Fiona Student Loan Refinancing
Fiona offers users an all-in-one platform to search for student loan refinancing, personal loans, credit cards, and savings accounts from major providers. Fiona itself is not a lender, rather it leverages its close relationship with dozens of financial institutions to generate personalized recommendations.
Fiona is able to provide real-time offers from lenders and confirm a specific rate if the customer is pre-approved for a product. The platform is 100% free to use and inquiries won’t result in any impact on a credit score since it performs a “soft pull.”
Fiona is owned by Even Financial, a fintech company that was founded in 2015.
Fiona Student Loan Refinance Overview
| APR (fixed interest rate) | 2.83% – 8.77% |
| APR (variable interest rate) | 1.97% – 8.94% |
| Eligible loan types | Federal, Private, Direct Consolidation Loan, Graduate PLUS, Parent PLUS |
| Refinance amount | $1,000 to $500,000 |
| Repayment terms | 24 months to 84 months |
| Minimum credit score | 620 |
| Lender type | Market lender |
| Good for: | Fast payoff, low rates |
Fiona Pros
- Search process can be completed in seconds
- 100% free to use with no obligation to select a product or service
- Ability to view products and services from multiple lenders in one easy to use search
- Soft credit check
Fiona Cons
- Lenders are likely to perform additional checks, even after confirming an initial offer
- Fiona is known to share personal information with partners
- Fiona is not a lender itself
Application Process
The application process for a student refinancing loan is built around the premise of simplicity. All a user needs to do is provide several pieces of information to better source products and services that are most relevant to the user. Federal and private loans can be refinanced, based on the selected institution.
Some of the information required includes ZIP code, housing status, the highest level of education completed, employment status, annual income, credit score range. All of this information is needed to ensure all offers are available in the user’s stated geographic region and consistent with their financial profile.
The application process from start to finish can be completed in minutes. There is no “hard credit pull” performed and receipt of funds varies by lender. However, it would be possible to receive funds in as little as one day.
Get my rateTerms & Requirements
Fiona’s platform is available to U.S. citizens and users need to agree to a credit check. Users also need to confirm multiple identifying characteristics, especially personal information, housing status, and income. The process is mandatory for Fiona to search for the best available offer.
Loan Requirements
Loan requirements vary by lender based on their own internal risk parameters. Some institutions look to offer products and services to students with a sub-optimal credit score or lower income at a higher APR rate. Regardless, the following pieces of information will be required for an application to be processed:
- Credit score: 620 minimum
- Personal information, including home address
- Highest level of education and name of University attended
- Employment status
- Annual income
- Pay frequency
- Social security number
Loan Terms
Fiona’s marketplace platform gives consumers an option of different student loan products that can be sorted by characteristics. For example, a user can prioritize minimizing their monthly payment by looking at loans that have longer duration payment periods.
Loan amount ranges from $1,000 to $500,000 while fixed APR ranges from 2.83% to 8.77%. The monthly payment will vary based on the loan’s time duration, APR, and dollar amount, along with other factors like credit score.
Repayment Terms
Student loans on Fiona’s platform can be paid back over a 24 to 84 month period. This would be considered on the low-end of the spectrum as some financial institutions can offer a loan duration period of 240 months.
APR rates on Fiona’s platform start at 1.97%. Some of the lenders on Fiona’s platform can offer students loan deferment if they satisfy certain factors, such as a return to graduate school. Similarly, some lenders offer student loan forbearance options to those who run into financial hardships in the future.
As a reminder, Fiona itself is not the lender so it can not grant a deferment or forbearance approval.
Get my ratePrivacy & Security
Fiona uses 256-bit encryption technology to safeguard consumer data. According to Fiona’s own Terms & Services, it does not sell personal information, but in certain circumstances, it “may share” information with certain third parties without further notice.
Customer Support
Customer support is available through a toll-free 1-800 hour and through email.
Final Thoughts
The advancement of fintech platforms lets consumers explore multiple products and services within minutes. Gone are the days of physically applying for products at a bank and waiting days for a response. Fiona has other competitors in the marketplace arena, such as LendingTree.
But since Fiona’s platform is 100% free to use and results in no negative impact on a credit score, consumers should check out what it has to offer with no obligation.
Address
43 West 24th Street
6th Floor
New York, NY 10010
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