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 student loans 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. It's 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 and private student 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 | 4.76% - 7.86% APR |
Fixed Rate APR | 4.49% - 10.68% APR |
Rate Type | Variable and Fixed |
Loan Terms | 5, 7, 10, 15 or 20 years |
Promotions | Up to $750 |
LendKey Video Review
LendKey Student Loan Refinancing
LendKey does not disclose its minimum credit score. But it does say that they consider traditional underwriting factors such as 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 24 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.
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 4.49% - 10.68% APR. Rates on variable loans range from 4.76% - 7.86% 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. Also, make sure you take advantage of the LendKey student loan bonus offer when you refinance!
You must refinance at least $5,000. The maximum borrowing amount is $125,000 for undergrads degree, $175,000 for borrowers with graduate degrees, and $300,000 for select medical degree graduates.
LendKey Refinancing 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 >>
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 | 4.76% - 7.86% | 4.74% - 8.99% | 4.53% - 8.24% |
Fixed APR | 4.49% - 10.68% | 4.49% - 8.99% | 5.08% - 8.04% |
Bonus Offer | Up to $750 | Up to $500 | Up to $775 |
Cell |
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 student loans start at 1.13% for variable rate loans, and 4.25% for fixed rate loans. Rates and terms on these loans vary by lender, but will range from 5 to 15 years.
LendKey is one of our top private student loan lenders because of its low rates, no origination fees, and semi-flexible repayment terms.
In-School Loan Repayment Options
Unlike many other private student loan lenders, LendKey does not allow full deferment during school. Instead, you'll have the following three repayment choices on your LendKey student loans:
- Interest-only payments
- Fixed monthly payments of $25
- Full principal and interest payments
LendKey says that it requires monthly payments from the get-go on its private student loans because it wants to encourage borrower responsibility. Still, you'll want to make sure that you can at least afford the $25 fixed monthly payment option before you apply for a loan with LendKey.
After you finish school, you'll receive a grace period of 6 months before you'll be required to start making full payments. However, you can continue to pay only interest for the first two years of your loan repayment if you make a request for this repayment option during your grace period.
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 |
Cell |
What Borrower Protections Are Available?
As with all private loans, LendKey student loans can't match federal student loans when it comes to repayment flexibility and borrower protections. For example, you won't be able to join an income-driven repayment plan to reduce your payments should you suffer a decrease in salary.
For it's private student loans, LendKey does say that it offers up to 18 months of hardship forbearance. However, it appears that the forbearance and deferment options that offered on its refinance loans vary by lender.
Are There Any Fees?
None of LendKey's partners charge application fees, origination fees, or prepayment penalties. IT does say, though, that some of these local banks and credit unions charge fees for late payments. Examine your loan agreement to see what late charges or other transaction fees may apply.
How Do I Contact LendKey
There's one major difference between Credible and LendKey. Credible's job is done once your loan has been disbursed. But LendKey actually services all of the loans that are taken out through its platform.
This means that regardless of the bank or credit union that provides the funding for your loan, you'll reach out to LendKey's customer service team if you have any questions or concerns.
You can call LendKey's loan servicing teams at (888) 966-9268 from 9 AM to 8 PM (EST), Monday through Friday. You can also email them at servicing@lendkey.com.
Is It Safe And Secure?
LendKey does use HTTPS encryption to protect your information as it's transmitted from you, to its own servers, and then to its partners. But it's important to point out that once a lending partner has your information, your data security is ultimately out of LendKey's hands.
In addition to its primary lending partners, LendKey says it may share your information with third-party investors who will help finance your loan. If you have questions about the company's data collection practices, you can reach out by mail at this address:
LendKey Technologies, Inc.
Attn: Compliance Department
104 W. 27th Street, 4th Floor
New York, NY 10001
Is It Worth It?
With no application fee and no origination fee, LendKey is a solid choice for people looking to refinance. With LendKey student loans, 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 Student Loans FAQs
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 Features
Min Loan Amount |
|
Max Loan Amount | Private student loans: Cost of attendance Refinance loans
|
Variable APR |
|
Fixed APR |
|
Pre-Qualified Rates (Soft Credit Check) | Yes |
Autopay Discount | 0.25% |
Loan Terms |
|
Origination Fee | No |
Prepayment Penalty | No |
In-School Payments |
|
Late Payment Fee | Varies by lender |
Cosigners Allowed | Yes |
Cosigner Release | Can be requested after 24 months of consecutive, on-time monthly payments |
Grace Period | Yes, 6 months |
Eligible Schools | Title-IV accredited schools |
Enrollment Status (For Student Loans) | Full-time or half-time |
Graduation Requirement (For Refinancing) | Yes, associate's degree or higher |
Customer Service Phone Number | 888-966-9268 |
Customer Service Hours | Monday - Friday, 9 AM to 8 PM (EST) |
Loan Servicer | LendKey |
Address For Sending Payments | Varies. Send to the address on your invoice. |
Promotions | Up to $750 refinancing bonus |
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
- High loan limits
- No origination fees
- Up to $750 refinancing bonus
Cons
- Not available nationwide
- Can’t fully defer payments during school
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.
Editor: Clint Proctor Reviewed by: Claire Tak