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Earnest vs LendKey: Student Loan Refinancing Comparison

Both LendKey and Earnest are well-known brands in the student loan sector, and their rates and conditions for refinancing student loans are very comparable.

You may compare them to see which one is ideal for your condition, and we advise comparing the interest rates charged by each lender.

LendKey vs Earnest: Which one to Choose?

LendKeyEarnest
Interest rate (APR)Variable APR: 2.51% to 7.51%  Fixed APR: 3.49% to 7.54%Variable APR: 2.49% – 7.99% APR. Fixed APR: 3.74% – 8.49% APR
Maximum Amount$300,000 $500,000
Loan Term5 to 20 yearsCustom term from 5 to 20 years
Financeive’s rating4.64.5

LendKey Advantages 

You can rapidly compare various offers from hundreds of smaller lenders who provide favorable rates and top-notch client care using LendKey.

Although some lenders could impose late fees, LendKey does not charge any application, origination, or prepayment costs.

Borrowers should apply for a loan at least one month before they need it to allow for authorization, processing, certification, and disbursement.

Checking your rate with LendKey won’t have an impact on your credit score. Instead of performing a thorough credit check, they’ll perform a mild one.

LendKey will offer a comprehensive justification if it rejects your request for a refinance. LendKey eventually includes a six-month grace period for repayment.

You can quickly check our LendKey detailed review.

Earnest Advantages 

Earnest, which was founded in 2013, is notable for its underwriting methodology, which takes into account a borrower’s anticipated earnings and the bank accounts to which they are connected. Borrowers who use Earnest frequently save money, make on-time payments without incident, and have a little credit card or personal loan debt.

Earnest is the ideal option for borrowers who wish to alter their repayment plan in order to pay off debt more quickly. Borrowers who prefer variable payback terms have the option of using a private student loan.

Borrowers have the option to forego one month’s worth of payments with Earnest every twelve months. The amount of the missing payment will be distributed among the remaining loan installments.

Refinancing does away with the initial co-signer, but adding a co-signer is unfortunately not a possibility.

How to Choose Between Earnest and LendKey?

Borrowers may obtain the best rates by using LendKey to connect with a network of neighborhood banks and credit unions. 

Lenders on LendKey provide refinancing and consolidation options in addition to private student loans. A lot of lenders provide you the choice to pay interest just for the first four years. 

Earnest, on the other hand, stands out by approaching lending with a more individualized approach. 

By allowing users to choose between fixed and variable interest rates, it gives payment flexibility. Additionally, you are not penalized if you miss a payment once every 12 months. To qualify, you must have a minimum of $5,000 in loans.

LendKey is an excellent option for borrowers who wish to reduce some of the hassles associated with searching for student loans because it collaborates with several partners.

Our Methodology

Financeive is dedicated to providing objective, comprehensive reviews of student loan companies to students.

We gathered over 30 data points from different lenders to ensure that our information supports borrowers in choosing the optimal educational loan choices for their circumstances.

Frequently Asked Questions