U-fi Review

ByTop10.com StaffOct. 31, 2019

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In a Nutshell

U-fi makes funding and paying off education debt easier. With lower interest rates than most and flexible repayment terms ranging from 5-25 years, U-fi really takes the squeeze out of student debt. Students and graduates can borrow anywhere from $5,000 up to $300,000, an impressive array. U-fi also charges no prepayment penalty and offers unemployment protection and early cosigner release, policies that show how much this lender wants to help.

pros

  • Very flexible repayment and eligibility terms
  • Unemployment protection
  • Prequalify without a hard credit check

cons

  • Loans aren’t available in all 50 states
  • No dedicated student advisors available

U-fi at a Glance

APRVariable rates from 2.55%-6.32%, fixed rates from 3.60%-5.68%
Loan typesStudent loans, student loan refinancing
Refinance amount$5,000-$300,000 varies
Repayment Terms5-, 10-, 15-, 20-, 25-year terms
Minimum Credit ScoreN/A
Best forGraduates looking for lower rates, students who need more funds

Best For?

U-fi offers flexible loan terms, good interest rates, and helpful online tools. So, it's a great option for virtually anyone looking to refinance their student loans. Refinancing with U-fi means you'll get lower interest rates than you're currently paying, so you will end up paying less overall for your student loans than previously calculated.

Students who are currently in school can also benefit from U-fi's low-interest rate loans. These are a good option if you've already exhausted your federal student loan options and still require more funding to further your education.

Loan Features

U-fi student loan refinancing offers convenient, flexible, and affordable repayment terms. What’s more, these loans come with some additional features that make U-fi a really competitive option. Some of these features include:

- Auto debit savings

An easy way to save a bit more, U-fi will give you a .25% rate reduction if you sign up for auto-withdrawal payments. You need to have a bank account with one of the designated banks, but there's a long list of them. So, chances are this won't be an issue, and you'll just be able to save a little off the top.

- Cosigner release

Having a cosigner is a great way to increase your chances of loan approval. It'll also help you lower your interest rates most of the time. However, tying up your credit with a loan that isn't even benefiting you personally is a tall order that many people aren't thrilled about fulfilling, which is why it's great that U-fi offers a cosigner release. After you've made 24 consecutive and on-time payments to U-fi, your cosigner will be released of their cosigner obligations.

- Unemployment protection

Finally, U-fi does something totally humanitarian. It offers an unemployment protection caveat. This protection plan is set up in case you lose your job unexpectedly and cannot afford to pay your monthly refinance payments. U-fi will give you a 24-month forbearance to keep you safe during this time.

The overall picture you get when you start to research this company is that it’s really on your side. With such user-friendly features like these, it’s easy to see why so many people are choosing U-fi for their student loan refinancing.

The Application Process

The beauty of working with U-fi is how simple everything is. The entire application process can be done online, so you’ll never be dragged down to a boring bank office to fill out endless paperwork or get spoken to by a sales rep. Instead, U-fi has an online application that takes minutes to complete. Here’s how it works:

1. Fill out the easy online application form

This includes creating an account with U-fi and answering a few basic questions about yourself (phone number, address, etc.), about your student loan refinancing (highest degree earned, school details, and current student loan balance), and about your current financial situation (housing type, monthly income, monthly expenses). You can also put in whether or not you are applying with a cosigner here.

2. Review loan offers

Once you’ve sent in the application, U-fi will review your details and send you a few loan offers fitting to your financial, loan, and personal situation. You can take your time reviewing these options, compare them with other offers you’ve gotten, and decide which is the most financially-sound choice for you.

3. Get your refinance

Once you’ve decided on a loan offer that works for you, you can accept the offer, sign the closing documents, and have your money in no time.

The whole thing is fast and painless, a refreshing approach to a normally-tedious and time-consuming process.

Loan Terms

U-fi offers great loan terms loaded with flexibility. For one thing, there are very few loan eligibility requirements (listed below). Many lenders make you jump through hoops to qualify, so this is a relief. For another, U-fi has lots of repayment options, so you’re not tied to a single schedule that might not work for you.

Here’s a list of the refinance loan eligibility requirements needed to work with U-fi:

  • You must be a US citizen or permanent resident alien with a valid US social security number.
  • You must be of legal age in your state of residence (18-21).
  • You cannot live in Vermont.
  • Your student loan must be in repayment or grace period.
  • You must no longer be enrolled in school half-time or more.
  • You must have a minimum of $5,000 in student loans to refinance.
  • You, or the cosigner you are applying with, must have a minimum annual income of $36,000.

Repayment Terms

As mentioned, U-fi offers several repayment terms. You can choose from 5-, 10-, 15-, 20-, or 25-year repayment terms. The terms you get will be based on the amount of the student loan you are refinancing. For example, to qualify for the 20-year repayment terms, you’ll need to be refinancing $25,000 or more of student loan debt. For the 25-year repayment plan, you’ll need to refinance $75,000 or more with variable interest rates.

How Safe is It?

U-fi states clearly that there are several physical and electronic safeguards constantly in place to ensure the utmost safety of its customers' privacy and data. U-fi doesn't allow you to sign onto the website unless you are using a browser that supports Secure Sockets Layers. Any information that is transferred or stored with U-fi is encrypted for maximum security purposes, as well.

Help & Support

U-fi customer support is highly acclaimed. You can reach a support team member over the phone, via email, or by submitting a question through the online contact form on the website. U-fi also has a lot of information directly on the website, including loan and refinancing education and posts that help you understand the various aspects of borrowing, graduation, and more.

Summary

U-fi offers students and graduates a better option than the traditional, suffocating student loans currently on the market. With flexible repayment terms, low APRs, and easy online application, U-fi is a breath of fresh air for most people. Important loan features like unemployment protection and auto-payment discounts show just how far U-fi is willing to go to help out its borrowers. And flexible eligibility requirements ensure that just about any student can get approved for the loan they’re looking for.

Physical Address

121 S. 13th Street

Lincoln, NE 68508