There are so many types of student loan programs available that it is difficult to navigate through all of the information. Many students choose to take out loans to pay for their college education and find themselves burdened by student loan debt after graduation. Luckily, there are programs like LendKey that provide refinancing and consolidation options that help make loan repayment affordable and more manageable.
The following LendKey Student Loan review takes a closer look at the program’s general requirements, application process, and key benefits. The purpose of this LendKey Student Loan review is to inform applicants that are considering applying for a private student loan or are interested in refinancing their existing student loans.
LendKey Student Loan Overview
LendKey was founded in 2009 and is currently based out of New York and Cincinnati. It is a lending company that works with banks and credit unions to provide competitive loan products for their consumers. Their products are available in 45 states and Washington, D.C.
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The company offers a variety of loan products but for the purpose of this review, the focus will be on student loans only. LendKey provides private student loans as well as student loan refinancing and consolidation options. Some of their key fetures are outlined below in our LendKey Student Loan review:
Fixed interest rate loans start as low as 5.36%. The interest rate is based on credit history, income and other details that are provided to the lender during the application process. A fixed rate means that the interest rate you receive will remain the same throughout the life of the loan.
Variable interest rate loans currently start at 4.7%. A variable rate loan is a loan with a rate that can fluctuate over time and throughout the life of the loan. Initial interest rates for these loans are usually lower than fixed-rate loans. This loan is beneficial to applicants that plan on paying off the loan fairly quickly.
The terms of your loan depend on several qualifying factors. The company offers 5, 7, 10, 15, and 20-year loan term options.
LendKey does not provide a minimum loan amount on their website.
There are loan program limits for federal and private student loans. The amount of funds available to a graduate seeking to refinance or consolidate their loans will depend on various qualifying information.
LendKey Student Loan Requirements
The loan process begins by filling out the online application form with contact information, income, college attended, citizenship status, and an estimated loan amount. It is at this stage that applicants will have to add co-signor information if they do not think they can qualify on their own and want to see the best rates.
LendKey requires a minimum credit score of 680 to refinance or consolidate student loans.
The lender takes into consideration the employment history and annual income when determining the maximum loan amount an applicant can qualify for. LendKey will require applicants to upload a series of documents in order to verify income and employment before approving you the loan.
All applicants must be US citizens or permanent residents in the qualifying state where they are applying for the loan.
LendKey does not have application fees. LendKey does not charge origination fees or prepayment penalties.
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Origination fees are fees that some lenders charge to write up and process the loan. Prepayment penalties are fees that some lenders charge to borrowers that are able to pay off their loan faster than the given loan term.
There may be minimum income requirements that are not provided on the company website.
We Liked LendKey Student Loan Because…
- They offer a variety of loan options at competitive rates.
- The loan application process is streamlined, quick and easy.
- The entire loan process can be completed online.
- Borrowers are able to combine federal and private loans for one low monthly payment.
- Co-signor options are available to help applicants that do not have the income or the credit history to qualify alone.
Not Sure About…
- LendKey does not provide direct loan consolidation programs. Applicants must choose a participating bank and do a little research before making a decision.
- The loan program is not available in all states. Schools in North Dakota, Rhode Island, West Virginia, Maine, and Nevada are not eligible for the program.
- You must have a degree in order to qualify for the program so former students that did not complete their college education will not qualify for this program.
Online Reviews Say That…
According to LendKey Student Loan reviews online, the program is highly recommended. Reviewers note that the process is fast and easy and the company provides exceptional customer service.
Several reviewers also stated that they were able to get lower rates and more manageable payments with the program. Reviewers reported that they were able to reduce the years required to pay off their loan by refinancing and qualifying for lower interest rates.
To read more LendKey Student Loan reviews and find out more about what previous customers have to say about their LendKey loan experience, visit the company website.
LendKey Student Loan Contact Details
Use the contact information below to learn more about refinancing an existing loan or to speak to a LendKey representative about applying for a loan.
New Student Loans Customer Support
Phone: (888) 966-9268
Existing Student Loan Customer Support:
Phone: (888) 549-9050
The LendKey Student Loan program has a competitive advantage over more loan programs because applicants are able to qualify with a co-signor. This can be the determining factor for most recent graduates that want to qualify for the best rates but do not have the income or credit to qualify on their own.
LendKey also makes sense for graduates who want to compare refinancing options and are interested in an interest rate reduction and lower monthly payments. Applicants are at minimal financial risk because LendKey does not have application or origination fees.
If you are a LendKey customer and would like to provide us with your own LendKey Student Loan review, we would like to hear from you. Leave your comments and share your thoughts below.
Let us know if you have any additional questions about the information provided in this LendKey Student Loan review.