Reviews

LendKey Review: Community-Based Student Loan Refinancing

Are you looking to find the best student loan refinancing rate from community banks and credit unions? There are thousands of options and it would be a big time suck. LendKey makes it easier to find the best refinancing option for you from hundreds of local community banks and credit unions.

What is LendKey?

LendKey is a marketplace that connects consumers to student loan refinancing and consolidation options with community banks and credit unions. Essentially, it’s a matchmaking service to help borrowers find local financial institutions for your student loan needs. The big emphasis is on local!

LendKey can issue loans in all 50 States with their 300+ partnering credit unions and banks. Through the website, you can check for the best rate for your student loan refinancing needs. Anyone considering to refinance their student loans should consider a local community bank or credit union.

What are some of the benefits of LendKey Student Loan Refinance?

Lower Payments: Refinance for a more manageable monthly payment.

Lower Rates: Get a lower rate and spend less on interest through an aggregate of all your student loans.

Simpler Finances: Make one payment as opposed to multiple payments. LendKey will also let you consolidate both private and federal loans.

Lenkey Student Loan Refinance Details

  • Variable rates as low as 2.52%.*
  • Fixed rate as low as 3.25%.*
  • Interest rate reduction for automatic payments, currently 0.25%.
  • Loan amounts starting at $5,000 up to $250,000.
  • Loan terms: 5 years, 7 years, 10 years, 15 years, or 20 years.
  • No origination fee.
  • No prepayment fees.

*accurate as of November 25, 2017

Requirements:

  • Individual borrowers must be at least 18 years old or with a cosigner.
  • Hard credit inquiry after selecting loan terms to complete application.
  • Residency requirements for some credit union 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.

Lendkey Loan Payment Example

Your repayment terms will depend on your APR and loan term.

Experience. A quick application process to check your rate (without impacting your score), selecting your loan terms, then agreeing to a hard credit inquiry (will impact your score), and finally submitting your documents online for verification.

The LendKey Student Loan Refinance application process is simple:

  1. Check your rate with LendKey (It doesn’t impact your credit score.)
  2. Choose your term
  3. Verify your information
  4. Receive your funds

Other Information About LendKey Student Loan Refinance Marketplace

One Application Process

Since Lendkey is a marketplace, they connect you with hundreds of potential refinancing options. In just 5 minutes, you can complete the LendKey application process and within minutes see how much you can be saving.

Cosigner Release Available

In order to get approved or receive the best rate, you might need a cosigner. But with Lendkey, your cosigner can be released once you’ve shown a history of repayment for 12 consecutive months.

Federal and Private Loans Can Be Consolidated Together

This can make repayment easier but you can lose federal benefits of your federal loans if consolidated with private loans or refinanced. You may want to consider consolidating your federal loans separately to keep things like income-based repayment plans, public service forgiveness, forbearance, and deferments.

Some Alternatives to LendKey

SoFi Student Loan Refinancing: We’ve also reviewed SoFI and they offer a competitive option with low-interest rates, variable and fixed rates, with some unique benefits.

My Smile Summary: Should you refinance your student loans through LendKey?

I love LendKey’s association with 320 community banks and credit unions keeping your business local. LendKey runs a great student loan marketplace making it easy for you to find student loan refinancing and private student loans options.

Although there are some added steps to finalize a refinance or get private student loans, the loan application process is simple to complete and the directions are easy to follow.

I like that there is no application fee and no impact on credit score when you’re checking your rate.

If you’re in the market to refinance your student loans and want to save money and keep your business with community banks or credit unions, consider LendKey’s marketplace to find the best option for you. Check your rate today without impacting your credit score!

LendKey Student Loan Refinance Review

Products & Services
Ease of Use
Customer Service
Fees & Commissions
Transparency

Refinance your student loans with a community bank or credit union through LendKey's marketplace in 4 steps. Checking your rate does not impact your credit score.

Check Your Rate Today
User Rating: 4.45 ( 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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