Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who is LendKey Best For?
LendKey is best for borrowers who don't want the hassle of applying to multiple lenders and shopping around for the best rates. LendKey will handle this process for you with one simple application.
Additionally, you may like LendKey if you're able to qualify its lowest rates, which are competitive with rates from many other top student loan lenders.
LendKey Student Loan Details
LendKey is not a lender, and it does not underwrite or fund loans. Instead, it pairs you with one of its partner credit unions or community banks. The company offers student loan refinancing and new private student loans.
The term lengths on its refinanced loans range from five to 20 years. Refinanced loans have variable rates between 5.80% to 10.80% with AutoPay, and fixed rates between 4.89% to 10.90% with AutoPay. Without AutoPay, you'd pay an additional 25 basis points on your loan.
LendKey's new loans only have one term length, 10 years. New loans have a rate of Student Loan Origination: Variable: 5.27% - 8.18%, Fixed: 5.24% - 10.68% with AutoPay; Student Loan Refinance: Variable: 5.27% - 8.18%, Fixed: 5.24% - 10.68% with AutoPay.
You're able to borrow up to 100% of your cost of attendance with LendKey. The minimum loan amount for a new loan is $2,000, while the minimum for a refinanced loan is $5,000. The minimum for refinancing is $10,001 in Arizona and Connecticut, and $6,000 in Massachusetts. Requesting a lower loan amount won't increase your approval chances, as approval is based on a review of your credit.
The company doesn't disclose a minimum credit score you'll need to get a loan, but generally the higher your score, the more likely you'll be approved.
LendKey allows cosigners on its loans. Cosigners aren't required, but may improve your chances of getting a loan or qualify you for better terms than you would receive on your own.
You won't pay any origination fees or prepayment penalties with LendKey.
Should You Use Lendkey?
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What is a Student Loan Marketplace?
A student loan marketplace allows you to compare loan offers from multiple lenders at once. The marketplace allows you to check your rates with no impact on your credit score.
If you choose not to use a student loan marketplace, you'll fill out separate applications for each lender you're considering. You'll then have to compare the terms of each loan yourself — a spreadsheet may come in handy here.
LendKey Frequently Asked Questions
A student loan marketplace shows you a list of lenders and the rate each one would charge you. You won't have to spend time filling out multiple applications with different lenders — everything will be in one place for you.
LendKey does not list a minimum credit score for approval.
LendKey does not do a hard credit check when generating your rates — instead in conducts a soft credit check which does not impact your score.
LendKey Trustworthiness
LendKey has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB determines its ratings by evaluating a company's response to customer complaints, honesty in advertising, and transparency about business practices.
A company's BBB rating doesn't guarantee you'll have a good relationship with the lender, so take it with a grain of salt. Ask friends and family about their experience with the company before making your decision.
LendKey hasn't been involved in any recent controversies. LendKey has a clean history and a great BBB rating, so you may decide you're comfortable borrowing from the lender.
LendKey Competitiveness
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LendKey Student Loan Marketplace
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Credible Student Loans
LendKey vs. Credible
We've compared LendKey to another loan marketplace with similar offerings and sign-up processes: Credible.
LendKey has slightly higher minimum rates than Credible, but caps its rates lower than Credible does. If you have an excellent credit score, you may be able to get a slightly lower interest rate with Credible.
In addition to student loan offerings, Credible also allows you to shop for personal loans, home loans, and mortgage refinancing offerings. Neither of these loan marketplaces have a mobile app or charge any fees.
How we rated LendKey
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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