When it is time to take out a loan, who do you turn to? Friends and family want to help, but what worked for them, may not work for you. This is where our friends at LendEDU come in. They offer objective reviews of lending options so that consumers can easily compare lending products and make an informed decision.
I had the opportunity to speak with Michael Brown, a research analyst for LendEDU, to discuss how they put the consumer first with unbiased advice.
How Was LendEDU Started?
The founders of LendEDU, Nate Matherson and Matt Lenhard, originally launched an on-demand tutoring company for college campuses. It performed similarly to Uber where you provided your location and tutoring needs, then an expert nearby would arrive to provide the help you needed.
When Nate graduated from the University of Delaware, he had student loans. He wanted to refinance them but couldn’t find a student loan refinancing marketplace where he could easily compare his options. With the experience gained from the tutoring venture, Nate and Matt set out to make student loan refinancing an easier process for consumers.
They started in 2014 with two people and have now grown the business to 13 full-time employees, plus an internship program.
Honest Help For Student Loan Refinancing
The biggest problem with online reviews is that many of them are either biased or fake. LendEDU addresses all of that with honest reviews that are free from agendas.
Most of the employees at LendEDU have student loans, so they feel the pain of today’s student loan borrowers. Because of their intimate knowledge of student loan debt and the refinance process, every aspect of the LendEDU website is created with the borrower in mind.
How Does LendEDU Work?
Unlike other websites, all of the resources at LendEDU are free for the consumer. They create transparency in the student loan refinancing marketplace to make the process easy for borrowers.
Simply provide some basic information like your degree type, student loan balance, zip code, and contact information and you’ll receive personalized quotes from up to six lenders within 90 seconds.
Best of all… there’s no hard inquiry to your credit report to uncover your student loan refinance options. Follow this article for quick tips to boost your credit score.
LendEDU Review Other Lending Needs As Well
As LendEDU built their experience around student loan refinancing, they realized that their marketplace comparison platform could help borrowers in other areas as well. The team has expanded into other areas of personal finance, such as personal loans, credit cards, and small business loans. They even provide comprehensive comparisons for dental insurance and pet insurance.
LendEDU seeks to provide transparency in the marketplace so that consumers can make informed decisions before borrowing or refinancing. An informed borrower will save money and be on the path to financial independence quicker than someone with limited options.
Steps To Build Your Financial Future
As you take steps to build your financial future, Michael Brown offers these tips for money success.
Recent Graduates Should Not Refinance Right Away
When students first graduate, they do not have much credit history built up. With such a thin credit file, they will have a hard time getting the best interest rates and loan terms from student loan refinancing lenders. Establish a good credit history, then refinance to lock in a low interest rate and favorable terms.
Read this article to find out the best credit cards for people with no credit.
Be Selective With Your Borrowing
As tempting as offers may be, you want to be selective with what you borrow. Just because you can qualify for a loan does not mean that the loan will be good for you.
The more debt that a person has, the more responsibilities they have to cover every month. This reduces their spending options. Some people are forced to stay in a job they hate just because of debt that they took out years ago.
This is why the FIRE movement has become so popular. The more that you pay off your debt, the more choices you have.
Start Investing As Soon As Possible
The best time to start investing is today. Don’t beat yourself up about missed opportunities. You cannot do anything about them, but you can do something about today.
The magic of compounding interest shows that starting to invest early can yield huge savings in the future. The biggest asset young people have is time. Use that time to your advantage, even if it means only saving a couple hundred dollars a month.
Set Up Automatic Payments
One of the worst things you can do to your credit score is miss payments. Not only do they affect your credit score today, but those blemishes on your credit report can also stay on there for years.
Set up automatic payments of all of your bills either through the company directly or with your bank so that the bills are always paid on time. This will ensure a good payment history and help you avoid late fees.
Find A Good Bank To Partner With
Finding a good bank can be tough. Many want to charge you a monthly service charge and hit you with fees for even the most basic of interactions. LendEDU publishes an annual report that highlights which banks have the most and least Consumer Financial Protection Bureau (CFPB) complaints. This report will help you compare your current bank with other options to find the best bank for your situation.