LendKey Student Loan Refinance Review
LendKey is an online student loan platform that connects consumers to over 300 community and non profit lenders. The company offers a seamless application process where customers can compare, learn, and obtain the best possible student loan refinancing. In 2016, LendKey announced they had over $1 billion in loans funded to over 60,000 borrowers.
LendKey empowers consumers to pick the loan that is right for them by filling out a common loan application and showing real, qualified rates from multiple lenders at one time. Everything is done online, takes a few minutes, and if you have any questions, LendKey’s customer service team will be there to help from your application until your last payment.
While there are over 300 lenders on the LendKey platform to choose from, each with their own loans and loan limits, these are the general loan limits for student loan refinancing. LendKey can refinance
Undergraduate Degree - Up to $125,000
Graduate Degree - Up to $300,000
- 5, 7, 10, 15, and 20 years
- Each term has a fixed rate and variable rate option.
Student Loan Refinance RatesRange from 2.58% APR - 7.26% APR
- Student Loan Refinance Variable Rates: 2.58% - 6.32% REDUCED!
- Student Loan Refinance Fixed Rates: 3.15% - 7.26% REDUCED!
Save with auto payments
Yes. Save 0.25% in rates with automatic loan payments.
LendKey has the largest unemployment protection period in the market at 18 months. This can be used to pause loan payments for periods of up to 6 months at a time over the life of the loan.
Interest only payments
If you need the lowest monthly payments possible, you can make interest only payments for up to 4 years before resuming standard payment of interest plus principal (available for 15 year loans).
Applying for a student loan can often be assisted by having a co-signer. LendKey releases a co-signer from the loan after 12 months of on-time principal and interest payments, not the standard 24 months. Removal of a co-signer will never increase your rate.
Loan Related Fees
LendKey does not charge any origination fees or prepayment penalties. This may not amount to much in terms of the total amount of payments in the life of your loan but it does add up if combined with other discount offers.
Student Loans at LendKey
LendKey offers some of the most competitive rates when it comes to student loan refinancing. This is no surprise since its network is mostly made of non-profit credit unions. They do provide unique advantages such as zero fees and discount programs to help lower the costs of your student debt. Being able to see actual rate offers from over 300 lenders without impacting your credit score can be a great time saver and helpful tool to make sure you get the best rate possible.
Customer Comments & Reviews
- Reduce monthly payment up to 40%
- Higher chance of approval by LendKey's non-profit lender network
- Check your rate in 2 minutes with no impact on your credit score
- Rates set at 2.57% APR - 7.26% APR
- 5, 7, 10, and 15 year terms available
- No obligation to accept. No fees or prepayment penalties
- The largest unemployment protection period in the market