LendEDU Review: Everything You Need to Know About This Loan Marketplace

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LendEDU review

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With the national student loan debt surpassing $1.4 trillion, millions of Americans are looking for solutions. Fortunately, financial tech companies like LendEDU have stepped in to help.

Created in 2014, LendEDU is an online marketplace for comparing refinanced student loans, private student loans, personal loans, and credit cards.

It’s a free service that lets you window shop a variety of products and lenders. If you find the right deal, you’ll go on to submit an application with the lender itself.

Here’s how LendEDU can help you compare rates and improve your personal finances.

LendEDU review

There are tons of banks, online lenders, and credit companies that want to sell you their products. Whether you’re trying to refinance your student loans, take out a new loan, or choose a credit card, it’s tough to know where to start.

LendEDU simplifies this process by partnering with lenders offering competitive interest rates. Plus, it checks your creditworthiness to see if you prequalify for any refinancing or loan offers. (Note that none of these offers are final until you submit a full application with the lender.)

In a few minutes, you can see whether you’re eligible. And this process won’t affect your credit score at all. LendEDU does a “soft pull” on your credit, so it doesn’t impact your score.

Besides comparing offers, you can also browse LendEDU’s financial resources. The LendEDU blog shares articles on student loans, credit cards, and other financial topics. It has video courses on financial aid, as well as a college scholarship guide.

Between its financial resources and online marketplace, LendEDU helps you learn about your options and make smart choices about your loans.

LendEDU products

LendEDU helps you shop for four main products:

  • Student loan refinancing offers (between $5,000 and $300,000)
  • Private student loans (amounts vary)
  • Personal loans (between $1,000 and $100,000)
  • Credit cards

The company started primarily as a marketplace for student loan refinancing. But as LendEDU grew, it added student loans, personal loans, and credit cards to the mix. As with refinancing, you’ll answer a few questions to see if you prequalify for student loan or personal loan offers.

To browse student loan rates, for instance, you’ll indicate whether you’re a student or parent. For personal loan offers, you’ll explain why you need the personal loan, whether it’s to help with debt consolidation, medical expenses, or another reason.

If you’re interested in credit cards, you don’t need to go through any prequalification check. Just go directly to LendEDU’s credit card marketplace. Then once you’ve chosen a card, you’ll head to the company’s website to apply.

Pros and cons of LendEDU

One benefit of using LendEDU is that it simplifies the loan and credit card shopping process. You don’t have to sift through hundreds of banks and companies. Instead, LendEDU pre-selects some of the best ones.

But on the flip side, this marketplace limits your options. LendEDU mainly shows rates from its partner companies. Although some have great reputations, including SoFi and CommonBond, you won’t see a comprehensive list of banks and online lenders.

Some borrowers, for instance, might find better deals with their local community bank or credit union. As you use LendEDU, remember that there are other options out there.

You should also note that 43 percent of LendEDU’s refinancing applicants are denied by lenders. In other words, you need to have particularly strong credit and income to qualify for refinancing through LendEDU.

If you’re unsure about the strength of your candidacy, keep this high threshold in mind as you compare your options. Even if you’re not approved through LendEDU, you could find an offer somewhere else.

LendEDU interest rates

One of the best perks of student loan refinancing is lowering your interest rate. Lowering your rate by even one point can save you a great deal of money over the life of your loans.

The interest rates you qualify for largely depend on your income and creditworthiness. Student loan and personal loan lenders also look at these factors to determine your rates. If you have weak credit, you could get a better deal by applying with a cosigner.

Interest rates vary by lender. Among LendEDU’s refinancing partners, variable and fixed interest rates start as low as 2.10% and go as high as 8.38%.

LendEDU’s student loan partners offer variable rates starting at 2.751%. Fixed rates start at 4.751% and go as high as 12.99%.

Finally, personal loan interest rates range from 5% to 15.74% for variable rates. Fixed rates go from 2.19% all the way up to $35.99%.

As you can see, variable rates can start lower than fixed rates, but they have the potential to increase over time. The rate type you choose largely depends on how long it will take you to pay off your loans and your comfort with risk.

How to use LendEDU online

LendEDU has a straightforward, easy-to-use online platform. All you have to do is answer a handful of basic questions to browse loan offers. Questions include your name, address, phone number, and education level. After providing this information, you’ll choose a password to create your account.

When you head to the website, you’ll see your four options for financial products: student loan refinance, private student loans, personal loans, and credit cards.

lendedu review

Image via LendEDU

As mentioned above, you don’t have to answer any personal questions to browse credit card offers. You’ll just indicate whether you’re looking for a rewards, travel, student, balance transfer, hotel, or another type of card. In the marketplace, you can filter your results even more — by card type or credit score.

The other categories require some more input. Let’s say you click on the “student loan refinance” tab. First, you’ll indicate what kind of student loans you’re looking to refinance.

lendedu review

Image via LendEDU

Second, you’ll enter your level of education. For the third step, you’ll say how much you owe in student loans. The minimum to refinance is $5,000, and the maximum is $300,000.

Next, you’ll enter your zip code and street address before creating a login by providing your email and choosing a password.

At this point, LendEDU will perform a soft credit check to verify your details and get a sense of your credit history. Then, it will show you a bunch of refinancing offers from its partner lenders.

You’ll see both variable and fixed interest rates, as well as repayment terms ranging from five to 20 years. You’re not obligated to choose any of them, but if you find one that’s appealing, you can head to its website and submit a full application.

If you submit an official application, the bank or online lender will run a hard credit check. As long as your information checks out, you should get the same offer you saw through LendEDU.

The process for comparing student loans and personal loans asks for slightly different information. When applying for student loans, for instance, you’ll indicate whether you’re a student or parent. If you’re a student, you’ll provide your college name and current school year.

For a personal loan, you’ll say how much you want to take out and the reason for the loan. Whatever product you’re interested in, the questions will only take you two to three minutes to answer. Then, you’ll have a list of offers to compare.

How did LendEDU start?

Cofounders Nate Matherson and Matt Lenhard started LendEDU in August 2014. Both graduated with student loan debt and wanted to help other borrowers.

They developed their company vision through the Iowa Startup Accelerator and Y Combinator. LendEDU also acquired funding from Built by Iowa, MicroVentures, and various angel investors.

The company started as a marketplace for refinancing lenders, but has since expanded into student loans, personal loans, and credit cards.

LendEDU contact info and customer support

For more information beyond this LendEDU review, call (800) 928-3940 or email support@lendedu.com. You can also connect directly with a member of LendEDU’s support team via the Live Chat function on its website.

To stay up to date on company developments, follow LendEDU’s social media channels:

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
LenderVariable APREligible Degrees 
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Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes.

2 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student Loan RefinanceFixed rates from 3.999% APR to 7.804% APR (with AutoPay). Variable rates from 2.480% APR to 7.524% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.480% APR assumes current 1 month LIBOR rate of 2.07% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

3 Important Disclosures for CommonBond.

CommonBond Disclosures

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.72%-8.17% (2.72%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Average savings based on 18,113 actual customers who refinanced their federal and private student loans through our Education Refinance Loan between January 1, 2017 and December 31, 2017. The calculation is derived by averaging the monthly savings of Education Refinance Loan customers whose payments decreased after refinancing, which is calculated by taking the monthly student loan payments prior to refinancing minus the monthly student loan payments after refinancing. The borrower’s savings might vary based on the interest rates, balances and remaining repayment term of the loans they are seeking to refinance. The borrower’s overall repayment amount may be higher than the loans they are refinancing even if their monthly payments are lower.
2.57% – 5.87%Undergrad
& Graduate
Visit Earnest
2.80% – 6.38%1Undergrad
& Graduate
Visit Laurel Road
2.48% – 7.52%2Undergrad
& Graduate
Visit SoFi
2.47% – 7.99%Undergrad
& Graduate
Visit Lendkey
2.57% – 6.65%3Undergrad
& Graduate
Visit CommonBond
2.72% – 8.17%4Undergrad
& Graduate
Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.