CommonBond student loans provide an easy loan approval process, attractive loan terms & conditions and flexible repayment options.
CommonBond is well-known for their transparent loan terms and user-friendly repayment options. They’ve even created an online preappoval process to make it simpler and easier for applicants to find out what their loan would be. The loan application process is easy and fast – simply enter a few details to get an estimate on what your loan could be.
Interest Rates and Fees
CommonBond Student Loans offer different interest rates for both the fixed and variable APR options. The fixed APR range starts from 4.49% and goes up to 7.74%, while the variable APR option is between 4.44% to 8.09%.
CommonBond Student Loans charges an origination fee depending on the type of degree a student is pursuing. For MBA, medical, and dental degrees, this fee amounts to 2% of the loan proceeds. But for those taking a bachelor’s degree, no such origination fees are applied.
When payments are not made on time, CommonBond Student Loans impose a penalty of 5% of the total due amount or $10 – whichever is less. This is to discourage late payments and make sure that their borrowers fulfill their obligations in a timely manner. In comparison, CommonBond Student Loans are more beneficial to borrowers as they won’t be charged for making prepayments. So, if you want to pay off your loan quickly, you can do so without any extra cost.
CommonBond Student Loans may charge a $5 fee in cases where checks are issued with insufficient funds. This is to discourage borrowers from submitting payments that may not be honored.
Qualifying for CommonBond Student Loans
With so many banks offering student loans, it is easy to feel overwhelmed. It is however essential to remember that you should use these loans responsibly and carefully consider your options.Repaying your student loans on time is an absolute must. Otherwise, you won’t be eligible for a CommonBond loan, which provides some of the best student loan options in the market. To qualify for this loan, you need to meet certain criteria:
- Applicants must have a minimum of a bachelor’s degree or higher to be eligible.
- In order to qualify, applicants need to be currently enrolled in a half-time academic course load.
- Applicants should have a minimum of two years’ worth of credit history before applying.
- A minimum credit score of 660 is required for consideration.
- Although a co-signer is not mandatory, it is highly recommended.
CommonBond Student loans provide a great opportunity for students who meet the necessary criteria to pay for college. Not only will this help them in the short-term, but it may also aid in building better credit scores down the line. So if you meet all necessary requirements, make sure to take full advantage of this offer!
How to apply for CommonBond Student loans?
CommonBond Student loans make it extremely simple to acquire a loan. All you need to do is visit their website and use the prequalification tool to see if you are qualified, followed by filling out some basic details about yourself and your educational institution.
After everything is finished, you’ll need to provide some financial documents as proof of identity. These include information about your workplace and your earnings each month. Then, you must give permission for a hard credit check to be conducted.
If you’ve been approved for a CommonBond student loan, the certification process by your school and disbursement of funds can be expected to take anywhere between three to five weeks.
Frequently Asked Questions about CommonBond Student loans
- Are there autopay options for CommonBond Student loans?
Absolutely. CommonBond Student Loans offer an autopay feature for those who want to ensure their payments are made on time.
- Is CommonBond Student loans eligible?
CommonBond Student loans has a B+ rating from Better Business Bureau and only 6 complaints have been registered with the latter. These mainly concern application denial or APR issues.
Final thoughts
A student loan is now an essential part of the educational journey for many. It helps provide people who may not have the financial backing of wealthy families with access to funds for their education. Beforehand, these loans were exclusive to those with money, but now everyone can get them. Student loans can undoubtedly transform your life in positive ways. They are a valuable tool that enables people to live the life of their dreams.
CommonBond is an online loan provider specialized in student loans. It boasts preapproval and other amazing features that can help you get funded easily. Our objective is to assist students in selecting the most suitable loan for them, taking into account their individual needs & budgetary constraints. To make this process easier, we offer a range of loan comparisons and permit users to apply for loans online on our platform.