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LendKey Student Loan Refinancing Review

LendKey Student Loan Refinancing Review

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In this LendKey student loan refinancing review, you’ll learn everything you need to know about LendKey and student loan refinancing. What is LendKey? LendKey is a student loan marketplace that connects borrowers to credit unions and community banks to refinance student loans.

In this review, we will discuss:

LendKey student loan refinancing: Rating

Best For: LendKey is best for borrowers who want to work with a credit union or community bank rather than an online lender or traditional bank.

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LendKey student loan refinancing: Pros and Cons

Pros:

  • Compare rates from multiple credit unions and community banks
  • Get forbearance for up to 18 months
  • Ability to release cosigner 

Cons:

  • Not available in certain states such as ME, NV, ND, RI and WV
  • No academic deferment or military deferment
  • Does not refinance student loans for borrowers with no degree

LendKey student loan refinancing: Overview

While not a direct lender, LendKey compares offers from community banks and credit unions to help you refinance student loans.

LendKey reviews your information and then finds community banks and credit unions that match your financial and geographic profile. LendKey offers both variable and fixed interest rates with repayment terms ranging from 5 to 20 years.

Advantages of Refinancing With LendKey

Here is what we like about LendKey student loan refinancing:

  • Compare rates from multiple credit unions and community banks
  • Pause your student loan payments for up to 18 months
  • Low fixed and variable interest rates

Drawbacks of Refinancing With LendKey

LendKey can improve in these key areas:

  • Offer student loan refinancing in all 50 states
  • Refinance student loans for borrowers without a degree.
  • Options for academic and military deferment

LendKey student loan refinancing review: Details

How to refinance student loans with Lendkey:

You can check your new interest for free in two minutes with no impact to your credit score. If you like your interest rate, you can apply online to refinance your student loans with LendKey. The application takes about 10-15 minutes to complete.

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Is LendKey student loan refinancing right for you?

LendKey student loan refinancing may be right for you if you:

  • Have a credit score of at least 660
  • Generate stable and recurring monthly income of at least $24,000
  • Want to refinance with a credit union or community bank

LendKey caters to borrowers with good to strong credit. The minimum income for a LendKey borrower is $24,000 and the minimum credit score is 660. The average LendKey customer earns enough income to pay student loans, other debt obligations and monthly living expenses.

When you apply through LendKey, your student loans will be refinanced by one of its partner banks or credit unions. You will also get to become a member of the credit union or bank that funds your student loans. Community banks and credit unions are known for high-touch customer service, low rates and personalized service.

While LendKey is not available to borrowers in all 50 states, LendKey offers one of the longest unemployment protection periods of all student loan refinance companies. LendKey enables you to pause payments for up to 18 months if you become unemployed. 

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