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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.
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. Essentially, it’s a matchmaking service to help borrowers find local financial institutions for your student loan needs.
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.
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.
*accurate as of March 12, 2018
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 the on-time principal and interest payments.
Experience. An easy application process but not automated.
The LendKey Private Student Loan application process is simple:
You’ll get notified once application and documents are reviewed.