There is a few peer to peer lending platform that specializes in student loans. Peer to peer student loan is a more modern way of getting financing for college studies compared to traditional loans such as credit cards, and federal student loans. You can get a peer to peer student loan if you need funds for enrolling in an unaccredited school that will not qualify you to get a loan from a federal or private student loans. Peer to peer student loan is also suitable for students who need to pay off their college debt before they are allowed to re-enroll. The following are the top 3 p2p lenders that offer student loans.
Sofi is one of the leading p2p platforms that offers loans for up to the full amount of the student college tuition fee. There are 5 loan terms to choose from 5 – 20 years. The minimum amount of student loan you can apply from Sofi is $5,000. It is available in fixed APR interest rates (3.35%-7.13%) or variable APR interest rates (2.82% – 6.74%). Sofi’s minimum credit score requirement is 650 but the average credits cores of its borrowers are 650. You must be attending a bachelor degree class in order to qualify.
To get approved for Sofi student loan, you must already have a job offer and you are to start the job in 90 days. If you don’t have a job offer, you must demonstrate that you have enough income that makes you eligible for the loan. You can get a cosignor to apply for Sofi student loan and the loan will be borrowed under the cosignor name. With Sofi, you can refinance your parent’s PLUS loans.
Quotanda is another p2p lending company that offer student loan especially for students in the IESE Business School, students from overseas countries as well as student who have signed up for coding camps. The interest rate for the loan starts from 7% and the loan term is about 5.5. years. Most of the loans at Quotanda are financed by accredited investors. Many alumnis and professors also help to finance the loans at Quotanda.
Greennote is also a popular peer to peer student loan lending platform. Greennote is easy to qualify because you only need to present your student ID. There is no need to provide any collateral and you don’t have to undergo any credit check. There is no minimum loan amount and you can request a loan to finance the full amount of the student loan. Residents in the USA as well as international students can get financing for a loan at Greennote. To get a loan at Greennote, you must complete an online application at the official site. You can start fund raising at Greennote even before you start school. You don’t need a bank account as they will send the funds to PayPal.