How to Select a Credit-Based Loan

Which credit-based loan is best for you? It depends on your circumstances and on your priorities.

Which credit-based loan is best for you?

What is a “credit-based” loan?

Generally, an educational loan described as “credit-based” requires that the borrower or the borrower with a credit- worthy co-borrower, co-signer, or endorser meets certain credit criteria established by the lender. Showing calculated financial eligibility is typically not required. The lender may be a private bank, credit union or other financial institution, or a state or federal government entity. A wide variety of loan products is available and terms vary with the lender.