Traditionally, refinancing means paying off one loan and replacing it with another loan but hopefully with lower payments or a lower interest rate. Now student loan borrowers have an even better option that can eliminate their student loans and get them affordable payments: the Defynance Income Share Agreement (ISA).
The Defynance ISA is an innovative approach to tackling student debt because it provides the protection of income-based repayments without the trappings of a student loan. Let’s dig deeper and see all the advantages the Defynance ISA has to offer:
Solving The Credit Score Dilemma
The Defynance team understands risk and is not beholden to only utilizing traditional methods of assessing that risk. Recognizing that most student loan holders simply have not had the time to build a high credit score, Defynance has developed forward-looking proprietary risk criteria and does not use credit scores to make decisions. Instead, Defynance conducts a thorough analysis of an applicant's academic and work history along with predicting the income growth potential to determine Defynance ISA eligibility and income share percentage.
The Benefits of Risk Sharing
Defynance ISAs are structured differently than traditional student loans. There is never an outstanding balance to repay, you just have to share income for a set number of payments. This aligns the goals of Defynance with those of its customers. In case of job loss, for example, payments automatically pause and Defynance provides career resources as well (more on that later). Plus, the customer has the option to request a pause in payments for life events such as parental leave, going back to school, or caring for a loved one.
There is Upside Protection Too
Who doesn’t want to succeed in their career? The Defynance ISA is designed to protect you when your career takes off in multiple ways. Unlike a student loan, there is always a cap on payments and the ability to make prepayments to reduce the time you share income with Defynance. With the Defynance ISA, you actually invest in your own success and get cash back when you finish the payment term. The better you do in your career, the more cash you will get at the end. Finally, you can buy out the Defynance ISA anytime with a one-time payment.
No Co-Signer Requirements
Defynance invests in your future. We have a proprietary algorithm that utilizes over 125 data points to determine the risk and reward of every Defynance ISA. This allows you to stand on your own merits without relying on someone else to co-sign for you. You never need to put someone else’s credit at risk for your sake.
Financing that works for you
The Defynance ISA not only allows you to refinance and pay off your existing student loans but also provides an ecosystem of career resourcesto help you optimize income and minimize unemployment. The goal is the same, to empower your financial freedom.
You can choose to sit across the table from a student loan lender knowing that your goals are not always in line with their goals, or you can refinance your student loan with a Defynance ISA knowing that Defynance is on your side and has aligned its goals with yours. To learn more and get started, just visit Defynance.
