Funding U Student Loans Review 2022

Advantages and disadvantages

Undergraduate Student Loan Funding U

Regular APR

Fixed: 7.49% to 12.99%

  • Advantages and disadvantages

  • Details

  • Advantages
    • No prepayment, origination or late fees
    • No co-signer required
    The inconvenients
    • Maximum loan amount low
    • Relatively high APRs
    • A repayment term option
    • Loans not available to residents of 19 states
    • Only fixed rate loans
    • Limited customer support options
    • Apply via your computer or mobile device
    • Customer service available by email
    • 10 year repayment term
    • Minimum loan of $ 3,001, maximum up to $ 15,000
    • Residents of AL, AK, DE, ID, KY, LA, MA, MN, MS, MO, NV, NH, ND, OK, RI, SD, UT, WA and WY are not eligible for loans
    • No authorized co-signer
    • Loans granted by the Funding University

    Funding U does not have the best rates on its undergraduate student loans, with a much higher minimum APR than other private student loan lenders. The company also does not offer variable rate loans, so you will need to take out a fixed rate loan with the company.

    Funding U does not make lending decisions based solely on creditworthiness. It will also take into account factors such as your academic performance and your potential future career success when choosing to offer you a loan.

    Funding U will not charge any origination, prepayment, delay or request fees. You must take out a loan with a repayment term of 10 years.

    Funding U Student Loan Comparison

    Funding U has high minimum rates compared to its competitors. Here’s how Funding U stacks up:

    Funding U has a higher APR range than Earnest and Discover. You can also only get fixed rate loans with Funding U, while the other two lenders offer a variable rate option. You will not pay any fees with any of the lenders.

    Both Earnest and Discover allow co-signers, unlike Funding U. At the same time, Funding U’s unique loan process may make it easier for you to get a loan from the company than from another.

    How Funding U Student Loans Work

    Funding U offers undergraduate student loans, but not graduate loans. You cannot apply with a co-signer, and your loan eligibility is based on a proprietary system developed by Funding U that takes into account your academic success, the likelihood of graduating on time, and total loan debt, among other things. factors.

    You should research federal student loan options before considering a private student loan, including one with Funding U, as you can usually get better terms and protections through the government.

    Loans are not available to residents of Alabama, Alaska, Delaware, Idaho, Kentucky, Louisiana, Maine, Minnesota, Mississippi, Montana, Nevada, New Hampshire, North Dakota, Oklahoma, Rhode Island, South Dakota, Utah, Washington or Wyoming.

    If you want to contact Funding U customer service, you need to contact them by email.

    What options do I have for repaying my loans?

    You only have two options for paying off your student loans with Funding U: fixed payments and interest-only payments. The best repayment plan depends on your situation.

    Fixed payments will be more expensive than interest-only payments, as interest will accrue during class and your grace period. You will also benefit from a rate reduction with interest only loans.

    Is Funding U Trustworthy?

    Funding U has received a No rating from the Better Business Bureau. The BBB claims a lack of sufficient information to issue a rating on this activity. The BBB measures businesses by rating their responses to consumer complaints, the veracity of advertising, and the clarity of business practices.

    You are not guaranteed to have a good relationship with Funding U just because the company has a high BBB rating. Find out from friends and family about their experiences with the lender, and read what other clients are saying about the business.

    Funding U does not have a history of scandals, so you may decide that you are comfortable borrowing from the lender.

    About Judith J. George

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