Private Student Loans Lenders

7 min read

Bank of America – www.bankofamerica.com/studentloans

CIT Group Inc – www.citigroup.com/StudentLoans

4. 5.

Private Student Loans Lenders

SoFi

SoFi provides student loans and offers other financial services to their customers. Their focus is primarily on individuals between 18-35 years old who are looking to start out on their own. They offer personal loans starting at $300 and up to $40k.

Prosper

Prosper is one of the largest peer to peer lending platforms currently on the market. They provide loans from $1-$100k and gives borrowers 10% of profit on each loan they create. Additionally, they charge no origination fees.

BankMobile

BankMobile provides small business owners access to capital and other commercial banking products. They have various programs to help entrepreneurs get started including Business Matching Grants, Working Capital Lines of Credit, and SBA Loans.

OnDeck

OnDeck is similar to Zopa where you take out a loan based on how much equity you deposit. Once you reach 25% equity, they convert the remaining balance into a traditional loan. This way, you can keep all of the equity you earn.

Funding Circle

Funding Circle works similarly to Kickstarter where people pitch ideas and seek funding for them. If someone decides to fund your idea, then you receive money upfront. Many startups choose to use Funding Circle to gain some initial funding and then move onto larger banks and VC firms.

Fundrise

Similar to Funding Circle, Fundrise lets investors “back” companies they believe in. This way, you’re able to show potential investors what you’ve accomplished while raising capital. Plus, if you’re successful, you pay the lender back a set percentage of the loan.

Lending Club

Lending Club is another peer to peer lending platform. They give members opportunities to borrow money at rates around 2.65%.

Private Student Loans Lenders

Sallie Mae (Sallie Mae)

The federal government provides loans through two private student loan lenders – Sallie Mae and Nelnet. Both companies offer loans directly to students, and they both charge high interest rates compared to other banks. However, it’s worth keeping in mind that if you borrow money from either company, you’ll have a debt with them until after graduation. Private student loans can offer good rewards, since they’re not subject to the same regulations as regular commercial loans. But, keep in mind that you could still end up in financial trouble if you don’t pay off your private student loans on time.

Citibank (Citibank) & Bank of America (Bank of America)

These two banks offer similar services, and both have their advantages and disadvantages. Citibank offers lower interest rates than Bank of America, but its fees tend to be higher. On the other hand, Bank of America tends to offer lower interest rates, but has higher fees. If you’re looking for low-interest rate student loans, consider looking at these lenders instead.

Discover Financial Services (Discover)

Discover is another popular bank for lending money to college graduates. Like other banks, it charges borrowers a fixed percentage of their monthly payment each year. In addition, Discover has a variable APY (Annual Percentage Yield), which means that it changes quarterly based on market conditions. If you want to get a loan that’s flexible with your payments, Discover may be a great option.

Wells Fargo & Co. (Wells Fargo)

If you live in California, you might already know about Wells Fargo, considering how this company was acquired by Chinese banking giant ZhongAn. Wells Fargo offers many of the same products as other banks, including traditional installment loans and home mortgages. Plus, it doesn’t charge extra fees for applying online. Wells Fargo also has some excellent customer service reps who are knowledgeable about different types of accounts.

JPMorgan Chase & Co. (JPMorgan Chase)

JPMorgan Chase offers many different products for consumers and business owners. As a consumer, you might be familiar with their checking account and credit cards. And as a business owner, you might use their merchant services to accept credit card payments for your business. JPMorgan Chase is one of the largest banks in the U.S., so it has plenty of options for you to choose from.

Capital One Bank (Capital One Bank)

This bank primarily targets business owners to lend money for things like startup costs. However, it does offer some personal financing options for consumers too. You can apply for an unsecured personal loan, which isn’t guaranteed by the Federal Deposit Insurance Corporation (FDIC). Your application is reviewed independently by a third party, which helps to ensure that you qualify. Capital One also offers several small business solutions for startups and entrepreneurs.

SunTrust Banks Inc. (SunTrust Banks Inc.)

SunTrust Banks Inc. is another big player in the nation’s banking industry. Most people are familiar with SunTrust’s banking services, such as checking accounts and mortgages. But did you know that it offers financial services for businesses? Small businesses can take advantage of its cash management and merchant services, while larger companies can opt for payroll services.

Private Student Loans Lenders

Discover Financial Services

Discover was founded in 1986 and is a financial services company based out of Dallas Texas. They offer private student loans, personal loans, auto loans, mortgages, credit cards and many others. The company claims to have over $25 billion dollars in assets and over 21 million customers. You can search for a lender using their website at discoverfinancialservices.com. The only problem with this site is that they do not provide enough information about each lender to know what type of loan to get or if any of them will even accept you. Many lenders use different types of software that will help determine who would actually give you money. This includes FICO scores, debt ratios, and income levels. Most of these companies require a minimum score of 620 to qualify, meaning that someone with a 620 FICO score could potentially get approved.

World Holdings Inc

World Holdings Inc provides students and borrowers with educational financing solutions. Their parent company offers many different types of products including credit cards, mortgages, home equity loans, auto loans, and business loans. Their main headquarters are located in Chicago Illinois, and they were established in 1996. They claim to have over 10 million customer accounts and over 19 trillion dollar asset base. To apply for a student loan, go to worldholdingsinc.com. This site contains all of the information you need, however it does not tell you much about the individual lender. If you are interested in finding out more, you can contact them directly at (877) 603-2358.

Nelnet

Nelnet is a global leader in providing payment processing systems and related technology services. Founded in 1982, the company currently operates in over 30 countries with offices around the globe. Nelnet specializes in education lending, commercial real estate lending, mortgage lending, credit card processing, and consumer finance. As a subsidiary of Nationstar Mortgage LLC, Nelnet has been offering student loans since 2012. The main office is located in Atlanta Georgia, and they were established back in 1985. To find out more information about a particular lender, visit nelnet.com/educationloanslender.

Private Student Loans Lenders

US Bank

US Bank is based out of Seattle Washington and was founded in 1851. They offer loans for business owners, students and individuals who want to start up their own small businesses. This includes businesses related to real estate, retail, construction, food services, education and entertainment. In order to apply for a loan online, you need to provide proof of income along with either a bank statement or pay stub. You may not qualify alone if you have less than $100,000 in assets and are unemployed.

Wells Fargo

Wells Fargo is based out of San Francisco California and was founded in 1852. They offer personal, commercial and auto banking products to consumers, business owners and investors. To get started, you’ll need to submit a simple application and then choose between different options for getting approved. If you do not meet certain requirements they might deny your application.

Bank Of America

Bank of America is based out of Charlotte North Carolina and was founded in 1865. They offer various banking products including checking accounts, credit cards, mortgages, auto financing, student loans, home equity lines of credit, and private student loans. To get started, simply fill out the application at BankofAmerica.com

Capital One

Capital One is based out of McLean Virginia and was founded in 1985. They offer financial products like credit cards, mortgages, and car loans. However, their private student loan product only covers undergraduate programs and does not cover graduate school. Because of this, it’s best to use a traditional lender for private student loans.

CitiMortgage

Citimortgage is based in Jacksonville Florida and offers both residential and commercial mortgage lending products, including private student loans. Their website is pretty straight forward and makes it easy to compare rates and find the right private student loan for you.

Discover Student Loans

DiscoverStudentLoans.com is a subsidiary of Discover Financial Services, Inc., and is based out of Newark Delaware. They offer private student loans for undergraduates and graduate students. Private student loans require good credit so make sure to check your credit score before applying. Additionally, you will need two forms of identification (like a driver’s license) when submitting your application. If you are accepted, you will receive instructions about how to proceed with disbursement and repayment of the loan.

Sallie Mae

Sallie Mae is a privately held company based out of Reston Virginia and was founded in 1968. They offer private student and professional student loans along with parent/guardian loans and consolidation. Just like any of the other lenders listed above, you will need good credit and a steady job in order to apply for a private student loan. After being accepted, you will work with a loan officer and set up automatic deductions to repay the principal and interest.

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