LendKey Review: Is It Safe and Legit?

Saving thousands of dollars on your student loan debt seems ideal, and that's just what LendKey promises. Is it legit, though?

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Saving thousands of dollars on your student loan debt seems ideal, and that’s just what LendKey promises. Is it legit, though?

LendKey filled a void that existed in the student loan refinancing industry. They have been around since 2007. They took advantage of the student loan industry by beating small banks and credit unions to the punch with student loan refinancing and private student loans. But if it the right student loan refinancing company for you?

Let’s find out, together in our Lendkey review.

What is LendKey?

LendKey is a platform that connects borrowers with community banks and credit unions that provide private loans for undergraduate and graduate students and refinance loans for college graduates.

Who is LendKey Best For?

Lendkey is a great option for those that have an average credit score and you’re looking for a lot of options in terms of student loans refinancing or consolidation.

Visit LendKey to learn all of their options to see what they have for you.

Services Offered

Student Loan Refinance and Student Loan Consolidation

LendKey Features

Auto Payment, Cosigner Option, Calculator on Website

LendKey Student Loan Refinancing Rates

Student Loan Refinance: 2.51% APR – 8.82% APR

  • Student Loan Refinance Variable Rates: 2.51% – 8.09%
  • Student Loan Refinance Fixed Rates: 3.49% – 8.82%

They have interest rates as low as 2.51% – 8.09% for variable APR and 3.49% – 8.82% for fixed APR.

You can get your student loan refinancing custom rate in 3 minutes or less by clicking here.

LendKey Private Student Loans

Private Student Loans: 4.92% APR – 10.01% APR

  • Private Student Loans Variable Rates: 4.92% – 10.01%
  • Private Student Loans Fixed Rates: 5.36% – 9.69%

You can get your private student loan custom rate in 3 minutes or less by clicking here.

Loan Length

Loan Length: 5, 7, 10, 15, 20

You can get a loan through them for a 5, 7, 10, 15, or 20-year term. Speak to one of their representatives to figure out the best loan length that works for you.

Loan Amounts

The company currently offers student loan refinancing and consolidation for loans over $5,000.

LendKey Eligibility

To qualify for this loan, you will need to be able to prove that you have an adequate income to pay off the loan and an average credit score.

Lendkey Pros:

  • LendKey focuses on customer service
  • The average person saves around $16,657 in student debt refinancing
  • Conveniently offers a 30-day, no-tax or interest return, if customers are not satisfied


Lendkey Cons:

  • The minimum credit score for acceptance is around 680, and they require a strong credit history
  • Reviews have said the website is not user-friendly, and the process of uploading documents online is confusing


Is LendKey Safe?

LendKey has an A+ rating on the BBB page. They also have 5 customer reviews with an average of 1/5 stars.

More LendKey Info:

BBB File Opened: 10/23/2009

Years in Business: 11

Business Started: 5/2/2007

Business Incorporated: 5/2/2007 in DE

Accredited Since: 9/24/2012

Type of Entity: Corporation

LendKey Headquarters: 104 West 27th Street, 4th Floor, New York, NY 10001-6210

LendKey Contact Information:

Fax Numbers

  • (866) 610-7450

Phone Numbers

  • (888) 549-9050
  • (800) 881-8985

Why Should You Refinance Your Student Loan Debt?

In case you’re wondering why someone would refinance student loan debt, here are the top reasons:

1. It’s simple to check your rate and can save you a lot of money

There are a lot of competing student loan companies and that’s good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

2. If you have a high interest rate on your student loans

Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you’ll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

3. If you don’t qualify for public student loan forgiveness

Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it’s best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

4. Have more questions?

If you want to learn more about student loans before refinancing student loans with LendKey, here are some good student loan resources to consider:

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Best Student Loan Refinancing Options

Variable APRLoan TypesEligible Loans
splash financial1.89% - 5.99%Variable & FixedPrivate & FederalVISIT LENDER
studentloansadvice2.25% - 6.88%Variable & FixedPrivate & FederalVISIT LENDER
lendkey1.91% - 5.25%Variable & FixedPrivate & FederalVISIT LENDER
1.99% - 5.64%Variable & FixedPrivate & FederalVISIT LENDER