Comments on: ELFI Student Loans Review: Pros, Cons, And Alternatives

By: Robert Farrington

Robert Farrington — Tue, 01 Sep 2020 19:00:09 +0000

In reply to Zach. It's why we always recommend getting 3-5 quotes. It's surprising how different they can be. However, don't worry about the inquiry. You can shop for a loan and all the inquiries within a 4 week window count as one. What did you end up getting at Earnest?

By: Zach

Zach — Tue, 01 Sep 2020 18:55:45 +0000

ELFI’s advertised rates are apparently unobtainable for most. I went through the application process (including a ding on my credit report) because their online “estimate” provided a decent interest rate (3.03%). The terms after the application, however, were much different (a ~1.5% increase in interest rate) despite excellent credit and relatively high income. I turned them down and went to Earnest, where I received a much better rate. ELFI was a waste of time.

By: Justin

Justin — Mon, 19 Aug 2019 23:34:28 +0000

I got pre-approved by elfi for student loan refinancing using credible. I went through the week-long process of applying to find out that I needed a co-signer to be able to receive the loan. It was a huge waste of my time. Immediately after I found out that I needed a co-signer, I applied for Earnest and got the same exact deal without needing a co-signer. I have great credit, have never missed a payment in my life and do not have much credit card debt. Refinancing with Earnest was so much easier and they are clearly the better company to go with when refinancing your student loans.