Before a borrower refinances a student loan, the person can examine loans that could reduce the monthly payments, decrease the interest rate, increase the duration of the loan and provide flexible terms. The borrower may easily compare several types of loans, and the customer can utilize an online calculator that will help the borrower to examine the loans.
Reducing the Interest Rate
If you refinance a student loan, the lender could provide a loan that features a better interest rate, and consequently, the creditor may significantly reduce the overall cost of the loan. Once you explore student loan refinancing options with Lantern, you can visit the company’s website, examine the interest rates of many loans and review detailed guidelines. The business provides useful tools that will help you to compare multiple loans, and you could examine the interest rate of each loan, the monthly payment, the minimum credit score, and the duration of the loan.
Decreasing the Payments
Usually, the lender can considerably reduce the monthly payments. Once a borrower increases the duration of a loan, they may decrease the monthly payments by more than 50 percent. When the borrower examines the available loans, the lender may also provide several options that can benefit customers who have excellent credit scores. The lenders could prequalify many customers, improve the terms of the loan and provide exclusive offers.
Providing Flexible Terms and Eliminating Several Fees
You may examine loans that will reduce multiple fees, and once a lender eliminates the fees, the company could reduce the monthly payments by at least 10 percent. When you choose a loan, you may also select the due date of the payments. If you have any questions, the experienced representatives could help you to customize the loan, and the experts can examine your preferences, answer your questions, and recommend multiple types of loans.
Examining Your Credit Score
When you are searching for a loan, you can check your credit score, and you can evaluate the available credit, the debts, the number of late payments, and the age of each account. Before you submit an application, you could examine the minimum credit score. You may also utilize several techniques that can quickly improve your credit score, and you could make multiple payments, reduce your debts and increase the available credit.
Submitting an Application and Refinancing a Student Loan
Lantern by SoFi can help many borrowers to find well-known lenders, and once a customer visits the company’s website, the borrower could compare multiple loans, examine the interest rate of each loan, review the terms of the loans and estimate the monthly payments. However, according to Lantern by SoFi, “There is no guarantee you will be approved or qualify for the advertised rates, fees, or terms presented.” While a customer reviews the available loans, the borrower could easily sort the listings, find the best loan and utilize an online calculator.
Many lenders can quickly prequalify the customers, and after a borrower submits an application, the company may check the credit score of the customer, verify the customer’s income and examine several types of documents.
