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Edly Review

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Danielle Greving author image
Danielle Greving
May. 15, 20224 min read

Edly summary

Edly is an educational lending platform that offers alternatives to traditional private student loans with income-based repayment loans (IBR loans). A main benefit of an IBR loan is that repayment doesn’t start until you’ve secured a job that pays above the minimum repayment threshold ($30K gross salary per year). This way, graduates who have yet to secure steady employment don’t need to begin repaying their loans until they can afford it.


  • No repayments until you meet the minimum income threshold
  • Payments can be deferred if you lose your job during repayment
  • No cosigner or minimum credit score requirements


  • Not as many schools eligible for IBR loans as traditional loans
  • Can be tough to predict upfront how much you’ll have to pay
Edlyat a glance

Editorial score

Online experience

Good online resources, but no access to rates


Customer services and support

Multiple ways of reaching lender but limited hours


Repayment flexibility

Offers flexible repayment plans & the option for special repayment programs



Loans available to all credit types, income levels, and students


Variety of Loan Types

Only covers 1-2 loan types


Edly Edly Visit Edly


Founded in 2019 and headquartered in New York, Edly partners with banks to offer income-based repayment loans for college tuition. Their platform connects students searching for alternative tuition financing with impact investors who are looking to support students. Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. Edly currently does not have any ratings on BBB or TrustPilot.

Suitable For?

Edly is suitable for anyone who is looking for an alternative to traditional student loans and wants to avoid the pressure of repaying loans until they’ve secured employment. With no credit score required, Edly is also a great option for those with minimal or no credit history.

Edly also doesn’t require borrowers to have a cosigner, making it suitable for those with limited or no cosigning options. Borrowers’ graduation dates and majors are also taken into consideration. Currently, Edly favors those going into STEM, healthcare, and business majors.

Loan Features

IBR loans offered through Edly have no minimum credit score or cosigner required. Borrowers can receive up to $20,000 per academic year ($30,000 if also attending summer school) with a five- year (60 payments) repayment term. Once the loan goes into repayment, payments are based on gross income earned.

The Application Process

The Edly application process is entirely online. Edly claims to check your terms in 30 seconds to see if you meet its initial requirements, which includes looking at your school, major, and graduation date. This step does not require a credit check.

After this, you can complete the application and get an official offer within minutes. This step requires a hard credit check. You’ll need to provide information regarding your school of attendance, major, graduation date, and income. While no credit history is required, Edly states that adverse credit history may be a factor in your approval (such as collection accounts, defaults, or vacancies). If your application is approved, the funded amount is paid directly to your school. Funds can be used for tuition and other qualified educational expenses.

Eligibility Requirements

While Edly loans can’t be used for just any school or program, the company does partner with over 1,800 schools in nearly every state across the US (with the exception of Colorado, West Virginia, Vermont and Maine). Edly states that they only work with schools they’ve determined will give students a better chance at future success. While Edly does consider a borrower’s credit history when issuing loans, neither a credit history nor a minimum credit score is required.

Loan Rates

Loan repayment rates vary. Edly will determine the amount you owe each month by looking at your salary and the percentage of your salary you have to repay. However, borrowers will never need to repay more than 2.25 times the borrowed amount, or the amount that equates to 23% APR.

Repayment Terms

Edly doesn’t require customers to start paying back on their loans until they’ve graduated and secured employment that meets the minimum income threshold. Currently, that threshold is $30,000 gross salary per year.

Edly customers are also allowed to defer payments should they lose their job during the repayment period. This differs from traditional private student loans, where the repayment period begins as soon as the grace period ends. To defer payments, students need to provide qualifying documentation. This may include historic or current pay stubs or proof of job search.

How Safe Is It?

Edly is a safe service to use. All loans are unsecured personal loans issued by FinWise Bank. When filling out a prequalification form, Edly only collects your basic information. The platform has bank-level security, and the company hasn’t reported any security breaches.

Customer Service

You can get in touch with Edly customer support by chat or with their contact page. You can send them a message via live chat at any time, and if they don’t get back to you right away, they state that they usually get back to customers within one business day.

Edly can also be reached via email at and phone at 914-288-6591.


Edly partners with banks to offer income-based repayment loans as an alternative to traditional private student loans. With no minimum credit requirements, Edly is a great option for those with a lack of financial history or access to a cosigner. Edly separates itself from competitors by only requiring borrowers to start repaying loans once they secure a job that pays a minimum of $30,000 Gross/year. These payments can also be deferred should the borrower lose their job.


This review was created using information from Edly’s company website and contacting Edly customer service.

Edly Edly Visit Edly


1.   Loan Example:

  • Loans from $5,000 - $30,000
  • Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan.
    • Payments deferred for the first 12 months during the final year of education.
    • After which, $270 Monthly payment for 12 months.
    • Then $379.17 Monthly payment for 48 months.

About this example

The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.

2. Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.

Danielle Greving author image
Written byDanielle Greving

Danielle is a tech and finance writer with experience in personal finance, cryptocurrency and numerous SaaS companies. Her bylines can be found on MoneyTips, CoinMarketCap, GraniteShares and An avid traveler and former ESL teacher, Danielle's writing blends a wealth of technical and financial knowledge with simple and straightforward explanations for everyday readers.

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