Founded in 2009, LendKey focuses on connecting millions of online borrowers with its private student loans and , auto loans, home improvement loans, and cuGreenLoans. The minimum offered is $5,000, with a maximum amount of $125,000 for undergraduate students and $175,000 for graduate students. network of 300 unions and community banks. The company is cloud-based and offers and
With an easy online application process and competitive rates, borrowers can easily consolidate or student loans quickly. . Additional resources, including educational guides and calculators, help borrowers understand and be in the best position to save more money and pay off their
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Visitors to the LendKey website can see in minutes how much money they can save by refinancing a student loan.
The loan application process is easy, can be completed quickly, and is entirely online. By filling out a few questions and agreeing to a soft credit inquiry, which will not affect their credit score, the borrower can instantly see student loan rates that can be customized to their own loan amount, location, and credit score. As an added convenience, student loan borrowers can pick a loan term and monthly payment.
There are no application, origination, or prepayment penalty fees.
LendKey offers both fixed and variable interest rates.
For student loan refinancing, LendKey offers rates as lows as 1.99% variable APR and 2.99% fixed APR with AutoPay. The interest rate a borrower will receive is based on a credit history review. If a cosigner has good credit, this can help in getting lower rates.
Student loan borrowers have the ability to customize their term and monthly payment. Because LendKey does not go through big banks, but smaller credit unions, it can be more flexible with its interest rates and plans. In fact, its student loan interest rates are lower than average in the industry.
For unemployed students, borrowers have the option to make interest-only payments. Additionally, lenders have been known to consider academic credentials to give better student loan rates. People who set up automatic payments can save .25 percent on their interest rate. Those who hit their repayment period and pay off 10 percent of their loan are reduced 1 percent off their interest rate (which is tax deductible).
LendKey conveniently offers a 30-day, no-tax or interest return, if customers are not satisfied.
Subject to lender approval, a cosigner release option is available. To qualify for this release, the borrower, alone, must meet specific criteria:
LendKey focuses on customer service. Every time we called, they answered. LendKey representatives are with you from start to finish throughout the refinancing process. The customer service team is dedicated to helping student loan borrowers get through the process in a painless way, all while avoiding fees.
Lendkey's loan products and services aren't available in the following states:
If you live in any of the states listed above you will need to look into other student loan refinancing options.
All key information regarding student loan refinancing can be found on the LendKey website, but it can require some effort to find. Loan terms and rates are displayed well, but loan amounts and credit information is more difficult to find. This requires website visitors to spend more time sifting through FAQ sections, than being able to see upfront what is required for refinancing student loans through LendKey.
The minimum credit score LendKey takes is around 650, and a strong credit history is required. This alone has the potential to eliminate interested clients, especially since student loan borrowers are most likely going to be young college students.
To qualify for a private student loan or refinancing through LendKey, the borrower must be a U.S. citizen, currently living in the U.S., or a permanent resident - even if you are a student in the U.S. with the correct Visa, you are not eligible for Lendkey's refinancing services.
Additionally, to qualify for student loan refinancing, the borrower must have already graduated from one the lenders' eligible institutions with at least an associate's degree, as well as demonstrating good credit history.
If you have a student loan taken out in the name of a parent as the primary borrower, such as a Parent PLUS loan, you will need to look into other student loan refinance options because Lendkey doesn't currently service these loan types.
For borrowers looking to their , for either a or , LendKey provides competitive services and APR rates through its network of lenders. With a quick and easy online application, no fees, and flexible terms of 5 - 20 years, there are a lot of convenient ways to and lower payments with LendKey.
It is important to note that a minimum of 680 or higher is required to be eligible for , which can be a significant barrier of entry for many college graduates who may not have established a strong history. Having a with good can increase a 's chances of approval, as well as increase the likelihood of receiving a on their refinanced , but it is not always easier to have a . LendKey does allow cosigners to be released from a , if the is meeting all requirements.
Although it can be difficult to find important details upfront on the website, LendKey is known for its responsive and efficient customer service, ensuring that the process is as simple as possible.
Overall, the pros outweigh the cons with LendKey, and it is a solid option to look into when thinking about .
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