If you want to save thousands of dollars refinancing your student loans, you can choose Lend-Grow Student Loan Refinance. Land-Grow offers you low rates on student loan refinancing, ensuring your savings.
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Lend-Grow, Inc., a private corporation based in Virginia, was founded in February 2019 and claims to be the best resource for borrowers looking to find local, small financial institutions. Only personal installment loans and student loan refinancing are offered by this reputable lender. The company, based in Reston, Virginia, acts as an intermediary between different banks, each of which attempts to offer low interest rates to customers refinancing their student loans.
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In this review, we explore the transformative benefits and features of Lend-Grow student loan refinancing that make Lend-Grow an excellent choice for students looking to refinance their loans.
Lend-Grow Student Loan Refinance at a Glance: Loan Details and Rates
| Fixed Rates As Low As (APR) | 4.90% |
| Variable Rates As Low As (APR) | 5.28% |
| Loan Types | Federal and private student loans, including Private Parent Loans and Federal Parent PLUS Loans |
| Loan Terms | 5, 10, 15, 20, and 25 years |
| Loan Amounts | $5,000 to $750,000 |
| Minimum Credit Score | 680 |
| Minimum Income | Varies |
| Residency | US citizen or permanent resident |
| Cosigner Release | Options offered by some lenders, conditions apply |
| Degree | Some lending partners do not have any graduation requirements |
How to Qualify to Refinance Your Student Loans with Lend-Grow?
To qualify to refinance your student loans with Lend-Grow student loan refinancing, you must have the following eligibility criteria. Let’s find out:
- Citizenship: US citizenship or holding permanent residency is necessary.
- Location: Varies.
- Credit Score: Student borrowers must have a minimum credit score of 680 to refinance.
- Income: Income requirement varies. However, a stable income increases your chances of qualifying for Lend-Grow student loan refinancing.
- Loan Amount: A minimum of $5,000 is required for refinancing eligibility. The maximum loan amount is $750,000.
- Graduation Requirement: Some lending partners do not have any graduation requirements
Lend-Grow Student Loan Refinance Rates & Fees
Land-Grow offers competitive rates for student loan refinancing, giving borrowers financial flexibility. With fixed rates as low as 4.90% APR and variable rates starting at 5.28% APR, applicants can choose a financing option that suits their preferences and financial goals. Loan terms range from 5 to 25 years, allowing borrowers to customize the repayment period as per their individual needs.
Whether choosing a short-term commitment of 5 or 10 years or a more extended timeline of 15, 20, or 25 years, Lend-Grow accommodates a diverse range of financial plans, making student loan refinancing accessible to a wide spectrum of interested individuals seeking manageable and competitive terms.
Additional Fees
Lend-Grow may or may not charge some additional fees to refinance your student loans. Let’s find out what those additional fees are:
- Application Fee: None (application fee for rates and approval).
- Disbursement Fee: Not disclosed (a fee charged to lenders for allocating funds for repayment of refinanced loans).
- Loan Origination Fee: None (fees for initiating a new loan).
- Late Payment Fee: Varies (fee associated with a late payment).
- Collection Fee: The fee for collecting defaulted debts has not been revealed or specified.
- Prepayment Penalty: There are no penalties for prepayment, which typically involve fees for making extra payments to reduce the balance of a refinance loan or settling it ahead of schedule.
- Returned Payment Fee: Varies (fee for a failed payment because there was not enough cash).
How Does Lend-Grow Work?
Lend-Grow links borrowers with credit unions and community banks, which may offer more favorable terms and rates but are less exposed than other lenders. As lenders compete for borrowers’ business, borrowers can secure optimal student loan refinancing deals.
Borrowers can fill out an online form to find out if they qualify. If they do, lending partners may make them an offer. Once the offer is selected, the borrower is redirected to the lender’s site to finalize the application. Depending on the lender, the timeline for approval of disbursement varies.
The Payback Rewards program offered by Lend-Grow may be open to a limited group of borrowers in specific states. As long as your account is active and you make your payments on time, Payback Rewards will credit 0.10% APR of your loan amount every month for a maximum of three years.
Why Choose Lend-Grow to Refinance Your Student Loans?
Depending on your goals, Lend-Grow’s easy rate-checking tool can connect you with a lender. Checking your rate takes about two minutes and has no impact on your credit score. Let’s explore the benefits you get when you refinance your student loans with Lend-Grow student loan refinancing.
Exclusive
Lend-Gro collaborates with community-based lenders, which often are overlooked but offer good deals. This strategic partnership aims to connect users to these local lenders, potentially unlocking access to more favorable financing arrangements that may be challenging to find through traditional channels.
Fast, Easy, and All Online
In two minutes, you will be able to check your rate without impacting your credit score.
Unbiased
Lend-Grow prioritizes finding the best-fit finance deal for you rather than featuring lenders based on the commission they pay. This means that the platform focuses on matching you with the best loan or financing option based on your specific needs, rather than favoring lenders who may offer higher commissions to the platform.
Tailored to Your Needs
Lend-Grow is designed to rapidly identify the most favorable option for you, whether it’s the lowest interest rate or the most affordable monthly payment, ensuring that your financial priorities are prioritized.
Pros and Cons of Lend-Grow Student Loan Refinance
Pros
- Focus on smaller banks and credit unions as they usually offer better rates.
- Explore local community-based banks and credit unions.
- A company with a clear mission that helps borrowers repay their loans.
- Quick and easy application process that delivers results in less than five minutes.
- A clear and open process guarantees that the commission will never influence the views of borrowers.
Cons
- Lend-Grow cannot cooperate with large or well-known brands on a national level.
- Since most of the process is done online, borrowers need to get accustomed to this layout.
Lend-Grow Student Loan Refinance Process
To apply for Lend-Grow Student Loan refinancing, follow the steps below:
- Visit Website: Visit LendGrow’s main website and select one of the blue “Check My Rate” buttons on the website. From the top menu, you can also select the “Get My Rate” link.
- Loan Type: Starting with the loan type you want to apply for referencing your student loan with Lend-Grow student loan refinance, start by filling out the ‘About You’ form on the next page. In that case, select “Student Loan Refinancing” from the dropdown menu.
- Submitting Application: Submitting a complete application will not affect your credit score. It should typically require approximately two minutes to complete the process.
- View Offers: You can see your top three offers when the results are generated. Lend-Grow sorts these for you based on your qualities.
- Apply Through Lend-Grow: If you’re ready to choose a lender, you have the option to apply directly through Lend-Gro. With this option, you can meet the requirements of a particular lender and stay connected through Lend-Grow.
- Accept Terms: Accept the terms of your new loan, and the lender will send you more information.
How Much Does Lend-Grow Cost?
There are no fees associated with using the marketplace or getting your new rates from Lend-Grow. Although Lend-Grow requires payment from lending partners to join, the arrangement has no impact on the average borrower’s rates.
It is important to understand that Lend-Grow is neither a financial institution nor a direct lender. This indicates that no debt is issued directly by the company for Lend-Grow student loan refinance. A borrower may have to pay fees, service charges, or other expenses beyond the interest charged by each lender.
How is Lend-Grow’s Customer Service?
Lend-Grow offers excellent customer support to assist borrowers in the refinancing process with Lend-Grow student loan refinancing. If borrowers have any specific questions regarding loan offers or applications, they should address them directly to Lend-Grow and the lender. Your loan offer includes your lender’s contact details. You can also email Lend-Grow at contact@lendgrow.com for assistance.
FAQs
1. Is Lend-Grow good for refinancing student loans?
Yes, it’s a good idea to refinance your student loans with Lend-Grow student loan refinancing. Lend-Grow is a multi-lender marketplace, not a refinance lender, that was created to help student borrowers compare refinance lenders with just one website and one app. Lend-Grow claims it can put borrowers in touch with nearby credit unions and banks.
2. Can my spouse and I refinance our loans together with Lend-Grow?
According to Lend-Grow refinance lenders, spouses cannot consolidate their student loans at this time. Although applicants can also mention their spouse’s income on their student loan refinancing application, one spouse can serve as a co-signer.
3. What loans are eligible for refinancing?
You can refinance federal loans and private loans received for professional, associate, bachelor’s, or master’s degree programs with Lend-Grow student loan refinancing. To be eligible to refinance with Lend-Grow, you are not required to have completed your course of study. Refinancing is also an option for parents who have taken out private or Parent PLUS loans for their dependent children.
4. Can I refinance my student loans with Lend-Grow if I didn’t graduate?
Some lenders on the Lend-Grow marketplace offer refinancing even if you have not completed the course of study that led to your student loan. If you fall into this category, Lend-Grow will instantly connect you with lenders in its marketplace who may be able to accept you.
5. What discounts does Lend-Grow Offer?
Lend-Grow offers a 0.10% autopay discount, which is already included in its rates. To lower your payments, consider loans with extended terms or variable rates. Rates from online marketplace lenders depend on factors, such as credit history, income, loan term, and interest rate type.
Conclusion
Lend-Grow student loan refinancing stands out as a promising option for borrowers looking to reduce the burden of student loans. With competitive rates and flexible repayment terms, it offers a viable solution for those looking to streamline their finances.
You can lower your interest rate or your monthly payments by refinancing. You can also save money by refinancing at a lower interest rate when you work with a lender on the Lend-Grow marketplace.
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