is a student loan firm that only works with credit unions and community banks to give you the best interest rates and customer care. They now work with more than 300 banks and credit unions. LendKey Student Loans Review
A lot of customers learn about LendKey student loans through ads at their local bank or credit union. You can use LendKey to refinance, nevertheless, even if you don’t have a bank account set up.
LendKey has a number of products, such as refinancing student loans, private student loans, and even loans for home improvements. It is always on our list of the finest private student loan lenders and the best sites to refinance your student loans. LendKey Student Loans Review
Is it a good idea to remortgage with LendKey? We’ll talk about what the company does and whether or not it’s worth your time to pursue.
LendKey is also giving College Investor readers a bonus of up to $750 if they refinance with them right now. For loans over $150,000, you can get $750. For loans under $150,000, you can get $300.Get your extra money here >>
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 Student Loans Review
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, LenderKey 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 4.39% – 9.24% APR and variable rate loans from 3.86% – 7.94% 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! LendKey Student Loans Review
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! LendKey Student Loans Review
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 5.84% for variable rate loans, and 4.39% 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. LendKey Student Loans Review
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.
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.