Connext
Author: Kaitlyn Short
ReliaMax introduced its Connext Private Student Loan solution in August 2016. Connext is designed to help students find lenders to refinance their student loans;or lend them new undergraduate or graduate student loans; however, rather than directing the students to big banks, Connext directs students to private loan lenders or smaller regional banks. Connext creates an opportunity for the students to be connected with more loan lenders, and the lenders can take the advantage of being more available to the students.
The Good
- Easy Online Platform
- Fixed and Variable Rate Options
- Recommendations and Advice Resource
Easy Online Platform
Connext's online platform is really easy to navigate. It offers a single application form and helpful tools for finding the right loan option for you. Also, before completing the application you can calculate your end cost for each loan option provided by Connext (this figure, however, will only be revealed after you have finished the application and submitted your credit history for a review). Once you have completed the application you will get different quotes from lenders that meet you criteria and credit score.
Fixed and Variable Rate Options
Connext offers both fixed and variable rates options. As of 2017, the variable loan rate starts at 4.66 percent on its 10-year term and 4.93 percent on its 15-year term. For fixed term loans, the rates start at 6.12 percent and 6.89 percent. For variable rates options the loan term ranges from 5 to 20 years, and for the fixed rates thee loan term ranges from 5 to 15 years. Also, you have the option to lower your rate by 0.25 percent by setting an automatic monthly payment. There are no repayment penalties or origination fees.
Recommendations and Advice Resource
Going to college is a big life event for young adults, and planning for the future and being financially prepared can be very stressful. Connext offers advice and recommendations feature on their website to help the student to fell ready for the next big step. This online feature gives recommendations for when is the best time to apply for colleges and for federal and private loans.
The Bad
- Customer Service
Costumer Service
Connext platform is still new, therefore and its customer service channels are limited; however, Connext is working hard to help all of the borrowers who might have any question regarding to the service Connext is providing. Customer service is only offered from Monday through Friday 8:00 a.m. to 5:00 p.m. Central time.
The Bottom Line
Connext is a new feature that is powered by ReliaMAx to help the borrowers to be connected to the loan lenders that best meet their criteria and credit score. Easy online platform allows the borrowers to figure out how much they might be paying for their loan and what loans are available to them immediately. Multiple loan suggestions helps the borrowers to find exactly what they are looking for; however, customers may have difficulty getting in touch with Connext costumer service if you have any additional questions regarding you loan or your application.
