Common Bond Student Loan Reviews - What Is It?
DO NOT USE Common Bond Student Loan!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
If you need money but you are afraid of taking out a traditional loan because of this long and painful process, there is a way out for you. Common Bond Student Loan can decrease these concerns of yours quickly and effectively. This loan was created for those with great credit. It offers a better competitive pricing, best-in-class customer service and a technological yet simple approach. You are going to get positive experience, no matter why you need money - whether you need a new student loan, you are refinancing existing ones, or you need a personal loan. Common Bond Student Loan promises to provide you with a lower interest rate or reduce your monthly payments.
Common Bond Student Loans were created by the company called Common Bond that was founded in 2011 by Mike Taormina, David Klein, and Jessup Shean. These specialists met while participating in Wharton's MBA program. After having high rates, a stressful loan process, and poor service within the industry, they decided to find and offer a better way. Common Bond is a new lender that offers better options as it consolidates both private and federal student loans. The range of interest rates start from 2.79% for their five-year variable rate loan and reach 6.99% for their twenty-year fixed rate loan. Common Bond loans have no origination fee or penalty for paying off your loans early. You can apply for a loan of a minimum of $5,000 in student loans. There is no maximum limit.
Customer Reviews - Does Common Bond Student Loan Really Work?
Common Bond seems to have high rating on most websites online. StudentLoanSherpa gave it a "great" overall rating, and mentioned that they could be a perfect option for people who have a good income, great credit score, and a plan on paying off your student debt. According to NerdWallet, the borrower will need to have a minimum credit score in the 600s. When it comes to income qualification, there is no official minimum. However, a typical borrower of Common Bond has an annual income of $100K and a 750+ credit score. From a company perspective, the representatives of the company based out of NY, NY, had a B+ rating with the Better Business Bureau. There were only two closed complaints that referenced dissatisfaction with the company's "hard" credit inquiries. It is necessary to note that depending on the type of loan you are taking out your actual loan might be funded through Bank of Lake Mills, Union Bank and Trust Company of Lincoln, Nebraska, or Common Bond Lending, LLC. The same concerns international postgraduate students.
In general, the users of Common Bond Student Loan are satisfied with the terms and results of this important decision. They remained pleased with the whole loan process. In fact, the Common Bond process works in four basic steps. First of all, you will need to fill out an easy online application form. This will only take a few minutes. After that you will need to get your rates and decide how much you will be able to save. Again, you are expected to be approved in minutes. Next, upload the necessary documents, such as photos, files, and screenshots to confirm your identity and loan information. That's all. Most people who go through this procedure, succeed to receive a loan. That's a good idea because Common Bond Student Loan claims to save your money, with no prepayment penalties or hidden fees. Compared to the competition, the company promises to make the process easier and faster due to the created relationships with each school in the network. They also have a built-in "Common Bond Family" that offers access to career connections, networking events, and much more. Let's read some of the real borrowers' testimonials left online.
"I refinanced a federal Parent PLUS loan using CommonBond Student Loan and changed ownership from my mother to myself, which is from parent to student. This is a great advantage. I had been paying off the loan anyway, but the federal rate was too high (7.9%). Due to my excellent credit score of more than 800, I managed to get it half lower with a variable rate CommonBond loan. I liked having different combinations of repayment options. All of them could be easily seen on a single screen during the application."
"The application process for my CommonBond StudentLoan seemed to be a bit complicated but then I realized that it was very easy. I can say that it is a worthy loan. I am especially pleased with the CommondBond customer service, representatives of which always did whatever they could to help me. The company also provides perfect learning opportunities, good networking, and an additional bonus. CommonBond cooperates with Firstmark Services as the servicer of the loan."
"Common Bond Student Loan does have lower interest rates. I work in car financing, so I turned out to be "Credit worthy." I had applied for the loan to refinance my student loans, and received 5.05% of the interest rate. Even though I didn't make the minimum salary requirement, the company decided to give me the loan. I was very grateful to them. However, I needed to get a cosigner, which was not a problem for me. Thank you very much."
My Final Summary
Common Bond Student Loan has a number of positive features. The company behind it, Common Bond, offers some of the lowest student loan interest rates available on the market today. There are no origination fees and prepayment penalties. This is another great advantage. The company also offers five repayment plans of different length. You are free to choose from 5, 7, 10, 15, and 20 year plans. This helps the borrower to decide on monthly payments to their individual needs. CommonBridge is another program offered by the company. It is designed to help people who have lost their job and are looking for a new one. They seem to be taking risk by spending money on borrowers who have no job. It means that the company intends to help people, not to make money only.
Another advantage about the Common Bond Student Loan is the wonderful customer service. The representatives of the company are always willing to consult and help their clients. Common Bond also offers a Hybrid Loan that is has a 10-year repayment term and combines both a fixed rate loan and a variable rate loan. The interest rate is fixed for the first five years and then it becomes variable. People who take a 20 year fixed rate loan appear to have a best possible rate of 5.25%. So, if you have a solid credit score and income, and are going to pay off your student debt, you should consider Common Bond Student Loan. I do recommend this.
Common Bond Student Loan Pricing and Rates
After applying for the Common Bond Student Loan, CommonBond will immediately process your request. In some cases, they may need a document from you. Usually it takes from one to three business days for you to receive an approval. These are the rates you could expect from your loan. A 10-year option of New Student Loans is available at 6.05%, while a 15-year option is available at 6.60%. You can get a 0.25% reduction in the interest rate if your loan is enrolled in ACH withdrawal.