Edly Income-Based Loans: 2022 Review Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content
Edly Income-Based Loans 2022 Review
Hanneh Bareham specializes in everything related to student loans and helping you finance your next educational endeavor. She aims to help others reach their collegiate and financial goals through making student loans easier to understand. Updated on 6-30-2022 Advertiser Disclosure Advertising Disclosure
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. is an independent, advertising-supported publisher and comparison service. We are in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. However, this compensation in no way affects Bankrate’s news coverage, recommendations or advice as we adhere to strict . Our advertisers do not compensate us for favorable reviews or recommendations. Our site has comprehensive free listings and information for a variety of financial services from mortgages to banking to insurance, but we don’t include every product in the marketplace. In addition, though we strive to make our listings as current as possible, check with the individual providers for the latest information. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. At a glance
Check rate with Bankrate Edly features
Edly offers loans to undergraduate juniors and seniors, as well as graduate students, enrolled in an eligible major at one of the 1,700-plus schools that Edly partners with. Edly requires just 60 payments once you meet the minimum income threshold, and it offers a relatively long grace period of four months. One benefit of Edly is its commitment to helping borrowers find the right solution for them. Edly and its lending partner, FinWise Bank, say that they will provide disclosures to students allowing them to compare its loan product with more traditional student loans. This can help borrowers decide whether an Edly’s product is truly right for them, compared with a potentially cheaper student loan. Edly Income-Based Loans in the details
Loan Amount Up to $25,000 APR from N/A Term lengths 60 months of payments Min. annual income 30000 Additional requirements Payment cap: 2.25 times the amount borrowed or 23% APR Pros and cons of Edly
Here are the benefits and downsides to be aware of before going with a loan from Edly. PROS
Transparent minimum income threshold: Edly doesn’t require borrowers to make any payments until their yearly gross income either meets or exceeds $30,000. Uses factors other than credit score: Edly doesn’t base approval on credit score, but rather your academic transcript, expected graduation date and anticipated gross annual income. You’ll go through only a soft credit check during the application, so your credit score won’t be affected until you submit an application. Many partner schools: Edly works with more than 1,700 schools and more than 100 majors, so its products are available to many types of students. CONS
Limited loan amounts: Edly limits its total loan amount to $15,000 per year or $25,000 total, so it’s not a great option for students who need to cover the full cost of their education at an expensive school. Rates not specified: Edly does not disclose any of its income rate percentages publicly. Students will need to get a quote from the company to accurately estimate how much a loan will cost them. Few eligibility requirements disclosed: Edly is cagey about who qualifies for its product. To find out if you’re eligible, you’ll have to submit a request for a quote. Eligibility requirements
Edly does not disclose many of its eligibility requirements. According to a representative, borrowers will need to attend an eligible institution and be pursuing an eligible major as an undergraduate junior or senior or a graduate student. While Edly does not have a minimum credit score requirement, it will do a soft pull to check for an adverse credit history, such as late payments or default. Borrowers with negative marks may have a harder time being approved. Like traditional ISAs, Edly does not require a co-signer. Who is this loan good for
Edly is a good choice for borrowers who need a small amount of money to fill in gaps in their funding, since Edly’s loan cap is only $15,000 per year. Borrowers who expect to enter a field with a high income may want to consider a traditional lender, since Edly’s payment cap is high: 2.25 times what you initially borrowed. Income share rate
Edly doesn’t disclose its rates, but it does mention that it’ll cap payments if your payments hit the equivalent of 23 percent APR. Fees and penalties
According to an Edly representative, Edly charges a late fee equal to 6 percent of your payment or $25 per month, whichever is less. It also charges a $25 returned check fee. Repayment terms and grace period
Edly requires 60 months of payments. According to a representative, the maximum repayment timeline is 10 years. Edly provides a four-month grace period after graduation and allows for hardship deferment upon a job loss. Income requirements
Payments on your loan from Edly won’t begin until you earn at least $30,000 a year. Repayment is also capped at 2.25 times what you initially borrowed. This means that if you borrowed $10,000, you would no longer be required to make payments once you’ve repaid $22,500. Customer service
You can contact the Edly customer service team by calling 914-775-8299, by filling out the on Edly’s website or by utilizing the live chat feature. How to apply for a loan with Edly
Edly’s application process is entirely online. According to the website, it takes less than three minutes to go through the preapproval and application process. Here’s how to apply with Edly: Click “Get Started” to see if you meet the eligibility criteria. You’ll be asked basic questions about your education, like your school name, major and anticipated graduation date. This will allow you to see your potential rates and terms with only a soft credit check. After seeing your prequalified terms, you’ll need to go through a hard credit pull to receive your final loan terms. If you accept your final loan terms and sign the loan document, Edly will verify your transcript and send the information over to your school for certification and disbursement. On This Page
Close X