CommonBond student loans reviews

This article talks about all you need to know about CommonBond, their different types of student loans, application process, refinance and overall reviews.

Updated by Heibha Passah on 5th July 2019

Commonbond is a lending company that provides a variety of student loans along with refinancing options to the borrowers. It was founded in 2012 to help relieve students of all the problems faced when trying to borrow student loans like going through a complicated process, loans having high-interest rates, bad customer service, and more. 

It has an approach, i.e. to provide loans at a low-interest rate, give simpler options and a world-class experience which allows them to provide constant support towards their borrowers throughout their student loan journey.


Table of Contents


Types

Commonbond provides a variety of student loans to its borrowers. The following are the loans available-

1. Undergraduate Student Loans 

Commonbond’s undergraduate student loans help the borrowers to fund their undergraduate studies. It doesn’t charge an origination fee and provides flexibility in its services.

CommonBond Rates - The application process is easily understandable with competitive interest rates. Commonbond also provides free financial guidance to the students in order to help them go through their student loan journey with ease.

Features and benefits

  • A cosigner is needed to tag along with you in order to get the best interest rates on your loans

  • You can directly apply online for the loan, along with your cosigner anytime, anywhere

  • A money mentor is provided to you to help you manage your financials. They can guide you on how to get more money for school, managing budgets and also find internship opportunities to help you earn while in school

  • The interest rates provided are competitive with no application, origination or prepayment fees

  • Four repayment options are provided from which you can choose that best suit your needs

  • A 6 months grace period along with forbearance period is offered for those you want to postpone making payments

Interest rates

Undergraduate loans come with both variable and fixed interest rates. The repayment term is either 5, 10 or 15 years. The interest rates qualify for a 25% reduction if you sign up for automatic payments.

Variable interest rate - The variable rate loans range between 3.74% - 9.72% APR (Undergraduate). These rates might increase after finalizing the loan because the rates change with the market. They are based on a one-month LIBOR assumption of 2.48% applicable from April 25, 2019.

Fixed interest rate - The fixed interest rate undergraduate loans ranges between 5.45% - 9.74% APR. These rates will remain fixed throughout the life of the loan.

Repayment plan options

There are four repayment plan options which the borrower can choose from to meet their needs.

Full Deferment Repayment Plan - Under this plan, you can choose to defer your payments while you are in school for at least half-time.

You can also get an additional 6 months grace period after your graduation, your enrollment was discontinued or you are not in school for at least half time after which your interest will capitalize and the repayment period of either 5, 10, or 15 years begins.

Interest only Repayment Plan - Under this plan, only your principal amount is deferred and your interest payment is made while you are still in school. After the grace period, the repayment period starts and you have to make both the remaining interest and the principal amount payments.

Flat Repayment Plan - Under this plan, you are required to make a flat payment amount of $25 while you are still in school. After the grace period, the repayment period starts and you have to make full interest and the principal payments.

Full Principal and Interest Repayment Plan - Under this plan, you have to make payments (both interest and principal) as soon as the disbursement of the loans are done, i.e., while you are still in school.

The actual APR might differ as per the repayment plan you choose.

The APR (Annual Percentage Rate) for each loan shows the interest accrued, the impact of interest capitalization once at the end of the deferment period, and the applicable repayment plan.

2. Graduate Student Loans

 These loans are acquired by the students to fund their graduate studies. It provides the best care, great borrower protections, and a 1-for-1 promise to help the students face the developing world.

Features and benefits

  • The process is easy so you do not have to worry about how to make payments and focus more on school

  • It saves you time as it only takes a few minutes for you and your cosigner to apply for the loan online. Commonbond will then contact your school’s Financial Aid office to confirm your enrollment

  • Flexible terms and payment options on your loans so that you can choose the best one that suits your needs

  • You can choose to postpone your payments up to 12 months during the life of the loan

  • No penalties charged if you wish to go for prepayment

  • Cosigner release option when you are ready to take on the loan payments solo

Interest Rates

Graduate loans come with both variable and fixed interest rates. The repayment term is either 5, 10 or 15 years. The interest rates qualify for a 25% reduction if you sign up for automatic payments.

Variable interest rate - The variable interest rate undergraduate loans ranges between 3.64% - 9.72% APR. These rates might increase after finalizing the loan because the rates change with the market. They are based on a one-month LIBOR assumption of 2.48% applicable from April 25, 2019.

Fixed interest rate - The fixed interest rate undergraduate loans ranges between 5.4% - 9.74% APR. These rates will remain fixed throughout the life of the loan.

Repayment plan options

There are four repayment plan options which the borrower can choose from to meet their needs-

Full Deferment Repayment Plan - Under this plan, you can choose to defer your payments while you are in school for at least half-time. You can also get an additional 6 months grace period after your graduation, your enrollment was discontinued or you are not in school for at least half time after which your interest will capitalize and the repayment period of either 5, 10, or 15 years begins.

Interest only Repayment Plan - Under this plan, only your principal amount is deferred and your interest payment is made while you are still in school. After the grace period, the repayment period starts and you have to make both the remaining interest and the principal amount payments.

Flat Repayment Plan - Under this plan, you are required to make a flat payment amount of $25 while you are still in school. After the grace period, the repayment period starts and you have to make full interest and the principal payments.

Full Principal and Interest Repayment Plan - Under this plan, you have to make payments (both interest and principal) as soon as the disbursement of the loans is done, i.e., while you are still in school.

The actual APR might differ as per the repayment plan you choose.

3. MBA Student Loan

These loans are for those students who want to join the business school. Commonbond understands that joining business school can be quite expensive, hence dedicating themselves towards providing you loans which can be personalized at the best rate which is lesser than those provided by the government. Also, since business is about building a community, it provides a built-in network of peers.

Features and Benefits

  • Helping the students build a community and gaining experience by providing an MBA internship program, summer career development series, and Social Promise trip to Ghana

  • If you are attending an eligible B-school program and meet the requirements of Commonbond, you do not need a cosigner

  • You have the option of forbearance to postpone your payments in case of any financial issue

  • No penalty is charged in case you opt for prepayment.

Interest Rates

MBA Student Loans comes with both variable and fixed interest rates. The loan has a 2% origination fee and the repayment term is either 10 or 15 years. The interest rates qualify for a 25% reduction if you sign up for automatic payments.

Variable interest rate - The variable interest rate on MBA  loans ranges between 5.73% - 7.13% APR. These rates might increase after finalizing the loan because the rates change with the market. They are based on a one-month LIBOR assumption of 2.48% applicable from April 25, 2019.

Fixed interest rate - The fixed interest rate on MBA loans ranges between 5.8% - 7.2% APR. These rates will remain fixed throughout the life of the loan.

Repayment plan options

There are three repayment plan options which the borrower can choose from to meet their needs-

Full Deferment Repayment Plan - Under this plan, you can choose to defer your payments while you are in school for at least half-time. You can also get an additional 6 months grace period after your graduation, your enrollment was discontinued or you are not in school for at least half time after which your interest will capitalize and the repayment period of either 10 or 15 years begins.

Interest only Repayment Plan - Under this plan, only your principal amount is deferred and your interest payment is made while you are still in school. After the grace period, the repayment period starts and you have to make both the remaining interest and the principal amount payments.

Full Principal and Interest Repayment Plan - Under this plan, you have to make payments (both interest and principal) as soon as the disbursement of the loans are done, i.e., while you are still in school.

The actual APR might differ as per the repayment plan you choose.

The APR (Annual Percentage Rate) for an MBA loan shows the interest accrued, the impact of interest capitalization once at the end of the deferment period, a 2% origination fee, the full deferment payment plan option (21 months deferment while still in school and a 6 months grace period).

4. Dental Student Loans

 Commonbond teams up with the American Student Dental Association (ASDA) to provide a loan specifically to meet the needs of students attending Dental School. Along with this, it takes the input and advice from ASDA to provide protection and flexibility to these students making it easier for them to reach their goal.

Features and Benefits

  • Uniquely designed to meet the specific needs of dental students making it easier for them to tackle challenges and reach their goals

  • The application takes only a few minutes and you do not need a cosigner

  • Commonbond is there to help you save during school so that you can be ready for what comes next

  • You are provided with a resident deferral where you can defer your payments while you are still on the verified program

  • A 6 month grace period is available on your loan

  • Forbearance option to postpone your payments up to 12 months during the life of your loan.

Interest rates

Dental Student Loans comes with both variable and fixed interest rates. The loan has a 2% origination fee and the repayment term is either 10, 15 or 20 years. The interest rates qualify for a 25% reduction if you sign up for automatic payments.

Variable interest rate - The variable interest rate on Dental loans ranges between 5.6% - 6.79% APR. These rates might increase after finalizing the loan because the rates change with the market. They are based on a one-month LIBOR assumption of 2.48% applicable from April 25, 2019.

Fixed interest rate - The fixed interest rate on Dental loans ranges between 5.56% - 6.76% APR. These rates will remain fixed throughout the life of the loan.

Repayment plan options

There are three repayment plan options which the borrower can choose from to meet their needs-

  • Full Deferment Repayment Plan- Under this plan, you can choose to defer your payments while you are in school for at least half-time. You can also get an additional 6 months grace period after your graduation, your enrollment was discontinued or you are not in school for at least half time after which your interest will capitalize and the repayment period of either 10, 15 or 20 years begins.

  • Fixed 100$ Repayment Plan - Under this plan, a $100 fixed payment has to be made while you are still in school. After the grace period, the repayment period starts and you have to make full interest and the principal payments.

  • Full Principal and Interest Repayment Plan - Under this plan, you have to make payments (both interest and principal) as soon as the disbursement of the loans is done, i.e., while you are still in school.

The actual APR might differ as per the repayment plan you choose.

The APR (Annual Percentage Rate) for an MBA loan shows the interest accrued, the impact of interest capitalization once at the end of the deferment period, a 2% origination fee, the full deferment payment plan option (48 months deferment while still in school and a 6 months grace period).

5. Medical Student Loans

 Commonbond knows that medical school can cost a fortune. Hence, it comes up with a loan that can help you save thousands of dollars comparing to government loans.

Features and benefits

  • Flexible repayment options for those who are determined to attend a verified residency program like internships, fellowships, and research. This allows you to make payments as low as $100 per month.

  • A forbearance option in case you need to postpone payments for up to 12 months.

  • No cosigner is required for you to qualify for this loan.

Interest rates

Medical Student Loans comes with both variable and fixed interest rates. The loan has a 2% origination fee and the repayment term is either 10, 15 or 20 years. The interest rates qualify for a 25% reduction if you sign up for automatic payments.

Variable interest rate - The variable interest rate on Medical loans ranges between 5.6% - 6.79% APR. These rates might increase after finalizing the loan because the rates change with the market. They are based on a one-month LIBOR assumption of 2.48% applicable from April 25, 2019.

Fixed interest rate - The fixed interest rate on Medical loans ranges between 5.56% - 6.76% APR. These rates will remain fixed throughout the life of the loan.

Repayment plan options

There are three repayment plan options which the borrower can choose from to meet their needs-

  • Full Deferment Repayment Plan - Under this plan, you can choose to defer your payments while you are in school for at least half-time. You can also get an additional 6 months grace period after your graduation, your enrollment was discontinued or you are not in school for at least half time after which your interest will capitalize and the repayment period of either 10, 15 or 20 years begins

  • Fixed 100$ Repayment Plan - Under this plan, a $100 fixed payment has to be made while you are still in school. After the grace period, the repayment period starts and you have to make full interest and the principal payments

  • Full Principal and Interest Repayment Plan - Under this plan, you have to make payments (both interest and principal) as soon as the disbursement of the loans is done, i.e., while you are still in school

The actual APR might differ as per the repayment plan you choose.

The APR (Annual Percentage Rate) for an MBA loan shows the interest accrued, the impact of interest capitalization once at the end of the deferment period, a 2% origination fee, the full deferment payment plan option (48 months deferment while still in school and a 6 months grace period).


Refinancing loans with CommonBond

Commonbond uses refinancing to pay off your old student loans by providing a smarter, single loan. You get new terms on these loans with a lower interest rate helping you save more and clear your debts faster.

Features and benefits

  • It takes only a few minutes to check the new interest rate on your new loan with no commitment requirements, documents or impact on your credit score

  • Your refinancing options can be customized as per your needs to get the loans which work best for you

  • These options allow you to save more money

  • Forbearance option of up to 24 months during the life of your loan

  • No penalties charged on prepayment

  • No origination fees.

Interest rates

Refinance Loans comes with variable, fixed and hybrid interest rates. The loan doesn’t charge an origination fee and the repayment term is subjected to change.

The interest rate is determined based on your credit report, your application, the loan period selected and will be within the ranges of the rates that are shown.

The interest rates qualify for a 25% reduction if you sign up for automatic payments.

Variable interest rate - The variable interest rate on refinancing loans fall between 2.49% - 7.11% APR with a repayment term of either 5, 7, 10, 15 or 20 years. The loan rates might increase after origination because the rates change with the market. These are based on a one-month LIBOR assumption of 2.48% applicable from April 10, 2019.

Fixed interest rate - The fixed interest rate on ranges between 3.89% - 8.07% APR  with a repayment term of either 5, 7, 10, 15 or 20 years. These rates will remain fixed throughout the life of the loan.

Hybrid interest rate - The hybrid interest rate on loan refinancing ranges between 4.29% - 7.03% APR with a repayment term of 10 years. These loans are fixed for the first 5 years with an interest rate ranging between 4.25% - 6.25% and the next 5 years they’ll be having a variable interest rate which is the total of the margin plus 1-month LIBOR.

The borrowers can only go for a full interest and Principal Payment Plan which starts about 30 - 60 days after disbursement.


Perks of using CommonBond

These are the multiple advantages of the organization. It also highlights CommonBond student loan refinance reviews, along with the services provided to the customers. 

1. Savings are great - You will be able to save a lot of money if you are able to qualify for a low-interest rate with CommonBond. The average amount of money that a customer has saved who worked with them is about $14,000.

2. All-rounder review process - CommonBond usually does not bother with the credit score of the borrowers that they work with. They look at a few more factors than just that 3 digit number. Although you still need an excellent credit score for you to be eligible, it isn't the only way that CommonBond judges it's customers.

3. Options are numerous - It has about 3 different rate choices to offer in terms of refinancing - variable, fixed and hybrid. Fixed rates are a little higher than the rest but they are good if you want to be able to have a stable set of payments to make every month without having to worry about any variations.

Variable rates are a little lower but they depend mostly on where the market is going, and depending on whether the changes are for the good or bad the rates can differ accordingly.

The Hybrid rate is something of sorts that is unique to Commonbond, or at least for now in the Student Loan industry. It is a loan that has a term of about 10 years and it states that you will be given a fixed interest rate for the first 5 of those years in the 10-year term. The interest will be variable for the rest of the 5 years.

This is a little lower in terms of the fixed rate that is available for the 10-year term, so it is a good option to consider if you believe you will be able to prepay.

4. No hidden fees - It has no charges in terms of origination fee or any sort of application fees for its customers.

5. No prepayment charges - In case you are interested in paying off your student loan at the earliest and happen to win the lottery, consider spending that towards your student loans with CommonBond then they will not charge you with any prepayment penalty. It also applies to those who plan on making more than the required monthly payments in order to wipe off their debt as soon as possible.

6. An autopay discount - If you happen to be one of those that do not mind paying monthly on a regular basis without having to worry about having enough money in your account then you should consider signing up for their autopay which entitles you to a discount of about 0.25% on the interest rate on your student loan.

7. Forbearance and Deferment - In case you are facing any sort of economic difficulties and are not able to make payments further ahead of indefinite time, you do not need to worry.

CommonBond Services has a very long period of forbearance on their student loans and offers an extended period of up to 24 months of forbearance through the life of their loans. It also includes this offer on academic deferment for those borrowers who are returning to school again.

8. Refinance limits - CommonBond has a very high ceiling in terms of limits of refinancing for their student loans, you are able to refinance up to a limit of $500,000 in loans through CommonBond. It is a good thing if you ended up borrowing severely to get through school.

9. Addition of a co-signer - You are able to add a co-signer which should help you land a loan offer with a much lesser interest rate than you would otherwise. And in instances make you eligible to get a loan if you weren't before.

It also offers a cosigner release after you make a couple of payments regularly so as to allow the cosigner free instead of being tied for the entire length of the loan term.

10. The community of CommonBond - CommonBond is known to have a very good community that is involved with hosting many events for networking and help borrowers with their careers with many panels to achieve the same.

You get good exposure with all these and get to take good advantage of the same so as to help you make good connections and also discover job opportunities.

11. Social goals - If there's anything to set Commonbond apart from the rest of the flock, it would be their social promise to help a student in need of education in the developing world.

With every loan or refinancing done with Commonbond, they bear the cost of helping children get an education. They partnered with Pencils of Promise and has provided schools, teachers, and technology to thousands and more of young students in Ghana.

12. Referral bonus - Here is your chance to make some money while helping other people out with their student loan refinancing. If you refer a friend to get their loans refinanced and they do so with CommonBond then you get a $200 finders fee.


Risks and drawbacks

You definitely need to know the risks that are involved in getting your student loans refinanced and why you need to proceed with a little presence of mind and sense.

1. Your eligibility might be in question - To be able to refinance with Commonbond, you should be a graduate from a school that is considered to be eligible according to CommonBond. Keep in mind CommonBond does not function in the states of Vermont and Mississippi.

2. Savings from refinancing are not guaranteed - Refinancing does not have any sort of guarantee that you will end up saving a lot of money. If your credit scores do not make you eligible for a great rate, you might end up paying an APR that is similar to the one that you were already paying before. You might even have risked it and later ended up having to pay an interest rate that is higher than you did before in case you switched to variable and the rate jump high.

3. Losing your federal loan protections - If you have both a Federal and a Private student loan, and you want to refinance them into a single loan, you'd be taking a huge gamble.

Once you convert those loans into a single loan, you are essentially turning your federal and private loans into a single big private loan and hence will lose all the benefits that you are eligible with your federal student loans such as the income-based repayment plan, loan deferment or loan forgiveness in case you work in the private sector.

In case you have such a situation as above where you have both federal and private student loans, you are probably at a better odds if you just refinance your private loans into one and then have your federal loans be consolidated through a federal loan program.


How to apply

It is a pretty simple process to work with CommonBond. You apply online for the loan through their website.

1. You first fill out a form that has all your general information

This usually includes your estimated loan balance, the highest degree that you are awarded, and your current income. You will also be needed to enter your Social Security number.

2. Get the interest rate estimated

Commonbond does a soft credit pull and you shall be given an estimated rate within minutes. Since this is a soft credit pull it won't affect your credit score or history.

3. You then apply officially

In case you make up your mind to continue, you will have applied officially by uploading some support documents, like for example your loan statements, the pay stubs to show you are regular in your payments, and proof of residency for security purposes.

4. You finally get the offer

With our permission to check your full credit report from one or more credit agencies, Commonbond then proceeds to do a hard credit pull on your financials and then comes up with the final loan rate and the term options for your loan. Since this is a Hard Credit pull it may affect your credit score.

5. Loan approval

After the loan application is approved, Commonbond will move ahead and disburse your loans or pay off any of your loans that were enrolled for refinancing. After this, you will be required to make just one payment towards Commonbond every month.


Is refinancing worth the effort?

Refinancing is not going to be good for all those that apply for it, you need to have a clear line of thoughts on the topic before you move ahead with it, it could be your option if -

1. Your credit score is on the incline ever since you finished college. With a much better credit score, you should become eligible to get a better interest rate that will save you tons of money in the long term.

In case your credit score is not that good, you will not be eligible to get the best of rates, it is easy for you to get stuck in a situation if you are attempting to get better scores but the interest rates seem to be rising together with time. Even in case you are able to get your credit to rising, the interest rates might have risen to such a state that it no longer be feasible for you when you are ready to apply.

In case you have a lot of time left over your debt, you can actually consider refinancing but if you are just a few years from becoming free of debt, you would have mostly paid off all your interest by now. So refinancing might not give you much of a benefit at that time.

2. You are not planning on applying for the forgiveness programs or any other benefits that might come with federal loans. Before you end up refinancing your student loans you should keep in mind that you lose the advantages of having the federal forgiveness programs and other benefits at your disposal. And you will no longer be able to get to participate in them.


Requirements and Eligibility

Before you are able to go ahead and refinance with CommonBond you should make sure that you are eligible for refinancing according to their terms.

Here is a list of the things that the organization looks for before you get approval for refinancing the student loans with them -

  • Residency - It is required that you are either a U.S. Citizen, permanent resident or an H1-B, J-1, L-1, E-1,3 visa holder.

  • School - You should have a degree that you earned from a Title IV Accredited University or Graduate Programs.

  • Credit History - As long as your credit can stand its ground under their scrutiny, you should be good. If not you will need someone who's credit score is good and have them cosign the loan for you so as to get your loan approved.

  • Employment and Income - CommonBond needs either the Offer letter from a future employer or proof of income (pay stubs).


Reviews

Advantages that you might get if you go for Commonbond student loan-

1. Commonbond student loans have some of the most competitive rates in their student loans and refinance loans. It helps you save a lot of money and pay your debts faster.

You also have the option of choosing between fixed and variable interest rates which gives flexibility to the borrowers and going for what serves them best. Further 25% discount is given on the rates if one chooses to go for automatic pay.

So in comparison to even government student loans, These loans are most cost saving. Apart from this, they also have other added benefits to the borrowers like cosigner release, flexible repayment, deferment and forbearance options and no origination (on some loans) and prepayment fees.

2. Commonbond student loan refinance services also provides competitive rates and also the option of going for either variable, fixed or hybrid interest rates which is rarely provided by other companies. This helps you save more on your payments. They also provide forbearance options and borrowers can refinance their Parent Plus Loans with Commonbond which a lot of other lending companies don’t provide.

However, they don’t provide their loans to customers in Mississippi, Nevada or Vermont.

But just as anything and everything always have a good and a bad side, Commonbond also has some limitations-

1. Requirement of a cosigner - It usually requires a cosigner to tag along with you in order for you to get a student loan approval (except for certain loans). Even though it is good to have a cosigner as it helps you get better deals on your interest rates, but some students struggle to get one, hence making them ineligible for the loan.

2. Origination Fee - Certain loans have an origination fee of 2% which is higher than the 1.062% fee for federal direct loans.

Hence, CommonBond reviews say that it is a really good private student loan lender to consider. Along with providing affordable rates on their loans and flexible repayment options and benefits, they also help the borrowers and guide them in their student loan journey.

Even though a loan is the last thing you should go for, after using up all the grants and scholarships you qualify for to help fund your education, you should consider Commonbond student loans.

But be open, explore your other private loan options and compare their rates, fees and other benefits with Commonbond to see which is the best you should go for.


FAQ's

  Is CommonBond a good company?


Yes, Commonbond is a great lending company to go for your private student loans as they have really good interest rates and fees and also provide a lot of added benefits to the borrowers.

  Should you refinance your student loans through Commonbond?


Yes, refinancing through Commonbond is a good idea if you have a good credit score and an acceptable credit history as it will help you score lower interest rates. If not, then refinancing doesn’t really help as you would be getting an interest rate similar or maybe even higher than the rates you have now.

  How can CommonBond offer lower rates than other loan providers?


Commonbond can provide lower rates than other loan providers because they take in to account the creditworthiness of the borrowers. Borrowers who are creditworthy get a lower interest rate while others don’t. It’s actually a win-win situation.

  What happens to my loan if CommonBond is no longer around?


Even if Commonbond ceases to exist, the loan will continue to live on as it will be tied to the loan servicer and payments will be made to them.

  Is CommonBond a nonprofit?


No, it is not a non-profit organization but it does have a strong social mission.

  What are the chances of getting approved for a Commonbond Student Loan?


As long as you maintain a good credit score with a good credit history, you have been working diligently since graduating from school, you do not have any unpaid debts to take care off, and you earn a decent income with some extra left for say making loan payments in the instance that they are approved, then the lender might consider you for approval of the loan.

  Am I obligated once I apply?


Not really. If you are at choice even when you apply officially and get an actual rate, you can still leave if you do not like the rate. So it is better to save the hassle by looking up different lenders and then comparing them before going through this process as this will affect your credit scores if they do a hard credit pull.

  Does refinancing student loans cost money?


It technically should not cost you any money other than the repayments that you will be needed to make on a monthly basis. Most student loans refinance lenders will not be charging you any origination or application fees. So you should generally not need to pay for them.

  Can you refinance student loans more than once?


Yes, you are able to refinance as many times as you would like to with the private lenders. As long as you are eligible for lower rates or better loan in the case of term length, this will save you money on the interest. If your credit improved quite a bit or if you started to make a bit more money since you first refinanced, it should be an option for you to look into.

  How soon can I refinance my student loans?


Commonbond needs you to be a graduate before you go ahead and refinance with them. This also varies from person to person based on their own situation. If you got a job right out of school and you've got some good credit history, you should be able to refinance straight away and get a better interest rate. Although if you have no job still and no credit history you might have to get those first.