Comparing lenders, their terms, and interest rates is the key to getting the best deal when refinancing any type of loan. So looking for the best lender to refinance with can be tremendously time-consuming. To save you a whole lot of time and frustration, we’ve done the homework and have put together the top 3 lenders for refinancing.
Earnest
Earnest claims that they offer “˜refinancing with serious benefits’ and they’re right. Here’s what you can expect when you refinance your loans with Earnest:
Interest rates – Earnest’s interest rates are amongst the lowest in the industry. Their fixed rates range from 2.44% to 5.79% and variable rates range from 1.88% to 5.64%. With these low rates, you’ll be able to save a tidy sum in interest.
Eligibility criteria– You’ll need to have a minimum credit score of 650 and minimum $5,000 balance to be approved for refinancing.
Fees – There are no origination or other fees for refinancing loans.
Payment options- Earnest pulls out all the plugs to make the loan payments very flexible so they are convenient for you. Because of this they have earned a reputation for offering some of the most versatile repayment terms. In terms of payment flexibility, these are the options you can choose from:
- Choose your loan term and customize your new loan to suit your financial circumstances
- Choose your preferred payment amount
- Select biweekly or monthly payments based on your budget
- Easily adjust your payment date anytime
- Increase payments anytime to pay off your loan faster
- Combine multiple loans into one payment
- Pick your own payment terms and repay anywhere from 5 to 20 years
- 25% interest rate reduction with automatic payments
- No prepayment penalties for extra or early payments
Additional benefits – In addition to low interest rates and flexible payments, Ernest also offers 12 months unemployment protection, 3 months at a time. After 6 months of payments, borrowers also have the ability to skip a payment every 12 months.
Cosigner removal option – This is great news if your credit score is strong and you qualify for refinancing on your own merit.
With their low rates, unparalleled payment flexibility, and cosigner release option, Earnest makes it easy to manage your student loans. They also offer lifetime loan servicing, which means they won’t sell your loans to a third party at any time. Their customer service is top-notch.
With plenty of benefits and protections, Earnest are our best lender to refinance with.
Get your personalized rate and apply to Earnest for loan refinancing.
LendKey
LendKey is another reputable refinance lender that goes out of their way to make loan refinancing easy.
Interest Rates – LendKey also offers attractively low interest rates. Their fixed rates range from 2.49% to 7.75% and their variable rates range from 1.90% to 5.25%.
Eligibility criteria– You must have graduated with at least an associate degree and have a minimum credit score of 650 to be approved for refinancing with LendKey.
Fees– LendKey does not charge any fees for refinancing loans.
Payment options – LendKey offers several options to simplify payments so they are convenient for you. Here’s what you can expect when you refinance with LendKey:
- Multiple repayment options from 5 to 20 years to suit your financial circumstances
- Interest-only repayment option available for up to first four years of repayment
- No origination fees
- 25% interest rate reduction with automatic payments
- No origination fees or prepayment penalties.
Additional benefits – LendKey offers an 18-month unemployment protection period, which is the most generous in the market.
Cosigner release – Cosigner release is available after you’ve made 12 monthly payments.
LendKey comes a close second to Ernest in terms of their interest rates, benefits, payment options, and customer service. However, LendKey offers lifetime loan servicing with no handoffs, meaning you stay with the same lender from application to final payment.
Get your personalized loan and apply for loan refinancing with LendKey.
Laurel Road
A reputed lender, Laurel Road is one of the top choices for borrowers with high debt amounts and for students with graduate degrees.
Interest rates – Laurel Road’s fixed rates range from 2.25% to 5.75% and their variable rates range from 1.64% to 5.65%. Physicians, nurses, dentists, and physician assistants get the additional benefit of reduced rates.
Eligibility criteria – You must be a working professional with a 4-year undergrad or grad degree from any Title IV accredited institution and have a minimum credit score of 660 to be approved for refinancing with Laurel Road. The minimum to refinance is $5,000.
Fees- Laurel Road doesn’t charge any refinancing fees
Payment options- Laurel Road offers some pretty great payment options including:
- Multiple repayment options from 5 to 20 years to suit your financial circumstances
- Reduced payments for medical and dental residents
- Loan postponement available for three months at a time for up to twelve months
- No origination fees or prepayment penalties
Cosigner release – Cosigner release is available.
Laurel Road is the best lender to refinance with if you’re a medical or dental resident.
Get your personalized loan and apply for loan refinancing with Laurel Road.
See below for other lenders that might be a fit for you.
