Greennote is a peer-to-peer lending company that provides the money you need with lowest possible interest rates. Currently it offers funding only to students in the form of student loans. Such loans are best for those who are not able to meet their educational expenses despite of government funding. Whether it is to start your college or to pursue a Master’s degree, Greennote loans fit perfectly.
How to apply for a Greennote loan?
While there is no minimum credit score required, nor any collateral, the student must have friends or relatives to fund their education. It works in a professional manner as Greennote helps borrowers and lenders to sign a pledge contract, further making the family and friends aware of the need for funding.
It is better than asking money from relatives in person. Signing the contract informs the lender that the borrower is liable to pay back the money within the stipulated time. Recently, Greennote has allowed unrelated individuals to donate and fund a student’s education. The terms and conditions in both cases remain the same.
If you are a student and are looking forward to get fund for your education, you need to logon to Greennote’s official website and create a student profile. You will need to answer basic questions such as name and purpose of the loan. Your name along with a photograph will be published on Greennote’s website for friends or family to help you have a successful career.
Greennote Phone Number and Contact Details
If you want to speak to Greennote officials, you may call 866.711.5620, Monday-Friday, 8 am – 5 pm PST. You can also fax your queries to 916.281.3590. The customer service officials will be happy to assist you and provide more information on your loan requirements. You can also write to them on the following address:
PO BOX 3006,
Rancho Cordova, CA 95741.
Greennote Interest Rates and Other Charges
The idea behind Greennote is not to make money. Of course they are in the money making business, but it is definitely not just matching borrowers to lenders who are looking for a higher return. The company focuses on education, thus helping a student to get connected to a prospective lender in order to pursue higher studies.
There is no minimum amount nor any maximum amount that can be borrowed. The amount solely depends on your college fees, tuition fees, money required to buy books and other study material. It charges a fixed interest rate at 6.8% with a loan term of 10 years. This means, students have a total of 10 years to pay back the money borrowed.
Lenders can donate as little as $100 and help a student pursue his or her career. Greennote charges 2% of the loan amount from the student and 1% of the loan amount from the lender. The money that the company charges is towards documentation and services rendered.
Greennote for Bad Credit
Greennote loans may not be considered as personal loans as they are solely for educational purposes. It encourages more and more students to engage in higher education without worrying about finances. This is the reason why it does not conduct any background credit check nor has any minimum credit score requirements.
If you are a student and are already in bad credit, you still stand a chance to qualify for a loan from Greennote. However, it is advised that you clear all your past dues before burdening yourself with more debts.
The Final Word
There are many more such companies similar to Greennote that fund student education. They all work on similar terms but with varied interest rates and charges. Greennote seems to have happy customers as stated on their website. The application process is hassle free as it believes in holding an individual’s hand right from the start of the loan process to the end.
Private student loans may turn out to be too expensive. Also, paying out a loan of this kind would be easier than paying a private student loan. Being a peer-to-peer lender, it connects the society and brings in more and more people to help one another. It is indeed a good initiative to lead the younger generation and help them achieve their educational goals.
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