LendKey Private Loan Review: Get Private Student Loans from Credit Unions

Are you in need of more money to pay for your college education? Private student loans are a good option for students who need additional money to pay for college-related expenses not covered by federal student loans, scholarships or grants.

This review is about the LendKey private student loan offers. If you’d like to learn more about LendKey’s student loan refinancing or consolidation loans, read our review here.

What is LendKey?

LendKey offers access to private student loans from over 300 community banks and credit unions. LendKey, however, is not a lender but a marketplace that connects you to private lenders.

When should you consider private student loans?

Private student loans should be considered when federal loans and gift aid have been exhausted. Access to private student loans is provided by financial institutions like banks and credit unions. The Lendkey marketplace for private student loans is one such place to find these loans from credit unions.

Loan funds must be used for qualified educational expense such as tuition, room & board, books, and computers.

The benefits of LendKey Private Loans

Community Lenders – LendKey lenders are focused on their communities and place people over profits.

Cosigner Release – LendKey lenders offer cosigner release to creditworthy borrowers who’ve made consecutive full and on-time principal and interest payment.

No Sign-Up Fees – Lenders in the marketplace do not charge borrowers any application or origination fees for their private student loans.

Quick Decision – A simple application process that takes minutes to complete with a quick decision.

Auto Pay Rate Reduction – With automatic payments, LendKey lenders can drop your interest rate by 0.25%.

Great Personal Service – Speak with a real person during any part of your loan process.

Lenkey Private Student Loan Details

  • Variable rates as low as 3.89% APR*
  • Fixed rate as low as 5.36% APR*
  • Interest rate deduction for automatic payments, currently 0.25%.
  • Loan amounts starting at $5,000 up to $250,000.
  • Repayment terms set at 15 years.
  • No origination fee.
  • No prepayment fee.

*accurate as of December 1, 2017


  • Individual borrowers must be at least 18 years old.
  • Proof of US Citizenship or Permanent Residency.
  • Steady income of at least $24,000 or apply with a cosigner.
  • Credit union membership required for funded loans.

All loans are subject to credit review and approval and your rate depends upon credit score, loan amount, loan term, and credit usage and history. A cosigner may be necessary with cosigner release after on-time principal and interest payments.

Experience. An easy application process but not automated.

The LendKey Private Student Loan application process is simple:

  1. Check availability and apply here.
  2. Choose your loan
  3. Upload documents

You’ll get notified once application and documents are reviewed.

My Smile Review: Is LendKey a Legitimate Marketplace for Private Student Loans?

In my review of the LendKey marketplace, I perused the website, read the disclosures, and spoke with members of their team. LendKey is a legitimate and non-scam marketplace. Their goal is a more efficient connection between student borrowers and credit union’s who offer private loans.

The application is streamlined and easy with only a 3-part process. The customer service support is helpful and knowledgeable.

The only issue I see is the confusion some may have about who actually approves the loans. If you decide to get a private student loan through the LendKey marketplace, I want you to know you’ll be dealing with the credit union themselves. This isn’t an issue, just some clarity.  Understand you’re dealing with a local financial institution and not some venture funded financial technology company.

If you are looking to supplement your federal loans and gift, consider a private student loan with a credit union. Check your rate with LendKey and let me know how it goes.

LendKey Private Loan Review

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Fees & Commissions

LendKey is a legitimate marketplace to find private loans offered by community banks and credit unions. With a competitive product and streamlined application process, it's much easier to get the student loan you need to afford college.

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User Rating: 4.55 ( 1 votes)
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Jason Vitug

Jason Vitug is founder at phroogal, creator of the award-winning project the Road to Financial Wellness, and author of the bestseller and NY Times reviewed book, You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life.

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