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  3. LendKey vs. SoFi

Compare LendKey vs. SoFi Student Loan Refinance

What’s the difference between LendKey Student Loan Refinance and SoFi Student Loan Refinance? See how our editors compare the two companies below.
Last Updated: March 28, 2024
LendKey
4.1 / 5 - Excellent
no_rank
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SoFi
5.0 / 5 - Excellent
#6 in Student Loan Refinance
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Key Facts

  • Get pre-approved quotes from credit unions and small banks
  • Rates start at 1.99% APR (variable) and 6.61% APR (fixed)
  • Reduce your rate by 0.25% when you sign up for automatic payments
  • No application or origination fees
  • BBB-accredited and rated A+
  • All loans serviced in-house; no handoffs to other lenders
  • COVID-19 hardship forbearance for up to 18 months (varies by lender)
  • Free Career Assistance powered by NextJob for all existing borrowers

Best for Competitive Rates and Flexible Terms

  • No fees at all -- no charges for origination, late, or insufficient funds.
  • Get pre-approved in 2 minutes
  • Easy-to-use loan calculator
  • Up to 20-year loan terms
  • Get a 0.125% discount on other SoFi loan products
More Details >
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OVERALL RATINGS

 LendKeySoFi
Loan Specifications4.0/55.0/5
Eligibility Requirements4.3/55.0/5
Customer Experience4.0/55.0/5
Reputation4.3/55.0/5

LendKey Loan Specifics

 LendKeySoFi
Loan Types
Undergraduate
Graduate
Federal
Private
Terms
5
7
10
15
20
5
7
10
15
20
Rates
Fixed
Variable
Fixed
Variable
Fixed APR Range
6.61% APR - 10.68% APR
5.24% - 9.99% (with autopay)
Variable APR Range
1.99% APR – 8.57% APR
6.24% - 9.99% APR (with autopay)
 LendKeySoFi
Repayment Options
Full Repayment
Interest Only
Full Repayment
Deferment or Forbearance

*

Fixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 13.95% APR; 15- and 20-year terms are capped at 13.95% APR. SoFi rate ranges are current as of 02/06/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.

LendKey Qualifications

 LendKeySoFi
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.
Bar loans and residency loans are not eligible for refinancing.
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident
U.S. Citizen
Permanent Legal Resident

LendKey Customer Experience

 LendKeySoFi
Online Quotes
Student Loan Refinance Calculator
Discounts
Automatic Payments

LendKey Company Reputation

 LendKeySoFi
Lender Type
Marketplace
Online Lender
Year Founded
2009
2011
 LendKeySoFi
BBB Rating
A+
A
Number of BBB Positive Reviews
0
29
Number of BBB Negative Reviews
3
113
Trustpilot Rating
4.5 out of 5
3.7 out of 5
Date Collected
2018-04-04
2020-06-30

Disclaimer

To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) 

Company's Disclosure

NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume.

If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income based repayment plans or extended repayment plans.

Company Profile

Full Name
LendKey Student Loan Refinance
SoFi Student Loan Refinance
Company Website
https://www.lendkey.com/
https://www.sofi.com/
Headquarters
104 West 27th Street, 4th Floor, New York, NY, 10001
234 First Street, San Francisco, CA, 94105

Final Verdict

SoFi Student Loan Refinance has a higher overall rating than LendKey Student Loan Refinance. SoFi scores better than LendKey across: Loan Specifications, Eligibility Requirements, Customer Experience, and Reputation.

Customer Comments & Reviews

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

A
Anonymous
6/9/2017
SoFi Student Loan Refinance review
I applied and was approved in a timely manner. My interest rate was awesome compared to what I'm at with the Feds. I just now have to decide whether or not I want to give up my rights that the Feds offer with repayment options over the life of the loan.

Jeremy O
3/7/2017
SoFi Student Loan Refinance review
Please ignore my last review. I was remarking about another student loan refinance company. SoFi promptly responded to my concern and answered my questions. They (Mitsy) were very prompt and courteous.

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Credible
4.5 / 5 - Excellent
#1 in Student Loan Refinance
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