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UpsidesIf you're looking for a lending partner that combines efficiency, transparency, and borrower support, LendKey is the clear choice. Thumbs up
Downsides-
LendKey Review 2023
LendKey is a student loan platform that connects borrowers with multiple lenders in the form of banks and credit unions.
They have low APRs starting at 4.49% and there are no fees to apply. LendKey’s forbearance terms are typically also longer than most other lenders.
Chosen 4,137 times- Low APRs From 4.49% fixed
- 0.25% AutoPay interest rate reduction
- No Application Fee
- No Early Repayment Penalty Fees
How We Rate LendKey
At Financer.com, all lenders go through a thorough research and review process. Here’s how we rate LendKey:
| Category | Rating |
|---|---|
| Affordability | ⭐⭐⭐ |
| Application process | ⭐⭐⭐⭐ |
| Loan terms | ⭐⭐⭐⭐ |
| Transparency | ⭐⭐⭐⭐ |
| Customer support | ⭐⭐⭐⭐ |
| Overall | ⭐⭐⭐⭐ |
Do We Recommend LendKey?
Yes, we recommend LendKey as a reliable lender marketplace. Skip to our full review below and see how we rate LendKey.Here’s what we’ll cover in this review:
Want to skip the details? Jump to our final verdict here.
LendKey Overview
LendKey was founded in 2009 as a lending service platform. The company simplifies the borrowing process by connecting borrowers with multiple banks and credit unions through a straightforward platform.
LendKey prides itself on offering a seamless online lending service.
Here’s a quick summary of LendKey:
| Overview | Features |
|---|---|
| Loan type: | Student loans |
| Loan amount: | Up to $300,000 |
| Loan term: | Up to 20 years |
| APR: | From 4.49% |
| Min. credit score: | 660 |
| Monthly fees: | None |
| Requirements: | U.S. citizen or permanent resident Min. credit score of 660 Min. income of $24,000 a year Minimum DTI of 33% |
LendKey values privacy and does not share personal information with third parties. With over 99,000 customers and counting, LendKey has serviced more than $2 billion in loans to date.
The main LendKey offerings are new and refinanced private student loans and home improvement loans.
LendKey Pros & Cons
Pros
- APRs from 4.49% fixed or 5.02% variable
- No application fees payable
- Cosigner option to reduce rates
- No early payment penalties
- Loan terms up to 20 years
LendKey offers good APRs starting at 4.49% (fixed) which is lower than other student loan lenders. For lower rates, applicants can add a cosigner.
Longer loan terms of up to 20 years have the option of longer forbearance.
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Applicants need a credit history and a steady income or a cosigner to be considered for approval
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Loan acceptance can take up to 30 days
Cons
The loan payout process can take a few weeks but LendKey has their own in-house customer service team for support and guidance.
Products Offered
LendKey offers the following:
- Private student loans
- Student loan refinancing
- Home improvement loans
Private Student Loans
With private student loans from LendKey, you could get up to 100% of your school-certified cost of attendance. You don’t need a cosigner although you may get better rates when adding a cosigner to your loan.
Rates are as low as 4.49% fixed APR or 5.02% variable APR with AutoPay. There are no application fees with private student loans.
It is recommended that you apply at least one month prior to when your funds are due. You may get conditional approval quickly, but it’s not a final approval yet, as you may need to provide proof of income and identification.
Refinancing Student Loans
Refinancing student loans from LendKey offers rates as low as 4.49% fixed APR with AutoPay. Loan rates are available from five to 20 years.
There are no origination fees on student loan refinancing.
The minimum loan you can borrow is $5,000 unless you are a resident of AZ ($10,000), CT ($15,000), or MA ($6,000).
Home Improvement Loans
LendKey also offers loans to contractors and homeowners, at low rates. These loans are provided by community lenders like credit unions and community banks, with affordable repayment options.
All funds for home improvement loans are paid directly to the contractors.
How LendKey Works
LendKey partners with hundreds of banks and non-profit credit unions to help borrowers achieve their dreams. Loans are funded by these partners and this helps to keep interest rates lower.
Loan Requirements
When applying for a LendKey student loan, borrowers need to provide information on the school they are attending, the loan amount required, the academic period they are applying for, and their Social Security number.
To qualify for student loan refinancing, you need to:
- Be a U.S. citizen or permanent resident
- Have an associate degree or higher from an approved institution
- Have a minimum credit score of 660
Rates & Fees
Your credit score determines your APR; therefore, if you are young and do not have a great credit score yet, you may pay a higher interest rate. They do offer a consigning option, which will reduce your interest rate.
These student loans are credit-based so your APR will be determined by your credit history. Please note that some lenders may charge late fees.
Payment Terms
- No academic or military deferment.
- Forbearance is available on 5, 7- and 10-year loans, but only for up to 4 months at a time, and also not longer than 12 months in total.
- You can postpone 15- and 20-year loans for up to 6 months at a time, but only for a total of 18 months.
- Co-signers can be released after 12 months providing all payments have been made on time.
- Loan agreements do not guarantee death or disability discharge.
How To Apply for a LendKey Student Loan
Step 1
Sign up with LendKey
Step 2
Fill in your details
Step 3
Review your offers
How Financer.com Rates LendKey
LendKey is a trusted online lending platform with almost 100,000 customers. They have hundreds of partners in the form of credit unions.
With low rates and a smooth, straightforward process, LendKey has built a strong, trustworthy reputation. LendKey focuses on private student loans and home improvement loans.
Website
The LendKey website is streamlined. They have created a simple process that connects borrowers to hundreds of community banks and credit unions. Because of their automated online lending system, they can offer lower loan rates.
LendKey offers a simple application process through its website. Once accepted, you can access your LendKey account information through the online login.
Customer Service
Although they are an online company LendKey offers customer service support calls between 9 am – 8 pm EST Monday to Friday. They are also contactable through email at [email protected].
Does Financer.com Recommend LendKey?
Yes. LendKey is a proven, trusted lending service that connects borrowers with banks and credit unions.
If you have exhausted all of your college funds, scholarship options, and federal student aid, then LendKey is an optimal lending platform to consider.
Read more LendKey reviews below or add your own.
LendKey FAQs
How much can I borrow?
You can borrow up to 100% of your attendance cost. This may include textbooks, room and board, tuition, and other related expenses.
Do I need a cosigner?
Not necessarily. However, it may improve your chances of getting approved. Private student loans are credit-based so if you have poor credit or no credit history at all, you can apply with a cosigner to meet the loan requirements. Applying with a cosigner may also help you qualify for better loan terms.
When should I apply?
It is recommended that you apply for a student loan at least one month before your fees are due. It generally takes less than 30 days for a loan to be approved but in some cases, it can take a few weeks.
Is LendKey a bank?
No, LendKey is not a lender nor a bank. They assist banks and credit unions in successful online lending.
Do I need to work with a contractor to apply for finanancing?
Yes, because all funds are paid directly to the contractor.
When do contractors get paid?
Contractors submit a Disbursement Request that will be attached to your online application. LendKey supports multiple disbursements.
LendKey Alternatives
Here’s a list of alternatives to LendKey and how they compare:
| Lender | Reviews | Loan Amount | APR | Max. Loan Term | Credit Score |
|---|---|---|---|---|---|
| Ascent | View | Up to $200,000 | 5.99-35.99% | Up to 15 years | n/a |
| SoFi | View | Up to $100,000 | 5.99-35.99% | Up to 7 years | 680 |
