Lendkey student loan reviews

Learn about the reviews on LendKey private student loans and refinancing. Discover its benefits, features, requirements and interest rate from here!

Updated by Gowtham Ramesh on 11th June 2019


LendKey is a place where you get connected with students loans from credit unions and community banks to the borrowers. Where it matches the borrower who is qualified for the loan from its partners. This requirement is applicable to all loans which are made from LendKey. If you took a loan you need to make sure that you understand that lenders specific terms.

Their mission is to help borrowers to save money on their loans and credit union and community banks have been providing student loans at a lower interest rate with great customer service to its student loan borrowers,

The main reason why it has been partnering with over 1,000  of community banks and credit unions to make start collect their student loan refinancing offers. Well, if you are interested in refinancing then your student loan refinancing platform can help you find its good rate.


Table of Contents


Overview of LendKey student loan refinancing

Let's see the services that are offered by LendKey with information such as their interest rate, term, amount and other benefits which are offered by them.

Refinancing Factors Rates and Percentage
Reviewed loan Student loan refinancing
Interest rates Fixed: 3.49% - 8.93%Variable: 2.7% - 8.96%
Loan terms 5, 7, 10, 15 and 20 years
Loan amounts $7,500 to $125,000 for undergraduate$250,000 for graduate degrees$300,000 for medical, dental, or veterinary degrees
Co-signer release available Yes
Can transfer a parent loan to the child No

Why get a loan from LendKey?

It is one of the utmost interesting company in the student loan industry where it gets connected with all small, local banks and credit unions around the state providing access to all the great deals which might not be on your radar.

Well, it not all of it, they even offer loans through LendKey where it is serviced by them. You can apply online on their site and select the repayment option which suits you through the site and make payments on it.

It allows the borrower to make use of the modern level customer service and let it know to others to get through a smaller lender.

Benefits of LendKey student loan

Lendkey generally offers exceptional and remarkably attractive benefits to save your money after you have paid off 10% of your loan which might be qualifying for a reduction of 1% in the interest rate.

Additionally, as they work with financial institutions such as credit union where it can offer loans at some of the lower interest rates. Also to keep in mind that credit unions are nonprofit lenders, their purpose is to serve members than stockholders.

If you like a small business and supporting then LendKey serves the mission. It also offers great deals to the customers, to help the smaller financial institution to keep them in the front of people through their online platform. They allow banks to run operating cost low, where it can offer a more competitive rate to the customers.


Lendkey Student loan refinancing

When you apply for it, they will match it with your credit unions or other lenders depending on certain characters such as location or affiliation with certain groups. They even need credit score, income, loan limits and many other things.

Even after making a decision on the refinancing of your student loans, You may need to know whom to choose as a lender. LendKey can help you find the correct one by getting in touch with the community banks and credit unions. Local banks and credit unions do not have the recognition as compared with other big banks, where this service shows you offer that you might not be aware or heard about it otherwise.

These institution types generally have certain requirements such as geographic and other things, so reviews generally give your information and show you the offers from the bank and credit union based on your eligible.

For example, if you are in military then LendKey might provide you Navy federal credit union to refinance offer. If you see an offer such as Navy FCU, you can use LendKey student loan refinancing to get an offer and proceed with the full application

Learn about the reviews on LendKey private student loans and refinancing

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Partners of refinancing generally offer you a variable rate at the beginning 2.81% and fixed rates starters from 3.49%. This amount can be refinanced based on the state and where you can choose repayment terms of 5, 7, 10, 15, even 20 years.

If you opt for a longer repayment term without looking at the loans that you have currently. You can always pay off the student loan before the schedule without getting any penalties.

Features

Refinancing using LendKey makes the process easy and efficient. Here are some features that make LendKey very useful for the student loan borrowers who are looking to refinance.

Offers Lower interest rate

They promise that its community bank and credit union partner where they offer low-interest rates, and it will be given as promised. They offer variable rate from 2.81% to 8.79% and fixed rate from 3.49% to 8.92%

The interest rate is usually competing with big banks and online lenders who have to offer through the course with a strong credit score and income to qualify for lower rates it goes with the cosigner too. If you are qualified then it could be lower the student loan interest rate considerably and save money over the duration of your student loan.


Multiple comparisons of offers

LendKey student loan refinancing makes the rate of shopping process easy and effortlessly. It's a smooth platform easy to use and it allows you to look for rates across multiple lenders at a single place.

Provide them your basic information like your income, loan amount the school you are going. Then this information is reviewed and instantly lets you whether you are pre-qualified or not for the refinancing.

The rate checks only when it involves a soft credit pull where it won't affect your credit score. Ensure that you are eligible for every institution that you see, Where you don't have to do the work for finding out which one credit union or bank is in your area.


Exclusive offers

Community banks and credit union usually don't have a similar reach or the budget for marketing as the large banks and national online lenders do. You might never hear about the local or small scale institutions that can give you lower rates and personalized customer services.

You will be getting a chance to get connect with these community lenders. Checking the rates does not need any commitment to refinance with any of them. Instead, you will be getting to see offers where you can decide which is good for you.


Things to keep in mind about LendKey

Lendkey is a vast resource for student loan borrowers but it also has potential drawbacks. Considers the options also while you down but, don't miss out on refinancing offers and the benefits that you have.

Limited access

LendKey has partnered with 13,000+ community financial institutions to get you the student loan refinancing offers as the numbers get down considerably depending on the lender's eligibility. You won't see offers from other banks or online lenders which can have better terms.

If the goal of yours is to find the lowest interest rate then its good to look around for a variety of lenders such as national banks and online lenders.

Refinancing platform of LendKey might be a part of your search, Its always a good idea to keep a lookout for other things too where you don't miss out the deals.

Extra research is needed on lenders

Lendkey matches with lenders, where it does not necessarily give all the information of every lender. Before getting an offer, take the time of yours to find out the best lender's requirements, terms, and conditions.

Look for customer reviews for example if you find the lenders offer more benefits like the release of co-signer, unemployment or skipping of payments under financial hardships.

These facilitate your application with the lender, Ultimately the loan of yours will come from the bank or credit union itself. Better make sure that you have answered all the questions before finishing out any paperwork.


Top 5 reasons why LendKey refinancing are different

There are several options used into consideration over all the 5 categories available from various companies and have been rated on the base of three criteria Average, Below Average, and Above Average.

1 - Faster repayment

Lenders need to score high so they can provide a variety of term for repayment and to make extra payments easy. It is not easy to achieve it, hence, LendKey scores average in these.

2 - Discloses requirement and the limited cost

The lender is required score highly to limit their fees and the interest rates making it transparent where it can allow the borrowers to get a personalized rate and an estimation before they applying it LendKey scores above average here.

3 - Serves a range of borrowers

In order to serve their customers across different locations and under different situations, they need to score high to achieve it, where it can vary among the citizenships they have. The LendKey scores below average making them serve over multiple areas.

4- Offers payment flexibility

Lenders required to provide and offer a longer than 12 months of forbearance periods, for the military deferment or any other flexible repayment options where it can help the borrowers in their hardships. Here, LendKey scores above average.

5 - Supports customers

The lender needs to assign the borrowers an advisor and provides him multiple ways to get in touch with the customer service and the website needs to provide a full range of APR range fee and forbearance policies. Here, LendKey scores below average.

How to improve the refinancing of LendKey

LendKey can be improved by providing refinancing to borrowers who don't hold a degree and to the visa holder. Even they can increase displaying their maximum interest rates which are available loan terms on to their websites and also can provide more information on the things which are expected by borrowers.

Requirements and details of LendKey Loans

This detail of LendKey is consist of all the information of the loans from the interest rate and fees, Requirement, Repayment options, and Customer service.

Interest rate and fees

Well, looking into the range of interest rates with other loan provides and refinancing lenders. The actual rate will be based on these factors which include you and your co-signer credit history and your financial circumstances.

  • No application or origination fee.

  • No prepayment penalty.

  • There are late fees for the repayment based on the lender from $5 to $15.

  • You need to qualify the soft credit check to see what your rate.

Eligibility

  • Credit score required for borrowers minimum is 660

  • Minimum income for the year is $24,000, for co-signer is $12,000

  • Credit score for the approved borrowers or co-signer is 757 for approval

  • The income of the approved borrowers should be $63,000 per year

  • maximum debt to income ration should be 43%

  • After 7 years you can qualify for filing a bankruptcy

  • Must be a citizen of U.S. or permanent resident

  • Loans are not provided to Maine, Nevada, North Dakota, Rhode Island or West Virginia.

  • Attend IV-accredited school with a degree-granting institution.

  • 90%+ of the borrowers have a co-signer

  • Must have at least an associate degree

Repayment options

  • There is no academic deferment

  • There is no military deferment

  • Forbearance is on for 5,7 and 10 years loans postpone of payments can be done 4 times up to 12 months in total.

  • For 15 or 20 years loans postpone payments for a period of 6 months up to 18 months in total

  • Interest only payment for 15 to 20 years loan terms where it can be made only for the first 4 years

  • Discharge of loans in the event of death or disability of borrowers its guarantee it but it's common among lenders to discharge according to LendKey

  • It allows greater than minimum payments through autopay option

  • It does not allow biweekly payments through autopay


Customer service

  • LendKey loans servicer are them self.

  • It has an in-house customer service team.

  • No, they won't process for the escalating concerns.

  • No, borrowers don't get assistance from a dedicated banker, advisor or representative.


LendKey private student Loan

LendKey is undergraduate private student loan is considered as best for people who value working with a community bank or credit union and who want to be going on a long forbearance period on a safer path. It offers 18 months of forbearance for undergraduates students, comparatively higher than other lenders.

Overview of LendKey private student loan

Let's see the services that are offered by LendKey with information such as their loan term, loan amount, grace period and co-signer release which are offered by them.

Description Rates and Percentage
Reviewed loan Private student loan for undergraduates
Loan terms 10 years
Loan amounts $2,000 to $160,000
Grace period 6 months
Co-signer release available Yes, after 24 months

Top 5 reasons why LendKey private loan are different

There are several options used into consideration over all the 5 categories available from various companies and have been rated on the base of three criteria Average, Below Average, and Above Average.

1 - Faster repayment

Lenders need to score high so they can provide a variety of term for repayment and to make extra payments easy. It is not easy to achieve it, hence, LendKey private loan scores below average in these.

2 - Discloses requirement and the limited cost

The lender is required score highly to limit their fees and the interest rates making it transparent where it can allow the borrowers to get a personalized rate and an estimation before they applying it LendKey scores above average here.

3 - Serves a range of borrowers

In order to serve their customers across different locations and under different situations, they need to score high to achieve it, where it can vary among the citizenships they have. The LendKey scores below average making them serve over multiple areas.

4- Offers payment flexibility

Lenders required to provide and offer a longer than 12 months of forbearance periods, for the military deferment or any other flexible repayment options where it can help the borrowers in their hardships. Here, LendKey scores above average.

5 - Supports customers

The lender needs to assign the borrowers an advisor and provides him multiple ways to get in touch with the customer service and the website needs to provide a full range of APR range fee and forbearance policies. Here, LendKey scores below average.


How to improve the private loan of LendKey

LendKey can be a great option if it provides some additional features like Providing personalized rate estimates without affecting credit, Postponement of payments for those who have returned to school to serve in the military can be taken into consideration.

The maximum rate of interest on the loan terms can be displayed on their website where community banks and credit unions join with lend key and work with all different characteristics of the loan. Their website can help you give more information on what borrowers can look for.


Requirements and details of LendKey private Loans

This detail of LendKey is consist of all the information of the loans from the interest rate and fees, Requirement, Repayment options, and Customer service.

Interest rate and fees

Well, looking into the range of interest rates with other private loan providers. The actual rate will be based on these factors which include you and your co-signer credit history and your financial circumstances.

  • No application or origination fee.

  • No prepayment penalty.

  • There are late fees for the repayment based on the lender from $5 to $15.

  • There is no option for a personalized rate before applying.


Requirements

  • Credit score required for borrowers minimum is 660

  • Minimum income for the year is $24,000

  • Credit score for the approved borrowers or co-signer is 725 for approval

  • The income of the approved borrowers should be $53,000 per year

  • maximum debt to income ration should be 33%

  • After 5 years you can qualify for filing a bankruptcy

  • Must be a citizen of U.S. or permanent resident

  • Loans are not provided to Maine, Nevada, North Dakota, Rhode Island or West Virginia.

  • Attend IV-accredited school with a degree-granting institution.

  • 90%+ of the borrowers have a co-signer

  • Must be enrolled half-time or more


Repayment options

In-school

Flat fee repayment

Where borrowers need to pay a fee of $25 for a month while they are in school. You need to pay the full amount of principal plus interest after your 6 months of post-graduation grace period gets over.

Post-school

In-school deferment  - You cannot request a deferred payment when you returning to the school.

Military deferment  - There are no such options available here that you can make use of.

Forbearance  - The borrower is eligible for 18 months of forbearance within the 6 months of increment and the life of the loan.

Discharge on death and disability  - The loan agreement doesn't guarantee on it, but the automatic discharge can be seen among lenders from LendKey

Repayment preferences

It allows you greater than minimum payments through the autopay option and it does not allow for a fortnight payment through their autopay


Customer service

  • LendKey loans servicer are them self.

  • It has an in-house customer service team.

  • No, they won't process for the escalating concerns.

  • No, borrowers don't get assistance from a dedicated banker, advisor or representative.

  • The average time for the application to funding is around 27 days


Is LendKey student loan refinancing right for you?

LendKey offers you alternatives to get banks by making credit unions and local banks into the student loan refinancing market. As they are no commitment and no reason to check with the LendKey to know the offers you get.

As there are no offers are final until they run a hard credit check on your accounts. assuming the credit score of yours is good enough then you might not have any trouble in getting a refinanced loan. As LendKey is not the real lender go through the agreement before signing.

Discover LendKey benefits, features, requirements and interest rate from here!

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Also, note that refinanced student loans have some downsides if the refinanced loan is federal lone then you will be losing their perks and benefits such as protection and programs to make you pay effortlessly like an income-driven repayment plan or forgiveness program.

Before converting the federal loan into a private refinanced loan make sure that you understand the perks and benefits that you are loosing and look for new lenders also to see if the offer does provide any protection under the case of financial hardship.

If you feel that refinancing is right for you then LendKey can help you with the offers with competitive terms. Where you can consolidate your multiple loans into a sine one payment with the possibility of low-interest rate where it can help you save some on the student loan repayment.


FAQ'S

  Does Lendkey have a prepayment penalty?


No, it does not charge on any application fees, origination fees or prepayment penalties. You don\'t get a penalty for paying your loan debts before the specified timeline further its very good to see it has no charges on it.

  Does LendKey refinance parent PLUS loan?


The PLUS borrowers are not attractive for candidates for refinancing because they have a long history of credit they need to make stable employment. Refinancing it can be a good option for parent PLUS to save money on the interest on the go.

  How Long does it take to refinance a student loan?


It usually takes around 30 to 60 days starting from the loan approval to the private loan refinancing is done. You need to make continue payments on the old loan of yours till your lender gives you notice that your old have been paid off.

  Is refinancing my student loans a good idea?


It gives you options to look around for with a lower rate of interest for a better deal. The higher the interest rate on the current loan then more you will be benefiting from refinancing for a lower rate. Where you also need to have good credit in order to meet the underwriting standards of the best lenders that can refinance student loans.

  Does LendKey refinance Sallie Mae Loans?


Despite Sallie Mae not providing refinancing offers such as others offer. But, both the private and federal student loan are eligible for refinancing where you can choose to refinance the single loan into a lesser interest rate or combine multiple into one. Refinancing will make loans into private one leaving the perks and benefits.

  Can you consolidate private student loans federal?


Private student loans cannot be consolidated with federal student loans. Where they have low-interest rate on the federal consolidation loan which is not available in the case of private education loans. But, there are several options which are available for the refinancing private education loans.

  How do I contact LendKey?


Phone (888) 549-9050 The hours of work are Monday to Friday from 8 am to 5 pm CST.

Email - customer.care@lendkey.com you can email them or log into your online account and contact.

  Is variable or fixed rate better?


In general interest rate are low on beginning and will increase so it\'s better to lock on to the loans with a fixed rate so based on the terms of your agreement the interest rate on the new loan will be same after the interest rate are high.

  What is a good interest rate on student loans?


In average the federal student loan interest rate is 4.81%  for the undergraduates, 6.38% for graduate students, and 7.44% for parent and graduate student loans. LendKey gives variable and fixed rates is 2.81% and 8.96% variable rates, 3.64% and 8.93% fixed rates.

  What is the grace period of LendKey?


The grace period of LendKey is provided for 6 months once the beginning of borrowers graduation and no longer listed half-time in degree programs. After the due of the grace period, you need to make the payments with principal and interest.