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Starting at 1.92%
APR
$300,000
Max. Loan Amount
660
Min. Credit Score
Product Name | LendKey Student Loan Refinancing (with AutoPay) |
---|---|
Minimum Loan Amount | $7,500 |
Max. Loan Amount | $300,000 |
APR | Starting at 1.92% |
Interest Rate Type | Variable |
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. |
Review by
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
LendKey is ideal for graduates looking to refinance their student loans with a local bank or credit union. You can compare offers from multiple lenders by filling out one online form on LendKey’s website. Its network of lenders offer both variable and fixed rates, as well as a wide range of loan terms between five and 20 years. It’s also a good choice for borrowers with high debt loads — you can refinance up to $300,000.
However, you need to have earned your degree to qualify. And you can’t refinance test prep loans, like for the bar exam.
Not sold on LendKey? Compare other student loan refinancing providers to find a better fit for you.
LendKey requires student loan refinancing applicants to:
Loans you can apply for through LendKey come with a number of noteworthy features, including:
You can get a loan from LendKey for purposes other than refinancing. Your options include:
Although LendKey doesn’t have many customer reviews online, it’s accredited by the Better Business Bureau (BBB) which means it meets certain transparency standards and makes an effort to resolve consumer complaints. LendKey’s been accredited by the BBB since 2012 and has an A+ rating.
It’s had several consumer complaints filed against it, most of which indicate that LendKey is prone to technical errors that it’s not always equipped to fix. One customer tried to apply for a loan with a fixed APR, only to be given a variable interest rate. Another had their application denied because LendKey erroneously identified them as a temporary, rather than full-time employee and therefore ineligible without a cosigner. Others were charged late fees for mistakes their banks made.
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.
You need to provide the following information to complete your application successfully:
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.
Now that you have a lower rate, you’ll need to assess how much your refinanced loan will cost you. 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.
LendKey services student loans for its partners so you’ll make repayments through the company rather than your lender. If you have any questions or concerns about your account, reach out to LendKey’s customer service team.
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.
Learn more about how student loan refinancing works or find other credit unions that offer refinancing with our guides.