- Application takes less than 5 minutes
- Works with some of the leading lenders in the market
- No FAQ section or knowledgebase to help customers make decisions
- Loan amounts not listed online
LendEDU at a Glance
Founded in 2014, LendEDU aims to redefine how loan marketplaces operate. The company offers a variety of credit services including student loans and refinancing options. LendEDU is not directly a lender, but works with a network of some of the most trusted names in lending and finance to provide uniquely transparent services. The company offers customers the ability to shop for a variety of student loans and refinancing choices directly from their website by using a single application. LendEDU aims to provide more clarity by helping customers make the right decisions through in-depth information and reviews of each partner operating within their network.
The extensive range of choices available through LendEDU make it an excellent alternative for customers looking to comparison shop for their student loans or refinance loans. The company offers potential borrowers access to in-depth analyses of each lending partner, and can show customers results in a matter of minutes. A simple application gives quick access to a network of lenders in the market including companies such as SoFi, Sallie Mae, and SunTrust. LendEDU only requires a single application to begin the matching process. This is great news for customers who prefer to weigh their options, but are afraid to do so because of the time involved and the possibility of harming their credit scores from several hard credit checks. Overall, LendEDU is ideal for borrowers looking for unambiguous options.
In a major departure from many of its competitors, LendEDU focuses on providing a more transparent lending service for its customers. The company offers an impressive range of features designed to simplify the decision-making process for prospective borrowers, as well as educational tools that help individuals understand of the implications of taking a student loan. LendEDU has developed an impressive network of loan and refinancing providers that includes some of the biggest names in the alternative lending and financial technology world. This includes industry mainstays such as SoFi, LendKey, and College Ave loans. Moreover, LendEDU’s single application takes less than 5 minutes, and will instantly pair applicants to several alternatives for their refinancing needs. For customers who like to do research before purchasing, the company hosts an expansive blog that features a variety of topics, as well as in-depth reviews of each partner participating in the LendEDU marketplace.
Some of the highlights of our LendEDU review:
- Find potential lender matches in minutes with a simple application
- Broad range of potential refinance loan terms and interest rates
- Excellent in-depth reviews of each lending partner
- Access both private student loans and refinancing loans
- No hard credit pull required to get matched
- A network of well-known student lenders
- Strong educational resources available
- Up to nine quotes for every match
The Application Process
Customers will appreciate how easy it is to get started with LendEDU. The initial step to apply for a loan through LendEDU is to complete a form that asks for basic details including information regarding a borrowers’ university status. Once this brief questionnaire is completed, customers can view the potential matches available to them. While prerequisites vary from lender to lender, customers should meet as many of these basic requirements as possible when applying for a refinance loan through LendEDU:
- Be a US Citizen or legal permanent resident
- Have a steady source of income
- Be at least 18 years or older
- Have at least a good credit score (higher than 600)
Borrowers should always remember that LendEDU is not directly a lender, so they will also have to complete a full application for their chosen lender, as LendEDU does not prequalify customers for any of the loans offered through its network. When matched, borrowers can review the different lending option and compare the representative terms available before selecting their preferred partner.
Loan Terms – Essentials
It is important to note that since LendEDU does not originate any of the loans found through its service, loan terms and interest rates will vary from lender to lender. The company does work with several providers that offer both fixed and variable interest rates, as well as an excellent range of repayment terms and loan amounts. Some of LendEDU’s lending partners can finance up to the full cost of attendance with their loans, such as College Ave. Furthermore, LendEDU lets prospective borrowers shop for both private student loans and refinancing options for existing debt.
Student loan refinancing offers only fixed interest rates choices, but still provides an impressive range for customers. Interest rates start as low as 2.47% from ELFI and stretch up from there. For customers who are afraid they may have trouble repaying loans down the line due to unemployment, many of the companies operating in LendEDU’s network offer unemployment protection, as well as short-term grace periods to give borrowers time to get back on their feet. In addition, none of the companies operating within LendEDU’s marketplace charge application fees, origination fees, or prepayment penalties.
Borrowers will appreciate the variety of repayment terms provided by many of LendEDU’s partners. Customers looking to refinance their existing loans can choose from repayment periods that start as low as 5 years, but also include options for 7, 10, 15, and 20 years. Overall, users shopping for a student or refinancing loan through LendEDU can find a term that works for their particular needs without having to accept an offer they are unhappy with.
How Safe is It?
Help & Support
Customers have several channels available to contact LendEDU should the need arise. The company offers a live chat feature on their website which connects customers to knowledgeable service representatives in a matter of minutes. Apart from live chat, users can reach the company via a toll-free number, with representatives available Monday to Friday between 9:00 AM and 5:00 PM ET. Finally, users can also email the company directly, with responses usually arriving within one business day. Overall, the company’s staff showed themselves to be experienced and well-trained to respond to any question or potential problem.
Deep Dive into Pros and Cons
LendEDU’s service is intriguing, but the company could improve its offerings in certain areas:
- The company does not offer a FAQ section or knowledgebase to help customers find answers to common questions
- There is no prequalification process equivalent to those offered by other marketplaces
- The company does not list loan amounts available - Because they are not directly lenders, LendEDU cannot guarantee any of the terms listed on their site
Even with a few minor shortcomings, there were many aspects of LendEDU’s services to appreciate:
- The application takes less than 5 minutes and can turn up several matches
- The company partners with a range of lenders in the student loans market
- Customer support is efficient and well-prepared - In-depth reviews of each of its lending partners are available
- Customers can choose between private student loans and refinancing
A transparent lending marketplace and reliable partners make LendEDU an intriguing alternative for prospective student loan refinance borrowers. The company offers customers a simple way to compare alternatives without having to waste time or endanger credit scores. LendEDU is strongly committed to informing its customers about all the available options thanks to in-depth reviews of each of its lending partners. Additionally, LendEDU’s network offers an excellent variety of different loan terms and interest rates, helping customers find exactly what they need to satisfy their financing requirements.
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