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 or 84 payments — depending on the loan type — 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 pros and cons
Like all lenders, there are both advantages and disadvantages to borrowing with Edly. Here are a few to consider before submitting your application.
- Many partner schools.
- Transparent minimum income threshold.
- Students without credit history may be able to qualify.
- Limited loan amounts.
- Rates not specified.
- Few eligibility requirements disclosed.
Do you qualify?
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. For its no-cosigner loan Eldy does 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, but it does offer the option through its IBR co-signed student loan.
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.