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LendKey Student Loan Refinancing Review
Updated On September 5, 2023
Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.
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
- LendKey student loan refinancing: Pros and Cons
- LendKey student loan refinancing: Overview
- LendKey student loan refinancing: Details
- Is LendKey student loan refinancing right for you?
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.
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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Disclosures: SoFi | Earnest | NaviRefi | ELFI | Splash Financial | Citizens | Laurel Road | LendKey