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Edly Income-Based Loans: 2023 Review

Updated on July 14, 2023
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Edly is a private lending platform based in New York that offers students income-based repayment student loans issued by FinWise Bank, a Utah-chartered commercial bank. Edly student  loans function as income-share agreements (ISAs) – where borrowers receive a set loan amount and make payments according to a percentage of their income after school. Unlike ISAs offered by schools, however, Edly’s loan product is issued by an FDIC-insured bank and comes with the same protections as other lending products.

Loan amount Up to $25,000
APR from N/A
Clock Wait
Term lengths 60 or 80 months
This lender is best for borrowers who need a small amount of money to fill in gaps in their funding.
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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 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.

Edly Income-Based Loans: In the details

Pros and cons of Edly

Here are the benefits and downsides to be aware of before going with a loan from Edly.


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    Transparent minimum income threshold: Edly doesn’t require borrowers to make any payments until their yearly gross income either meets or exceeds $30,000.

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    Uses factors other than credit score: Edly doesn’t base approval on credit score alone. It also factors in your academic transcript, expected graduation date and anticipated gross annual income. You’ll go through only a soft credit check during the prequalification process, so your credit score won’t be affected until you submit an application.

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    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.


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    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.

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    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.

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    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.

How to contact Edly

You can contact the Edly customer service team by calling 888-469-3359 from Monday through Friday, 8 a.m. to 7 p.m. EST, by filling out the online contact form on Edly’s website or by utilizing the live chat feature.

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 options

Edly requires 84 months of payments once you've graduated. According to a representative, the maximum repayment timeline is 12 years.

Edly provides a four-month grace period after graduation on its no co-signer loan. It also allows for hardship forbearance upon a job loss or drop in income — though interest still accrues.

Income requirements

Payments on a no co-signer 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. Co-signed loans from Edly require some in-school payments.

Customer service

You can contact the Edly customer service team by calling 914-775-8299, by filling out the online contact form 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:

  1. 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.
  2. After seeing your prequalified terms, you’ll need to go through a hard credit pull to receive your final loan terms.
  3. 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.

Edly FAQs