Thinking about taking out a student loan? The cost of education keeps skyrocketing; this is the reason why many students are looking for a student loan.
Meritize Loan can be beneficial for you in all terms. It’s a big decision, but a little bit of knowledge can help you make it easier.
In this article, we will talk about Meritize Loan to help you find a way to take a student loan.
Meritize Loan Reviews
Meritize Loan is a platform that provides loans to students based on their past achievements, not on their credit score. They believe that achievements are an important factor in determining your potential. This is the reason that they consider students previous academic or military achievements instead of their FICO score.
They consider students academic or military achievements to improve your loan options and enhance your credit evaluation. By sharing your past merits, you can improve the loan options of students who lack a co-borrower.
A Meritize education loan is a good loan. It offers loans with affordable interest rates, repayment flexibility, and tax benefits, helps you save your savings, and builds your credit score.
There are not enough Meritize Loan Reviews on their website to determine whether it is a legal website or not. We visit other sites like TrustPilot, but there are no reviews about Meritize Loan.
Meritize Loan Highlights
| Website | meritize.com |
| Loan Amount | Not Fixed |
| APR (Fixed APR) | 7.532%-23.804% |
| Bad Credit Score | Accepted |
| Origination Fees | 0% |
| Repayment Periods | Flexible |
| Soft Credit Pull | Yes |
Related Article: How to Get a Student Loan
Things to Consider When Exploring Student Loans
Private student loans are a great way to bridge the gap between your education costs and the funds you have available. That’s why taking out a private student loan is a major factor in a student’s life. You need to consider some things when exploring student loans:
Interest options: There are plenty of options when it comes to a student loan. Generally, interest rates on student loans are fixed, which provides stability in your monthly payments. On the other hand, variable rates can affect the stability and predictability of loan payments. You have to decide what interest rate is best for you.
Flexibility with Deferment: Some lenders offer deferment options to students. It means you can delay the start of making payments when you need to focus on your studies. Students can check the lender’s official website or contact the lender’s customer service to learn more about deferment options. Students have the freedom to choose the repayment plan based on their financial needs.
Support when you need it: A student loan organisation with dedicated customer service that supports students when they need it is very beneficial. Find a lender who can assist you with your questions and concerns. A supportive lender brings peace of mind.
Discounts to save your money: Some lenders offer special programmes to students to lower the overall cost of their student loans. There are automatic payment options through which students can get a reduction in their interest rates. They consider your academic or military achievements and reward you with low interest rates.
Credit checks made easy: Finding a lender who offers loans with a soft credit pull is a game-changer. A soft credit pull doesn’t negatively affect your credit score, but a hard credit pull can. With a soft credit pull, you can explore student loan options without any problem.
Hassle-free applications: Time is very precious, and hassle-free applications can save you time, especially if you are a busy student. A user-friendly application makes your process smooth and stress-free.
By considering these factors, it will help you make an informed decision when exploring student loans. Keep in mind that comparing different student loan options and reviewing loan’s terms and conditions can help you find the loan that fits your financial situation and needs.
Meritize Loan Benefits
The benefits of getting a Merit loan are:
- Your credit will not be affected if you check loan options.
- Quick pre-approval (in minutes).
- Affordable fixed and variable rates.
- Ability to cover all study expenses and, in some cases, the cost of living.
- Affordable payment options
- There is no pre-payment penalty.
- Free career services are available.
- Deduction for interest rates if you enroll in autopay.
Meritize Loan Requirements
Meritize Loan required information about you from several sources to provide you with financial products or services. They collect information from you when you interact with their website or create an account. The information required by Meritize Loan may include:
- Your name
- Current address
- Date of birth
- Working telephone number
- Academic information and transcripts
- Financial information, such as an income statement, balance sheet, and cash flow statement.
- Documents to verify identity, occupation, and income, such as tax documents, copies of government IDs, etc.
- Credit scores and history.
The list of states where Meritize Loan is licensed is: Alabama, Alaska, Arizona, California, Colorado, Idaho, Illinois, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington, and Wyoming.
Meritize Loan Interest Rate
If you make monthly principle and interest payments via an automated monthly deduction from a savings or checking account, the 0.25% AutoPay interest rate decrease is acceptable. If you don’t pay by automatic deduction from a checking or savings account, the benefit will cease. Its not essential to use AutoPay to get a loan.
The Meritize Loan has fixed and variable rates ranging from 7.532% APR to 23.804% APR.
Meritize Loan Repayment Options for Students
Many programmes allow you to defer payments fully until you finish your course. While in school, most borrowers may also choose to make interest-only or full payments.
Meritize Loan Reviews on Reddit
Reddit is a large community that talks about various platforms and reviews them. Additionally, they also talk about their pros and cons, fees, and interest rates.
People share their knowledge and experience about Meritize Loan. They talk about Meritize Loan Reviews and give valuable tips about Meritize Loan and how to make your student loan journey hassle-free.
Contact Meritize Loan
Website: meritize.com
Call: 833-637-4848
Address
5805 Main Street
Suite 220
Frisco, TX 75034
Frequently Asked Questions
Which student loan is the best option?
A subsidised loan is the best option for those students who want to take out a loan. In this loan, the federal government will pay all of your loan interest while you’re in college.
Can I apply if I’m an international student?
No, international students can’t apply for a merit loan. You must be an American citizen or permanent resident.
What if my school is not currently a Meritize partner?
If your school is not currently a partner, you can speak with your school about becoming a Meritize partner, or you can contact them directly through sales@meritize.com.
Who is the largest student loan lender?
The list of the largest student loan lenders in the U.S. is:
1. American Education Services (AES)
2. CornerStone
3. FedLoan Servicing (PHEAA)
4. EdFinancial (HESC)
5. Great Lakes Education Loan Services, Inc.
6. Granite State (GSMR)
7. Navient
8. MOHELA
Conclusion
Meritize Loan is a legit and reputable company. It has a large network of lenders that provide loans to students with better experience.
Almost 93% of the applicants receive their decisions at the same time. Applicant that require additional information may get their loan decision within two days after you provide them with all requested information.
Reviews of Meritize Loan are positive, which means students can apply for a loan. I would prefer you to do a little bit of research to determine if the loan fits your financial situation and needs.