LendKey Student Loan Refinancing Review

LendKey Student Loan Refinancing Review

LendKey is a student loan marketplace that connects borrowers to credit unions and community banks to refinance student loans.

In this LendKey student loan refinancing review, we will discuss:

LendKey student loan refinancing: Best For

Best For: LendKey is best for borrowers who want to work with a credit union or community bank rather than an online lender or traditional bank.

LendKey

Overview

KeyValue
Variable Rates:1.90% - 8.59%
Fixed Rates:3.49% - 7.75%
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Hardship Deferment:Yes
Co-signer Option:Yes

LendKey student loan refinancing: Pros and Cons

Pros:
  • Access to low rates from various credit unions and community banks
  • Ability to receive forbearance for up to 18 months
  • Ability to compare rates from multiple credit unions and community banks

Cons:

  • Not available in certain states such as ME, NV, ND, RI and WV
  • No academic deferment or military deferment
  • Does not refinance student loans for borrowers with no degree

LendKey student loan refinancing: Overview

While not a direct lender, LendKey compares offers from community banks and credit unions to help you refinance student loans. LendKey reviews your information and then finds community banks and credit unions that match your financial and geographic profile. LendKey offers both variable and fixed interest rates with repayment terms ranging from 5 to 20 years.

Advantages of Refinancing With LendKey

Here is what we like about LendKey student loan refinancing:

  • Ability to compare rates from multiple credit unions and community banks
  • Ability to pause your student loan payments for up to 18 months
  • Access to low fixed and variable interest rates

Drawbacks of Refinancing With LendKey

LendKey can improve in these key areas:

  • Offer student loan refinancing in all 50 states
  • Refinance student loans for borrowers without a degree.
  • Offer academic and military deferment options

LendKey student loan refinancing review: Details

  • You want to refinance with a credit union or community bank
  • You have good to excellent credit.
  • You have a degree

KeyValue
Loan Term:5, 7, 10, 15 or 20 years
Loan Amount:$5,000 – $125,000 (undergraduate degrees); $5,000 – $250,000 (graduate degrees); $5,000 – $300,000 (medical, dental or veterinary degrees)
Eligible Degrees:Undergraduate and graduate
Eligible Loans:Federal and private student loans
Application Fee:No
Origination Fees:No
Prepayment Penalty:No
Late Fees:Yes; $5 – $15, depending on the lender, once your student loan payment is 15 days past due
Soft Credit Check:Yes

Want to check your interest rate? You can check your new interest rate for free within two minutes with no impact to your credit score.

 

* Checking your rate does not affect your credit score.

KeyValue
Minimum Credit Score:660
Minimum Income:$24,000 (or $12,000 with a cosigner)
Employment:Yes
Must have graduated:Yes, with an associate’s degree or higher.
Citizenship/Residency:U.S. citizen or permanent resident.
Eligible Schools:You graduated from a Title IV accredited college or university with an associate’s degree or higher.
Bankruptcy:You have not filed for bankruptcy within the last five years.

KeyValue
Student Loan Servicer:LendKey
Academic Deferment:No
Military Deferment:No
Forbearance:Yes, up to 18 months (for 15-year and 20-year loan terms; 6 months at a time); up to 12 months for 5-year, 7-year and 10-year loan terms for up to four months at a time
Death or Disability Discharge:Yes (varies by lender)
Cosigner Release:Yes, after 12 months of on-time payments.

  • Low fixed and variable rates as well as flexible repayment options
  • Available in all 50 states, plus Washington, D.C. and Puerto Rico
  • Ability to refinance Parent PLUS Loans, even if your child didn’t graduate
  • Ability to refinance student loans and release a co-signer after 36 months of on-time payments

How to refinance student loans with Lendkey:

You can check your new interest for free in two minutes with no impact to your credit score. If you like your interest rate, you can apply online to refinance your student loans with LendKey. The application comes about 10-15 minutes to complete.

* Checking your rate does not affect your credit score.

Is LendKey student loan refinancing right for you?

LendKey student loan refinancing may be right for you if:

  • You have a credit score of at least 660
  • You have stable and recurring monthly income of at least $24,000
  • You want to refinance with a credit union or community bank

LendKey caters to borrowers with good to strong credit. The minimum income for a LendKey borrower is $24,000 and the minimum credit score is 660. The average LendKey customer earns enough income to pay student loans, other debt obligations and monthly living expenses. When you apply through LendKey, your student loans will be refinanced by one of its partner banks or credit unions. You will also get to become a member of the credit union or bank that funds your student loans. Community banks and credit unions are known for high-touch customer service, low rates and personalized service. While LendKey is not available to borrowers in all 50 states, LendKey offers one of the longest unemployment protection periods of all student loan refinance companies. LendKey enables you to pause payments for up to 18 months if you become unemployed. 

* Checking your rate does not affect your credit score.

Compare The Best Student Loan Refinance Rates For 2020

Lender
APR
Minimum Credit
3.50% – 8.77%
650

Overview

KeyValue
Variable Rates:3.50% – 8.72%
Fixed Rates:4.25% – 8.77%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5-20 years
Borrower Residency:All States except DE, KY, NV
Hardship Deferment:Yes
Co-signer Option:No
3.50% – 6.69%
680

Overview

KeyValue
Variable Rates:3.50% – 6.01%
Fixed Rates:4.25% – 6.69%
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None
Minimum Loan Amount:$15,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Hardship Deferment:Yes
Co-signer Option:Yes

1.99% – 7.02%
660

Overview

KeyValue
Variable Rates:1.99% – 6.65%
Fixed Rates:3.50% – 7.02%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Hardship Deferment:Yes
Co-signer Option:Yes

1.90% – 8.59%
680

Overview

KeyValue
Variable Rates:1.90% – 8.59%
Fixed Rates:3.49% – 7.75%
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Hardship Deferment:Yes
Co-signer Option:Yes

2.81% – 8.77%
650

Overview

KeyValue
Variable Rates:2.81% – 8.01%
Fixed Rates:4.25% – 8.77%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000 ($10,000 in CA)

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Hardship Deferment:Yes
Co-signer Option:Yes

1.58% – 8.28%

660

Overview

KeyValue
Variable Rates:1.58% – 8.28%
Fixed Rates:2.88% – 7.48%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5 – 20 years
Borrower Residency:All states
Hardship Deferment:Varies
Co-signer Option:Yes

Checking Your Rate Doesn’t Affect Your Credit Score
Disclosures: Earnest | ELFI | Laurel Road | LendKey | SoFi | Splash

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