Trying to find a great loan rate can be time-consuming. You have to shop multiple lenders and spend time with each. This also means providing your information to each lender.
Not only is this time-consuming, but it can also be a security risk. You never know how your information is being protected once it’s given up. Some lenders will also run hard credit checks, which can decrease your credit score, hurting your chances of getting a loan.
LendGrow solves these problems by allowing you to enter your information once to receive multiple loan offers. You don’t have to worry about impacting your credit, either. You’ll be able to see what your rates are without a hard credit pull. In this article, we’ll go over the benefits of using LendGrow for personal and student loans.
Quick Summary
- Get multiple loan offers in minutes
- They use a network of small banks and credit unions as lenders
- No credit check required to see your rate
LendGrow Details | |
|---|---|
Product Name | LendGrow Student Loan Refinancing |
Variable APR | 1.80% - 5.28% |
Fixed APR | 2.15% - 5.85% |
Fees | None |
Promotions | $500 Bonus Offer |
Who Is LendGrow?
LendGrow is a lending marketplace fintech. It was founded in February 2019 and is located in Reston, VA. It’s CEO is Nish Krishna. LendGrow says that it's goal it to connect borrowers with the 1,100+ local banks and credit unions that aren't currently well-represented online.
Student Loan Refinancing
Similar to Credible, Lending Tree, or other lending marketplaces, you can enter your information once with LendGrow and get multiple loan offers. The platform also doesn’t require a hard credit inquiry for you to see your pre-qualified rate. The lender will do further verification if you choose them. Depending on the lender, your rate could change during the full underwriting process.
Smaller Lenders
LendGrow works with smaller, local lenders that may not have the budget or staff to create their own online lending platforms. Smaller lenders tend to have less administrative overhead and often pass these savings on to the customers.
For these reasons, LendGrow says that its lenders often charge lower interest rates than you'll find from larger online lenders. “Local lenders often offer low rates as they are not spending millions of dollars brand advertising and flashy technology,” said Krishna. Also, none of LendGrow's lending partners charge origination fees.
Student Loan Refinancing
LendGrow's published starting rates for student loan refinancing are competitive. Their partners offer loan terms of 5, 10, 15, 20, and 25 years with fixed and variable rates:
- Fixed Rates: 2.15% - 5.85% APR
- Variable Rates: 1.80% - 5.28% APR
The currently offer loans ranging from $25,000 to $500,000.
The refinancing terms you receive will depend on your credit. You can use a co-signer for potentially better terms. To apply for student loan refinancing, you’ll need your current student loan, account number, servicer, and loan amount.
See how Lend-Grow compares to other top lenders here.
Header | |  |  |
|---|---|---|---|
Rating | |||
Variable APR | 1.80% - 5.28% | 4.74% - 8.99% | 4.53% - 8.24% |
Fixed APR | 2.15% - 5.85% | 4.49% - 8.99% | 5.08% - 8.04% |
Bonus Offer | $500 | Up to $500 | Up to $775 |
Cell |
Bonus Offer: $500 Promotion
Lend-Grow is currently offering a $500 cash bonus if you refinance a student loan of least $100,000.
Compare that with other student loan refinance bonus offers here.
Are There Any Fees?
LendGrow lenders do not charge loan origination fees and there are no fees to search for loans. LendGrow makes money by charging its lenders a fee. However, it says that lenders do not increase their rates to recoup the fee. Still, you'll want to check with each lender to make sure there are no additional fees.
How Do I Open An Account?
You can visit the LendGrow website and click the "See My Offers" button to start the shopping process. The initial application is simple and you should be able to start comparing pre-qualified rates in about 2 minutes with no affect to your credit score.
Is My Information Safe?
LendGrow uses encryption on its website. However, once you choose to work with a lender, you’ll connect directly with them, which may involve visiting their own website.
Each lender will require additional information to complete your application. Because each lender is different, you’ll want to check with the lender about security precautions they are using to protect your information.
Is It Worth It?
LendGrow is free to use and pays an extra 0.10% APR to your loan account each month. Furthermore, it connect borrowers with lenders in their state that don't charge origination fees and may offer lower interest rates. For all these reasons, we do believe it's certainly worth checking out.
It should be noted, however, that LendGrow doesn't work with every lender. You'll want to compare the rates that its partners are able to offer with lender quotes from other marketplaces like Credible or Lending Tree. And you may still want to contact a few lenders directly if they aren't available on any of these platforms.
LendGrow Features
Services | Loan comparison shopping |
Types of Loans |
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Fees | None |
Application Type | Online-only (no mailed, emailed, or faxed applications allowed) |
Social Security Number Required? | No |
Other Services Offered | None |
Security | Transmissions between LendGrow and lenders are encrypted with public key cryptography algorithms with a minimum key size of 128 bits. |
Customer Service Number (Text Only) | 1-833-536-3479 |
Customer Service Hours | 9:30 am-8:30 pm, Mon-Saturday (EST) |
Customer Service Email | contact@lendgrow.com |
Mobile App Availability | None |
Promotions | $500 Bonus |
LendGrow Review
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Summary
LendGrow is an online lender marketplace that partners with local banks and credit unions.
Pros
- Works with small, local lenders
- Offers pre-qualified rate checks
- No application or origination fees
Cons
- Currently available in limited number of states
- Limited loan types (personal loans and student loan refinancing only)
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor