LendKey’s platform will be able to connect you with borrowers with credit unions and community banks to refinance your student loans. Signing up for them is just like any other lender. You’ll have to fill out the basic loan information, and authorize a credit check. But, rather than just receiving one quote, you’ll be matched with a few other lenders that don’t have the same name recognition as other large banks.
Read below for more information on what they have to offer.
LendKey In A Nutshell
| Loan Terms | 5, 7, 10, 15 or 20 years |
| Loan Amounts | Undergraduate: $5,000 – $125,000 Graduate or combined: $5,000 – $175,000 |
| Loan Types | Variable, fixed |
| Cosigner | Yes |
| Autopay Discount | 0.25% |
How LendKey Works
When you use LendKey, you’ll be able to see how much money you can save when you refinance your student loans. Just answer a few questions online and you’ll be able to get access to loans from LendKey’s network of lenders.
Furthermore, you’ll be able to see your rates that can be adjusted by loan amount, credit score, and location. There’s even a feature that allows you to pick your loan term or monthly payment and all other variables will adjust to what you pick. This whole process is completed online, which includes uploading required documents as well.
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LendKey Features
LendKey offers a fast and easier version loan process that allows you to: find, customize, and fund your loan through their connection of credit unions and banks. Some of their features are:
Simplify Your Finances
Partner lenders will be able to refinance both federal and private student loans. This includes graduate loans into one convenient low rate for you.
Compare Multiple Offers At Once
While using LendKey, you don’t have to memorize different usernames and passwords, open up lots of tabs to compare loans, or familiarize yourself with different user interfaces. Their student loan refinancing platform enables you to see your rates with several lenders all at the same time. This makes the process much easier and faster.
Cosigner Release
LendKey will let you secure a low interest rate with a cosigner, then cut them loose. However, this is only done to prove that your responsible enough. After making at least 12 consecutive, full, on-time payments, your cosigner can be released.
LendKey Rates & Fees
Since LendKey doesn’t work with big banks, the company offers more flexibility with their interest rates and plans. You can expect to see numbers that are lower than the average in the industry. Additionally, by setting up automatic payments, it will take off 0.25% of your interest rate. Furthermore, if you hit your repayment period and pay off 10%, you’ll receive 1% off your interest rate, which is also tax deductible.
Sign up on the LendKey website to look for the different rates their lenders have to offer.
| Application Fee | None |
| Origination Fee | None |
| Prepayment Penalty Fee | None |
| Late Fee | $5 – $15, depending on the lender |
However, if you’re not satisfied with them, you’ll be able to “return” your loan within 30 days and get reimbursed with fees and interest.
LendKey Requirements
To refinance your student loans, you must:
- Have a steady gross monthly income of at least $2,000. If you have a cosigner, they must have a steady gross monthly income of at least $2,000, and you must be currently employed.
- Graduate of an approved degree program.
- Be an existing member of a participating credit union, or, become a member of a participating credit union during the application process, prior to final loan approval.
- Be a United States citizen or permanent resident.
- Meet all underwriting criteria for loan approval.
Furthermore, you will not be able to apply for a refinance with LendKey if you live in: Maine, Nevada, North Dakota, Rhode Island, or West Virgina.
LendKey Limitations
Not every lending platform is going to be perfect. So, here are some of the things that LendKey should work on improving:
Limited to Partner Lenders
Obviously, LendKey has an extensive partner list, but most of it is taken away when you take into consideration lenders’ eligibility requirements. Most of the time, it will all come down to where you reside.
Additionally, you won’t be able to see offers from non-partners like SoFi or Earnest, which can offer better terms sometimes. Lastly, if you want the lowest rate possible, it’s better to include national banks and online lenders in your search as well.
Extra Research
LendKey will match you with lenders, however, the platform doesn’t give you all the pertinent information about every one. Before you apply for an offer, be sure that you find out the requirements, terms, conditions, and read through all the fine print.
Refinancing Federal Student Loans
Before you turn your federal loan into a private one, be sure that you know what you can possibly miss out on. Going through with it will mean that you’re not eligible for federal income-based repayment plans or loan forgiveness programs.
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Conclusion
All in all, LendKey is a great, easy-to-use, fast platform that will match you with local banks and credit unions. You’ll be able to adjust your options if you want, and get your money back in the first 30 days of opening your account.
