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Where does CommonBond do business?
CommonBond is a marketplace lender based in New York, NY. It was founded in 2012 and offers student loans in 45 states (and Washington, DC).
What rates does CommonBond offer for in-school private student loan?
CommonBond offers variable rate APRs that range from 3.05% to 9.19% APR. CommonBond offers fixed rate APRs that range from 5.5% to 9.92% APR. Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.
How much can you borrow from CommonBond?
Available loan amounts may vary by applicant but CommonBond has a minimum loan amount of $5,000 and offers loans up to $500,000.
Does CommonBond charge an origination fee?
No, CommonBond does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does CommonBond charge prepayment fees?
No, CommonBond does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
What terms does CommonBond offer?
CommonBond provides repayment terms ranging from 5 to 20 years.
CommonBond offers borrowers unemployment protection. This means that if you lose your job -- or you have just finished school -- your loan payments are placed on a temporary hold.
What type of borrowers will CommonBond consider?
CommonBond considers loans applications from:
- undergraduate students
- graduate students
- parents of students
What do you need to qualify for a loan with CommonBond?
Applicants with a credit score of at least 600 can apply for a loan via CommonBond.
Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
524 Broadway, 6th Floor
New York, NY 10012 USA
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Other Services by CommonBond
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- Employed Full-Time
- Employed Part-Time
- U.S. Citizen
- U.S. Permanent Resident
- Proof of Income
- Proof of citizenship/residence (Green Card)