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Last update: January 18, 2024

4 minutes read

LendKey: Student Loan Refinance Review

Unlock savings with LendKey student loan refinancing. Competitive rates, transparent processes, and a big network for a streamlined financial journey.

By Yerain Abreu, M.S.

Edited by Brian Flaherty, B.A. Economics

LendKey Review Snapshot

LendKey logo

BEST FOR:

A fast and simple application

Check rate

VARIABLE APR

7.11% - 11.18%

FIXED APR

7.11% - 11.18%

Thinking about using LendKey to make handling your student loans easier? Let's take a close look at how LendKey works. Instead of one big bank, LendKey connects you with lots of smaller banks and credit unions—over 13,000 of them! This could be a game-changer for making your loan payments simpler and saving some money. We'll talk about LendKey's interest rates, who can use it, the ways you can pay back your loans, and what makes LendKey different. By the end, you'll know if LendKey is the right choice for you and how it might help with your finances.

Our final verdict

LendKey is a great option for people in the U.S. who want a straightforward and community-focused way to refinance student loans. LendKey works with a large network of over 13,000 local banks and credit unions, making it easy for applicants to quickly get multiple loan offers. The platform is transparent, and it offers competitive fixed APRs and variable APRs. There's also a 0.25% discount if you use autopay. Overall, LendKey stands out for its easy access, good rates, and focus on community-based banking. It's a smart choice for borrowers looking to simplify their student loan repayment.

    About LendKey

    Founded in 2007 and given a new look in 2013, LendKey is changing how student loan refinancing works. It acts as a go-between, connecting borrowers with over 13,000 small banks and credit unions. LendKey focuses on making the financing process easy, ensuring lower payments, and showing borrowers different lending options.

    What's cool is that LendKey takes away the need for borrowers to talk directly to lenders. Instead, it makes things easy for applicants. You can quickly get multiple loan offers and compare them without any hassle. LendKey is open to a wide group of people, with a minimum credit score requirement of 660. They offer loan terms from 5 to 20 years, with fixed APRs, variable APRs, and a 0.25% discount if you use autopay.

    While it's not the best for federal student debt, LendKey is great for people looking for straightforward refinancing with a community focus. Its commitment to keeping things simple, along with a big network of lending partners, makes it a top choice for borrowers who want an easy way to navigate student loan refinancing.

    TuitionHero tip

    Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.

    Undergraduate loan details

    LendKey provides loans that range from $5,000 up to $250,000 (aggregate) for undergraduate students. They offer fixed rates from 7.11% to 11.18% or variable rates from 7.11% to 11.18% (including the autopay discount!).

    Borrowers can rest easy knowing that there are:

    • No application fees

    • No origination fees

    • No prepayment penalties

    Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.

    Repayment options

    LendKey offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.

      LendKey

      Best for: A fast and simple application

      LendKey

      Check My Rate
      VARIABLE APR

      7.11% - 11.18%

      FIXED APR

      7.11% - 11.18%

      LOAN AMOUNT

      $5,000 - $250,000

      TERMS LENGTH

      5 to 20-year

      MIN CREDIT SCORE

      660

      VARIABLE APR

      7.11% - 11.18%

      FIXED APR

      7.11% - 11.18%

      LOAN AMOUNT

      $5,000 - $250,000


      TERMS LENGTH

      5 to 20-year

      MIN CREDIT SCORE

      660

      WHAT WE LIKE

      • Cosigner release available

      • Referral bonus

      • Career help program

      • No application fee

      • No origination fee

      • No prepayment penalties

      WHAT WE DON'T LIKE

      • You need a degree to qualify

      • Not available to international students

      • Not available in all states

      • Autopay discount: 0.25% Interest Rate Reduction with automatic payments.

      • Referral bonus: - You earn $200 for every friend that takes a loan with LendKey - Your friend or family member earns $200 as well -There are no caps or limits to how many people you can refer

      Eligibility

      Who can benefit from LendKey's loan options? Here are the core eligibility requirements for their private student loans:

      1. Age: The borrower must be the age of majority in their state

      2. Location: LendKey services all states except Maine, Nevada, North Dakota, Rhode Island, and West Virginia

      3. School attended: Students must be enrolled at least half-time in a degree-granting program from a Title IV eligible school

      TuitionHero tip

      If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.

      Compare LendKey to other lenders

      Unsure if LendKey is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.

      Our top pick

      LendKey

      LendKey

      Disclosures

      Variable APR

      7.11% - 11.18%

      Fixed APR

      7.11% - 11.18%

      Repayment Options
      • Unemployment deferment
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Referral bonus: $200
      Loan Details
      Loan amount: $5,000 - $250,000
      Term lengths: 5 to 20-year

      LendKey

      LendKey

      Disclosures

      Variable APR

      7.11% - 11.18%

      Fixed APR

      7.11% - 11.18%

      Repayment Options
      • Unemployment deferment
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Referral bonus: $200
      Loan Details
      Loan amount: $5,000 - $250,000
      Term lengths: 5 to 20-year

      LendKey

      LendKey

      Disclosures

      Variable APR

      7.11% - 11.18%

      Fixed APR

      7.11% - 11.18%

      Repayment Options
      • Unemployment deferment
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Referral bonus: $200
      Loan Details
      Loan amount: $5,000 - $250,000
      Term lengths: 5 to 20-year

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      Ready to get started?

      Compare student loan rates from all the top lenders with zero impact on your credit score.

      Customer service

      LendKey has an A+ rating from the Better Business Bureau (as of December 19, 2023).

      LendKey offers multiple ways to contact them.

      • Website: https://www.lendkey.com/

      • Email: customer.care@lendkey.com

      • Phone: (888) 549-9050

      • Hours: Monday to Friday: 9:00 AM - 8:00 PM ET

      Frequently asked questions (FAQ)

      Here are some of the most common questions we get asked about LendKey.

      LendKey offers a streamlined and user-friendly application process. Borrowers apply for loans through LendKey, which then matches them with appropriate banks or credit unions. It's important to note that while LendKey facilitates the application, it does not underwrite or fund the loans.

      While LendKey is a great option for refinancing, it may not be ideal for federal student loans. Refinancing federal student loans eliminates federal repayment options like income-driven repayment plans and loan forgiveness programs.

      LendKey offers a referral bonus where borrowers can earn $200 for every successful referral who refinances a student loan. The person referred also receives a $200 bonus.

      While LendKey's network includes over 13,000 institutions, their services are unavailable in the following states: Maine, Nevada, North Dakota, Rhode Island, and West Virginia.

      When thinking about refinancing student loans, it's important to look at the advantages both now and in the future. If you have federal student debt, be aware that choosing to refinance might mean giving up some federal options. Also, if you're the type who likes to know all the details about lenders, you might find that LendKey's service is missing a bit of information. It's smart to check out all your options before choosing to refinance your student loans.

      Final thoughts

      When it comes to LendKey’s student loan refinancing, it's clear that this platform is a great choice for people who want a straightforward and community-focused option. LendKey works with local banks and credit unions, offering competitive rates and a commitment to transparency. Whether you're a graduate who manages money well or someone trying to simplify your finances, LendKey gives you an easy way to potentially save money and make repaying your student loans more manageable. Think of LendKey as a helpful partner for handling the details of student loan refinancing and working toward a better financial future.

      Sources


      Author

      Yerain Abreu avatar

      Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.

      Editor

      Brian Flaherty avatar

      Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.

      At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.

      At TuitionHero, we're not just passionate about our work—we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.


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