Is Edly Student Loans Legit? An honest Edly Review

Edly Review

Yes, Edly is a real company that gives out student loans. Edly is a fintech company that helps students pay for college and other costs by giving them private student loans.

But before making a choice about any financial product, it's important to do a lot of research and compare all of your options. Before making a decision, it's best to look at more than one lender and compare interest rates, payment terms, and other important details.

What is Edly?

Edly is a fintech company that helps students pay for college and other costs by giving them private student loans. Edly was started with the goal of making the process of getting a student loan easier, more available, and cheaper for borrowers.

Overview of Edly's services

• Edly offers private student loans to help college students pay for things like tuition, room and board, books, and supplies.
• The loan process at Edly is meant to be easy and quick, with a focus on technology and automation.
• Edly has a variety of ways to pay back loans, such as fixed or variable interest rates and the option to pay only the interest while in school.
• The loan application process for Edly is done entirely online, and borrowers can find out if they are pre-qualified in minutes without hurting their credit score.
• Edly gives borrowers a dashboard for their loans where they can see their account balance, payment history, and more.

Edly wants to make the process of getting a student loan easier and more affordable for borrowers so that they can focus on their studies and reach their academic and career goals.

Licensing and regulation

Edly, the company has to follow the rules and laws of each state in which it does business. In each state where it lends money, Edly has a licence from the state banking department. As a private company that gives out student loans, Edly is also subject to federal rules about financial products and services for consumers.

It's important to know that Edly is not a bank and does not accept deposits. Instead, it acts as a loan originator and works with other financial institutions to get the money to pay for the loans it makes. The financial stability of Edly's partner institutions, as well as Edly's own, can be a big part of figuring out how legitimate it is.

Edly Review - What are the pros and cons of borrowing from them?

Like borrowing from any other lender, borrowing from Edly has its pros and cons. Before you apply, you should think about these things so you can make an informed choice.

Pros:

• Wide range of partner schools
• Clear minimum income requirement
• Other things besides the credit score are taken into account

Cons:

• Few options for loans
• Interest rates are not given, and there isn't much information about who is eligible.

How to be eligible for Edly

Edly hasn't given out much information about who can join or how to join. A representative said that to get a loan, you have to go to an approved school and be in your junior or senior year of college or a graduate student in an eligible major. Edly doesn't have a minimum credit score requirement, but it will do a soft credit check to see if you've ever been late on payments or missed payments. Those who want to borrow money but have bad credit may find it hard to get approved. Edly is different from traditional ISAs in that you don't need a co-signer.

Who should get an Edly Loan

Edly is great for people who only need a small amount of money to cover a small gap in their finances, since the most they can borrow is $15,000 per year. But if you plan to work in a high-paying field, it's better to go with a traditional lender since Edly's payment limit is 2.25 times the original loan amount.

How to reach out Edly

You can reach Edly's customer service team by calling them at (914-775-8299) between 8 a.m. and 7 p.m. Eastern Standard Time (EST) Monday through Friday, by filling out their online contact form, or by using their live chat feature.

Share Rates

Edly hasn't said what its interest rates are, but it has said that payments won't go above 23 percent APR.

Charges and Fines

A representative from Edly said that the lender charges a late fee of either 6 percent of the payment or $25 per month, whichever is lower, and a returned check fee of $25.

How and when to pay back

Edly needs payments for 60 months, and you have up to 10 years to pay it back. It gives you a four-month grace period after you graduate and lets you get a hardship deferment if you lose your job or your income drops.

Income Thresholds

You won't have to start paying back the loan from Edly until you make at least $30,000 a year. The most you can pay back is 2.25 times the amount you borrowed at first. For instance, if you borrowed $10,000, you won't have to make any more payments after you've paid back a total of $22,500.

Conclusion

Edly student loans are a good choice for people looking for other ways to pay for school. With its focus on income-share agreements and clear income thresholds, Edly gives people who need money a unique way to get it.

But it's important to remember that Edly's small loan amounts and unknown interest rates might not work for everyone. Before making a choice about any loan, it's important to do a lot of research and look at all of your options.

We hope with our edly review, you can decide if their student loans are right for you by weighing the pros and cons and thinking about your own financial needs and goals.