In recent years, the rapid development of fintech industry has challenged various areas of traditional finance, including the student loan industry.
At present, SoFi, Laurel Road and Splash Financial have successively occupied a position in the us student loan market. They provide more convenient loan services for users through online or mobile terminal platforms, giving users more channels to choose from.Many market participants say the student loan industry’s potential has not been fully tapped, and many emerging financial services institutions are also eyeing the sector. Let’s see some example:
Credible is a marketplace that allows borrowers to shop around for both student loan refinancing, private student loans, personal loans, mortgages, and credit cards. Credible consistently comes in at the top of our list of best places to refinance student loans and places to find the best student loan rates. The reason is simple – they make comparison shopping for student loans easy, so you get the best deal quickly. Users can get the student loan refinancing rates of 8 lending institutions through this platform. The information is simple and clear.However, these 8 institutions are all sponsors of Credible, so users are likely to find cheaper or satisfying loan products outside these 8 institutions.
Similar to Credible, Lendkey is also a platform for comparing loan interest rates, but it covers more loan platforms. It’s a marketplace that connects borrowers with student loans from credit unions and community banks. LendKey matches borrowers who qualify with loans from its partner lenders. The requirements below apply to all loans made through LendKey. Once you choose a loan, make sure you understand that partner lender’s specific terms. There are Pros & Cons of Lendkey: PROS–Forbearance of 18 months for 15- and 20-year loan terms is longer than many lenders. You can see if you’ll qualify and what rate you’ll get without a hard credit check. CONS–Loans aren’t available in Maine, Nevada, North Dakota, Rhode Island or West Virginia. No payment postponement available if borrowers return to school or serve in the military.
It’s a comprehensive online student loan service platform.It not only provides the traditional student loan refinancing service, but also provides the student loan employee welfare mechanism for enterprises. Enterprises can make use of this mechanism to repay the student loan for employees, or strengthen the financial knowledge education of employees to help them reduce their debts. CommonBond was one of the first online student loan lenders, and they have continued to lead the way with private student loans. Additionally, CommonBond offers student loan refinancing to graduates and their parents with Parent PLUS loans. However, rates at CommonBond tend to run a bit higher than the best lenders. Regardless, CommonBond continues to make it onto the list of Best Places To Refinance Your Student Loans. They are also one of just three lenders we recommend for finding the best student loans.
Similar to CommonBond, also offers student-loan employee benefits products.Gradifi also offers employers a program called College SaveUp that supports employees’ 529 College savings plans and helps them save for their children’s education. Gradifi is one of the leading single source solutions for financial wellness benefits, allowing employers to directly help their workforce solve one of one of the biggest financial stressors they face. With Student Loan PayDown, College SaveUp and Gradifi Refi, employers can contribute directly to their employees’ student loans and 529 plans and offer refinancing options from Gradifi’s leading refinance lenders. In addition, Gradifi offers one-on-one expert student loan counseling from American Student Assistance and provides financial wellness calculators and tools at no additional cost. Gradifi Refi benefits include potentially lowering interest rates and monthly payments, and offering flexible repayment terms to meet individual needs, according to Gradifi’s website. But how does it work? The Gradifi Refi process begins with employers inviting employees to join Gradifi. Interested employees can register for access and then explore refinancing offers from the available lenders, and includes LendKey’s No Fee Student Refinancing option.
The platform mainly provides loan refinancing services and targets loan applicants with limited credit histories.In addition to a credit score and credit history, Earnest considers whether an applicant’s savings model is healthy and whether he or she has the potential to earn a high income when making a loan.
The platform uses behavioral economics to measure applicants and help companies tailor student loan benefits plans for their employees. Like many fintech startups, FutureFuel is targeting millennials to help them solve their debt problems through innovative financial service models.
After seeing all these platform, have you made your own decision?