Find competitive rates and unmatched loan benefits from LendKey’s network of not-for-profit lenders.
LendKey began operations in 2007, as Fynanz. Initially, it operated as a peer-to-peer platform for student loans. It rebranded itself as LendKey in 2013, after which it took its lending platform to community banks and credit unions across the US. Now, more than 275 community financial institutions make use of LendKey’s cloud-based tools and infrastructure to offer loans at competitive interest rates.
|Product Name||LendKey Student Loan Refinancing (with AutoPay)|
|Min Loan Amount||$7,500|
|Max. Loan Amount||$300,000|
|Min APR||From 2.67%|
|Minimum Loan Term||5 years|
|Maximum Loan Term||20 years|
|Requirements||You must be a US citizen or permanent resident and have an undergraduate or graduate degree.|
- Must be a US citizen or permanent resident
- Must have an undergraduate or graduate degree
First, do I qualify?
If you have a student loan you’re currently repaying, a decent credit score and/or a steady source of income, you may qualify for a refinanced loan from LendKey. There are a number of factors that go into getting a personal loan, but as long as you have a history of on-time payments for your loan, you have the opportunity to get better rates.
Benefits of refinancing a student loan through LendKey
Loans you can apply for through LendKey come with a number of noteworthy features, including:
- Interest rate reduction. If you sign up for automatic repayments, you could get a 0.25% interest rate discount.
- Variable or fixed rate. When you turn to LendKey to refinance an existing student loan, you get to choose from fixed and variable rate alternatives. If you don’t mind taking a little risk with your repayment amount, getting a variable rate loan might work well for you. If you prefer the peace of mind that comes through fixed repayments, a fixed rate loan might be a better bet.
- High loan amount and flexible terms. The maximum loan amount is $300,000, and the loan term can be 5, 7, 10, 15 or 20 years.
- Savings in fees. When you refinance with LendKey you won’t pay any origination fees, or prepayment penalties.
What other products does LendKey offer?
You can get a loan from LendKey for purposes other than refinancing. Your options include:
- Private student loans. Through LendKey, you can find lenders that may consider your academic credentials when assessing private student loans, which can get you a lower interest rate. If you have made consecutive on-time principal and interest payments in the past, you can find lenders that offer co-signer release. You don’t have to pay any loan origination fees, and the interest you pay might be tax deductible.
- Home improvement loans. When you apply for a home improvement loan through LendKey, you get to deal with a financial institution that supports local homeowners and contractors.
What consumers say about LendKey
Although LendKey doesn’t have many customer reviews online, it’s accredited by the Better Business Bureau (BBB) which means it has a reputation of quality service. LendKey’s been accredited by the BBB since 2012 and has an A+ rating.
Compare LendKey to other top student loan providers
Am I eligible?
To qualify, you must be a US citizen or permanent resident and have an undergraduate or graduate degree. You or a cosigner must have a regular source of income.
You’ll have to provide the following information to complete your application successfully:
- Your personal information. This includes your name, contact details and annual income.
- Your school information. Select your type of degree and the school where you earned it.
- Your loan information. Estimate the total amount of student loans you’ll be refinancing.
How to apply for student loan refinancing through LendKey
You can submit your application conveniently online. Here’s how:
1. Start by clicking the Go to site button on this page to be directed to LendKey’s website.
2. From there, you’ll fill out a one-page application form with your personal, school and loan information discussed above.
3. Click Check Your Rate to see potential offers.
I got my loan refinanced! Now what?
Now that you have a lower rate, you’ll need to assess how much your refinanced loan will cost you. It’s important to budget for your payments, and with a personal loan, paying it off sooner will save you thousands of dollars in interest over the long run.
I wasn’t approved. Now what?
It’s not the end of the world. Keep repaying your student loans at the current rate, and over time, you can improve your credit score and work on any other factors that contributed to your denial. You may be able to apply again in a few months and increase your chances of approval.
In the meantime, you can learn more about student loan refinancing and compare other providers.
If you’re in the market to refinance your student loan, LendKey offers competitive rates and a quick application that can make the process fast and easy.
Frequently asked questions
Can I combine my federal and private student loans, and then refinance them together?
Some lenders within LendKey’s network will allow you to combine federal and private loans.
When I'm looking at loan terms, what's the difference between APR and interest rate?
The APR is the interest rate and all other fees charged by the lender.
Does LendKey have any tools to help me decide if refinancing is right for me?
Yes. LendKey has a refinancing calculator on its website to help you figure out if you can improve your financial situation by refinancing your student loans.