Are you an international student in need of a loan to study overseas? The Mpower Education loan can be beneficial to you.
This article will teach you how exactly to go for this loan without having any problems.
MPower Education Loan
MPower Student Loan as It is popularly called is a loan offered by Mpower Financing for international students who need financing for their studies in the United States of America or Canada without needing a cosigner.
This organization specializes in offering private loans for students who have difficulty getting approved for a loan by other lenders. It as an organization has a very good reputation for customer satisfaction. Mpower has lots of restrictions that can make it very difficult for people who are not eligible to get approved for a loan.
Pros of Mpower Loans
Here are some of the features that make this lender preferred when compared to others;
International Loans Without Cosigner
If you are looking for the best place to get an international loan without a cosigner, then Mpower is a sure bet. With Mpower, you can get approved on your own without needing a cosigner.
Significant Interest Rates
It is very common for private lenders to offer interest of about 0.25% rate discount for automatic payments. However, with Mpower, you can get up to a 1.5% interest rate on discounts to set up automatic payments, make on-time payments and provide proof of graduation and employment.
MPower Does Not Require a credit History or a Very Good Credit Score for Approval
Mpower will review your credit history but will not check your credit score. According to them, it will not hurt your chances of getting approval if you do not have a credit history.
It Offers International Student Loan Refinancing
With Mpower, college graduates in the United States of America can refinance U.S based and international student Loans.
Types of Loans Offered by Mpower Refinancing
These are the different types of loans offered by Mpower Financing;
Undergraduate Student Loans
This type of loan is available to a very wide range of people. These include U.S Citizens, Daca Refugees, international students, asylum seekers, etc, you will be able to get approved for an undergraduate loan from Mpower.
With M power, all loans come with an upfront origination fee added to your balance. Also, note that international students will have higher interests. Power can give out up to $50,000 per academic term or semester and you can apply for multiple terms at the same time and qualify for up to $100,000 in total.
Graduate Student Loans
Graduate loans can be given to U.S. citizens, Daca recipients, refugees, asylum seekers, and international students. They can have lower interest rates.
However, if you are taking a graduate loan, you will still have to pay an origination fee and higher rates will be charged for international students.
As with Undergraduate loans, you can get up to $50,000 per term and $100,000 in total.
You can refinance existing student loans with the Mpower refinance loan. This loan includes loans obtained in other countries. It has a lower origination fee compared to in-school loans and the interest rate remains the same for international students.
Eligibility Criteria for Mpower Loans
As stated before, Mpower loans do not require a credit score or history to take a loan. Mpower will review any credit file you have in your home country, the U.S., or Canada and your credit score will not be factored into the decision of Mpower.
Mpower Private Student Loan is not available to all schools in the United States of America and Canada. It is only available to select eligible schools.
The major eligibility requirements for getting a loan from Mpower are;
- You must be a citizen of the United States of America, an asylum seeker, a permanent resident, a DACA recipient, a refugee, or a VISA holder.
- You must be a student.
- You must maintain half-time enrollment at a school eligible for Mpower loans.
- Canadian Citizens and permanent residents are not eligible for any of these loans.
- Mpower’s in-school loans are not available for Canadian residents studying in Canada.
- The loan is only available to people who are in their last two years of school or just starting a one or two-year program.
- You must be in the majority age of your country.
How to Apply for Mpower Student Loans
The process of applying for a loan at Mpower is as easy as that of any other loaning platform. Here’s how to go about it.
- Go to the official website of Mpower Financing; mpowerfinancing.com/
- When you get to the home page, click “get started”.
- This leads you to a new page, click “start application”
- After that, you will be led to the major application page. Fill up the form given with the following information such as your preferred name, legal first name, email, etc. after that, click “next”
Follow the on-screen instruction to complete your application.
Mpower Loan Customer Service
If you have questions or complaints about Mpower Financing, you can submit your information online and request a response or a phone call. You can also call customer service to lay complaints. Their number is available on their website.
Frequently Asked Questions
Are Cosigners Required for Mpower Loans?
NO, Mpower financing does not require cosigners to approve loans.
Is Loan Prequalification Available for Mpower Loans?
No, Mpower does not offer pre-qualification for loans and not in the same way as other private lenders. Instead of having a short pre-qualification, Mpower instead requires you to fill up a complete application. If you have been prequalified based on the information that was provided in your application, the lender will run a credit check, in your home country, U.S. or Canada.
How Long Does It take to Get Approved for Mpower Loan?
It will take a total of 30 minutes to fill out an application totally for in-school loans. After that, the time will vary based on the student. The funds will be disbursed directly to your school. For refinance loans, it may take about 30 minutes to complete the application.
After the application, it will take five to seven days to perform the final review.
Is Student Loan Refinancing Available on Mpower?
Yes, Mpower offers student refinancing loans for U.S based and international student loans up to $100,000.
Is Mpower Financing Legit?
Yes, it is, if you are eligible, you will most likely get a loan from them.
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