Skip links

Elfi vs LendKey: Student Loan Comparison

Two well-liked choices are ELFI and LendKey. We advise comparing the interest rates each lender charges to decide which is best for your circumstances. They are comparable when put side by side.

Let’s look at the advantages and term options for each lender so you can make an informed decision about which one is best for you.

LendKey vs ELFI: Student Loan Refinancing Comparison

LendKeyELFI 
Fixed APR2.99-9.93%4.29-7.29%
Variable APR4.13-7.39%2.48-7.98%
Loan Amounts$5,000 to $125,000 for undergraduate degrees; up to $250,000 for graduate degrees$10,000 up to your total outstanding loan balance.
Minimum Credit Score660680
Loan Term5, 7, 10, 15, or 20 years.5, 7, 10, 15 or 20 years.
Financeive’s rating4.9/54.3/5

LendKey vs ELFI: Private Student Loan Comparison

LendKeyELFI 
Fixed APR2.99-9.93%3.20-11.99%
Variable APR4.13-7.39%1.88-11.80%
Loan Amounts$5,000 to $125,000 for undergraduate degrees; up to $250,000 for graduate degrees$1,000 up to the school’s cost of attendance.
Minimum Credit Score660680
Loan Term5, 7, 10, 15, or 20 years.5, 7, 10 or 15 years.
Financeive’s rating4.9/54/5

ELFI Advantages

SouthEast Bank’s charity arm is called Education Loan Finance, or ELFI. As of January 2020, ELFI had been in operation for 25 years and had successfully refinanced more than $1 billion in student loans.

No private student loans provided by ELFI allow for the co-signer release. You must be eligible to refinance an ELFI loan in your own name if you want to relieve a co-signer from it.

For borrowers who appreciate excellent customer service, this refinancing loan is the perfect option. Its private student loan is ideal for applicants who have a large cash gap.

LendKey Advantages 

Using only one application and one login, you may compare the interest rates and loan terms offered by more than 300 community banks and credit unions through LendKey.

The LendKey experience, in other words, is created to match your requirements by providing alternatives. As well as guiding you through the options if you need them, LendKey’s loan experts are available.

To allow for permission, processing, certification, and disbursement, borrowers should submit a loan application at least one month before they need it.

Your credit score will not be affected by checking your rate with LendKey. They will run a light credit check rather than a complete one.

In the event LendKey denies your request for refinancing, it will provide a thorough explanation. LendKey will ultimately feature a six-month grace period for repayment.

Check out our in-depth evaluation of LendKey, LendKey vs Earnest, LendKey vs Discover, and LendKey vs Commonbond.

How Do LendKey and Laurel Road Differ in Their Eligibility Requirements?

LendKey Requirements

LendKey maintains established criteria for student loan applications, even if the eligibility conditions for loans vary based on the lender. Those who borrow must:

  • Be U.S. citizens or lawful permanent residents. 
  • The minimal prerequisite is an associate’s degree with two years of coursework.
  • Have attended a college or university that is funded by the federal government. 

37% of borrowers employ co-signers despite it not being necessary. To be specific, the majority of LendKey lenders require

  • The co-annual signer’s yearly income must be at least $12,000, or $24,000 in absence of any income.
  • Cosigners and approved borrowers often have a credit score of 751, or good.
  • Minimum credit scores are 660.
  • The average yearly income of qualifying borrowers is $65,000.
  • Refinancing cannot be done with a debt-to-income ratio higher than 50%.

ELFI Requirements

  • Minimum credit score: 680.
  • Minimum income: $35,000 per year.
  • The typical credit score of approved borrowers or co-signers is 773.
  • The typical income of approved borrowers is $146,367 per year.
  • The maximum debt-to-income ratio is 55%.
  • You must be a U.S. citizen or permanent resident.
  • You must have at least a bachelor’s degree.

How Should You Decide Between ELFI and LendKey?

LendKey is a fantastic choice for applicants wanting to lessen some of the headaches connected with the student loan application process.

If you place high importance on customer service, ELFI is a decent student loan refinancing choice. Customers are matched with a committed, skilled student loan counselor through ELFI. You can contact your adviser via phone, text, or email at any time during the refinancing process.

For those who want to steer clear of some of the difficulties related to loan comparison, LendKey is a fantastic alternative. Through the network, you can quickly evaluate a wide choice of offers from hundreds of smaller lenders that provide competitive rates and excellent customer service.

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