- 1 LendKey In A Nutshell
- 2 How LendKey Works
- 3 LendKey Features
- 4 LendKey Rates & Fees
- 5 LendKey Requirements
- 6 LendKey Limitations
- 7 Bottom Line
LendKey’s marketplace platform connects borrowers with credit unions and community banks to refinance your student loans. The application process is the same as any lender. You’ll fill out basic loan information and authorize a credit check. However, instead of getting just one quote, you’ll be matched with several lenders who don’t have the same name recognition as big banks.
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|
How LendKey Works
Hop onto the LendKey site and you’ll be able to see, in mere minutes, how much money you can save by refinancing your student loans. Simply fill out a few questions online, and you’ll be able to access loans from LendKey’s network of lenders.
From there, you’ll see your rates that can be adjusted by loan amount, credit score and location. You can even choose your loan term or monthly payment, and all other variables will adjust accordingly. The whole process is online, including uploading required documents.
LendKey has simplified the time-consuming and confusing loan process into an easy-to-use platform that lets you find, customize and fund your loan through its network of credit unions and community banks. Features of this unique process include:
Simplify Your Finances
Partner lenders can refinance both federal and private student loans, including graduate loans, into one convenient low rate.
Compare Multiple Offers At Once
With LendKey, you don’t have to remember multiple usernames and passwords, open up tons of tabs and windows to compare loans, or familiarize yourself with different user interfaces. Its student loan refinancing platform lets you check your rates with multiple lenders all at once, making the process easy and fairly painless.
With LendKey you can secure a low interest rate with a cosigner, then cut them loose, but only by proving you’re responsible. Once you’ve made 12 consecutive, full, on-time payments, your cosigner can ditch you.
LendKey Rates & Fees
Because LendKey doesn’t work with big banks, the company has more flexibility with its interest rates and plans. Expect numbers that are lower than the industry average. Setting up automatic payments will knock off 0.25% off your interest rate. If you hit your repayment period and pay off 10%, you’ll get 1% off your interest rate, which is also tax deductible.
Apply on the LendKey website to find out what kind of rates its lenders can offer you.
|Prepayment Penalty Fee||None|
|Late Fee||$5 – $15, depending on the lender|
If, for any reason, you’re not satisfied, you can “return” your loan within 30 days and get reimbursed with fees and interest.
To refinance your student loans with LendKey, you have to:
- 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.
You can’t apply for a refinance with LendKey if you live in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
There’s no such thing as a perfect lending platform. Here are a few things LendKey could improve upon:
Limited to Partner Lenders
Sure, LendKey carries an impressive partner list. However, a huge part of the pie gets sliced away when you take into consideration lenders’ eligibility requirements, and a lot of that boils down to where you live.
Plus, you won’t see offers from non-partners, like SoFi or Earnest, which could give you better terms. If you want the lowest interest rate possible, I suggest you include national banks and online lenders in your search.
Yes, LendKey matches you with lenders, but the platform doesn’t necessarily give you all the pertinent details about each one. Before you commit to an offer, take the time to find out about the lender’s requirements, terms, conditions and all the fine print.
Refinancing Federal Student Loans
Before you turn your federal loan into a private one, make sure you understand what you could potentially miss out on. If you go through with it, you won’t be eligible for federal income-based repayment plans or loan forgiveness programs.
LendKey offers an alternative to big banks by matching you with local ones and credit unions. You’ll be able to customize your options, and if you’re not satisfied, you can get your money back within 30 days of account opening.
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