Nothing takes the wind out of your sails when preparing for the college experience like being turned down for a loan. Students don’t always have excellent credit and if you don’t have a viable cosigner to help you, qualifying for a loan can be difficult. However, SimpleFi is working to streamline the process to make student loans more accessible.
SimpleFi is a student loan company inspired by financial assistance programs pioneered by the Navy-Marine Corps Relief Society. They approve borrowers based on creditworthiness just like any other lender. However, they don’t determine creditworthiness purely based on your FICO score. They look at a variety of factors including cash flow.
The company does recommend that you have a 720 credit score, but they also say that they will accept lower scores and educate borrowers so that they are able to improve their credit. Because the company wants to create an all-inclusive lending process, even if they can’t approve you, they will provider you will a path to approval.
With SimpleFi, you can consolidate both private and federal loans into one fixed rate as low as 4.99%. If you are paying high interest rates or if you are struggling to make monthly payments, you can save a substantial about of money by refinancing with SimpleFi. By combining several loans, you can consolidate many payments and interest rates into one loan, ideally with overall better terms.
Remember, before you look at any rates, make sure you compare SimpleFi with other lenders. Using Credible, you can compare up to 8 lenders to make sure you get the best rate possible, including SimpleFi.
Rates and Terms
The company offers four loan term lengths at 5, 10, 15 and 20 years. As opposed to rates changing based on your FICO score, rates are determined by the length of your loan term. The lowest terms are offered to those who choose the shortest term lengths. If you repay your loan early there are no prepayment fees and there are no origination fees for taking out a loan.
The application is fairly standard as far as student lenders go. They provide a simple application and will respond within 48 hours if you are approved. If not, their response may take a bit longer. However, a declined loan application isn’t the end of your partnership with SimpleFi. If you don’t meet the qualification standards to receive a loan, they will look at your finances to determine how they can help you. They may help you improve your credit or show you how you can do it yourself.
SimpleFi is a great option for people who have decent to poor credit. Their fixed rates based on the length of your term are ideal for people who would otherwise receive high rates elsewhere. However, if you have excellent credit, you might be able to find better rates with a company that rewards high credit with lower rates.
SimpleFi is an interesting lender with some excellent new ways of creating an all-inclusive lending process. Their policy of helping those who don’t meet their loan qualifications is attractive to anyone who doesn’t have excellent credit. However, they probably shouldn’t be the first stop for someone with excellent credit. Before you try them out, make sure you compare them with Credible.
Make sure you check out our Student Loan Refinancing Tool to compare all of the different student loan lenders.
Discover How You Can Be Debt Free
Join the 21,000 other members who've already taken the first steps towards student loan freedom. Sign up and get my five free tactics to lower your student loan debt.