What Does LendEDU Offer?
LendEDU is not actually a lender, but they act as a middleman or a market research firm. Through their platform, lenders can post their student loan, car loan, credit card, and personal loans offers and LendEDU will help them find students and credit card customers to fill those offers.
So if you take out a student loan from LendEDU, it doesn’t mean that LendEDU actually issued that loan. Instead, they work with several partners to help them connect with students who want to take out a loan. The only thing I don’t like about LendEDU is that they hide their partners. I don’t like it because it’s dishonest.
Normally, the way things are supposed to work is that a lender has to list their interest rates and other relevant details, including the credit bureaus for their origination. However, most lenders only know about the interest rates they themselves offer.
Should You Really Refinance Your Student Loans?
LendEDU Pros and Cons
The student loan refinancing market is massive today, and it’s become a pretty profitable one for investors and companies alike.
Refinancing a student loan is a win-win for all parties involved. The borrower can decide to realize a sizable savings by refinancing their student loan from a private bank to a lower interest rate federal student loan. The private lender is able to collect on the debt owed by the borrower. And the investors receive a return on the money they’ve lent.
The new student loan refinancing culture is great for consumers because it helps them deal with rising student loan debt. Lending companies and private banks partner up with people who have a significant amount of student loan debt to refinance it into a low interest, longer-term loan for a smaller monthly payment.
According to LendEDU, a refinancing company, borrowers can save thousands of dollars on their student loans.
Advantages of Using LendEDU
Over the last few years, student loans are fast becoming the black holes of your financial portal. Most students consider it as an unavoidable necessity to help them finance their education and to repay the loans, they are willing to take any job available – simple job that they have little or no fondness for. Scholarships, financial support for education, and grants are some of the options that will reduce or even eliminate student loan payments for college students.
Student loans are often advertised as being the only viable source of funding for college students. Most students do not have much access to scholarships and financial aid, and, as a result, they end up taking out a student loan. The major problem with student loans is that many students are not aware of the options that will help them reduce the debt burden that comes with the loan.
Disadvantages of Using LendEDU
LendEDU is widely known as a student loan comparison site. However, it is also a personal loan referral company. Many customers are not aware that LendEDU is a referral service/ middleman that does not offer you the loans, but rather finds you a good or even better loan from a partner lender.
While the lenders the site refers you to are reliable, LendEDU has its disadvantages. Some of the disadvantages of using LendEDU include the following:
Lenders are always changing.
Payments and policies relating to student and personal loans vary depending on provider. So, if you’re using LendEDU, you are at risk of dealing with several different lenders each time you apply for a loan. This can create a lot of confusion, especially if you’re dealing with a new lender.
LendEDU is NOT a direct lender.
It is important to remember that the lenders themselves are the ones that offer you the loans. So, if you experience a problem with a lender, you CANNOT approach LendEDU. In addition, it’s common for the lenders that offer you loans through LendEDU to take a long time to respond to any problems you might face.
Approval will be determined by the lender.
The Bottom Line
Whether you want to go to college or not, you should take the time to read this article. Even if you’re not planning on attending college, the information provided here will help you understand the value of college degrees. Armed with this knowledge, you can make a more informed decision. Moreover, if you have students in your life who are planning on going to college, you can pass on this knowledge to them.
Once you read this article, you’ll be able to answer the following questions:
- · How much do you really know about college degrees?
- · What is the value of a college degree?
- · What are the easiest and most challenging things about completing your degree?
- · What are some effective strategies to make your diploma more valuable?
- · Is going to college worth the money?
- · What are some alternatives to college?
Is a College Degree Worth It? It Depends…