getting started with refinancing, visit the website below. We hope this video helps you save money and feel confident calling up any company. They really are the easiest mortgage brokerages to deal with. Let us know what we should cover in our next video.

ConventionalStudentLoans and Credit Card Debt

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