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Best Student Loan Refinance Rates for February 26, 2026: Credible Leads At 3.69%


Student loan refinance rates have held steady over the last week. As of February 26, 2026, student loan refinance lenders are offering fixed rates as low as 3.69% APR and variable rates starting as low as 3.99% APR, depending on credit profile, loan type, income, and repayment term.

For borrowers with private student loans especially, refinancing to lower your interest rate can save you thousands of dollars over the life of the loan.

💰 Today’s Best Student Loan Refinance Rates At a Glance

Here are the best student loan refinance rates today:

Lender

Fixed APR

Variable APR

Credible

3.99% – 10.15%

3.69% – 11.11%

ELFI

4.29% – 8.44%

4.74% – 8.24%

LendKey

4.39% – 9.24%

4.19% – 9.24%

Splash

4.20% – 10.24%

4.74% – 10.24%

Student Choice

4.24% – 13.25%

5.25% – 12.74%

1. Credible – Credible is a marketplace of student loan lenders that has some options you may not be able to find anywhere else. You can also get up to a $1,000 gift card bonus if you refinance through their platform. You can get rates as low as 3.69% APR. Read our full Credible review.

2. ELFI – ELFI is one of the oldest student loan lenders, and offers comeptitve rates, along with a bonus offer of up to $599 if you refinance a student loan with them. You can get rates as low as 4.74% APR. Read our full ELFI Student Loans Review.

3. LendKey – LendKey is a private lender that pools money from community banks and credit unions to offer lower rate student loans. They are also offering up to a $750 bonus if you refinance a student loan. You can get rates as low as 4.19% APR. Read our full LendKey review.

4. Splash – Splash Financial is a marketplace filled with banks and credit unions looking to help people refinance their student loans. They are offering up to $500 if you refinance a student loan. You can get rates as low as 4.20% APR. Read our full Splash review.

5. Student Choice Student Choice is a service that works with a huge network of credit unions nationwide to match you with low cost student loans offered by credit unions. They currently have some of the lowest fixed rate student loans on the market. You can get rates as low as 4.24% APR. Read our full Student Choice Student Loans review.

You can find a full list of the best student loan refinance lenders here >>

Why Should You Refinance Your Student Loan?

Refinancing replaces one or more existing loans with a new private loan — ideally at a lower interest rate.

Borrowers typically refinance to:

  • Reduce their monthly payments
  • Lower their overall interest cost
  • Combine multiple loans into one
  • Shorten or extend repayment terms

Refinancing can make sense for private loan borrowers or federal borrowers who no longer need federal benefits such as income-driven repayment or forgiveness. Remember, refinancing a federal loan will cause you to lose federal benefits like student loan forgiveness!

For example, refinancing a $60,000 loan from 7.50% to 5.50% over 10 years saves roughly $7,000 in interest.

Fixed vs. Variable Rates: Which Should You Choose?

There’s a lot of uncertainty that borrowers don’t like with variable rates, which can make sense, but in a declining rate environment, it also opens the potential for future savings. Here’s what to know:

  • Fixed rates stay the same for the life of the loan, offering predictable monthly payments. They’re better for borrowers who plan to repay over many years.
  • Variable rates can change with market conditions, starting lower but carrying risk if the Fed raises rates again. They can make sense for borrowers who expect to pay off loans quickly.

Most private lenders allow you to check rates without affecting your credit score. Always compare both options before signing.

What To Know Before Refinancing

Before refinancing your student loans, make sure you understand exactly what you’re signing up for.

  • Loss of federal benefits: Once refinanced, federal loans are no longer eligible for PSLF, IBR, or other income-driven plans.
  • Cosigner options: A creditworthy cosigner can unlock lower rates. Check if the lender offers cosigner release after a set number of on-time payments.
  • Term flexibility: Many lenders allow terms from 5 to 20 years; shorter terms usually mean lower rates.
  • Autopay discounts: Most lenders offer a 0.25% rate reduction when you enroll in automatic payments.
  • Fees: The best refinance lenders charge no origination fees or prepayment penalties.

How We Track And Verify Student Loan Rates

At The College Investor, our editorial team reviews student loan rates daily from more than a dozen major lenders. We verify data using official lender disclosures, regulatory filings, and real-time rate sheets.

We only include lenders offering loans to U.S. citizens and permanent residents. All rates are updated regularly and represent the lowest available APRs with autopay discounts applied.

Our coverage is independent and not influenced by compensation. While we may earn a referral fee when you open a loan through certain links, this never affects our editorial recommendations. Our goal is simple: to help you find the most affordable path to borrow responsibly.

FAQs

Can you refinance federal student loans?

Yes, but doing so converts them into private loans, meaning you’ll lose access to forgiveness and income-driven plans.

How often can you refinance?

There’s no limit – you can refinance multiple times as long as you qualify for better terms.

Does refinancing hurt your credit?

A small, temporary drop in your credit score may occur after the hard inquiry, but steady payments improve your score over time.

Do refinance rates change daily?

Yes, lenders adjust rates frequently based on market conditions and Treasury yields.

Is there a best time to refinance?

The best time is when your credit and income qualify you for significantly better rates than your current loans.

Disclosures

Splash Financial

See disclaimers at: https://www.splashfinancial.com/disclaimers/

Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Products may not be available in all states. Rates and terms are subject to change at any point prior to application submission. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer. To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. Lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, creditworthiness, income and other factors. This information is current as of January 8, 2026. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.

Autopay Discount. Rates listed include a 0.25% autopay discount.

Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed APR options range from 4.96% (with autopay) to 11.24% (without autopay). Variable APR options range from 4.99% (with autopay) to 11.14% (without autopay). Variable rates are derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001).

Payment Disclosure. Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.

Bonus Disclosure. Terms and conditions apply. Offer is subject to lender approval. To receive the offer, you must: (1) be refinancing over either $50,000, $100,000 or $200,000 in student loans depending on the channel partner that is providing the bonus offer (2) register and/or apply through the referral link you were given; (3) complete a loan application with Splash Financial; (4) have and provide a valid US address to receive bonus; (5) and meet Splash Financial’s underwriting criteria. Once conditions are met and the loan has been disbursed, you will receive your welcome bonus via a check to your submitted address within 90-120 calendar days. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. Splash reserves the right to change or terminate the offer at any time with or without notice. Bonus Offer is for new customers only.

Editor: Colin Graves

Reviewed by: Richelle Hawley

The post Best Student Loan Refinance Rates for February 26, 2026: Credible Leads At 3.69% appeared first on The College Investor.

More Employers Are Now Giving ‘Peanut Butter’ Raises — What It Means for Your Paychecks in 2026


If you’re hoping for a big pay raise this year, recent data suggests you might want to check those expectations. Pay raises in 2026 are holding steady rather than surging, according to research from Payscale.

The findings come from Payscale’s 2026 Compensation Best Practices Report, which surveys organizations about the salary increases they distributed in 2025 and what they plan for this year. The data provides a picture of where employer pay budgets stand amid ongoing economic uncertainty.

The numbers aren’t moving much

The median base pay increase for 2026 sits at 3.5%, identical to what employers gave in 2025. For workers who were expecting raises to outpace inflation more aggressively, that’s likely a bit of a letdown.

There are some differences between Canadian and American salary increases, according to the report. While U.S. employers are planning median increases of 3.5%, Canadian organizations are projecting slightly lower raises at 3.2%.

However, Canadian increases are actually higher relative to that country’s inflation rate, which held steady at 2.2% in November 2025. By comparison, U.S. inflation was running at approximately 2.7% annually as of late 2025.

As for what drives raises, merit and performance remain the dominant factors, with 76% of organizations citing them as the most influential drivers of pay increases.

Market adjustments to stay competitive with the cost of labor came in second at 46%. About 45% of organizations also factor cost of living into their decisions.

The rise of ‘peanut butter’ raises

One growing trend in pay is across-the-board salary increases. They’re sometimes called “peanut butter raises” because they spread pay increases evenly rather than tying them to individual performance ratings.

According to Payscale’s data, 48% of organizations plan to continue performance-based pay increases, but a significant portion are reconsidering that approach.

About 18% are considering peanut butter increases, 16% are planning to implement them and 9% already use this method. In total, more than 40% of organizations are either using or actively considering standardized raises.

This could reflect a shift away from performance-based systems, which have faced criticism for being subjective and potentially prone to bias. Organizations with large frontline or lower-wage workforces may find uniform increases simpler to administer and explain to employees.

Employers feel confident regarding flat budgets

Despite the lack of movement in salary budgets, most employers seem comfortable with their compensation strategies. About 60% believe their 2026 salary increases are competitive enough to retain and engage talent.

That confidence appears to stem from having better data to back up pay decisions. Organizations that can explain their compensation choices using market information seem more secure in their approach, even when budgets aren’t growing.

For workers, the message is that significant pay jumps probably aren’t coming through annual raises alone. Those looking to boost their income may need to consider other strategies, such as pursuing promotions, developing new skills or exploring opportunities elsewhere.

Is Salesforce Stock a Buy After a Strong Earnings Report?


Salesforce posted a strong quarter and unveiled a huge buyback, but the growth outlook still looks steady.

Enterprise-software leader Salesforce (CRM +3.93%) reported strong fiscal fourth-quarter results this week, with revenue and adjusted earnings per share both coming in ahead of analysts’ consensus forecasts for the two metrics. Additionally, it announced a new $50 billion share repurchase authorization.

But the company’s guidance didn’t show evidence that AI was creating a clear inflection in the software specialist’s consolidated top-line growth trends.

Still, overall, the company continues to grow at a robust rate, and its repurchase program adds to the bull case. So, is the stock a buy? After all, shares remain beaten down from their levels last year. The stock is down about 24% year to date as of this writing.

Image source: Getty Images.

Strong cash flow and a growing backlog

With the help of a strong fiscal Q4, the software company’s total fiscal 2026 revenue rose 10% year over year to $41.5 billion. Notably, Salesforce’s revenue growth ticked up a bit in Q4. On a constant-currency basis, Salesforce said revenue grew 10% year over year in the fourth quarter, accelerating from 8% constant-currency growth in the prior quarter.

Of course, a strong suit for Salesforce for a long time has been cash flow. And that strength persisted throughout the year and in fiscal Q4. For fiscal 2026, Salesforce’s operating cash flow increased 15% to $15.0 billion, and free cash flow rose 16% to $14.4 billion — a formidable figure for a company with a $190 billion market capitalization.

Showing how demand is faring, Salesforce’s remaining performance obligations (RPO), which the company defines as contracted revenue that has not yet been recognized, totaled $72.4 billion at quarter-end — up 14% year over year. The current portion (the portion expected to be recognized over the next 12 months) of that figure was $35.1 billion, up 16%.

Highlighting one way AI is a tailwind for the company, Salesforce said Agentforce — a suite of autonomous AI agents designed to help companies automate tasks with minimal human oversight — reached $800 million in annual recurring revenue, up 169% year over year.

Additionally, the company is aggressively buying back its stock. In fiscal 2026, the tech company returned $14.3 billion total to shareholders, including $12.7 billion in share repurchases and $1.6 billion in dividends.

Underwhelming guidance

Despite the company’s fast-growing remaining performance obligations and its incredible momentum with Agentforce, these catalysts aren’t showing up very much in Salesforce’s guidance.

Management initiated fiscal 2027 revenue guidance of $45.8 billion to $46.2 billion, which implies about 11% growth at the midpoint from fiscal 2026’s $41.5 billion. But that headline growth rate includes about three points of contribution from its recent acquisition of Informatica, meaning the underlying pace is still closer to the high single digits.

The same dynamic shows up in the near-term guide. Salesforce expects first-quarter fiscal 2027 revenue of $11.03 billion to $11.08 billion, up 12% to 13% year over year. But the company said that range includes slightly above four points of Informatica contribution.

To be fair, management is calling for better organic trends later on. Salesforce said it expects organic revenue reacceleration in the second half of fiscal 2027. Still, the company’s full-year guidance, which bakes in management’s expectations for the second half, is arguably disappointing.

Salesforce Stock Quote

Today’s Change

(3.93%) $7.53

Current Price

$199.28

And there’s also a question about whether the fundamentals even justify the price investors are paying.

As of this writing, the stock is trading at about 26 times earnings — a valuation that bakes in high-single-digit to low-double-digit earnings-per-share growth for years to come. While this is probably a fair valuation for a software company like Salesforce that has a long history of strong execution, it doesn’t leave much wiggle room if growth rates slow from here.

So, is Salesforce stock a buy after this strong earnings report?

I don’t think so. The business is producing significant cash, and the buyback is aggressive. But the growth outlook is unimpressive, making the stock look more fairly valued than undervalued.

Upskilling Your Team for What’s Next


Catch the Full Episode:

Overview

In this episode of the Duct Tape Marketing Podcast, John Jantsch interviews Rob Levin, serial
entrepreneur, chairman and co-founder of Work Better Now, and author of
The New Talent Playbook: The Ultimate Guide for Building Your Dream Team.

With over 30 years of experience helping small and mid-sized businesses solve persistent
talent challenges, Rob shares why the traditional hiring “playbook” no longer works. He
explains how the pandemic, generational shifts, remote work, and artificial intelligence
have fundamentally changed the talent landscape.

The conversation explores the hidden talent crisis facing SMBs, why culture is more critical
than ever, how to rethink KPIs in a remote-first world, and what it really means to become
an AI-first organization. If you’re still managing talent like it’s 2016, this episode offers
a roadmap for building a future-ready team.

Guest Bio: Rob Levin

Rob Levin is a serial entrepreneur and business growth expert with more than three decades
of experience helping small and mid-sized businesses thrive. He is the chairman and co-founder
of Work Better Now, a company that empowers U.S.-based SMBs to access highly skilled remote
professionals, particularly from Latin America, to overcome hiring bottlenecks and build
high-performing teams.

Rob is the author of The New Talent Playbook: The Ultimate Guide for Building Your Dream Team,
where he outlines a modern approach to talent strategy in an era defined by remote work,
rapid technological change, and AI disruption.

Key Takeaways

1. The Talent Crisis Is Really a Talent Shift

Despite headlines about layoffs, many small and mid-sized businesses still struggle to fill
critical roles. The skills needed to succeed in large enterprises often do not translate to
the owner-minded, adaptable talent required in SMBs.

2. The Old Hiring Playbook Is Obsolete

Many business owners are still operating as if it’s 2016. Power dynamics have shifted, top
performers have more leverage, and younger generations prioritize culture and meaning at work
more than previous generations.

3. Culture Is a Strategic Advantage

A clearly defined set of core values is the foundation of a strong culture—especially in remote
and hybrid environments. Companies should hire and fire based on core values and intentionally
build a culture that embraces change.

4. Remote Teams Require Structure and Over-Communication

In a remote environment, clarity and communication must be intentional. Weekly meetings,
consistent updates, and well-defined KPIs are essential to maintaining alignment and accountability.

5. KPIs Benefit Employees as Much as Employers

Well-designed KPIs are not just management tools—they give employees clarity on expectations and
what it means to “win” in their role. A lack of KPIs often signals unclear leadership rather than
poor employee performance.

6. Upskilling Is a Competitive Imperative

As technology and AI reshape roles, companies must identify the new capabilities they need and
aggressively invest in training. Affordable and high-quality education is widely available, and
businesses should leverage it.

7. Business Owners Must Lead the AI Shift

Before expecting teams to use AI effectively, business owners must gain hands-on experience
themselves. Understanding AI’s capabilities firsthand enables leaders to redesign workflows,
not just automate existing tasks.

8. Move from Doing the Work to Managing AI

The future of many roles will involve managing, refining, and validating AI output rather than
executing routine tasks. Organizations must help employees transition from task execution to AI
supervision and optimization.

9. Become AI-First, Not AI-Improved

Rather than using AI to enhance existing workflows, companies should rethink processes from the
ground up with AI doing much of the heavy lifting. This mindset shift can dramatically improve
productivity and scalability.

10. Global Talent Expands Your Competitive Edge

Expanding your hiring reach beyond local markets—across the U.S., Latin America, and beyond—opens
access to skilled professionals and helps solve persistent hiring bottlenecks.

Great Moments from the Episode

  • 00:03 – Introduction to Rob Levin and The New Talent Playbook
  • 01:14 – Why the talent market has fundamentally changed since the pandemic
  • 02:15 – From “They’re lucky to have a job” to employee leverage
  • 04:11 – Why layoffs don’t solve the SMB talent shortage
  • 06:02 – Understanding the hidden talent crisis
  • 08:27 – Identifying new capabilities and upskilling your team
  • 10:53 – Why business owners must take hands-on AI training
  • 11:56 – Becoming an AI-first organization
  • 13:20 – Why culture matters more than ever
  • 14:23 – Managing culture in remote and fractional teams
  • 16:41 – Why KPIs are more for employees than employers
  • 18:26 – Using AI as a thought partner for performance measurement
  • 19:45 – What Rob would update in the AI chapter today
  • 21:28 – Addressing employee fears about AI replacing jobs
  • 22:42 – Where to find The New Talent Playbook and connect with Rob

Quotes

“There’s such a long list of changes, but the biggest one is that the old talent playbook just doesn’t work anymore.”

“KPIs are actually more for the employee than the employer. They give clarity on what winning looks like.”

“Don’t just use AI to improve a workflow. Redesign the workflow so AI is doing the heavy lifting.”

“You’re only scratching the surface of what AI can do for your company if you’re not using it as a thought partner.”

Resources Mentioned

  • The New Talent Playbook: The Ultimate Guide for Building Your Dream Team by Rob Levin
  • Work Better Now – Nearshore talent solutions for SMBs
  • National Federation of Independent Business (NFIB) hiring trend surveys

Connect with Rob Levin

Moderate Credit Growth Expected In 2026 As Lending Normalizes : Analysis


TransUnion (NYSE: TRU) released its 2026 credit originations outlook, projecting steady but tempered expansion across major lending categories. The forecast, issued alongside the Q4 2025 Credit Industry Insights Report (CIIR), highlights mortgages and unsecured personal loans as the main engines of growth amid a broader market that continues to stabilize after years of volatility.

Mortgage originations—both for home purchases and refinances—are expected to extend recent gains from historically low levels.

Purchase volume is projected to rise 4.0 percent, while refinance activity edges up 4.2 percent.

Unsecured personal loans are on track for an 11.2 percent increase, marking a third consecutive year of expansion.

Credit card originations should advance a modest 2.0 percent following robust 2025 gains, whereas auto loan originations may dip 1.5 percent after tariff- and incentive-driven strength last year.

“Lenders are maintaining a measured approach to profitable growth, relying on richer data and analytics to control risk and fraud,” said Jason Laky, executive vice president and head of financial services at TransUnion.

“Consumer demand for credit remains healthy across risk tiers and could accelerate further if interest rates ease more than currently anticipated.”

Early signals of this outlook appeared in late 2025.

The Q4 CIIR shows year-over-year originations gains in credit cards, personal loans and auto financing.

At the same time, more consumers migrated toward the highest and lowest risk tiers, reshaping lender portfolios.

After holding steady for years, the median VantageScore fell two points to 711 in Q4 2025, reflecting subtle shifts in overall credit health.

Bankcard originations jumped 11.7 percent year-over-year in Q3 2025—the fastest pace in three years—driven by both subprime and super-prime segments.

Total balances grew 4.2 percent to $1.15 trillion, while new credit lines expanded 9.2 percent as issuers focused on lower-limit accounts below prime to manage exposure.

Consumer-level 90+ days past due delinquencies rose modestly to 2.58 percent, still consistent with 2023 levels.

Unsecured personal loan originations reached a new high of 7.2 million in Q3 2025.

Balances climbed to a record $276 billion held by 26.4 million consumers.

Subprime borrowers led growth, and Fintech lenders increased their share to 42 percent.

The 60+ days past due delinquency rate rose to 3.99 percent, yet newer originations are performing better than prior cohorts, particularly in subprime.

Mortgage originations increased 6.5 percent year-over-year to 1.34 million in Q3 2025, supported by solid purchase demand and a 25.7 percent surge in rate-and-term refinances.

Home-equity originations rose 14.3 percent to 714,000, with HELOCs and HELOANs both posting healthy gains across generations.

Consumer-level 60+ days past due delinquencies moved to 1.58 percent.

Auto originations advanced 6.2 percent to 6.7 million despite higher prices.

Average new-vehicle payments climbed to $782 monthly and used-vehicle payments to $538.

The 60+ days past due rate reached 1.50 percent, with used vehicles showing slightly faster deterioration.

Michele Raneri, vice president and head of U.S. research and consulting at TransUnion, noted:

“After years shaped by high inflation and elevated rates, credit patterns are returning to more familiar territory. Lenders that harness advanced analytics and trended data will be best positioned to navigate evolving risk profiles.”

TransUnion’s analysis suggests 2026 will bring continued access to credit for consumers alongside disciplined underwriting, supporting economic activity in a gradually normalizing environment.



Expanded Access for Medical Professionals


Doctors, dentists, podiatrists, veterinarians, pharmacists, and CRNAs have some of the highest student loan balances and may have a difficult time qualifying for a mortgage when compared to other professionals. Lenders underwrite loan transactions using a calculation for student loan payments that can keep these highly trained professionals out of the housing market.

A “Doctor Loan” was designed to assist medical professionals in getting into a home with a low down payment while avoiding costly private mortgage insurance (PMI). They’ve been around for many years, but with the renewed focus on student loan debt, they’re making a bit of a comeback.


Liquidation Heatmap Strategy | Live trade execution #bitcoin #cryptocurrency #ethereum #coinglass



In this video, I reveal my Liquidation Heatmap Trading Strategy using real-time data from Coinglass and execute live trades on Bitcoin & Ethereum. Learn how to identify key liquidity zones, spot trapped traders, and take advantage of major liquidation clusters for high-probability setups.

📊 What You’ll Learn:
• How to read liquidation heatmaps effectively
• Spotting high-volume liquidation zones before big moves
• Live BTC & ETH trade execution based on heatmap signals
• Using Coinglass & order flow for smart entries

⚡ Tools Used:
• Coinglass Heatmap
• Binance / Bybit Trading Chart
• Volume & Open Interest Data

📈 Hashtags:
#bitcoin #ethereum #cryptocurrency #trading #coinglass #liquidationheatmap #btc #eth #cryptoanalysis #daytrading

source

What Landlord Insurance Policies Don’t Cover When it Comes to Short-Term Rentals


This article is presented by Proper Insurance.

As a real estate investor, you likely already know quite a bit about the importance of landlord insurance for your rental properties. You also probably know that landlord policies are separate and different from regular home insurance.

But what about when you decide to branch out into short-term rentals? You might be comparing policies and wondering if Airbnb rentals will be covered if you decide to go down that route in the future, or only occasionally, or you may be considering a complete business strategy switch to short-term rentals.

Regardless of the exact circumstance, there’s one point that will apply to you in most cases: You will need to dig deeper into your current policy specs rather than assuming your short-term rental will be adequately covered by your current policy. Many investors only discover coverage gaps after a denied claim, which is why providers that specialize specifically in short-term rental insurance, like Proper Insurance, emphasize reviewing your policy before you ever host your first guest.

If you haven’t bought your policy yet but are thinking about going into short-term rentals, here are the things you need to think twice about when buying insurance.

Can My Landlord Policy Cover Short-Term Rentals?

The short answer is: it depends — and that uncertainty alone is worth investigating. Landlord/Dwelling insurance is not designed to cover the vast risks of short-term rentals, but that’s not always obvious. Some insurers market DP-3 policies as short-term rental products, but underneath, they remain standard landlord policies with the same limitations.

The most significant of those limitations is liability and guest-caused damage.

If you’re renting your investment property as a short-term rental, a Commercial Homeowners policy is the appropriate product. Unlike Landlord insurance, a Commercial policy is a business policy built to cover business operations, with Commercial General Liability that extends beyond your property line, and without the exclusions that can leave property owners and investors exposed.

Equally, if you’re completely switching over your rentals to STRs, you can’t just keep your current landlord policy and hope for the best. There is a mechanism for writing the occasional short-term stay into the homeowner’s insurance for your primary residence. In this case, the insurer can simply add on what’s known as a “rider” to your existing policy. But an investment property that has been rented out on a long-term basis (12+ months is the standard lease term for LTR) will not be covered. 

What a Landlord Policy Will Not Cover When It Comes to Short-Term Rentals

Let’s take a more in-depth look at what won’t be covered and why relying on a landlord policy for a short-term rental can lead to unexpected costs when something goes wrong.

For an insurer, deciding how to structure an insurance policy and how much coverage to offer boils down to the specific risks associated with the activity that’s being insured. And while to a beginner investor, STRs and LTRs seem like similar activities, they are actually subject to very different risks—hence the different coverage types required.

The most significant coverage gap is in liability. Landlord insurance protects investors by covering lawsuits for tenants’ personal injuries while occupying the property. But what if it turns out that the “tenants” suing for personal injury were only staying for the weekend and are not the tenants named on the long-term lease? The insurer most likely will deny coverage. Most Landlord policies include a “business pursuits” exclusion. Your insurer has the authority to determine that short-term renting is a business pursuit; your liability coverage could be voided entirely, even for incidents that do occur on the premises.

The same goes for if a guest slipped and fell in front of an outdoor hot tub or got injured while kayaking in a nearby river in a kayak you provided as a host. Certain activities, amenities, or off-premises exposures may require separate coverage or specific endorsements and are often excluded unless explicitly insured. Without appropriate coverage, even a single accident involving a hot tub, pool, or recreational equipment can quickly escalate into a six-figure liability exposure.

Next, if a guest steals something of yours during a weekend stay, landlord coverage will not be of help here because landlord policies assume that nothing in a rental property is your own personal property, with most LTR properties offered on an unfurnished/partially furnished basis. Theft is especially problematic if you offer an STR that is elaborately furnished or “themed” with knick-knacks and unique decor. 

Be careful with this, though: Even short-term insurance plans often won’t cover the cost of expensive items like artwork or jewelry; if you really feel like leaving these in a property you’ll be using as an STR, you’ll need to add a special add-on plan for valuable personal property.

Hot water heater, air conditioner, refrigerator, circuit panels, heating, or smart home system stops working? If an appliance breaks due to mechanical failure, landlord insurance generally does not cover replacement unless a specific equipment breakdown endorsement is in place. Landlord insurance typically responds only to damage caused by a covered peril such as fire or storm. And if you are forced to cancel a booking due to the equipment that broke down, without this coverage, you’ll have to shoulder the loss of income from that booking and any other impacted booking as well. 

What if one of your guests accidentally brings in bedbugs via their bags? A pest infestation can make an STR uninhabitable for weeks while pest control deals with the issue. 

Landlord insurance does not cover pest infestations because they’re considered preventable with proper maintenance. Some short-term rental policies, on the other hand, will cover this problem due to high guest turnover, which can make such infestations impossible to prevent in short-term properties. 

When bedbugs or similar infestations occur under a landlord policy, the financial impact is twofold: the owner is responsible for extermination and remediation costs and must cancel upcoming reservations while the property is out of service. Because landlord policies do not include loss-of-revenue protection, the lost booking revenue during this downtime is typically uninsured.               

All these exclusions amount to a fundamental assumption about the key differences between STRs and LTRs: Long-term renters, as a rule, tend to take better care of the properties they occupy than short-term renters. They are also less likely to sue their landlords because they want to stay in their home, so you have less of a risk of someone filing a claim opportunistically. Long-term rentals are just subject to fewer unpredictabilities. 

For all these reasons, short-term rentals require their own kind of insurance with higher liability limits, broader property protection, and business income considerations, coverage structures that contemplate hospitality-style operations rather than long-term tenancy.

When a Rental Becomes a Business

There’s one more important thing investors need to know about switching to short-term rental insurance: What you’ll be switching to is actually a form of commercial insurance, combined with elements of home insurance. 

In the eyes of an insurer, a short-term rental stay is considered a “business activity.” In this, the insurers follow IRS guidance that deems active hospitality, where cleaning, concierge services, and amenities are offered as part of the stay, a business activity rather than passive income, as in the case of traditional real estate investing. 

This is important not just because this designation as a business activity may automatically exclude you from LTR landlord policies, most of which come with a “business pursuit exclusion” clause, but also because you may need a lot more than you think as an STR landlord, including a business permit, a local STR registration, and any other licensing required specifically of short-term rentals in your local area. 

The precise guidelines vary, and you’ll need to do your own research, but, as a rule of thumb, if you’re planning on using your investment property for stays that will be, on average, seven days or fewer, you almost certainly will fall into the category of a short-term rental “business,” with all the legal implications. 

Final Thoughts

For a short-term rental landlord, there’s far more to think about due to the higher-risk and more unpredictable nature of this rental strategy.

If you’re planning on renting through Airbnb or Vrbo, it can be tempting to rely solely on the OTA guarantees these companies advertise.

Resist the temptation to skip the fine print. Standard platform protections come with significant limitations. For example, Airbnb’s host coverage is not a policy with your name on it, meaning you forfeit all policy rights. They are in complete control of the process, how long it takes, if you get paid, and how much for any experienced loss. 

The strongest protection strategy is a policy designed specifically for short-term rentals and customized to your property’s risk profile. Working with a provider that specializes exclusively in STR coverage, such as Proper Insurance, ensures your policy reflects the realities of operating a hospitality business, not just owning a rental property.

Citadel Securities demolishes viral doomsday AI essay


Over the past week, a highly speculative piece of financial fiction has gripped Wall Street. Titled “The 2028 Global Intelligence Crisis,” the viral essay by Citrini Research and Alap Shah paints a catastrophic picture of an economy destroyed by artificial intelligence. Framing itself as a “Macro Memo from June 2028,” the piece describes a world in which the S&P 500 has plummeted 38%, unemployment has spiked to 10.2%, and the U.S. economy is trapped in a deflationary spiral caused by the mass displacement of white-collar workers.

However, Ken Griffin’s market-making giant Citadel Securities has swiftly dismantled the viral narrative. In a blistering new macro strategy report authored by Frank Flight, Citadel systematically debunks Citrini’s doomsday scenario, using real-time economic data to prove that the so-called “intelligence crisis” is actually rooted in a profound misunderstanding of macroeconomic fundamentals and technological adoption curves.

Viral “doomsday” narrative

To understand Citadel’s takedown, one must first understand the hysteria Citrini, a macroeconomic analysis research firm founded in 2023 by James van Geelen, attempted to incite. Citrini’s Substack essay imagines a “human intelligence displacement spiral”—a negative feedback loop with no natural brake. In this hypothetical future, AI agents rapidly replace software engineers, financial advisors, and middle management. Companies lay off workers to expand margins, reinvesting those savings into more AI compute, which only accelerates further layoffs.

Citrini argues this leads to systemic financial ruin. They hypothesize that stripped of their high-paying salaries, prime borrowers will default on their portion of the $13 trillion residential mortgage market. Furthermore, Citrini predicts a bloodbath in private credit, forecasting that PE-backed Software-as-a-Service (SaaS) companies like Zendesk will default on billions in debt as AI coding agents allow clients to build internal software rather than pay subscription fees. In Citrini’s eyes, AI represents an “economic pandemic” generating “Ghost GDP”—output that benefits the owners of compute but never circulates through the human consumer economy.

Citrini became the top finance Substack after accurately identifying early investment prospects in artificial intelligence and weight-loss pharmaceuticals. Its recent viral memo spooked markets and divided audiences, who either found it eerily prescient or inherently flawed.

Software jobs are rising, not falling

Citadel Securities didn’t mince words in its response, pointing out that “despite the macroeconomic community struggling to forecast 2-month-forward payroll growth with any reliable accuracy, the forward path of labor destruction can apparently be inferred with significant certainty from a hypothetical scenario posted on Substack”.

Flight begins the demolition by looking at actual labor market data. While Citrini’s essay insists that software and consulting jobs are currently collapsing, Citadel points to Indeed job posting data showing that demand for software engineers is actually rising rapidly, up 11% year-over-year in early 2026.

Furthermore, the data on AI diffusion completely contradicts the idea of an overnight white-collar wipeout. Using the St. Louis Fed’s analysis of the Real Time Population Survey, Citadel notes that the daily use of generative AI for work is remaining “unexpectedly stable” and currently “presents little evidence of any imminent displacement risk”. Instead of a collapsing economy, new business formation in the U.S. is rapidly expanding, and the construction of massive AI data centers is currently driving a localized boom in construction hiring.

The “Recursive Technology” Fallacy

The core of Citrini’s error, according to Citadel, is conflating recursive technology with recursive economic adoption. Citrini’s premise assumes that because AI can write code to improve itself, its integration into the economy will compound infinitely and instantaneously.

Citadel calls this fundamentally flawed. Technological diffusion has historically followed an S-curve, where early adoption is slow, accelerates as costs fall, and eventually plateaus as saturation sets in and marginal returns diminish. Furthermore, Citadel points out a massive physical constraint that Citrini ignores: energy and computing power.

“Displacing white collar work would require orders of magnitude more compute intensity than the current level utilization,” Flight writes. If automation were to expand at the breakneck pace Citrini fears, the demand for compute would inherently rise, pushing up its marginal cost. “If the marginal cost of compute rises above the marginal cost of human labor for certain tasks, substitution will not occur, creating a natural economic boundary”. In other words, physical capital, energy availability, and regulatory friction will naturally brake the “unstoppable” feedback loop Citrini envisions.

Ignorance of macroeconomic fundamentals

Citadel’s most damning critique targets Citrini’s apparent ignorance of basic macroeconomics. Citrini claims that AI is a unique threat because it will destroy aggregate demand while boosting output, violating the basic laws of economic accounting.

“Productivity shocks are positive supply shocks: they lower marginal costs, expand potential output, and increase real income,” Citadel counters. Historically, every major technological leap—from the steam engine to the internet—has followed this exact pattern. If AI allows firms to produce more at a lower cost, prices fall and margins expand. Lower prices increase real purchasing power for consumers, which in turn increases consumption. Higher margins lead to reinvestment.

Citadel argues that for Citrini’s scenario to play out, one must assume that labor income completely collapses and capital income has a spending velocity of zero, which is historically false. Profits from AI efficiency will be reinvested, distributed, taxed, or spent. Moreover, Citadel points out that AI is highly likely to be a complement to human labor rather than a strict substitute. The economy consists of a vast array of physical, relational, and supervisory tasks fraught with coordination frictions and liability constraints that algorithms cannot easily navigate. Citadel poses a simple historical reality check: “Was the advent of Microsoft Office a complement or substitute for office workers?”

The Financial Times’ Robert Armstrong, who writes the Unhedged column, has been among the Citadel-leaning critics over the past week, along with Tyler Cowen of George Mason University and the Marginal Revolution blog, but he argued on Wednesday that more nuance could support the Citrini scenario. Paul Kedrosky, the tech analyst with SK Ventures, wrote to Armstrong about the so-called “Engels pause,” a scenario Fortune has previously covered, named by the economist Robert Allenafter Karl Marx’s 19th-century partner and benefactor, Friedrich Engels.

Engels noted that per capita GDP was increasing but wages were stagnating in the UK during the late 18th and early 19th century, and analysts at the Bank of America Institute, while not using the Engels pause phrase, noted the same dynamic taking place recently “Profits are gaining ground vs. wages,” they wrote in February, explaining that “recent productivity gains have been piling as corporate profits, with labor income steadily falling as a share of U.S. GDP.”

Allen told Armstrong by email that he thinks the Engels pause in the U.S. and UK economies actually dates back to the early 1970s, referring him to a 2024 paper that analyzed labor market trends dating back to 1620. Wages briefly outpaced inflation during the pandemic labor shortages, leading to a short-lived era called “The Great Resignation,” but anemic job growth over the last few years suggests companies believe they overhired.

The Keynesian Trap

Citadel refers back to another economist in its attempt drive the final nail into the coffin of the “Global Intelligence Crisis,” invoking a famously optimistic and incorrect prediction by John Maynard Keynes. In 1930, Keynes famously predicted that soaring productivity would lead to a 15-hour workweek by the 21st century. He was right about the productivity, but entirely wrong about the labor market.

Why didn’t jobs disappear? Because, as Citadel explains, “rising productivity lowered costs and expanded the consumption frontier”. Humans simply shifted their preferences to higher-quality goods, novel services, and previously unimaginable forms of expenditure. “Keynes underestimated the elasticity of human wants,” Citadel asserts. Citrini is making the exact same analytical mistake today. AI will alter the composition of demand and generate entirely new industries, just as the internet did. The 2026 economy is probably not heading for a sci-fi apocalypse; in other words, it is simply experiencing the next great, manageable wave of human productivity.

For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.

Is Jane Street responsible for the Bitcoin slump?



It’s been a bad few months for Bitcoin, as prices have fallen over 40% since October. For investors this has been especially frustrating since, unlike in previous downturns, there has no obvious explanation for the market malaise. This week, however, the perpetually online crowd known as Crypto Twitter came up with a culprit: The secretive Wall Street firm Jane Street, which they alleged had been engaging in a surreptitious form of ETF-related trading that systemically depressed the market.

The theory spawned a series of viral posts in the fever swamps of social media, and gained further traction when Bitcoin staged a midweek rally—following further claims that Jane Street had changed its trading patterns after being “exposed.” The claims, however, appear to be flimsy at best in the eyes of Wall Street veterans. They were also dismissed by a person close to Jane Street, who was not authorized to speak for attribution but described the claims as an “absolutely ridiculous” conspiracy theory.

The unfounded claims that Jane Street manipulated the price of Bitcoin revolve around the firm’s role as an “authorized participant” in the relatively new market for crypto ETFs offered by BlackRock and others. So-called “APs”, which are an integral part of the ETF landscape, are deep-pocketed firms that help ensure that the price of ETF shares track the value of the assets they hold, allowing the firms to earn money from arbitrage by doing so.

Jane Street has been acting as a Bitcoin AP for some time. But this week social media posts began to surface alleging the firm was engaged in skullduggery. The specific accusations vary, but most allege some version of Jane Street dumping Bitcoin holdings at a given time every morning, while holding short positions to benefit from the resulting dip. There is no firm evidence to support this theory, however, and veteran market watchers have put little stock in it.

“The argument makes zero sense and completely misunderstands how derivatives and perps/futures work as well as what an AP does for these ETFs,” said Rob Hadick, a partner at Dragonfly Capital, who has previously worked at Goldman Sachs and other Wall Street firms.

Even though the rumors about Jane Street manipulating Bitcoin appear to lack substance, recent controversies surrounding the firm may have helped to fuel them. Those include a lawsuit filed last week by the administrator winding down the bankrupt stablecoin issuer Terraform Labs, which accused Jane Street of insider trading as the firm collapsed.

In a statement, Jane Street rejected what it describes as “baseless, opportunistic claims” related to its role at Terraform Labs, noting that the firm’s stablecoin imploded due to massive fraud perpetrated by its now-imprisoned founder. This explanation is the consensus view, but a broader dislike for Jane Street among some in the crypto and financial world may be fueling claims the firm was complicit in the demise of Terraform Labs.

The reason for ill will towards Jane Street in some quarters stems in part from the firm having once employed notorious conman Sam Bankman-Fried and his one-time girlfriend, Caroline Ellison, who were both later convicted of fraud-related crimes related to the collapse of the crypto exchange FTX. Jane Street may have also aroused jealousy among some traders for its massively profitable trading strategies, and the secret and eccentric behavior of co-founder Rob Granieri, described in a recent Bloomberg profile.

All of this suggests that, at a time of prolonged market pain, the crypto sector may have found a convenient scapegoat. “It’s just people who don’t understand markets and want there to be a boogeyman to blame for why they haven’t made more money,” said Hadick.