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Edly Overview

Edly is a financial technology company that offers income-based repayment loans and income-share agreements (ISAs) to undergraduate and graduate students. The company partners with FinWise Bank to provide these financial solutions. Edly is known for its flexible repayment plans and borrower protections, making it an attractive option for students who need financial assistance to complete their studies.

Edly Products or Services

Edly offers several financial products and services designed to help students manage their educational expenses. Here are some of the most notable ones:

• IBR No Cosigner Student Loan: This loan does not require a cosigner and offers income-based repayment terms. It is designed for undergraduate and graduate students who are within one or two years of graduating. The loan repayment amount adjusts based on the borrower's post-graduation income, and borrowers can defer payments if they lose their job or experience a drop in income.
• IBR Cosigned Student Loan: This loan requires a cosigner and offers modest in-school payments as low as $25 per month. The repayment amount also adjusts based on the borrower's income, and borrowers can defer payments in case of hardship.
• Income-Share Agreements (ISAs): Edly's ISA platform allows students to receive funding for their education in exchange for a percentage of their future earnings. This alternative to traditional student loans shifts the risk of borrowing from students to investors and education providers.
• ISA Marketplace: Edly's online marketplace connects schools offering ISAs with accredited investors. The platform allows schools to list shares of their ISAs, and investors can purchase these shares to support students' education.
• Financial Literacy Resources: Edly provides educational resources to help students understand their financial options and manage their debt effectively.
• Customer Support: Edly offers responsive and personalized customer support to help borrowers navigate their financial obligations.
• Partnerships with Schools: Edly partners with schools to offer its financial products and services, helping students close the funding gap and complete their studies.

Edly & Affordability

Edly's financial products and services are designed to be more affordable and accessible than traditional private student loans. The company's income-based repayment plans and ISA options offer flexible repayment terms that adjust to the borrower's income. While Edly does not disclose specific pricing, its products are generally more affordable than those offered by traditional private lenders. Edly's focus on affordability and borrower protections sets it apart from its competitors.

Edly Competitors

Edly's primary competitors include:

• Sallie Mae: Sallie Mae offers private student loans with fixed and variable interest rates. While Sallie Mae's loans may have lower interest rates, they often require a cosigner and have less flexible repayment terms than Edly's products.
• Discover Student Loans: Discover offers private student loans with fixed and variable interest rates. Like Sallie Mae, Discover's loans may have lower interest rates, but they often require a cosigner and have less flexible repayment terms than Edly's products.
• Lending Club: Lending Club is a peer-to-peer lending platform that offers personal loans, including those for educational expenses. While Lending Club's loans may have lower interest rates, they often require a cosigner and have less flexible repayment terms than Edly's products.

Edly differentiates itself from its competitors by offering income-based repayment plans and ISAs, which shift the risk of borrowing from students to investors and education providers. Edly's focus on affordability and borrower protections sets it apart from traditional private lenders.

Edly Reviews and Sentiment

Edly has generally positive reviews from customers and industry experts. The company is praised for its innovative approach to student financing, flexible repayment terms, and borrower protections. Some reviewers note that Edly's products may not be suitable for all students, particularly those who expect to earn high incomes after graduation. However, overall, Edly is seen as a valuable alternative to traditional private student loans.

Edly Popularity

Edly is a niche player in the student lending market, but it is gaining popularity among students and investors. The company's innovative approach to student financing and its focus on affordability and borrower protections have attracted attention from industry experts and investors. While Edly is not yet a mainstream brand, it is becoming increasingly well-known among students and education providers.