Edly uses historical data on student outcomes from sources such as the Department of Education, Bureau of Labor Statistics, private databases, and Edly’s proprietary data to ensure the likely success of student borrowers. Edly doesn’t endorse using traditional credit scores because the company believes most students haven’t had enough time to build a meaningful credit score. Edly also does not need co-signers as many students do not have access to a co-signer. In this way, Edly provides better access to higher education for promising students who do not have access to funding.
âFinWise is used to providing innovative financing solutions that empower borrowers to take control of their financial lives,â said David Tilis, Chief Strategy Officer, FinWise Bank. “Together with Edly, we are excited to now bring a new solution to student borrowers that we hope will help remove a significant barrier to education that many Americans face.”
Edly asks student borrowers to pay only a small percentage of their gross monthly salary, and payments are suspended if they cannot find a job. The total amount a student will pay is capped both in absolute terms and as an APR cap. Edly IBR Student Loans are private student loans offered by FinWise Bank. They are currently offered in 46 states.
For more information on the objectives of the Edly IBR loan program, please see our impact statement and guiding principles. Students wishing to verify IBR loan conditions and eligibility should go to https://student.edly.co/student. Investors looking to support IBR student loan investments should visit https://www.edly.co/
Edly is a platform that connects students seeking to fund university tuition fees with investors seeking to support social impact investments in education. Edly focuses on a type of tuition financing known as income-based repayment loans (“IBR loans”). IBR loans have been used successfully in many countries around the world to finance higher education. They are also used to restructure US federal student loans into more affordable payment plans for students who find themselves in unaffordable debt. Edly is the first and only supplier of this product as the primary method of financing tuition fees in the United States.
About FinWise Bank
FinWise Bank is a wholly owned subsidiary of FinWise Bancorp headquartered in Murray, Utah and is a Utah non-member state chartered bank. Founded in 2000 as Utah Community Bank, FinWise is an online bank focused on using technology to deliver a range of products and services, especially for the ‘unbanked’ and consumers with a limited access to credit. FinWise currently operates a full-service bank branch in Sandy, Utah and a production office for ready-to-use Rockville Center, New York. FinWise is a national lender and takes deposits from consumers and small businesses. For more information, please visit www.finwisebank.com.
SOURCE Edly, Inc.