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LendKey Review | Student Loans & Refinancing


ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
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Founded in 2009, LendKey is an online lending services company that matches consumers with financial providers from a network of community banks and credit unions that offer private student loans, as well as student loan refinancing. The company allows customers to compare rates and lenders in a neutral online environment.
 
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How is LendKey rated?

Breakdown

4.8/5
Loan Details
4.5/5
Eligibility Criteria
4.5/5
Customer Experience
4.8/5
Additional Benefits

Overall Rating: 4.7 / 5 (Excellent)

LendKey provides a fast and simple application process that matches applicants with credit unions and small banks in their community offering loans at lower rates than those extended by larger lenders. It doesn't charge application or origination fees and offers rate discounts when customers sign up for automatic payments, providing customers with additional ways to save.

LendKey Loan Specifics

Loan Details - 4.8 / 5

LendKey is a marketplace that matches consumers with credit unions and other community banking institutions that can offer more competitive interest rates and loan terms than larger lenders. Applicants can receive offers for student loans with APRs as low as 1.25% (variable) or 4.25% (fixed) when they sign up for auto-pay. Lenders in LendKey's network do not charge application or origination fees, offering applicants further ways to save. A cosigner release option is also available for borrowers who meet consecutive payment requirements.
Loan Types
Undergraduate
Graduate
Interest Rates
Fixed
Variable
Repayment Options
Fixed
Immediate
Interest-Only
Deferment or Forbearance
Cosigner Release

Fixed APR Range

4.25% APR – 12.35% APR with auto-pay discount

Variable APR Range

1.25% - 11.15% APR with auto-pay discount

Disclaimer

Cosigner release available after 24 on time payments

LendKey Qualifications

Eligibility Criteria - 4.5 / 5

Applicants must be US Citizens or permanent legal residents to qualify. Other requirements may apply depending on the particular lender, such as opening an account with the credit union. Having a cosigner is not required, but it may improve an applicant's chances of obtaining a lower interest rate.
Cosigner Required
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident

LendKey Customer Experience

Customer Experience - 4.5 / 5

Prospective borrowers can access LendKey's network of lenders through the company's simple online application. Any required documentation can also be uploaded to LendKey's web portal. Customer service can be reached on weekdays, from 9 am to 8 pm, EST.
Student Loan Calculator
Online Quotes

Discounts

0.25% autopay discount

LendKey Company Reputation

Additional Benefits - 4.8 / 5

LendKey is accredited by the BBB and holds an A+ rating with the organization. The company has only three customer reviews, all of which are negative. It has also received a similar number of complaints, yet the company has responded to each of them as per BBB guidelines. Most complaints filed against LendKey seem to involve customers who are confused about the terms of their loans. As always, potential customers are advised to read the entirety of the loan agreement to avoid surprises later.
Lender Type
Marketplace
Year Founded
2009
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
5
Trust Pilot Rating
4.5 out of 5
Date Collected
2020-05-21

Company Profile

Full Name
LendKey Student Loans
Company Website
https://www.lendkey.com/
Headquarters
104 West 27th Street, 4th Floor, New York, NY, 10001
Top Rated
Our Partner

#1 Choice for Students & Co-signers

  • Rates starting at 3.59% APR 1
  • Best option for those with cosigners and good credit
  • Enter to win a $1,000 scholarship, awarded monthly
  • Checking rates won't affect your credit score
  • Flexible options for repayment and no origination fees

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