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LendKey Student Loan Refinance Review


ConsumersAdvocate.org Rating: 4.1 / 5 (Excellent)
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Established in 2009, LendKey is an online student loan marketplace that connects consumers to over 300 community and non-profit lenders.

The company offers a simple application process where customers can obtain and compare student loan refinancing offers without leaving LendKey's. Visitors to the site will not be forwarded on to other sites and no personal information will be shared.

LendKey is headquartered in New York City.
 
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How is LendKey rated?

Breakdown

4.0/5
Loan Specifications
4.3/5
Eligibility Requirements
4.0/5
Customer Experience
4.3/5
Reputation

Overall Rating: 4.1 / 5 (Excellent)

LendKey is a fast and easy way to shop around for the best refinancing option by matching applicants with several credit unions and community banks, which can offer lower rates. What sets is apart from most other student loan refinance marketplaces is that it services all refinanced loans in-house. This helps assure consumers that they will be dealing with the same company over the life of the loan.

This is great for prospective borrowers who want to compare multiple offers and select the one that benefits them the most.

LendKey Loan Specifics

Loan Specifications - 4 / 5

LendKey is a marketplace that gives consumers access to credit unions and other community banks which offer more competitive interest rates than those offered by large lenders.

Interest rates offered by its partnered lenders are competitive compared to other lenders. No application or origination fees are charged.
Loan Types
Undergraduate
Graduate
Federal
Private
Terms
5
7
10
15
20
Rates
Fixed
Variable
Fixed APR Range
6.61% APR - 10.68% APR
Variable APR Range
1.99% APR – 8.57% APR
Repayment Options
Full Repayment
Interest Only
Deferment or Forbearance

LendKey Qualifications

Eligibility Requirements - 4.3 / 5

Applicants must be US citizens or permanent legal residents. Other requirements, such as an associate degree, may also be necessary but depend on the credit union the consumer ultimately selects.

In any case, certain types of loans are not eligible for refinancing. See below.
Excluded Loan Types
As is true of most student loan refinance companies, loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com.
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident

LendKey Customer Experience

Customer Experience - 4 / 5

Lendkey offers an interest rate discount that reduces the interest rate by 0.25% when the customer signs up for automatic payments.

The site also offers a refinance calculator that lets consumers estimate their payment and the total amount of interests that will be paid over the life of the loan.

Other student loan-related resources, such as guides and articles, are available.
Online Quotes
Student Loan Refinance Calculator
Discounts
Automatic Payments

LendKey Company Reputation

Reputation - 4.3 / 5

LendKey is an accredited business with the BBB and it currently holds an A+ rating.

However, no positive reviews are posted on the profile, only a small number of negative reviews and customer complaints, which the company has responded to.

Most seem to come from customers who did not fully understand the terms of the loan or loan application, which is why consumers are advised to read all documents thoroughly.

LendKey also has a number of positive consumer comments on its website. Consumers should be aware that the authenticity of comments of this type has not been independently evaluated.
Lender Type
Marketplace
Year Founded
2009
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
3
Trustpilot Rating
4.5 out of 5
Date Collected
2018-04-04

Company Profile

Full Name
LendKey Student Loan Refinance
Company Website
https://www.lendkey.com/
Headquarters
104 West 27th Street, 4th Floor, New York, NY, 10001

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Customer Comments & Reviews

Loading Reviews ...
lewisjx4
2/28/2019
I was told my payments would start 30 days after payoff and then my bill was due in 14 days. Not very friendly service staff on the phone to discuss concerns.

D
Drew H
10/2/2017
Great rates! Good website. Easy to understand and navigate. Fast and helpful customer service too.

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