LendKey Student Loan Refinancing Review 2019 - Make Lemonade

LendKey Student Loan Refinancing Review

Company Overview: LendKey

LendKey is a unique platform based in New York City that has served over 65,000 borrowers with almost $2 billion in approved loans across all 50 states. While not a direct lender, LendKey compares offers from more than 265 community banks and credit unions to find you the best one. By financing or refinancing your student loan with a community bank or credit union, you also may get access to checking and savings accounts, as well as auto, personal and home loans.

LendKey Student Loan Refinancing Overview

LendKey offers attractive rates and terms compared with other top lenders in the student loan refinance industry:

Overview

Variable Rates:2.49% - 7.41%
Fixed Rates:3.64% - 7.50%
Average Savings:-
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes

*Fixed and variable rates are based on APRs and include an ACH AutoPay interest rate reduction of 0.25%.

How LendKey Compares: Key Benefits For Student Loan Refinancing

Here are some of the reasons that LendKey borrowers love LendKey student loan refinancing:

  • Low Rates: LendKey gives you access to community banks and credit unions that compete to give you the lowest rate for student loan refinancing.
  • Federal & Private: LendKey allows you to refinance and consolidate both federal and private student loans into a new, single student loan.
  • Undergraduate & Graduate: You can refinance and consolidate both undergraduate student loans and graduate student loans.
  • Unemployment Protection: LendKey offers one of the longest unemployment protection periods of all student loan finance companies. LendKey enables you to pause payments for up to 18 months if you become unemployed.
  • Ability To Lower Interest Rate: If you repay 10% of your loan by the time your loan enters the full repayment period, 1.0% APR is dropped from your current interest rate!

Eligibility Criteria

To apply for LendKey student loan refinancing, you need to meet the following eligibility criteria:

Requirements To Apply For LendKey Student Loan Refinancing

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Employment: You are currently employed or have an offer of employment to start within next 6 months (or some other form of income that can be used to repay your student loans)

Eligible Schools: You graduated from a Title IV accredited university or graduate program

Generally, LendKey lends only to borrowers with good to excellent credit. Loan approval may depend on a number of additional factors, including, but not limited to, your financial history, employment experience, and monthly income vs. expenses.

Bottom Line: Is LendKey right for you?

LendKey has an excellent reputation and is a leader in the student loan refinancing industry.LendKey caters to borrowers with good to strong credit. The average LendKey borrower has an average credit score of at least 680. Minimum income for an LendKey borrower is $24,000 and minimum credit score is 660. However, the typical borrower has 700+ credit score and an average income of at least $70,000. The average LendKey member 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 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, since they don’t have the bureaucracy of larger banks. LendKey will still service your student loans through LendKey’s platform so they are always available to answer your questions.

Next Steps: How To Apply To LendKey

You can apply for LendKey student loan refinancing in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your personalized student loan rate online with LendKey in 2 minutes. This way, you’ll know whether you can be approved for LendKey student loan refinancing before you complete the full application. Therefore, LendKey will provide you with a student loan refinancing rate estimate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which only takes about 10-15 minutes):

  • Your most recent pay stubs
  • Your most recent student loan billing statements
  • Driver’s license or passport (or other form of government-issued identification)
  • Transcript or diploma to verify your degree

Applying is super easy – get your personalized rate in 2 minutes

*Checking your rate does not affect your credit score.

The Best Student Loan Refinance Rates For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.49% - 7.27%
Fixed Rates:3.50%- 7.89%
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5-20 years
Borrower Residency:All States except DE, KY, NV
Unemployment Protection:Yes
Co-signer Option:No

Overview

Variable Rates:2.49% - 6.65%
Fixed Rates:3.89% - 8.07%
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.50% - 6.65%
Fixed Rates:3.50% - 7.02%
Minimum Credit Score:660
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.80% - 6.01%
Fixed Rates:3.39% - 6.69%
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.49% - 7.41%
Fixed Rates:3.64% - 7.50%
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes
1.95% - 4.45%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 4.45%
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$25,000 with graduate degree ($40,000 with undergraduate degree)
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

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