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LendEDU Personal Loans Review

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Established in 2014, LendEDU is an online marketplace that provides consumers a platform to compare quotes from multiple lenders for various financial products, such as personal loans, private student loans, auto loans, and student loan refinancing.
 
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How is LendEDU rated?

Breakdown

Overall Rating: 0 / 5 (N/A)

NOTE: On February 3, 2020, the Federal Trade Commission announced that LendEDU has agreed to settle a lawsuit brought by that agency in which the company was accused of misleading consumers into believing that their website provided objective product information, when in fact they offered higher rankings and ratings to companies that paid for placement. The company denies wrongdoing but has agreed to a settlement that would prohibit it from making the same types of misrepresentations and would require it to pay a $350,000 fine.

LendEDU offers consumers an easy, streamlined way to compare personal loan offers from multiple lenders.

This enables consumers to compare rates, terms, and fees in order to determine which loan offer is best for them.

LendEDU provides quotes from top online lenders, which provide loans with a wide range of APRs, term lengths, and other features.

Additionally, LendEDU has a reputation for helpful customer service and an easy to navigate website.

LendEDU Loan Specifics

Loan Specifics - 0 / 5

Through LendEDU, consumers can obtain quotes from multiple lenders, such as SoFi, Marcus by Goldman Sachs, and Lending Club, among many others.

The specifics of the loan vary by lender. Some, like Marcus, only lend up to $40,000.

Others, such as LightStream, let customers borrow up to $100,000.

Term lengths are likewise variable, with 7 years being the maximum offered by any lender.

On average, funds are disbursed within a week of approval, with some lenders funding the loan within hours.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Maximum
$40,000 - $100,000 (varies by lender)
Term Length
Between 2 to 7 years (varies by lender)
Disbursement Time
1 week or less on average
Unemployment Protection
Yes

LendEDU Qualification

Qualifications & Flexibility - 0 / 5

Most lenders will consider the applicant's FICO score first when deciding whether to approve the loan.

However, some lenders take other factors into consideration, such as education level, income, and work history, in order to have a wider, more accurate picture of the applicant's ability to repay the loan.

One of the latter companies could favor, for example, applicants with a large amount of student debt who might have lower credit scores but a stable income and higher education.
Personal Income Considered
Yes
Hard Credit Pull
No

LendEDU Cost of Loan

Costs, Interest Rates, Discounts & Fees - 0 / 5

APR rates advertised by LendEDU range from 4.99% to 35.99%.

However, each lender will have its own estimated APR range.

Some veer towards the higher end of the spectrum than others.

As for origination fees, a great number of lenders don't charge one, but others charge a percentage of the loan amount, up to 8% in some cases.

When deciding which lender to go with, consumers should consider all features of the loan to assess which is best.
APR Range
4.99% - 35.99%

LendEDU Reputation

Customer Service and Reputation - 0 / 5

LendEDU is rated A+ by the Better Business Bureau.

However, there are no customer reviews posted on the profile.

On Trustpilot, they hold a 9.8 out of 10 rating.

Here, over a hundred customers have reviewed them, with most praising LendEDU's customer service and the ease of use of the website.

Check out more options at our review of the 10 Best Personal Loans of 2019.
Type of Institution
Marketplace
Year Founded
2014
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
0
Trust Pilot Rating
9.8 out of 5
Date Collected
2018-10-22

Disclaimer

The information provided on LendEDU may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.
Headquarters Address
80 River St., STE3c2, Hoboken, NJ, 07030
Homepage URL
https://lendedu.com/

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Top Rated
Our Partner
  • Get personalized pre-qualified rates from multiple lenders.
  • 2 Minute Process
  • Loans from $600 - $200,000 
  • Rates from  6.94% - 35.99% APR
  • Loan terms of 1 - 7 years.
  • Rated A+ by the BBB
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