Loanfolk Lender Reviews
How our reviews help you choose the right student refinance lender and beyond
Getting a loan is an important decision for your finances. Loans give you additional cash that you can use for home improvements, emergencies, a new car, and other expenses. If you get a refinance, you have several choices, such as a cash-out, modifying your monthly payments, and getting a new interest rate. Some lenders can help you save money, while others may add avoidable expenses to your monthly budget. Some lenders are better than others, but what matters the most is finding the right lender for your personal needs.
Loanfolk reviews lenders to give readers a better perspective on each option and help them find the right lender for their goals. Loanfolk uses a simple framework to compile important details about each lender clearly.
Loanfolk’s research team has covered the following lenders so far, with more additions on the way:
- Citizens Bank Review
- CommonBond Review
- Earnest Student Loan Refinance
- Education Loan Finance
- Laurel Road
- Lendkey Review
- SoFi Personal & Student Loan Refinance
If you're looking to borrow, from personal loans to cash advances, head over to our personal loans section and check out some of our popular roundups like 11 Best Apps Like Dave.
Here’s what you can expect from each review:
Is the Lender Legitimate?
Our “The Basics” section provides introductory details that reveal a lender’s headquarters, experience, who they serve, and other facts about the company. Loanfolk only recommends reputable lenders and provides more context about each one.
The Type of Loan
Most of these lenders offer several financial products. Loanfolk reviews one type of loan at a time. That way, you know which financing option to ask for if you ask for a quote.
What’s Great
Quick bullet points detailing the advantages of getting a loan through the lender being reviewed. If the loan has fewer administrative costs, better options for people with low credit, and other perks, our research team will let you know.
What Could Be Better
Disadvantages of getting the particular loan covered in the review. Every loan has strengths and weaknesses. A high credit score requirement, less flexibility with terms, and an excessive interest rate can scare away borrowers. We don’t paint rosy pictures. Loanfolk provides both sides of the argument to deepen your perspective. Borrowers should consider if the pros outweigh the cons and compare offers before committing to any loan.
Who’s Eligible
Wondering if you have a high enough credit score or make enough money to qualify for the loan? It can take a while to dig through each lender’s website to see if you can get a loan, but Loanfolk does this part for you with every review. This section provides quick bullet points detailing what you need to be eligible for the loan. This will save you a lot of time and help you filter lenders based on your eligibility.
Available Products
While Loanfolk reviews focus on a single loan, our research team provides a list of other loan offerings from the lender. You may not like their student loan options, but their personal loans may have optimal interest rates and credit score requirements for your objectives. Knowing a lender’s offerings helps readers understand how these companies can help them beyond the initial student loan refinance.
Final Thoughts
Loanfolk reviews give you plenty of details to consider. This final section offers a synopsis of the review. After this summary, Loanfolk will provide instructions on getting a free quote from the lender and learning about your financing options.
Get a Quick Glimpse into Some of the Top Student Loan Providers
LoanFolk covers numerous lenders and financial products. These mini-reviews provide snapshots of each lender, and you can read the full reviews to get more details about each lender and their offerings.
LendKey
LendKey is a student loan platform that connects borrowers with hundreds of non-profit credit unions and banks. This arrangement helps borrowers get lower rates on their loans instead of only seeing one offer. The company services all student loans, but it is not available to borrowers in Maine, Nevada, North Dakota, Rhode Island, or West Virginia. LendKey also has a Career Assistance Program that makes it easier for borrowers to find enough work to cover student loan payments.
What’s the loan range?
- Undergraduate degrees: $5,000 - $125,000
- Graduate degrees: $5,000 - $250,000
- Veterinary, medical, or dental degrees: $5,000 - $300,000
What’s the APR range
- Fixed Rate: 4.49% - 10.68%
- Variable Rate: 4.38% - 7.98%
What credit score do you need to apply?
You need a 660 credit score or higher to qualify for a LendKey Student Loan.
What types of loans are eligible for refinance?
Federal and private student loans
Is LendKey Legit?
LendKey has over 390 TrustPilot reviews averaging 4.5 stars, along with an A+ rating from the BBB. The company is headquartered in New York City and has been providing student loans and financing for over a decade. Based on this track record and previous reviews, borrowers can feel confident about the legitimacy of LendKey.
Education Loan Finance
Education Loan Finance, also known as ELFI, is a national private lending company with a simple, fee-free application process for borrowers seeking student loans or a refinance. The student loan provider launched in 2015 as a division of SouthEast Bank. ELFI provides each borrower with their own Student Loan Advisor who can help them get a loan and answer any questions. The company has upheld its commitment to empowering a brighter future by providing over $20 million in scholarships and giving back to the community. Students must be enrolled at least half-time in a Bachelor’s degree program to get a loan.
What’s the loan range?
- Undergraduate degrees: $10,000 - total balance
- Graduate degrees: $1,000 - total balance
- Parent loan refinancing: $1,000 - total balance
The minimum loan balance for a refinance is $10,000. Fixed rates and variable rates start at 4.83% and 3.99%, respectively.
What’s the APR range?
This APR range is for taking out a loan rather than getting a refinance.
- Fixed Rate: 3.98% - 9.95%
- Variable Rate: 3.98% - 9.95%
What credit score do you need to apply?
You need a 680 credit score or higher to qualify for a student loan from Education Loan Finance.
What types of loans are eligible for refinance?
Federal and private student loans
Is Education Loan Finance Legit
Education Loan Finance has over 2,000 TrustPilot reviews averaging 4.9 stars, along with an A+ rating from the BBB. The company is a division of SouthEast Bank which is headquartered in Knoxville, Tennessee. Education Loan Finance has been providing student loans since 2015, and its parent company SouthEast Bank has been in business since 1995. Based on this track record and previous reviews, borrowers can feel confident about the legitimacy of Education Loan Finance.
Read our full Education Loan Finance review
SoFi
SoFi is on a mission to create a better banking experience for its users. The company offers a suite of financing options and financial management resources. While other private student loan companies focus on those loans, SoFi can become your all-in-one stop for your finances. SoFi launched in August 2011 and has amassed a multibillion dollar market cap since being released to the public.
What’s the loan range?
- Undergraduate degrees: $5,000 - total balance
- Graduate degrees: $5,000 - total balance
What’s the APR range?
- Fixed Rate: 4.49% - 13.80%
- Variable Rate: 4.99% - 13.95%
What credit score do you need to apply?
You need a 650 credit score or higher to qualify for a SoFi student loan.
What types of loans are eligible for refinance?
Federal and private student loans
Is SoFi Legit
SoFi has over 4,000 TrustPilot reviews averaging 4.5 stars, along with an A+ rating from the BBB. SoFi provides loans, online banking services, and other financial resources that many of its users have come to enjoy. Based on this track record and previous reviews, borrowers can feel confident about the legitimacy of SoFi.
Laurel Road
Laurel Road provides lending and banking services for everyone, alongside specialized services for doctors and nurses. Borrowers can get lower rates by opening a Laurel Road Linked Checking account before their application. Rates are as low as 4.49% variable APR for people with these bank accounts, and you can get a $200 cash bonus if you make qualifying direct deposits. Laurel Road’s cashback card allows you to get 2% cashback from qualifying purchases and put that money toward your student debt. The company also has mortgages and personal loans available.
What’s the loan range?
- Undergraduate degrees: $5,000 - total balance
- Graduate degrees: $5,000 - total balance
What’s the APR range?
- Fixed Rate: 4.49% - 13.80%
- Variable Rate: 4.99% - 13.95%
What credit score do you need to apply?
You need a 660 credit score or higher to qualify for a Laurel Road student loan.
What types of loans are eligible for refinance?
Federal and private student loans
Is Laurel Road Legit
Laurel Road has over 400 TrustPilot reviews averaging 3.4 stars, along with an A+ rating from the BBB. Laurel Road can help with student loans and serve you along your financial journey. Other lenders have higher average ratings on TrustPilot. Some people have liked their experience using the lender and banking solution more than others, but Laurel Road is legitimate.
Read our full Laurel Road review
Earnest
Earnest offers competitive rates across its student loans and has served over 200,000 clients. You will have to demonstrate consistent income and good standing across your student loan accounts and rent or mortgage payments. Earnest gives preference to borrowers who have at least two months’ worth of expenses saved up, strong payment history, and spend less than they earn.
What’s the loan range?
- Undergraduate degrees: $5,000 - total balance
- Graduate degrees: $5,000 - total balance
California residents need a loan balance of $10,000 or higher to qualify for a refinance.
What’s the APR range?
- Fixed Rate: 4.47% - 8.99%
- Variable Rate: 4.47% - 8.99%
What credit score do you need to apply?
You need a 680 credit score or higher to qualify for an Earnest student loan.
What types of loans are eligible for refinance?
Federal and private student loans
Is Earnest Legit
Earnest has over 5,600 TrustPilot reviews averaging 4.7 stars, along with an A+ rating from the BBB. Earnest was founded in 2013 and is headquartered in San Francisco. Based on this track record and previous reviews, borrowers can feel confident about the legitimacy of Earnest.