Loans
Custom Choice Student Loan Review: is it worth it?
The Custom Choice student loan came to help undergraduate and graduate students. With low fees, it allows for smooth payment in the long run. Read More!
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Custom Choice student loan review and benefits: Amounts up to $99,000, no origination fee, and low APR
Do you need help getting your degree? Due to its benefits, the Custom Choice student loan could be a good option to help you with this objective.
This loan has no origination fees, no late fees, and no prepayment penalties. In addition, you can reach a value of up to $99,000 with a low APR, whether fixed or variable. Know more!
| APR* | 2.67% to 11.55% variable APR; 3.65% to 12.47% fixed APR. *Terms apply. |
| Loan Purpose | Undergraduate and graduate cost coverage. |
| Loan Amounts | $1,000 up to 100% of the school-certified cost of attendance minus other aid, not to exceed $99,000. Applicants who are permanent residents of Iowa are subject to a minimum loan amount of $1,001. |
| Credit Needed | 660 without a co-signer. |
| Origination Fee | N/A. |
| Late Fee | None. |
| Early Payoff Penalty | None. |
Custom Choice student loan: how does it work?
The Custom Choice student loan is aimed at young people who wish to obtain an undergraduate or graduate degree. That is, it is a type of loan with low associated fees, including reduced APR.
There is a fixed APR rate that varies between 3.65% and 12.47% and a variable rate between 2.67% and 11.55%.
However, you can get up to $99,000, and there are no extra origination fees, late fees, and prepayment penalties.
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Is it worth it to apply for the Custom Choice student loan?
Choosing a good student loan is essential to ensure a good future and the completion of studies.
However, it is critical to be aware of all the pros and cons of each model. Check out what we separate about the Custom Choice student loan.
Benefits
- A credit check is not required to qualify. Fees vary depending on payment and credit usage;
- There are no late fees;
- Resources allow faster repayment of the loan;
- Borrowers have the option of paying interest only, making fixed $25 or full payments during school or deferring payment until graduation.
Disadvantages
- The forbearance program is less generous and slightly inferior compared to other student loans;
- It does not apply extra payments to the main balance by default.
What credit scores are required for the application?
For the Custom Choice student loan, the credit score varies depending on the type of transaction to be made. If there is no co-signer, the minimum amount is 660.
However, if you choose to add a guarantor-type co-signer, the minimum score may be 600. However, depending on the guarantor’s credit score, the company may not require a minimum score from the borrower.
Custom Choice student loan: applying for this loan today
Conquering the long-awaited diploma is not an easy task. So, you may need a loan to help you. The Custom Choice student loan can be a good alternative.
With zero origination fees and late fees, it’s a loan that can cover all your study costs. However, knowing how to apply is essential to increase your chances of approval. See how!
Apply online
To apply online, you first go through a pre-qualification. It is performed quickly on the website by filling in some data.
If approved, just proceed with the application that lasts around 15 minutes with the details about credit and personal data.
Requirements
- Be enrolled at an eligible institution in a degree-granting program;
- Be of legal age or at least 17 years of age at the time of application. Or be 14 years old if you have an associated guarantor;
- Be a US citizen, permanent resident alien, or eligible non-citizen (DACA resident) applying with an eligible guarantor who is a US citizen or permanent resident alien.
Apply on the app
If you prefer to use your smartphone, you can apply there. Just download the app, pre-qualify, and then fill in your personal and financial details.
The process is also fast, and the approval is immediate if everything is right.
Custom Choice student loan vs. Rocket Loans personal loan: which is the best for you?
Choosing a type of loan to cover study costs can be a major challenge. The Custom Choice student loan is a good option.
But we also have a loan option for fair credit that can help you get personal loans. So, see the comparison below.
| Custom Choice student loan | Rocket Loans personal loan | |
| APR* | 2.67% to 11.55% variable APR; 3.65% to 12.47% fixed APR. *Terms apply. | Variable APR from 7.727% (minimum) to 29.99% (maximum). *Terms apply. |
| Loan Purpose | Undergraduate and graduate cost coverage. | Debt consolidation, home improvements, and others. |
| Loan Amounts | $1,000 up to 100% of the school-certified cost of attendance minus other aid, not to exceed $99,000. Applicants who are permanent residents of Iowa are subject to a minimum loan amount of $1,001. | Depends on the loan. |
| Credit Needed | 660 without a co-signer. | Depends on the loan. |
| Origination Fee | N/A. | 1% to 6% for each loan. |
| Late Fee | None. | Depends on the loan. |
| Early Payoff Penalty | None. | None. |
If you prefer to check out how to apply for the Rocket Loans personal loan, read our post below!
Rocket Loans Application
Rocket Loans personal loan allows for a secure loan of up to $45,000. With fair level you can now apply. Read on to learn about the Rocket Loans personal loan application
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