MPower Financing is a public-benefit corporation that provides student loans to international students who are studying in the United States. The company was founded in 2014 by Manu Smadja and Michael Davis, and is based in Washington, DC, with an office in Bangalore, India.
MPower Financing offers fixed-rate loans from US$2,001 to US$100,000 total at competitive interest rates with up to 0.25% in interest rate discounts. Plus – they don’t mind if you have loans from other lenders; you can still apply for an MPOWER loan!
In addition to funding, MPower also offers a variety of other services to its borrowers, including:
- Visa support
- Career services
- Building your U.S. credit history by making on-time payments
MPower Financing is a legitimate company that has been in business for over 8 years. They have an A+ rating from the Better Business Bureau, and they are not accredited by the BBB.
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To be eligible for an MPower loan, you must:
- Be enrolled at an eligible school at least half-time
- Be the age of majority in your state of residence at the time of application
- Not have any outstanding defaulted student loans
If you are an international student who is looking for student loan funding, MPower Financing is a good option to consider. They offer competitive interest rates, flexible funding options, and a variety of other services to help you succeed in your studies.
Here are some pros and cons of MPower Financing:
- Competitive interest rates
- Flexible funding options
- Additional services such as visa support and career services
- No fees paid out-of-pocket
- Pay nothing until your first interest-only loan payment
- Not accredited by the BBB
- Repayment terms can be complex
- Interest rates can be high for borrowers with poor credit
Overall, MPower Financing is a legitimate company that offers a variety of benefits to its borrowers. However, it is important to carefully consider the pros and cons before applying for a loan.
How do I apply for a Mpower Financing Loan?
- Check your eligibility. MPOWER Financing loans are available to international students who are enrolled at least half-time at an eligible school in the United States or Canada. You can check your eligibility on the MPOWER Financing website.
- Start your application. You can start your application online at the MPOWER Financing website. You will need to provide your personal information, contact information, and financial information. You will also need to upload a copy of your passport and a recent academic transcript.
- Receive a conditional offer. Once you have submitted your application, MPOWER Financing will review your information and contact you within three business days about a conditional offer. A conditional offer is not a guarantee of approval, but it means that MPOWER Financing is interested in your loan application.
- Upload documents and complete the assessment. If you receive a conditional offer, you will need to upload the requested documents to your MPOWER dashboard. You will also need to watch an introduction video and complete a short assessment.
- Receive a final offer. Once MPOWER Financing has reviewed your documents and assessment, they will contact you with a final offer. If your loan is approved, you will be able to sign the loan documents and start borrowing money.
Here are some additional things to keep in mind when applying for a MPOWER Financing Loan:
- The interest rates for MPOWER Financing loans are competitive, but they are not the lowest available.
- MPOWER Financing loans do not require a cosigner, but they do have some fees associated with them.
- The repayment terms for MPOWER Financing loans are flexible, and you can choose to repay your loan in equal monthly payments or in a lump sum.
MPOWER Financing offers a convenient and accessible option for international students to finance their education. While their interest rates may not be the lowest, they provide competitive rates that make their loans affordable. Additionally, the absence of a cosigner requirement can be a significant advantage for students who may not have someone to vouch for their creditworthiness. However, it is important to consider the fees associated with these loans, as they can impact the overall cost.
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