LendKey is a student loan lender that offers student loan refinancing and private student loans to borrowers. The company partners with community banks and credit unions to offer competitive rates and flexible repayment terms to qualified borrowers.
LendKey also offers private student loans to borrowers who are still in school or who are seeking additional financing for their education. To be eligible for a private student loan from LendKey, you typically need to have a good credit score and a co-signer who meets LendKey’s credit requirements.
If you are interested in applying for a student loan refinancing product or private student loan from LendKey, you can visit the company’s website and complete an online application. The application process involves providing information about your current student loans, your financial situation, and your education history. If you are approved for a loan, you will be offered a loan with a specific interest rate and repayment terms. You can then choose to accept or decline the loan offer.
LendKey does not disclose its minimum credit score requirement for student loan refinancing, but it does consider traditional underwriting factors such as debt-to-income ratio and credit history when evaluating loan applications. The company allows and even encourages borrowers to refinance with a cosigner to potentially get a better rate. However, cosigning a loan can be risky for the cosigner, as they are also responsible for the loan if the borrower defaults. LendKey does offer a cosigner release option after the borrower has made 24 on-time payments.
Because of LendKey’s focus on refinancing with a cosigner, the company may be a good option for recent graduates who have a limited credit history. However, it’s important to keep in mind that refinancing federal student loans can result in the loss of certain borrower benefits, such as income-driven repayment plans and forgiveness programs. Therefore, it may be risky for recent graduates to refinance their federal student loans while they are still establishing themselves financially. It may be more beneficial for these borrowers to continue on a federal income-based repayment plan until they have a more stable financial situation.
| LendKey Student Loan Refinancing Details | |
|---|---|
| Product Name | LendKey Student Loan Refinancing |
| Min Loan Amount | $5,000 |
| Max Loan Amount | $300,000 |
| Variable Rate APR | 4.00% – 7.60% APR |
| Fixed Rate APR | 3.99% – 10.68% APR |
| Rate Type | Variable and Fixed |
| Loan Terms | 5, 7, 10, 15 or 20 years |
| Promotions | Up to $750 |
LendKey Loan Eligibility
To be eligible for a student loan refinancing product from LendKey, you typically need to meet the following requirements:
- Have graduated from an accredited college or university with a bachelor’s degree or higher
- Be a U.S. citizen or permanent resident
- Have a good credit score and a steady income
- Have at least $5,000 in student loan debt
LendKey Refinancing Bonus Offer
LendKey is currently offering a special promotion for College Investor readers who refinance their student loans. If you refinance $150,000 or more through LendKey, you can receive a bonus of $750. If you refinance an amount less than $150,000, you can receive a bonus of $300. This promotion is unique to College Investor readers and may not be available to all borrowers. If you are interested in refinancing your student loans with LendKey and potentially taking advantage of this promotion, you can visit the company’s website and complete an online application. Keep in mind that the availability of this promotion and the terms of any loan offer will depend on your specific financial situation and creditworthiness.
LendKey FAQs
Here are some frequently asked questions about LendKey:
- Is LendKey a direct lender or a broker?
LendKey is a direct lender, which means that it originates and services its own loans. This can make the loan process more streamlined and efficient, as you only have to deal with one company from start to finish.
- Can I refinance my federal student loans with LendKey?
Yes, LendKey allows you to refinance both federal and private student loans into a new loan with a lower interest rate or longer repayment term. Keep in mind that refinancing federal student loans will result in the loss of certain borrower benefits, such as income-driven repayment plans and forgiveness programs.
- Does LendKey charge origination fees or prepayment penalties?
LendKey does not charge origination fees for its student loan refinancing products. However, it may charge a one-time application fee of up to $75. LendKey does not charge prepayment penalties, so you can pay off your loan early without incurring any additional fees.
- Is LendKey a good option for student loan refinancing?
LendKey is a reputable lender that has helped many borrowers save money on their student loans through refinancing. However, whether it is a good option for you will depend on your specific financial situation and goals. It’s a good idea to compare offers from multiple lenders and to carefully consider the terms of any loan before making a decision.
- Does LendKey offer a cosigner release option?
Yes, LendKey does offer a cosigner release option for borrowers who have made at least 24 on-time payments. This allows the cosigner to be removed from the loan, so they are no longer responsible for the debt if the borrower defaults. To qualify for a cosigner release, the borrower must meet certain credit and income requirements.
