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LendKey vs Citizens Bank: Student Loans Refinancing Comparison

Both Citizens Bank and LendKey are favored options. We recommend evaluating the interest rates charged by each lender to see which is best for your situation. 

Let’s examine the benefits and term choices offered by each lender so you can decide which is ideal for you.

LendKey vs Citizens Bank: Student Loans Refinancing Comparison

LendKeyCitizens Bank
Fixed APR2.99-9.93%2.39-9.15%
Variable APR4.13-7.39%2.24-8.90%
Loan Amounts$5,000 to $125,000 for undergraduate degrees; up to $250,000 for graduate degrees$10,000 to $500,000
Minimum Credit Score660Does not disclose
Loan Term5, 7, 10, 15, or 20 years.5, 7, 10, 15 or 20 years.
Financeive’s rating4.9/54.5/5

LendKey Advantages 

Through LendKey, you can compare the interest rates and loan conditions provided by over 300 community banks and credit unions using just one application and one login.

By offering choices, the LendKey experience is designed to meet your needs. LendKey’s lending specialists are on hand to answer your questions and walk you through your alternatives if necessary.

Borrowers should submit a loan application at least one month before they need it in order to give enough time for approval, processing, certification, and distribution.

The rate check on LendKey won’t have an impact on your credit score. They won’t perform a thorough credit check; just a quick one.

LendKey will give a clear justification if it rejects your request for a refinance. A six-month grace period for repayment will eventually be offered by LendKey.

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

Citizens Bank Advantages 

There are two refinancing options provided by Citizens Bank: one for student loans and one for parent loans.

Both are advantageous to current Citizens customers since the lender provides a 0.25% interest rate reduction for borrowers who have a qualifying account with the bank.

Beyond that, students with a qualified co-signer who are financially sound but did not complete their education as well as non-citizens are good candidates for refinancing through Citizens Bank.

It’s not the best option if you wish to assume your parents’ debt. The application procedure for Citizens is more involved than it is for other lenders: first, your parent must refinance with you as a co-signer, and only then can you submit an application for refinancing on your own.

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

LendKey Requirements

Even if the eligibility requirements for loans vary depending on the lender, LendKey maintains standardized standards for student loan application submissions. Borrowers are required to: 

  • Be U.S. citizens or authorized permanent residents.
  • An associate’s degree with two years of study is the bare minimum requirement.
  • possess experience from a federally sponsored college or institution.

Despite the fact that co-signers are not required, 37% of borrowers use them. To be more precise, the majority of LendKey lenders want

  • The co-annual signer’s annual salary must be at least $12,000 or $24,000 if they are not earning any money.
  • The average credit score of cosigners and accepted borrowers is 751, which is considered acceptable.
  • Credit scores must be 660 or above.
  • The qualified borrowers’ average yearly income is $65,000.
  • With a debt-to-income ratio over 50%, refinancing is not possible.

Citizens Bank Requirements

Most information on what is necessary to be eligible for student loan refinancing is not disclosed by Citizens Bank. Lenders frequently seek clients with solid credit histories and sufficient income to cover their bills and living expenses. The required starting salary is $24,000.

How Should You Decide Between Citizens Bank and LendKey?

For candidates looking to ease some of the pains associated with the student loan application process, LendKey is an excellent option.

The finest Citizens Bank clients are those who already use the bank, as well as non-graduates and foreign nationals. Without a rigorous credit check, Citizens Bank will let you know your eligibility and rate.

LendKey is a great substitute for individuals who wish to stay away from some of the issues associated with loan comparison. You may rapidly assess a variety of offers from hundreds of smaller lenders through the network, all of whom provide low rates and top-notch 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