Have you ever heard of “instant reply student loans”? These are student loans that you can get an instant decision on.
If you are someone who doesn’t want to wait days or week to hear the status of your loan application, you may want to locate loans that give you an instant answer.
Below are a few application sites that appear to offer a quicker response than the normal time it takes to process most student loan applications.
1. Credible.com– This site offers an instant answer to your student loan applications and they state that you should not have to wait longer than 3 minutes for a decision. You can click on “I’m a student” or “I’m a co-signer” and it is friendly to both students and parents. Keep in mind that there may be some other paperwork requirements or forms to fill out, but this allows you to see what you may qualify for in a few minutes.
2. Sallie Mae– We’ve featured information this company many times and it is considered the top choice of student loan vendors. One reason is that they usually give you a decision in 15 minutes or less.
3. College Avenue– The second most popular student loan application site, this company allows you to get preapproved for a student loan. This means you’ll know immediately in most cases whether you are accepted or not and takes the wait factor out of the equation.
Most of the student loan companies that offer to give you a quick decision can do so because they run your credit or the credit of your co-signer online to see if you can qualify. You’ll know almost immediately or within a few minutes whether or not you qualify.
You’ll receive other forms online that you will need to submit in most cases, but it does take a lot of the wait time out of the loan process.
One other option is to use personal loans from your local bank for student loan financing. If you are a parent of a child going to college soon, you can apply with your local community banking lender to see what you qualify for. This usually does not take long with your local institution, since they know your credit score and other information. You’ll likely receive a decision within a few minutes.
Remember though that getting an instant decision is not the main goal. If you start early enough looking at your student loan options, you should have plenty of time to check out all of the requirements and to get the information together that you need to
apply. Then the process will be quicker, whether you get an instant reply or not.
The most important thing is that you get the best financing deal you can for the money at the terms that you need to pay it back within a reasonable time.