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LendKey Review: Best Student Loan Refinancing Rates

LendKey Student Loan Refinancing Review

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  • Fixed APR: 2.69-7.93%
  • Variable APR: 2.05-5.25%
  • Min. credit score: 660

Financeive Rate

Pros

  • Without even a hard credit check, you can know if you’ll qualify and what rate you’ll get.
  • There are no application or origination fees with LendKey.
  • You’ll be matched with a trusted lender, which will make your search a little easier.
  • Forbearance periods of 18 months are longer than many lenders’ for 15- and 20-year loan maturities.
  • LendKey only requires a co-signer if you have insufficient yearly income or short credit history. If you have a stable income and good credit, you can apply without one.

Cons

  • Borrowers cannot defer payments if they return to school or serve in the military.
  • Borrowers with undergraduate loans can only refinance up to $125,000 in student loans, which may not be enough if you went to a prestigious private school.
  • Loans are not available in the following states: Maine, Nevada, North Dakota, Rhode Island, and West Virginia.

Who should refinance with LendKey

LendKey is ideal for borrowers who want to work with a small bank or credit union rather than a huge one.

It’s also a good lender for individuals who wish to refinance since it offers low refinancing rates that start at a 1.57% variable APR.

LendKey has reasonable APRs and is simple to deal with, it’s also adaptable. The site is easy to comprehend, yet not cluttered with information. There was a good experience in terms of the process and prompt customer service.
Marie Mitchell, Journalist at Financeive
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Some borrowers like the ability to work with a small bank or credit union rather than a large bank, which LendKey provides.

Furthermore, the typical LendKey refinancing client earns $65,000 per year, making the organization a viable alternative for individuals who do not earn six figures.

LendKey is great for borrowers who want to take some of the bothers out of looking for student loans because it works with various partners.

For your convenience, we’ve compiled the most comprehensive LendKey review.

Today, we’ll address any worries you may have about LendKey, as well as fees, requirements and what to expect during the application process, APR information, and, most importantly, how LendKey stacks up against other lenders.

What Is LendKey?

LendKey is a lending company and online marketplace that connects borrowers to local credit unions and community banks to apply for and receive private student loans, student loan refinancing, and home improvement loans.

LendKey was originally known as Fynanz, which operated from 2007 until 2017.

Fynanz was a peer-to-peer student loan platform that stood out from other P2P lenders by guaranteeing loans and leveraging novel data sources to analyze applicants’ creditworthiness.

The nation’s 13,000+ community financial institutions may use LendKey’s cloud-based solutions and infrastructure to participate in online lending and provide loans in a variety of asset classes thanks to its 11-million-strong user base.

LendKey Refinancing Rates, Fees, and Terms

LendKey performs soft credit checks to qualify and see what rate you’ll get.

Loan terms range from five, 7, 10, 15, or 20 years.

The lowest amount that can be refinanced is $5,000.

However, in Arizona, Connecticut, California, Colorado, and Massachusetts, The minimum loan amount for refinancing is $10,001.

The maximum attainable loan amount for an undergraduate degree is $125,000, for a graduate education it’s $175K, and for certain medical degrees is $300K.

Keep in mind: By refinancing with LendKey, you cannot transfer a parent loan to a kid.

LendKey does not charge any application, origination, or prepayment fees, however, some lenders may charge late penalties.

Eventually, LendKey has 6 months grace period for repayment.

More: Student Loan Refinance Calculator – Should You Refinance?

LendKey Student Loan Refinancing Requirements

The requirements for student loans differ by lender, but LendKey has generic student loan qualifying requirements. To be considered, borrowers must:

  • You must be a citizen or permanent resident of the United States.
  • There are no loans available in Maine, Nevada, North Dakota, Rhode Island, or West Virginia.
  • At least an associate’s degree is required.
  • A student must have attended a federally funded school

A co-signer is not required, but 37% of borrowers have one.

However, most LendKey refinancing lenders have certain requirements:

  • The lowest required annual income is $24,000, or $12,000 with a co-signer.
  • 751 is the average credit score of authorized borrowers or co-signers.
  • 660 is the minimum credit score.
  • The average annual salary of eligible borrowers is $65,000.
  • The maximum debt-to-income ratio for refinancing is 50%.

If you’ve filed for bankruptcy, you might be eligible after 5 years.

Who Is LendKey Good For?

For borrowers who want to take some of the legwork out of loan comparison, LendKey is a great alternative.

You may quickly evaluate different offers from hundreds of smaller lenders that provide competitive rates and excellent customer service through the network.

It’s also a good lender for individuals who wish to refinance since it offers low refinancing rates that start at a 1.57% variable APR.

LendKey Customer Service

The Better Business Bureau gives LendKey an “A” rating. This score considers the company’s complaint history as well as its reaction to those concerns.

Contact care@lendkey.com or phone 888-549-9050 for new student loans.

Contact servicing@lendkey.com or call 888-966-9268 for current student loans. Monday through Friday, 9 a.m. to 8 p.m. ET, the customer service department is open.

How To Apply For a Loan With LendKey

LendKey Application

LendKey’s application process can be completed online.

Following the completion of your application, the organization will match you with the best lender for your specific situation and needs.

When you refinance your student loan with LendKey, here’s how it works:

  1. Select whether you’re refinancing or paying for education on the website to begin the process.
  2. Fill out the form completely, including any personal or educational information that is required.
  3. Compares offers and uses the marketplace to choose a loan and rate.

You’ll probably need to supply your government-issued ID, Social Security number, co-signer information, and proof of income during the application process.

If you’re applying for a private student loan, you’ll also need information about your school, as well as loan statements from your current servicer if you’re refinancing.

Loan Approval Time and Disbursement

Borrowers should apply for a loan at least one month before they need it to give the loan time to be authorized, processed, certified, and disbursed.

Your initial application may be promptly approved. It isn’t final, however, because you may be required to supply extra documents.

Following that, the lender will contact your school to certify the loan, which could take several weeks.

You may also like: How to Pay Off $200k In Student Loans In 18 Months

LendKey Alternatives

Fixed APR: 2.15% – 5.85%. Variable APR: 1.80% – 5.28%. + ($500 Gift)

5

Financeive Rate
Interest Rates
5/5
Loan Amounts
4.7/5
Customer Experience
4.9/5
Availability
5/5
Approval Rate
5/5
Fixed APR: 1.99-5.79%. Variable APR: 1.74% to 8.27%

4.5

Financeive Rate
Interest Rates
4.4/5
Loan Amounts
5/5
Customer Experience
4.6/5
Availability
5/5
Approval Rate
5/5
Fixed APR: 2.49-7.04%. Variable APR: 1.98-7.14%

4.8

Financeive Rate
Interest Rates
4.7/5
Loan Amounts
4.5/5
Customer Experience
5/5
Availability
5/5
Approval Rate
5/5

LendKey Private Student Loans

For undergraduate and graduate students enrolled at least half-time in a degree-granting program from an authorized school, LendKey offers private student loans.

There are no application or origination fees, and there are no prepayment penalties on the loans.

As of January 6, 2022, variable rates range from 1.49% to 7.73%, while fixed rates range from 3.99% to 7.73%.

If you sign up for automatic payments with LendKey, you will receive a 0.25% interest rate discount, which is included in the lowest rate below. 

While students can borrow up to the full cost of attendance, LendKey has a maximum aggregate borrowing limit.

The cap is $120,000 for undergraduate students and $160,000 for graduate students.

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

LendKey Student Loan Refinancing Review

LendKey is a lending company and online marketplace that connects borrowers to local credit unions and community banks to apply for and receive private student loans, student loan refinancing, and home improvement loans.

Marie Mitchell

Logo LendKey 2020 Green
Interest Rates
Loan Amounts
Customer Experience
Approval Rate

Summary

For borrowers who want to take some of the legwork out of loan comparison, LendKey is a great alternative. It’s also a good lender for individuals who wish to refinance since it offers low refinancing rates that start at a 1.57% variable APR.

4.5