Lend-Grow 2023 Review
Lend-Grow Student Loan Refinancing Review
Discover better offers from lenders in your community, and get rewarded for paying down your loan.
The burden of student loan debt can feel substantial, regardless of whether you’ve been paying down your existing student loans for a few months or several years. Many times, student loan borrowers feel trapped in the terms that they received during college. Fortunately, with student loan refinancing options, there may be a better way forward.
Repaying student loans can be a gradual process, but that doesn’t mean that you should feel trapped with high interest rates or terms that don’t work in your favor. Lender marketplaces like Lend-Grow can help you discover new solutions for achieving your financial goals and paying down existing debts sooner.
In this Lend-Grow student loan refinancing review, learn more about a unique company and discover why it’s a popular option for borrowers looking to decrease their debts. You’ll receive helpful information on the company’s story, the purpose of student loan refinancing, and answers to common questions.
Lend-Grow: What You Need to Know
Lend-Grow is an online lending marketplace that provides a way for borrowers and local lenders to connect during the refinancing process. Most of Lend-Grow’s partner lenders are smaller institutions that don’t have millions to invest into advertising or marketing. As a result, Lend-Grow provides a connection point between lenders and the borrowers who could benefit from their services.
Lend-Grow’s founders have always prioritized relationship-based banking. In this model, customers are more than just a number or a way to make money. Over time, the lender builds a true relationship with the borrower and treats them as a member of a community.
Lend-Grow currently works with a number of licensed loan providers that may not have massive recognition but can often provide borrowers with excellent rates, especially for refinancing. The founders and executive team at Lend-Grow are committed to transparency, with rates that are not based upon commission or special perks. Lend-Grow pledges to only work alongside borrowers who have no origination fees or pre-payment penalties. Also, the platform itself matches applicants with the best offer for them, based on their preferences of lowest payment, lowest interest rate, or lowest interest amount.
How Does Student Loan Refinancing Work?
Student loan refinancing works similarly to other loan refinancing processes. Traditionally, a borrower has a designated loan amount that they want to transfer over to a new bank or lender. When this happens, the new lender assumes the full loan amount by paying off the loan from the existing lender.
During the transition, borrowers have the freedom and flexibility to make many important changes. For those with student loan debt, this could look like:
- Consolidating multiple loans into one streamlined loan amount
- Lowering the monthly payment total
- Securing a better interest or financing rate
- Resetting the terms of a loan to influence the repayment timeline or any consignors
Although it’s never a bad idea to research your options for refinancing, certain borrowers might benefit more than others. Additionally, people with high credit scores or substantial changes to their monthly income could have a better shot at securing lower rates.
How Lend-Grow Works
Lend-Grow is an online marketplace, which means it works by showcasing you the best loan offers based on your current information.
To get the most benefit from Lend-Grow, be sure to apply with the most accurate information. This includes:
- Your personal contact details
- Specific numbers regarding your current loan
- Loan requirements for the future
- Your goal for refinancing: lowest payment, lowest interest rate, or lowest interest amount
Once you submit your information through Lend-Grow’s intake process, you will receive personalized offers from local lenders. These offers will be broken down by categories that include lowest monthly payment, lowest APR, and shortest repayment window. Throughout the application process, borrowers can toggle these categories to compare information from different lending institutions to better suit their needs.
Where is Lend-Grow Available?
Lend-Grow’s corporate headquarters are located in northern Virginia. The company currently serves students and borrowers located in the United States.
How Much Does Lend-Grow Cost?
Lend-Grow does not charge any type of service fee or premium to access your new rates or to use the marketplace. Lender partners are responsible for paying to partner with Lend-Grow, but this agreement does not impact the rates that the average borrower receives.
It’s important to note that Lend-Grow is not a direct lender or financial institution. This means that the company does not issue any loans directly. Individual lenders may have fees, service charges, or other costs (in addition to interest) that a borrower is responsible for paying.
What Type of Student Loan Refinancing Does Lend-Grow Offer?
Lend-Grow offers a way to compare the terms for standard student loan refinancing. While the company is not a lending institution, they help match borrowers to local banks and lenders. As an online marketplace, borrowers don’t necessarily need to live in proximity to a bank in order to utilize its services.
Below are some of the rules and requirements for the types of loans and amounts that Lend-Grow can help with.
Student Loan Refinancing
When it comes to refinancing your student loans, there may be a few requirements that you have to follow. This often boils down to the type of loan you want to refinance and what your outstanding balance is. Fortunately, Lend-Grow offers plenty of flexible options that make it easy to refinance different loans.
In terms of an amount, borrowers can use Lend-Grow to refinance student loans ranging from $25,000-500,000. Each customer has unique needs, but this substantial range encompasses most existing loan amounts.
Additionally, borrowers can refinance loans from several different categories. This includes both federal and private loans, including Parent PLUS loans. Lend-Grow understands that customers often have balances from undergraduate, graduate, and advanced degree programs, which may result in higher balances over time.
Pros and Cons of Using Lend-Grow for Student Loan Refinancing
Online marketplaces seem to be popping up everywhere, especially when it comes to financial products. It’s therefore important to use discretion when selecting the best service provider for your particular needs.
The lists below offer an overview of some of the pros and cons that borrowers can expect when working with Lend-Grow.
- Focus on small banks and credit unions, who typically offer better rates
- Mission-focused organization aimed at helping borrowers pay down debts
- Access small banks and credit unions in your local community
- Transparent process ensures that commissions never influence what borrowers see
- Short and simple application process with results in under 5 minutes
- Ability to apply for a lender offer directly through the Lend-Grow website
- Mobile compatible website for convenience and ease of use
- No prepayment penalties or fees with any partner lender
- A unique Payback Rewards option gives borrowers monetary incentives for repayment
- Loan and refinancing rates cannot be guaranteed to any specific borrower (not everyone will be qualified)
- Most of the process is online, so borrowers must be comfortable with this format
- The marketplace is limited to certain types of refinancing, namely student loans
- Lend-Grow may not partner with large or nationally-recognized brands
Are There Discounts on Lend-Grow Products?
While Lend-Grow does not offer any discounts directly, the company does have a unique program called Payback Rewards. This system is designed to deposit your loan account with a reward each month, providing assistance for paying back your loans effectively and on time.
On the Lend-Grow homepage, the company points out that this rewards feature is not a discount, nor is it a special incentive on the interest rate that each borrower agrees to. To qualify, the application must be submitted through Lend-Grow’s marketplace and application system, and the borrower should be in good standing with the chosen lender.
To enroll in this incredible offer, be sure to visit the special enrollment page after signing the terms of your new loan. A full loan payment is required each month in order to earn Payback Rewards from Lend-Grow.
Lend-Grow Reviews from Happy Customers
For many companies, customer reviews and testimonials are either housed on the company’s main website or on an independent review site. TrustPilot is a popular consumer review website that showcases honest reviews from lending customers around the country.
Unfortunately, Lend-Grow does not currently have many customer testimonials available, either on their own website or on other popular review platforms. To be one of the first customers to leave honest feedback for Lend-Grow, check out the company’s profile page on TrustPilot. There are also a few customer comments, although unattributed, on the company’s Student Loan Refinancing page.
While a lack of reviews doesn’t imply poor customer experiences, it may simply mean that the Lend-Grow team needs to work to formalize this process. Lend-Grow recently launched (in March 2020) so it is not uncommon for young businesses to not yet have reviews.
How to Apply for a Lend-Grow Student Loan Refinance
If you want to capitalize on the opportunity to see your rates and potential terms, all you need to do is submit an application through Lend-Grow. This is a fairly straightforward process that should take under 5 minutes. Lend-Grow provides lender results in real-time, meaning that it’s easier than ever to start researching quickly.
On the Web
- Visit the main website at https://lendgrow.com/.
- Click on any of the blue ‘Check My Rate’ buttons dispersed throughout the page. (You can also select the ‘Get My Rate’ link from the top menu.)
- Fill out the ‘About You’ form on the next page, beginning with the type of loan you wish to pursue. In this case, select ‘Student Loan Refinance’ from the dropdown.
- This process should take about two minutes, and submitting the completed application will not impact your credit score.
- Once the results are generated, you’ll be able to see your top three available offers. Lend-Grow breaks these down for you by characteristic.
- If you are ready to decide on a lender, you can select the option to apply directly through Lend-Grow. This option allows you to stay connected through Lend-Grow while completing the steps necessary for a specific lender.
- Agree to your new loan terms, and receive follow-up information directly from the lender.
For a detailed step-by-step, check out the application tutorial video, which shows the borrower application from start to finish.
By App or Phone
While there is not currently a mobile application for working with Lend-Grow, the online application is designed to be mobile responsive. This means that most users should have no trouble accessing the application from their phone or tablet. At this time, customer service does not appear to be available via phone.
How to Contact Lend-Grow
Address: 12110 Sunset Hills Rd, #600
Reston, VA 2019
Email Support: [email protected]
Text Message Support: 833-536-3479
More information about how to contact Lend-Grow can be located on the company’s Get in Touch page.
Does Lend-Grow Offer Other Financial Products?
At this time, the information available on the Lend-Grow website seems to indicate that the company exclusively focuses on student loan refinancing. As a marketplace (rather than a bank or lender), it’s possible that Lend-Grow could offer new comparison services at any time. In fact, in September 2020, Lend-Grow plans to offer personal loan options using a similar process as they offer for student loans.
The one benefit of working with a provider who specializes in a certain type of product is that customers can often get the best deals. The company’s resources are not divided up into sub-categories, and therefore all of the energy is channeled into finding the best student loan options on the marketplace.
To learn more about Lend-Grow’s student loan refinancing, visit the dedicated product page. There, you’ll find in-depth explanations about the incredible Payback Rewards program. Lend-Grow also highlights important statistics about their partner lender options, including fixed APR as low as 2.91%, and variable rates as low as 1.98%.
Lend-Grow Review – Summary
Tackling your student debt can feel heavy and discouraging. If you’ve ever wondered how you might possibly overcome your student loan balance, marketplaces and resources such as Lend-Grow are designed to illustrate just how many options there are. You no longer have to keep unfavorable interest rates or terms.
Using the information in this guide, we hope that you’ll make intentional steps towards the refinancing process. Not only can better loan terms help you on a monthly basis, but they can reshape your long-term financial future as well.
If you’ve been looking for a solution that allows you to compare honest lenders while leveraging amazing incentives, turn to Lend-Grow to start your refinancing today.
Frequently Asked Questions
If I submit a refinancing application through Lend-Grow, who will be my lender?
The beauty of Lend-Grow is that you, the borrower, get to compare and choose your own lender! While Lend-Grow provides the resources and facts about each offer, the control and choice is completely up to you. Lend-Grow’s network of lenders is made up of small localized banks that focus on relational banking practices.
If I didn’t complete my degree but still have student loan debt, can I refinance through Lend-Grow?
Unfortunately, the answer to this question is not necessarily one-size-fits-all. Some lenders do require proof of graduation to consolidate loans, while others will not. Based on your response to this question, Lend-Grow will showcase only the lenders who align with your specific circumstances.
How does refinancing with another lender in the past affect my ability to refinance through Lend-Grow?
Fortunately, the decision to refinance is up to you! This means that if you’ve refinanced before, you are always welcome to compare and shop for new loan terms. A previous refinance will not disqualify you from using Lend-Grow or leveraging its network of financial providers.
Will I be charged a fee for using Lend-Grow?
Lend-Grow is a free service to consumers, which means that you are not charged for submitting an application. Although Lend-Grow collects fees from its partner organizations, this is not factored into the cost of the service. Moreover, Lend-Grow will not prioritize certain lender results over others based on factors like commission, which makes it a more fair and honest process for each borrower.
Are there any options for deferment and forbearance?
Although this question is lender-specific, Lend-Grow works alongside many providers that can address these needs. As part of the lender application process, be sure to address your need for these options. Keep in mind that advertised rates and terms generally apply to traditional loans that are repaid on a regular schedule.
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Our Student Loan Refinance Partners
Citizens Bank, Credible Student Loan Refinance, Elfi, SoFi, Splash Financial
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Jared Jenson, on December 28, 2020
As I spoke with Nish via email, this is a brilliant business model and I'm excited not only to be a customer, but also an investor. I became a believer going through the student loan refi process, and that lead to my second tranche of investment with Lend-Grow. Looking forward to refinancing my auto loans when that becomes available as well. Thank you!