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.
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Visit LendKey to learn all of their options to see what they have for you.
- Student Loan Refinance and Student Loan Consolidation
- 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: 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.
The company currently offers student loan refinancing and consolidation for loans over $5,000.
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.
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:
- (866) 610-7450
- (888) 549-9050
- (800) 881-8985
Why Should You Refinance Your Student Loan Debt?
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:
- Want to pay off your student loans and need an actual repayment plan? Here’s everything you need to know to get started.
- Looking for the top rated student loan refinancing companies? Find out the top rated student loan refinancing companies.
- In a position where you actually NEED more student loans? If so, do it the right way. Here’s how to find the best private student loans.