Are you struggling with student loan payments? You’re not alone. Many students need help to keep up with their monthly payments, leading to financial stress and even defaulting on their loans. Fortunately, LendKey offers a solution: student loan refinancing and private loan options.

LendKey’s private and refinancing loans are designed to help students manage their debt more effectively. With flexible repayment plans and loan terms, borrowers can choose the option that works best for them. Whether you’re looking for lower monthly payments or a shorter repayment period, LendKey has a range of loan products from partner lenders to meet your financial decisions.

One of the unique things about LendKey is its partnership with community banks and credit unions, allowing the company to offer private student loans, a type of lending product, to cover school attendance costs. Unlike federal loans, which limit how much you can borrow each year, personal loans from LendKey give you more flexibility in your financial decisions. This is made possible through collaboration with community banks and credit unions, represented by the Bankrate logo.

We’ll discuss the different types of loans available and the benefits of working with partner lenders. So whether you’re a recent graduate or a student struggling with debt, read on to learn how LendKey can help you achieve your financial goals.

LendKey vs Other Student Loan Refinancing Companies: What Sets it Apart?

Lower Interest Rates for Borrowers

One of the most significant advantages of using LendKey over other student loan refinancing companies is its lower interest rates. The company offers competitive rates that are often lower than those offered by other lenders in the industry. This means that borrowers can save money on their monthly payments and overall interest costs, which can add up to thousands of dollars over the life of their loans.

Unique Network of Community Banks and Credit Unions

LendKey has a unique network of community banks and credit unions that offer personalized customer service to borrowers. Unlike lenders relying on large financial institutions, LendKey partners with local banks and credit unions nationwide. These institutions are vested in helping their communities thrive, making them more likely to work with borrowers to find solutions that meet their unique needs.

Flexible Repayment Options

Another advantage of using LendKey is its flexible repayment options. Borrowers can choose from various repayment plans, including fixed and variable-rate loans and interest-only payments during the grace period. This allows borrowers to customize their repayment plans based on their financial situation and goals.

No Origination Fees or Prepayment Penalties

LendKey does not charge any origination fees or prepayment penalties, which sets it apart from many other student loan refinancing companies. Origination fees can add hundreds or even thousands of dollars to the cost of a loan upfront. At the same time, prepayment penalties can make it difficult for borrowers to pay off their loans early without incurring additional fees.

Co-signer Release Option

LendKey also offers a co-signer release option after 12 months of on-time payments. This allows borrowers who initially needed a co-signer for approval to remove them from the loan agreement once they have established a history of responsible repayment.

LendKey Student Loan Requirements: Credit Score, Debt, and More

What are the requirements to qualify for a LendKey student loan?

LendKey is a lending platform that connects borrowers with partner lenders, such as community banks and credit unions across the United States. To be eligible for a LendKey student loan, borrowers must meet specific requirements, including credit score, debt-to-income ratio, and credit history. Bankrate provides helpful information and resources for borrowers to make informed financial decisions. Additionally, LendKey offers scholarships for students seeking financial assistance for their education.

The minimum credit score required to qualify for a LendKey student loan is 660. However, having a higher credit score can increase your chances of approval and help you secure better interest rates. In addition to credit score, lenders consider other factors such as income, employment history, and debt-to-income ratio.

Borrowers with a high level of existing debt may need help qualifying for a LendKey student loan. The lender typically looks at the borrower’s total debt obligations when assessing their ability to repay the loan. You may only be approved for a loan if you have a little outstanding debt or your debt-to-income ratio is too high.

How much credit score do I need for LendKey?

As mentioned earlier, the minimum credit score requirement to qualify for a LendKey student loan is 660. However, it’s important to note that this is just the minimum requirement. A higher credit score can improve your chances of being approved for a loan and help you get more favourable terms.

According to data from LendEDU’s survey of private student loans in 2020, the average FICO® Score among approved borrowers was 748. This means that while it’s possible to get approved with lower scores than this average number indicates; however, having an excellent or good FICO® Score will make it easier to obtain approval from lenders like LendKey.

Can I get approved if my typical credit score doesn’t meet the requirement?

If your typical credit score doesn’t meet the minimum requirement, you may still be able to get approved for a LendKey student loan by having a co-signer. A co-signer agrees to take responsibility for repaying the loan if the borrower cannot do so. Having a co-signer with a good credit score can increase your chances of being approved and help you secure better interest rates.

LendKey also offers co-signer release options after a certain period of on-time payments. This means that once you have made enough payments on time or meet other specified conditions, your co-signer will be released from their obligation to repay the loan.

What else should I know about LendKey student loans?

LendKey offers loans for undergraduate and graduate degrees, scholarships, and awards to help needy students. The lender has competitive interest rates and flexible repayment terms, making it an attractive option for many borrowers.

In addition to its lending services, LendKey provides valuable content on its website to help students make informed decisions about borrowing money for college. Its blog covers how to pay off student loans faster, find scholarships and grants, and build credit while in school.

Who Should Consider LendKey Refinance? Is it Right for You?

LendKey refinance is a good option for those who have high-interest student loans.

If you’re struggling to keep up with your student loan payments or are paying a high-interest rate, then LendKey refinance might be the right choice. With its low-interest rates and flexible repayment terms, LendKey can help you save money on your monthly payment and pay off your debt faster.

LendKey works by consolidating your existing student loans into one manageable payment. This means that you’ll only have to worry about one. Not only does this make budgeting more accessible, but it can also help you avoid missed charges and late fees.

If you have multiple student loans, LendKey can help you consolidate them into one manageable payment.

Consolidating your loans with LendKey is easy. Apply online and provide information about your current loans. Once approved, LendKey will pay off your existing lenders and create a new loan with a lower interest rate and better terms. You’ll then make one monthly payment to LendKey instead of several to different lenders.

One of the benefits of consolidating with LendKey is that it can simplify the repayment process. Instead of remembering multiple due dates each month, you’ll only need to remember one. If you’re struggling to keep up with payments on some or all of your loans, consolidating them into one loan could make it easier to stay on top of things.

LendKey offers flexible repayment terms and competitive interest rates.

LendKey offers fixed-rate and variable-rate refinancing options depending on what suits an individual borrower’s needs best. Fixed-rate refinancing means that the interest rate stays the same throughout the loan’s lifespan; in contrast, variable-rate refinancing implies that the interest rate fluctuates based on market conditions. LendKey also offers flexible repayment terms ranging from five to twenty years, giving borrowers more options.

Another advantage of LendKey is its competitive interest rates. Borrowers can save thousands of dollars in interest costs over the life of their loan by refinancing with LendKey.

To be eligible for LendKey refinance, you must have a credit score of at least 660 and a minimum income of $24,000.

While LendKey offers some great benefits to borrowers looking to refinance their student loans, not everyone will qualify. To be eligible for a LendKey refinance, you must have a credit score of at least 660 and a minimum income of $24,000. You must have graduated from an accredited institution and be a U.S. citizen or permanent resident.

If you meet these requirements and are struggling with high-interest student loans, refinancing with LendKey could be an excellent choice. However, it may not be worth refinancing if your credit score or income is lower than what LendKey requires or if you’re close to paying off your loans entirely.

Essential Factors to Consider Before Refinancing Your Student Loans

Qualifying for LendKey Refinancing

You must meet their eligibility requirements before refinancing your student loans with LendKey. To qualify, you must have at least $5,000 in student loan debt and be a U.S. citizen or permanent resident. You must also have graduated from an eligible school and program.

Repayment Terms and Fees

When considering student loan refinance options, comparing different lenders’ loan products, repayment terms, and fees is essential. LendKey offers flexible repayment terms ranging from 5 to 20 years for loan amounts. They don’t charge application or origination fees, ensuring loan eligibility and saving money upfront.

However, it’s important to note that extending your repayment term may result in paying more interest over time. Be sure to weigh the pros and cons of each repayment term option before making a decision.

Late Payments and Forbearance

Late payments on your student loans can negatively impact your credit score and ability to refinance in the future. If you’re struggling to make payments due to financial hardship or other reasons, forbearance may be an option.

LendKey offers up to 18 months of forbearance for borrowers who experience economic hardship or are actively seeking employment, making it an excellent option for those looking to refinance their student loans. However, interest will continue to accrue during this period, even for private student loans.

Bonus Offers and Scholarships

In addition to offering competitive rates and flexible repayment terms, some lenders provide bonus incentives or scholarships when refinancing student loans.

LendKey partners with Scholarship America to provide additional savings opportunities for borrowers. Through this partnership, eligible applicants can receive up to $1,000 towards their student loan balance when refinancing with LendKey.

When considering refinancing options, be sure to research any bonus offers or scholarships that may be available through different lenders.

Making Informed Financial Decisions

Refinancing your student loans can be an intelligent financial decision, but it’s essential to consider all factors before making a choice. Be sure to compare repayment terms and fees, understand the impact of late payments and forbearance on your credit score, and research any bonus offers or scholarships that may be available.

By taking the time to make an informed decision, you can save money on interest and reduce your monthly payments while still achieving your financial goals.

LendKey: A Comprehensive Guide to Interest Rates and Loan Details

Competitive Interest Rates for Student Loan Refinancing

LendKey is known for offering competitive interest rates for student loan refinancing. With LendKey, borrowers can refinance their student loans at a lower interest rate than what they are currently paying, saving them money over the life of the loan. The interest rates offered by LendKey are based on several factors, including creditworthiness, area, and loan amount.

When you apply for a student loan refinance with LendKey, you will receive personalized interest rate offers from multiple lenders. This allows you to compare rates and choose the best option for your financial situation. It’s important to note that LendKey does not set the interest rates; instead, they work with a network of lenders who place their rates.

Loan Amounts Ranging from $5,000 to $300,000

One of the benefits of working with LendKey is that borrowers can receive loans ranging from $5,000 to $300,000, depending on their creditworthiness and area. This means that whether you have a small or large amount of student debt to refinance, LendKey has options available for you.

It’s important to note that while LendKey offers high loan amounts, it’s always recommended that borrowers only borrow what they need and can afford to repay. Taking out too much debt can lead to financial stress down the road.

No Origination Fees and Excellent Customer Service

LendKey stands out from other lenders’ commitment to excellent customer service and support throughout the loan process. They demonstrate this by not charging origination fees on their loans. Lenders typically charge origination fees to cover administrative costs associated with processing loans.

In addition to no origination fees, LendKey provides excellent customer service and support throughout the loan process. They offer a variety of resources to help borrowers understand their options and make informed decisions about their finances. This includes access to data points, reviews, and information on repayment terms.

Repayment Terms

LendKey offers flexible options for borrowers. The exact terms will vary based on the lender you choose to work with, but generally speaking, you can expect repayment terms ranging from five to 20 years.

It’s important to note that while longer repayment terms may result in lower monthly payments, they can also lead to paying more interest over the life of the loan. Borrowers should consider their financial situation and goals when choosing a repayment term.

Contacting LendKey

If you have questions or need help with your student loan refinance, LendKey provides excellent customer service and support throughout the loan process. You can contact them by phone or email for assistance.

How to Apply for a Loan with LendKey: Step-by-Step Guide

Create an account on LendKey’s website.

The first step to applying for a loan with LendKey is to create an account on their website. This can be done by clicking the “Apply Now” button on their homepage and filling out the required information. You must provide your name and email address and create a password. Once you have created an account, you can log in and start your loan application.

Choose the type of loan you need

LendKey offers a variety of loans, including student loans, personal loans, and home improvement loans. To apply for a loan, you must select which type of loan you need. Each loan has different requirements and terms, so choosing the one that best fits your needs is essential.

For example, if you’re applying for a student loan, you’ll need to provide information about your school and program of study. If you’re applying for a personal or home improvement loan, you’ll need to give details about what the money will be used for.

Fill out the application form with your personal and financial information.

Once you’ve selected the type of loan you want to apply for, it’s time to fill out the application form. The form will ask for personal information such as your name, address, date of birth, and Social Security number. You’ll also need to provide financial information, such as your income and employment status.

All the information provided must be accurate since this will affect whether or not your application is approved. Ensure all fields are filled out completely before moving on to the next step.

Upload any required documents, such as proof of income or ID.

Depending on the type of loan you’re applying for and other factors such as credit score or employment status, LendKey may require additional documentation. This can include proof of income, tax returns, or a copy of your ID.

Make sure to read the instructions carefully and provide all required documents. Please do so to ensure the timely processing of your application and even denial.

Submit your application and wait for a decision from LendKey.

Once you’ve completed the application form and uploaded any required documents, it’s time to submit your application. Double-check that all information is correct before hitting the “submit” button.

After submitting your application, you’ll need to wait for a decision from LendKey. The time it takes to receive a decision can vary depending on factors such as loan type and how quickly you provided all necessary documentation.

You can review the loan terms, including interest rates and repayment options, if approved. If denied, LendKey will explain why your application was not approved.

Updates Coming in May to LendKey Application Program

Autopay Feature Added to the Platform

LendKey’s application program is set to receive updates in May, and one of the most significant additions will be the autopay feature. With this new feature, users can automate their monthly payments, ensuring they never miss a payment due date again.

The autoplay feature is an excellent addition for busy people who may need to remember their payment due dates or anyone who wants to simplify their finances. Users can save time and reduce stress by automating payments while avoiding late fees and penalties.

To use autopay, users must log into their account on the LendKey platform and select the “autopay” option. From there, they can choose which bank account they want payments to be withdrawn from monthly. Once set up, charges will be deducted from each month’s due date.

Editorial Team Improving User Experience for Months

In addition to adding new features like autopay, LendKey’s editorial team has been working to improve user experience over the past few months. This includes changing the platform’s design and layout and updating content throughout the site.

One of the most significant changes LendKey’s editorial team made was overhauling its help centre. The help centre now features more detailed articles on using different platform aspects, making it easier for users to find answers to common questions.

The editorial team has also updated marketing materials, such as emails from LendKey regarding promotions or offers for potential borrowers. These updates make it easier for people interested in using LendKey’s services to understand what sets them apart from other platforms.

LendKey Student Loans: Best Possible Rate from Local Banks

Borrow from Community Banks and Credit Unions

LendKey offers student loans from local community banks and credit unions. This means that borrowers can get loans at competitive rates, as these lenders are more likely to offer lower interest rates than larger banks. LendKey has partnered with over 13,000 community banks and credit unions across the United States, making it easier for students to find a lender that suits their needs.

Competitive Rates from Online Lenders

In addition to partnering with community banks and credit unions, LendKey also partners with online lenders to provide borrowers competitive rates. These online lenders compete for business on the platform, which drives down interest rates even further. As a result, borrowers can save money on their student loans by using LendKey’s platform.

Highly Rated by Bankrate

Bankrate has given LendKey a 4.7 out of 5 rating for its competitive rates. This is because LendKey offers some of the best possible rates in the industry. Bankrate recognizes that working with local community banks and credit unions is an excellent way to secure low-interest rates.

Biweekly Payment Options and Autopay Discounts

LendKey offers biweekly payment options and an autopay discount to help borrowers save money on student loan payments. Biweekly payments allow borrowers to make half-payments every two weeks instead of one total monthly income. By doing so, they make one extra payment each year without even noticing it! The autopay discount provides another way for borrowers to save money by slightly reducing their interest rate when they sign up for automatic payments.

Available in Select States

LendKey is only available in Rhode Island, North Dakota, and West Virginia. However, more is needed to limit the number of students using the platform. LendKey partners with community banks and credit unions across the United States, meaning students from other states can still find a lender through the platform.

Pros and Cons of Using LendKey for Student Loan Refinancing

Competitive Interest Rates

Competitive interest rates are one of the most significant advantages of using LendKey for student loan refinancing. The company works with community banks and credit unions across the United States to offer borrowers some of the lowest rates available. With a low-interest rate, you can save money over time by reducing your monthly payments or paying off your loan faster.

Easy Online Application Process

Another benefit of using LendKey for student loan refinancing is its easy online application process. You can complete the entire application process from your computer or smartphone, making it convenient for busy students or graduates. The application process only takes a few minutes to complete, and you will receive an instant decision on whether you are eligible for refinancing.

Limited Eligibility Criteria

One disadvantage of using LendKey for student loan refinancing is the narrow eligibility criteria. To be eligible, you must have at least $5,000 in student loans and meet specific credit requirements. Not all states are serviced by LendKey’s lending partners, so you may not be eligible if you live in an unsupported state.

No Co-signer Release Option

Another drawback of using LendKey for student loan refinancing is that no co-signer release option is available. If you initially took out your loans with a co-signer and wish to remove them from the loan agreement after refinancing with LendKey, this will not be possible.

Examples of Success Stories with LendKey

Saving Over $18,000 in Interest Payments

One borrower who refinanced their student loans through LendKey saved over $18,000 in interest payments. This borrower had multiple high-interest loans from various lenders and struggled to make monthly payments. By refinancing through LendKey, they could consolidate their loans into one manageable payment with a much lower interest rate. This allowed them to pay off their debt faster and save significant money.

Consolidating Debt and Saving $500 Per month

A couple who was struggling with high monthly debt payments was able to consolidate their debt and save $500 per month by using LendKey. They had multiple credit card balances, car loans, and other obligations that took a lot of work to manage monthly. Using LendKey’s consolidation services, they could combine all their debts into one loan with a lower interest rate. It is not more accessible for them to manage their finances but add a significant amount of money each month.

Achieving Financial Independence Through Business Financing

LendKey isn’t just for refinancing or consolidating existing debt – it can also be used as a source of financing for new ventures. One borrower secured a loan through LendKey to start a business and achieve financial independence. They had been working at a job they didn’t enjoy for years and dreamed of starting their own business but lacked the necessary funds. With the help of LendKey, they secured the financing needed to start their business and turn their dream into a reality.

Is LendKey the Right Choice for You?

If you’re considering refinancing your student loans, LendKey is an excellent option. With competitive interest rates and various loan options, LendKey stands out from other student loan refinancing companies.

Key Points to Consider

  • LendKey offers some of the lowest interest rates in the industry.

  • They partner with local banks and credit unions to provide personalized service.

  • Refinancing with LendKey can help lower your monthly payments and save you money.

Before deciding, it’s essential to weigh the pros and cons of using LendKey for your student loan refinancing needs. Here are some key factors to consider:

FAQs

What credit score do I need to qualify for a student loan refinance with LendKey?

LendKey requires a minimum credit score 660 to be eligible for their student loan refinancing program.

Can I refinance both federal and private student loans with LendKey?

Yes, you can refinance both federal and private student loans with LendKey.

How long does it take to get approved for a loan with LendKey?

The application process typically takes between 2-4 weeks from start to finish. However, this timeline may vary depending on individual circumstances.

Are there any fees associated with refinancing my student loans through LendKey?

LendKey does not charge any origination fees or prepayment penalties. However, there may be late payment fees if you miss a payment.

Will refinancing my student loans affect my credit score?

Refinancing your student loans may initially result in a slight dip in your credit score due to the hard inquiry during the application process. However, your credit score should improve if you make timely payments on your new loan.

In conclusion, if you’re looking to refinance your student loans, LendKey is worth considering. With competitive interest rates, personalized service, and a range of loan options, LendKey can help you save money and simplify your repayment process.