Rapidly rising college tuition costs have made student debt the only option to pay for college for many students,
Our partners can help you financing your education by offering you simple private student loan or student loan refinancing.
The former is a loan offered to students (or to their parents, as cosigner or not) which is used to pay off education-related expenses, such as college tuition, room and board at the university, or textbooks. Many of these loans are offered to students at a lower interest rate. Like car loans, mortgages and credit cards, private student loans are granted based on a general risk assessment of one's ability to pay back the loan.
The latter consists in combining several federal student or parent loans into one larger loan, which replaces your original federal student loans. You can eventually lower the interest rate, and you will have a single monthly payment for your new direct consolidation loan, rather than making multiple monthly payments and, also, you can readjust the loan’s maturity.
Using CompareLend.com will give you access to a multitude of peer-to-peer lending platforms at once. Through an easy 3 steps process, you can easily define your needs and plans, compare offers available on the peer-to-peer lending market and apply online. As we see it, comparison is key to get a loan or an investment easier, faster and cheaper.
For the borrower there are 3 major benefits:
Simplicity: it is easier to get a loan through an online platform, because unlike going through an official financial institution, fewer constraints are imposed by the lenders: credit history, purpose of the loan, etc. get accepted or rejected by the lenders, according to their risk management strategies.
Money saving: for 2 reasons: the cost of borrowing is always lower than in a bank and generally, no additional fees are imposed upon a borrower, such us application fee, processing fee, etc. as the whole process happens on line.
Time saving: it is quicker to get approved, having access to a huge pool of lenders, and quicker to get funds, generally between one and three weeks.
The peer-to-peer lending works pretty much in the same way as classic lending, with the rates, monthly payments and risk taking. The fundamental difference is that no traditional financial intermediary is involved in the process. Generally, borrowers’ needs and lenders’ resources meet through an online platform, giving the users an easier access to credit on lower rates and risk-adjusted returns on investments.