LendKey is a Student Loan company that works exclusively through credit unions and community banks to bring the best possible interest rates with the best possible customer service experience. Right now, they have over 300 bank and credit union partners.
Many people hear about LendKey through promotional offers at their local bank or credit union, but you can actually refinance using LendKey without an established banking arrangement.
LendKey offers a variety of products: student loan refinancing, private student loans, and even home improvement loans.
LendKey is consistently on our list of the best places to refinance your student loans, as well as the best private student loan lenders.
Should you refinance with LendKey? We’ll explain what the company offers, and whether it makes sense to pursue.
Plus, for College Investor readers, LendKey is currently offering a bonus of up to $750 if you refinance with them. You can get $750 for loans over $150,000, and $300 for loans under $150,000. Get your bonus here >>
Quick Summary
- Student loan refinancing, private student loans, home improvement loans
- Low costs: No origination fees or application fees
- Online application process is easy to use and fast
LendKey Student Loan Refinancing Details | |
|---|---|
Product Name | LendKey Student Loan Refinancing |
Min Loan Amount | $5,000 |
Max Loan Amount | $300,000 |
Variable Rate APR | 1.98% - 8.55% APR |
Fixed Rate APR | 2.99% - 8.77% APR |
Rate Type | Variable and Fixed |
Loan Terms | 5, 7, 10, 15 or 20 years |
Promotions | Up to $750 |
LendKey Video Review
Refinancing Student Loans With LendKey
LendKey requires borrowers to have a credit score of at least 680. They also consider traditional underwriting factors such as the debt-to-income ratio, and length of credit history.
LendKey allows (and even encourages) borrowers to refinance with a cosigner to get a better rate. Aside from spouse’s cosigning on loans (when the couple shares finances), cosigning is risky for the cosigner. If you default, your cosigner’s money and credit score is on the line. However, LendKey does allow for a cosigner release after you’ve made 12 on time payments.
Because of LendKey’s focus on refinancing with a co-signer, it was one of the few refinancing companies that really works well for recent grads who have limited credit history.
That said, many recent grads might continue to benefit from having their loans on Federal income-based repayment plans. It’s risky to refinance Federal student loans while you’re still getting established.
LendKey's Student Loan Refinancing Rates And Terms
Right now, LendKey offers loans with terms of 5, 7, 10, 15 or 20 years. Like most private loan refinancers, LendKey doesn’t charge any origination fees.
Rates on Fixed loans range from 2.99% - 8.77% APR. Rates on variable loans range from 1.98% - 8.55% APR. These are some of the lowest rates available right now.
Remember, rates and terms are subject to change. Please check LendKey's website for the most up to date rates.
You must refinance at least $5,000.
Also, make sure you take advantage of the LendKey student loan bonus offer when you refinance!
How Does LendKey Compare?
LendKey is one of many different student loan refinancing companies. Check out this quick comparison table and see how they compare to some of the other top companies out there.
Remember, you want to mainly look at interest rate and repayment terms, but a solid bonus offer can also make a difference!
Header |  |  |  |
|---|---|---|---|
Rating | |||
Variable APR | 1.98% - 8.55% | 1.89% - 6.66% | 2.39% - 6.01% |
Fixed APR | 2.99% - 8.77% | 2.63% - 6.63% | 2.79% - 5.99% |
Bonus Offer | Up to $750 | Up to $500 | Up to $775 |
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LendKey Private Student Loans
In addition to student loan refinancing, LendKey also offers private student loans. You need an income of at least $24,000 to take out a private student loan without a cosigner. However, that's rare for most students and even the CFPB shares that 90% of private student loans have cosigners.
Rates on LendKey’s private loans start at 1.25% for variable rate loans, and 4.25% for fixed rate loans. Rates and terms on these loans will vary by lender, but LendKey generally requires in school payments of at least $25 per month.
LendKey is one of our top private student loan lenders because of its low rates, no origination fees, and semi-flexible repayment terms.
How Does LendKey Compare?
LendKey is pretty new to the private student loan space. However, they are a strong lender.
Check out this table of some of the other top private student loan lenders, and see how they compare to the full list here: Best Private Student Loans.
Header | |  |  |
|---|---|---|---|
Rating | |||
Minimum Loan | $1,000 | $1,000 | $3,000 |
APR Type | Variable and Fixed | Variable and Fixed | Variable and Fixed |
Cosigner? | Not Required | Not Required | Not Required |
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Any Concerning Fine Print?
Aside from encouraging borrowers to take on cosigners, LendKey doesn’t have particularly concerning fine print. Borrowers seem to admire the fast application process, and especially appreciate refinancing to their current bank. Plus, you’ll get the best rate from a variety of local lenders.
However, unlike most student loan aggregators, LendKey actually requires you to pick a bank. If you get identical offers from multiple banks, you may need to do some extra research to decide whether you really like a bank or credit union before taking out the loan.
This is very similar to Credible, where you can compare different major lenders and eventually have to pick one.
LendKey Bonus Offer
LendKey is currently offering a bonus unique to College Investor readers who refinance their student loans. Right now, you can get:
- $750 when you refinance $150,000 or more
- $300 if you refinance less than $150,000
That's an awesome deal if you were already considering LendKey. Check it out here >>
Bottom Line
With no application fee and no origination fee, LendKey is a solid choice for people looking to refinance. With LendKey, you’ll get the best possible rate from a local bank.
However, you may not get the best rate out of all lenders. It could pay to compare your rate offers to offers from top rate lenders on Credible or another lending aggregator.
Remember, refinancing student loans only makes sense if you lower your interest rate, and you’re confident that you no longer need Federal loans safety nets (such as income based repayment plans).
If you’re still looking to establish yourself financially, hold off on refinancing. On the other hand, if you’re in a solid financial position, look into refinancing your student loans if it lowers your interest rate.
LendKey FAQ
Here are some common questions we get about LendKey:
Is LendKey Legit?
Yes! LendKey is a student loan lender that focuses on both private loans and student loan refinancing.
Does LendKey Offer A Bonus?
Yes! LendKey offers a bonus of up to $750.
Is LendKey Good For Student Loans?
They can be. Each lender will offer you a quote based on your income, credit history, and more. LendKey is consistently a strong competitor with other lenders, and may give you the best offer.
LendKey Review
- Commissions and Fees
- Ease Of Use
- Customer Service
- Loan Options
- Features
Overall
Summary
LendKey is an online student loan lender offers both student loan refinancing and private student loans. They partner with a wide range of community banks and credit unions to offer competitive student loan rates.
Pros
- Great student loan rates and terms, especially flexible repayment plan, and hardship options
- No origination fees
Cons
- Not available nationwide
- Lack of deferment options for some situations
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.