LendKey works exclusively with credit unions and community banks to offer student loans and student loan refinancing with the lowest possible interest rates.
LendKey is a private student loan company that works with credit unions and community banks to help applicants find the best possible interest rates. Many first hear of LendKey through their local bank or credit union, but it is possible to refinance loans using LendKey without an established banking arrangement. They offer a variety of products including student loan refinancing, private student loans, and even personal loans. There are no origination fees or application fees, and they pride themselves on a very fast and easy application process.
LendKey offers private student loans and student loan refinancing. Community lenders like credit unions and community banks fund all of LendKey’s loans. This enables them to offer low-cost loans at very low rates. They have no application fees and rates as low as 4.95% Variable APR or 5.36% Fixed APR. The maximum that they will loan is $160,000 and they offer a longer forbearance period of 18 months and a short cosigner release period of 12 months. If you want to take out a student loan without a cosigner you will need an income of at least $24,000 and whether you have a cosigner or not, they will generally require in-school payments of at least $25 per month.
They offer refinancing of student loans if you have a credit score of at least 680, or you have a cosigner that does. At present, they offer loans with terms of 5, 7, 10, 15 or 20 years. There are rates of 5.13% – 8.97% Fixed APR and 2.57% – 8.44% Variable APR. You will need to refinance at least $5,000, and they will also refinance Parent Plus Loans. Furthermore, they will allow former students to refinance loans that are in their parents’ names into their own name. This is not offered by many lenders and helps set LendKey apart from the crowd.
|Very low interest rates||High credit score required|
|Excellent customer service||Limited information available before applying|
|No application fees|
As LendKey works with institutions such as credit unions and community banks, the eligibility criteria are variable depending on where the loan is coming from. However, a number of basic criteria must always be met. For instance, you need to be a U.S. citizen or an international student with a valid U.S. social security number, and you need to be enrolled in a degree program and attending classes.
You will need to check your eligibility for a private student loan with LendKey and their network of lenders by starting a student loan application. This way, they will eliminate lenders for which you are not eligible and only present you with viable options.
There are three simple steps to applying for a student loan from LendKey. First, you need to check your eligibility and receive offers from the network of community lenders. You do this by filling out a number of simple forms that only take a few minutes. They will ask for information such as where you are going to study, when you will be studying, your cumulative college GPA, your major, and so on. LendKey will then present you with a number of loan options and you can browse them to find the one that is best for you. Once you have selected one you need to verify your identity and provide the required documents through the site’s online portal. They will review the documents and your credit information and then let you know once the loan has been approved.
The LendKey website has a large ‘Resources’ section where you will find information about applying for loans, refinancing loans, and detailed FAQ sections that deal with the most common queries. They have resources such as student loan calculators, guides on how to apply for student loans, and much more. There are numerous ways of contacting LendKey if you have any questions. You can email them, or you can phone them on workdays from 9 am to 8 pm EST. They are always happy to help regardless of the nature of the enquiry.