Graduates with excellent credit
LendKey
4.6
Credible Rating
Min. Credit Score
680
Fixed APR
4.89 -
Variable APR
4.82 -
Loan Amount
$5,000 - $250,000
Term
5, 7, 10, 15
Pros and cons
More details
LendKey refinancing is best for borrowers who:
- Have excellent credit
- Already graduated
- Prefer to work with a community bank or credit union
LendKey offers a unique student loan refinancing experience because its platform matches borrowers with credit unions and community banks. Student loan borrowers interested in refinancing or private student loans can use the LendKey platform to prequalify for rates with multiple lenders without affecting their credit score.
LendKey interest rates and loan details
Since LendKey serves as a platform for matching borrowers with credit unions and community banks, loan limits, rates, and terms available will also depend on individual lenders.
There is also no specific credit score requirement, eligibility criteria, or income requirement that is true for all lenders on the platform, though most of LendKey’s lenders require a minimum income of $24,000 and an established credit history.
Every LendKey borrower must also have completed a degree from an accredited school and all applicants must be a U.S. citizen or permanent resident to qualify.
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LendKey student loan refinancing review
Community banks and credit unions often have some of the most competitive rates available, and LendKey’s platform makes it convenient to request those rates and compare your options. However, since community banks and credit unions are often regional or local, many of LendKey’s partner lenders may not serve your area, which could limit your options on the platform.
How to qualify
To qualify, you’ll need to provide some personal information, including the college you attended, the type of degree you earned, the amount of student debt you want to refinance, and your annual income.
From there, you’ll authorize LendKey to perform a soft credit check, which will not affect your credit score. This allows the platform to display the rates and terms you can prequalify for through LendKey’s partner lenders.
Once you have found a refinancing loan that works for you, it’s time to fill out an application with LendKey on its website. This application will authorize a hard credit pull, which may affect your credit score. You may also need to provide documentation at this point, like a government-issued ID, proof of income, and your most recent student loan statement.
If you’re approved, the lender will pay off your current student loans and you’ll begin repaying the refinancing loan, with LendKey acting as your loan servicer.
Check Out: Refinance Student Loans
Repayment
LendKey’s partner lenders offer both fixed-rate and variable-rate refinancing loans and have repayment terms ranging from 5 to 20 years. If you choose a variable-rate loan, keep in mind that your monthly payment and interest charges could go up or down with changing economic conditions.
How LendKey compares to other refinancing lenders
Credible rating
Credible rating
Credible rating
How to refinance student loans with LendKey
LendKey lets you request student loan refinancing rates with community banks and credit unions serving your area with just one form.
But if you’d like to request rates from even more lenders not available through LendKey including national banks, online lenders, and state student loan authorities, Credible can help! It takes just minutes to fill out Credible’s form and request personalized rates from some of the best companies to refinance without affecting your credit score.
LendKey private student loans
Borrowers who are looking for a private student loan can also apply through LendKey. Like the refinancing loans, LendKey connects borrowers with community banks and credit unions for private student loans. Any student enrolled at least half-time in a degree-granting program from an eligible school may apply for a private loan through LendKey’s platform, and you can borrow anywhere from $2,000 to the cost of attendance (minus any financial aid already received).
Since the private student loans from LendKey’s partner lenders are credit-based, borrowers will either need to have their own income and credit history to qualify, or they may need to apply with a cosigner.
Unfortunately, residents in Maine, Nevada, North Dakota, Rhode Island, and West Virginia do not qualify for loans with any LendKey partner lenders. However, LendKey does direct borrowers in those states to Sallie Mae to access private loans.
Learn More: How to Apply for Student Loans
How LendKey can improve
LendKey could improve by:
- Providing refinancing rates from national banks, online lenders, and state student loan authorities
- Offering refinancing to borrowers who haven’t earned a degree
- Providing private student loans through partner lenders in all 50 states
Matt Carter has contributed to the reporting of this article.
