LendKey Review: Student Loan Financing for 2024

Get access to a variety of student loan refinancing companies to help you find the best rates and save money.

Finding the right match when refinancing your student loans often means checking out a bunch of banks and lending companies. If you’ve got a full-time job, a family, hobbies, or anything in your life that keeps you busy, spending all that time finding a refinancing company can be a challenge. That’s where LendKey comes in.

LendKey is a student loan refinancing marketplace, connecting graduates looking to refinance their student loans with borrowers eager to help them save money. If you have at least an associate’s degree from a Title IV-eligible school, LendKey and its partner lenders - community banks and credit unions - may be able to help you reduce your student loan payments.

If you have good credit, a low debt-to-income ratio, and a long credit history, LendKey may be a great choice for refinancing your student loans, saving you time over shopping around on your own.

LendKey Student Loans & Refinancing: What You Need to Know

Refinancing student loans if they don’t make a large amount of money can be difficult for many borrowers. They may have to make multiple payments each month, with varying interest rates. This can quickly eat into any extra money at the end of the month, leaving very little margin.

With LendKey, you can qualify for a loan if you make at least $24,000 per year, or $12,000 with a cosigner. That allows borrowers to refinance earlier in their careers, when they can use the savings the most.

One Application, Multiple Offers

When you fill out an application with LendKey, your information goes to all its partner banks and credit unions. You are then presented with a listing of the options you have for refinancing, including interest rates and terms.

From there, you select which lender you would like to work with, meaning you need to do your homework on whatever bank or credit union you choose.

LendKey gives borrowers access to the interest rates available from banks and credit unions, without the hassle and time it takes to shop around at all the different lenders.

How Does LendKey Student Loan Refinancing Work?

LendKey is a student loan refinancing marketplace, meaning they show you rates from their partner community banks and credit unions. If you choose to refinance through LendKey’s partners, you don’t pay any origination fees, or any fees to LendKey. The company instead makes its money by receiving a “finder’s fee” from its lenders once your loan refinance is finalized.

And while LendKey doesn’t charge any membership fees, some of its partner credit unions may require you to join the credit union to refinance your loans, which may mean you have to pay a membership fee.

Refinance Federal or Private Student Loans

You can refinance both federal and private student loans with LendKey, combining multiple loans into one larger loan. This allows you to make one loan payment instead of many, track only one interest rate, and hopefully save money. However, if your parents took out loans for you and you want to refinance to remove them from the loan, you cannot do that through LendKey’s partners.

LendKey offers both fixed-rate and variable-rate loans with terms of 5, 7, 10, 15, or 20 years. You can refinance as little as $5,000 or as much as $125,000 for undergraduate degrees. If you have at least a master’s degree, the refinance limit goes up to $250,000; for those with medical, dental or veterinary degrees, the limit is $300,000.

No Hard Credit Check to Start

If you are shopping around and just want to see what rates are available from various lenders, you may worry that filling out a bunch of applications will cause damage to your credit score.

When you request a rate quote from LendKey, there is no hard pull on your credit score. This means you won’t hurt your credit while you’re shopping around, giving you a better chance at securing a good refinance rate.

Your official credit report will be pulled as part of the final application process with your chosen lender, which can show up on future credit reports.

LendKey’s Requirements for Student Loan Refinancing

In order to be eligible to refinance your student loans through LendKey, you must meet the following criteria:

• Have an average credit score, at least 660
• Make at least $24,000 per year, or $12,000 if you plan to have a cosigner
• Have a debt-to-income ratio of 50%, meaning you make at least twice as much as you owe
• Haven’t filed for bankruptcy in the last 5 years
• Be a U.S. citizen or permanent resident
• Reside in any U.S. state besides Main, Nevada, North Dakota, Rhode Island, or West Virginia
• Have at least an associate’s degree
• Have attended a school authorized to receive federal student aid

Specific requirements for borrowing do vary from lender to lender within the LendKey network, so not all borrowers will qualify for refinancing through all of LendKey’s partners.

Where is LendKey Student Loan Refinancing Available?

LendKey’s student loan refinancing is available in 45 states. Refinancing is not available to residents of Maine, Nevada, North Dakota, Rhode Island, or West Virginia.

How Much Does LendKey Student Loan Refinancing Cost?

LendKey itself does not charge borrowers any fees, including origination fees or fees for early repayment of loans.

Because LendKey is a lending marketplace, interest rates vary based on the bank or credit union you choose, your individual qualifications for the loan, the terms you choose, and how much you want to refinance.

LendKey advertises rates as low as 1.9% through its partner lenders for a variable-rate loan. Fixed-rate loans are advertised as starting at 3.39%.

There are no origination fees from any of LendKey’s partner lenders, but some of the credit unions may require borrowers to join the credit union. This membership may come with a fee.

Additionally, some of LendKey’s lenders charge fees for late payments, ranging from $5 to $15.

What Options Does LendKey Offer for Student Loan Refinancing?

LendKey’s partner banks and credit unions offer two types of student loan refinancing: fixed-rate loans and variable-rate loans.

Variable-Rate Student Loan Refinancing

When selecting a variable-rate loan to refinance your student loans, you are getting a lower interest rate than you would if you chose a fixed-rate loan. However, because the rate changes over the course of your borrowing period, you run the risk that overall interest rates will increase to a point where your below-market variable-rate loan is actually higher than the rate you would have secured if you’d selected a fixed-rate loan in the first place.

If you’re planning to pay more than your monthly loan payments, or you intend to only sign on for a loan for a lower number of years - 5 or 7 years, for example - then a variable-rate loan may be right for you.

Fixed-Rate Student Loan Refinancing

Choosing a fixed-rate loan means that the interest rate you receive on the day you finalize your student loan refinancing is the same rate you’ll have the day you make your final payment, regardless of what overall market interest rates do.

For those borrowers who want a predictable monthly payment, or who plan to repay their loans over a decade or two, fixed-rate loans are a solid choice.

LendKey Student Loan Refinancing Features:

• Founded in 2009
• Served more than 90,000 borrowers
• Serviced more than $2.8 billion in loans
• Also offer student loans and home improvement loans
• Work with community banks and credit unions to refinance student loans
• No origination or application fees
• Allow co-signers
• One easy application allows access to rates from a variety of lenders
• A+ rating with the Better Business Bureau
• Terms from 5 to 20 years
• Loan refinancing from $5,000 to $125,000 for undergraduate degrees
• Higher maximum refinancing limits for master’s degrees and medical, dental, or veterinary degrees
• Forbearance and discharge available, but up to the discretion of the individual lenders
• Offer variable- and fixed-rate loans
• Can refinance federal and private loans

Pros and Cons of LendKey Student Loan Refinancing

Here are some of the pros and cons of selecting LendKey for student loan refinancing:

Pros:

• Access to large network of banks and credit unions
• No origination, application, or membership fees
• Allow co-signers
• One easy application
• No hard pull on your credit score to see rates
• Terms from 5 to 20 years
• A+ rating with the Better Business Bureau
• Loan refinancing from $5,000 to $125,000 for undergraduate degrees, up to $250,000 for master’s degrees, and up to $300,000 for medical, dental, or veterinary degrees
• Offer variable- and fixed-rate loans
• Can refinance both federal and private loans
• Forbearance and discharge available

Cons:

• Not a direct lender
• Some credit unions require membership, which may include fees
• Interest rates and terms vary from lender to lender
• Forbearance and discharge is up to the discretion of the individual lenders
• Cannot refinance to remove parents from a loan
• Not available in all 50 states
• Must be a U.S. citizen or permanent resident
• Must have graduated from a Title IV school

Discounts on LendKey Student Loan Refinancing

LendKey’s partner lenders offer a 0.25% discount for the life of the loan for enrolling in autopay.

LendKey Student Loan Refinancing Customer Reviews

LendKey has nearly 200 reviews on consumer review site TrustPilot, with an average star rating of 4.5 out of 5. Many customers who leave positive reviews point to LendKey’s exceptional customer service.

“I’ve had four loan providers and yours may be one of the easiest to navigate the site and figure out my most important information. FAQ’s and help resources, such as if it’s possible to reschedule the billing date, is something that could be easier to find, but most providers’ sites and service is so absolutely terrible that Lendkey is just so easy in comparison.” - customer

“I had a good experience with refinancing my loans with LendKey. Whenever I called they always made sure to answer all of my questions completely. There was one time where that I sent in my W-2s to see further if my loans can all be refinanced and I called about this and the call person said that it looks like all my loans couldn't be refinanced. The call person looked through all of his work at the end of the day and noticed that my W-2s weren't even looked at but was just rejected. He called me and explained what had happened and had someone else look at my W-2s and I was approved for my refinance. I am happy that it all worked out and now I am making one payment to a single institute, instead of multiple.” - Charles

“From start to finish, the process of refinancing my student loans was so easy! Everything was explained to me in a way I could understand and when I had more questions, the customer service department was super helpful. I'd recommend to anyone looking to refinance.” - Liz M.

How to Apply for LendKey

1. Visit www.lendkey.com, and select “Student Loan Refinance.”
2. Click “Apply Now.”
3. You will be asked to provide basic information, including your contact information and the amount you want to refinance.
4. LendKey shows you the rates, terms, and lenders available to you. Select the lender you’d like to work with and you will be asked to complete the application process directly with that lender.

How to Contact LendKey

Address: 104 W. 27th Street 4th Floor New York, NY 10001 Customer Service: (888) 549-9050, Monday-Friday, 9 a.m.-8 p.m. EST **Email Support: **[email protected] Facebook: https://www.facebook.com/lendkey/ Twitter: @LendKey LinkedIn: https://www.linkedin.com/company/lendkey-technologies/?sk=organic Instagram: @lendkey_

LendKey Review – Summary

Whether you have a few smaller loans from your associate’s degree you’d like to consolidate into one payment, or you have a lot of larger loans from getting your medical degree, LendKey’s network of community banks and credit unions may be able to help.

They offer lower interest than many student loan refinancing companies because the lenders compete with your business, offering lower rates, meaning you benefit from that competition and pay less. However, LendKey is only available to U.S. citizens and permanent residents with at least average credit and a debt-to-income ratio of 50%.

Because LendKey shows you a wide variety of options for refinancing your student loans, you will still need to do your own research on the lender you choose so you can find the best option for your needs.