11 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

Features
  • Low APRs From 2.99% variable
  • 0.25% AutoPay interest rate reduction
  • No Application Fee
  • No Early Repayment Penalty Fees

Review of LendKey

    Summary

  • Pre-qualify without a hard credit check.

  • Forbearance of 18 months for 15-year and 20-year loans.

  • Low loan rates from 2.99% APR

  • Exceptional customer service.

What is LendKey?

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.

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.

Chosen 2,987 times
  • Low APRs From 2.99% variable
  • 0.25% AutoPay interest rate reduction
  • No Application Fee
  • No Early Repayment Penalty Fees

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 may be able to borrow 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 3.99% fixed APR or 3.09% 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 2.99% 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 and already graduated with an associate degree or higher from an eligible institution. You may also need to provide your credit history and income.

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.
  • Payments can be postponed on 5, 7- and 10-year loans for up to four months at a time but no longer than 12 months in total. For 15- and 20-year loans, payments can be postponed for up to six months at a time, but no longer than 18 months in total.
  • 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.

Our LendKey Review

    Cons

  • Applicants need a credit history and a steady income or a cosigner to be considered for approval.

  • Loan acceptance can take up to 30 days.

Reputation

LendKey is a trusted online lending platform. They have over 99,000 customers and hundreds of bank and credit union partners.

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 customer.care@lendkey.com.

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. 

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Reviews of LendKey

LendKey is rated 55 out of 300 companies in total rating and got an average review score of 4.8 based on 11 reviews. Their weakness is Interest & Costs and their strength is Support & Service.
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AH
Alexis Húaicxin Húa reviews | September 27, 2022
General Review
Upsides
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justin_lemme 1 review | August 29, 2022
General Review
Upsides
Well I fixed my credit and got rid of my debts with the help of XAP Credit Solution whom a trusted colleague recommended and he did a perfect job increasing my credit about 210 points in a few business days. My score is amazingly at its high 780’s now and all debts and inquiries are gone & I’ve never been this happy. I refer this hacker to those who have a fixed date to fix their profile. Tell him Justin Lemme referred you. You can also reach him via XAPCREDITSOLUTION at GMAIL dot COM.
Downsides
No downside
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eric_chavez 1 review | August 25, 2022
General Review
Upsides
Being able to handle people’s problems efficiently and effectively is a thing worth gratitude in every ramification. What XAP CREDIT SOLUTION did for me and my family is immeasurable, I had a very poor FICO of 510, I had a repo, student loans, evictions and a couple of late payments. After my niece convinced me I contacted XAP and they boosted my FICO to 790 and removed all evictions, late payments and repo. I know how unbelievable this may sound but they actually gave me a reason to be happy again. If you would like to engage with their services Email XAPCREDITSOLUTION at GMAIL dot COM. They are the best and surest means of getting your credit fixed. Tell them Eric told you so.
Downsides
non i can think of
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KW
kyle walker 1 review | April 29, 2021
General Review
Upsides
the facilities are great for everyone
Downsides
make it cheaper please
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LJ
logan jackman 1 review | April 21, 2021
General Review
Upsides
easy to use software
Downsides
should be free
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BR
Belinda Rowden 1 review | April 17, 2021
General Review
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CM
Catalin Mina 1 review | April 8, 2021
General Review
Upsides
Great and competitive APRs
Downsides
it might take some time to find out if your application was successful
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JM
Joya Madore 1 review | December 28, 2019
General Review
Upsides
This company seems the best fit to my situation.
Downsides
I wish they had personal loans.
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ME
Mohamed Emam 1 review | December 26, 2019
General Review
Upsides
Nice website for students
Downsides
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MS
Miranda Somerset 1 review | December 21, 2019
General Review
Upsides
Amazing for student loans
Downsides
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