Careers at CommonBond
Commonbond aims to simplify the application process and reduce the cost of securing funding for education as well as personal loans.
With Commonbond, former college students can refinance student loans or parents can transfer academic loans to their children. Variable, fixed, or hybrid rate loans are available with competitive interest rates. Once the application is completed, applicants can receive a rate within minutes. After uploading identity and loan verification documents customers can quickly start saving on monthly payments and set up automatic payments.
For those seeking an MBA degree, Commonbond offers either a 10 or 15 year fixed rate loan. For MBA loans no cosigner is required and payments aren’t due until 6 months after graduation. They also offer a member community for graduates to share experiences and get advice.
Personal loans are also available from Commonbond. After completing the application process and uploading identity verification documents, funds can be received within 2 to 3 business days. Variable or fixed rate loans are available for amounts of $1,000 to $50,000. They offer a flexible repayment schedule for personal loans that works best for the customer.
Commonbond imposes no application or origination fees and no penalties for prepayment or paying more than the amount due. If members lose employment payments can be stopped and they provide services to help look for work. Their encryption ensures the safety and confidentiality of member’s information.
In 2011, David Klein started Commonbond, along with Jessup Shean and Mike Taormina. After meeting at Wharton as Master of Business Administration (MBA) students, they sought to improve upon the high rates, poor customer service, and confusing application process of their own student loans. The company launched nationally in 2013.
Klein, former Director of Strategic Planning and Business Development at American Express is currently the CEO of the company. Taormina has since co-founded CU Lending Exchange which helps credit unions digitize their operations, and Shean has gone on to become the Vice President of the independent investment bank, Greenhill.
CommonBond connects individual investors, such as alumni of graduate programs, to borrowers by channeling their contributions into loans. The lending services platform has saved customers over $14,000 over the life of their loan compared to federal or other private loans. They have a team of over 70 financial services experts and entrepreneurs focused on providing personalized and friendly customer service. The company operates out of New York, NY.
In 2016 Commonbond received $275 million in funding from Barclays, Macquarie Capital, and other which helped them surpass $625 million in total funding. Other investors include AugustCapital, NYCA, Tribeca Venture Partners, The Social Capital Partnership, Victory Park Capital, along with individual investors Vikram Pandit, Tom Kalaris, and Tom Glocer,
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