Lend-Grow Student Loan Refinancing
Lend-Grow is a new online lending marketplace where borrowers can easily get connected with local lenders to refinance their student loans. This makes it easy to see what you qualify for and compare rates with multiple lenders to find the best rates, with no impact to your credit score during prequalification. On top of that, Lend-Grow is the only marketplace that pays you to get you of debt sooner. They actually deposit .10% APR of your loan amount back into your account each month, for three years.
What makes Lend-Grow stand out from other marketplace lenders is who they partner with. Lend-Grow focuses on the 1,100+ lender partners and smaller banks that aren’t as well-represented online as bigger companies. This benefits borrowers by giving them access to more competitive rates.
Another highlight is that they only partner with lenders that have no origination fees or pre-payment fees. Lend-Grow also has a Payback Rewards program which allows borrowers to earn .10% APR of their loan amount, each month for up to 3 years, while their account is active.
Borrowers can get pre-approved in just a couple of minutes by filling out their online form. They’ll be matched and presented with the three options: a lower monthly payment, lower APR, or lowest total interest.Get my rate
Lend-Grow Student Loan Refinance Overview
|APR (fixed interest rate)||2.80% – 5.85%|
|APR (variable interest rate)||1.89% – 5.74%|
|Eligible loan types||Private, federal, and Parent PLUS loans|
|Refinance amount||$25,000-$500,000 (depends on state)|
|Repayment terms||5, 10, 15, 20, and 25 years|
|Minimum credit score||680|
|Good for:||Good credit, Degree and Graduate Degree|
- Low-interest rates
- All types of student loans are eligible, including federal and private
- Payback Rewards for borrowers
- Easy comparison shopping with smaller lenders
- Quick online pre-application form
- No origination or pre-payment fees
- Not a direct lender
- Need good credit to qualify
- Only offer student loan refinancing
You can submit a preliminary application on their website to see what rates you qualify for. It takes less than two minutes and only runs a soft credit check. This soft credit check will not harm your credit score.
Here is what you can expect when filling out the online form:
- Select the loan type (as of September 2020, student loan refinancing is the only option)
- Application type (just you, or cosigner application)
- Name and contact information
- Gross annual income
- Rent/mortgage payments
- Select whether you own or rent
- Citizenship status
- Date of birth
- Highest degree
- Length of employment
- Estimated student loan balance
- Current monthly payment
After submitting this information, you’ll be presented with a page that lists your pre-qualified offers, which you can select and customize.
You can select the amount you’d like to borrow. While the loan amount ranges from $25,000 to $500,000, it depends on the state you live in. For example, if you live in Florida, you can select an amount ranging from $5,000 to $500,000, which will automatically adjust the offers.
You can select the lowest payment offer, the lowest APR offer, or you can opt to customize the offer.
The additional information you’ll find with your offer includes the monthly payment amount (which will increase or decrease, depending on the loan amount) and the APR, which you can set to fixed or variable.
Once you select an offer, you’ll be directed to the lender where you’ll be required to complete your application and submit additional information, like your last two pay stubs.
While the approval process is quick, it can take 3-7 business days to receive the funding. The timeframe depends on the lender, but the underwriting process typically takes a few days.Get my rate
Terms & Requirements
Compared to other lending marketplaces, Lend-Grow partners with lenders offering some of the lowest rates. This is advantageous however, you’ll require a good credit score to get them.
- US citizen or permanent resident
- Steady income required
- 680 minimum credit score
- Fixed interest rates starting at 2.80%
- Variable interest rates starting at 1.89%
- Borrowers can refinance $25,000-$500,000 (depends on state)
- All types of student loans are eligible
- 5, 10, 15, 20, and 25-year repayment terms
- Loans offered have forbearance and deferment options (depending on the lender)
Privacy & Security
It is advised to research the lender you’re connected with through their marketplace, before completing the final application, as this will help you ensure you receive the best quality and best-matched service.
You can get in touch with Lend-Grow by calling or texting the phone number provided on their website, or alternatively you can contact them via email or through their online contact form.
When reaching out to Lend-Grow, the representative was friendly and informative about the application process, and how long it takes to receive funding from their partner lenders.
Since Lend-Grow is not a direct lender themselves, they don’t provide continued customer support once you select a lender.
Using an online marketplace platform like Lend-Grow is a great way to get pre-qualified and compare rates with multiple lenders. Their online pre-application is short and won’t affect your credit score.
Lend-Grow’s repayment rewards program is a nice touch and is something many of their competitors don’t offer. Their network of lenders are small banks. This enables them to offer very competitive rates for borrowers with good credit scores.
Owing to Lend-Grow being a newer company that launched this year, it is recommended to do research on whichever lender from their network you’re connected with, prior to completing the final application.
12110 Sunset Hills Rd,
VA 20190Get my rate
* Refinance Amount depends on the state.