LendKey Review 2020 | READ BEFORE YOU APPLY | Credit Raters us-lenders
Last updated: 28th Feb 2020

LendKey Review 


Financial aid when studying is essential because it gives you peace of mind that you require to study stress-free. However, when the time comes to repay the debt, it could be challenging, especially if you haven’t secured a well-paying job or are still studying. In such a scenario, it’s a wise decision to consider the refinancing option. 

LendKey, founded in 2009, is an online platform that aims at helping you to save money and achieve your financial goals. LendKey offers you an online lending platform with hundreds of low-rate financial institutions based in the US. Whether you are looking for a student loan refinancing option or you are a student looking for a private student loan, LendKey is an excellent marketplace worth looking into. 

Since it launched, LendKey has served over 90,000 online borrowers and processed total loans valued over $2.8 billion. Today, the LendKey network has more than 275 non-profit financial lenders. 

If you are considering applying for a student loan on the LendKey platform, here is a detailed review of what you should know first. 

How Much Do LendKey Loans Cost?

While most borrowers complain about the high-interest rates with online lenders, you won’t find that complaint with LendKey. The loan charges at LendKey are considerably low as it aims to help achieve your goals in the most affordable way possible. 

At the LendKey platform, you will be able to access both fixed-rate and variable rate loans. However, the interest rates may vary since LendKey sources loans from multiple lenders. The minimum and maximum loan limits and repayment terms also vary from one lender to the other. 

However, unlike most online lenders, at LendKey, there are no origination or application fees. In fact, borrowers who qualify for loans and pay using autopay benefit from a 0.25% rate discount. 

Here is a breakdown of LendKey loan amounts, repayment terms, and costs. 

Loan Types

Refinancing/ Private student loan

Loan amounts

Varies- Min $5,000 and Max $300,000

Interest Rates (fixed-term)

5.13 % to 8.97% APR

Interest Rates (variable-term)

2.57% to 8.44% APR

Repayment terms

5 to 20 years


Accepted though not required

Grace Period

6 Months

Rate Types

Fixed/ Variable

As for the repayment options, students can repay their loan balance while still in school. LendKey also allows for unique options such as in-school deferment and forbearance in case of financial hardships. However, these options are not disclosed and are offered at the lender’s discretion. 

Key Features of LendKey Loans

Think of LendKey as a big store with hundreds of potential lenders at your disposal. When you apply for a loan through LendKey, it matches you with the most suitable financial lender, depending on your needs. 

You may receive more than one offer at LendKey, from which you can choose the most appropriate lender based on your individual needs and other factors such as the interest rates. After choosing your loan lender, any other business will be between you and your lender. 

It’s also worth noting that although LendKey will have a look at your credit score, it does not fund or underwrite any loans. Here are some of the benefits and downsides of using LendKey to apply for a student loan. 


  • Low-interest rates 
  • A vast pool of potential lenders 
  • Friendly repayment terms 
  • No origination or application fees 
  • Unique repayment options such as forbearance for up to 18 months 


  • Specific loan terms are unclear since due to multiple lenders 
  • Not available in all states 


Does LendKey Have Protection Options Like Federal Programs?

If you are worried that you might not make your payments in time due to financial difficulties, LendKey has a forbearance option of up to 18 months. Your payments will be paused for a 6-months term. You can apply for this service for up to three times. 

Is LendKey a lender? 

No, LendKey is not a lender. It’s simply a free online platform that connects you to multiple, reputable, and low- interest rate financial lenders. It partners with companies such as;

  • NAFCU Services 
  • CUNA Strategic Services 
  • American Bankers Association 
  • Leverage 

Is LendKey for me? 

If you are looking for a great yet affordable student loan lender with favorable repayment terms, then LendKey is the best place to look. 

Another great thing is that LendKey matches you with more than one offer, thus saving you time and resources that you could have used when reviewing one lender to the other. LendKey is also an excellent place to acquire a loan since it’s free, and there zero origination and application costs.

Eligibility Criteria

To be eligible for a student loan in LendKey, you must meet the following eligibility requirements;

  • A minimum credit score of 660
  • Earn a minimum of $24,000 per year. Or $12,000 with a co-signer 
  • Must be a permanent resident or US citizen 
  • Have a minimum outstanding loan of $ 7,500
  • Must have graduated from a Title IV certified university 
  • Be a resident of the eligible states 

It’s also important to understand that different lenders in the platform may have additional loan requirements. In this case, you may be requested to provide additional information or documentation.

State Availability

While LendKey loans are accessible in many states in the United States, you don’t qualify for LendKey loans if you live in the following states;

  • Maine 
  • West Virginia 
  • Rhode Island 
  • North Dakota 
  • Nevada 

Customer Support

LendKey has one of the best customer support you won’t find with many online platforms. In fact, it has an A+ rating with the Better Business Bureau. 

Besides their dedication to serving you, LendKey support will respond to your queries timely. The support is available from Monday to Friday from 09:00 hours to 20:00 hours EST. You can contact them through email (customer.care@lendkey.com or servicing@lendkey.com) or call 888-549-905/0 888-966-9268.

The Application Process

The loan application process through the LendKey is completed online. Just go to LendKey’s website and apply for a loan. After filling out the application, the system will match you with the most suitable lender based on your needs. 

The process is straightforward. 

  • Just log in on the LendKey website and select Apply Now. 
  • Select the loan request – private student loan or refinancing 
  • Complete the application. You will be asked to provide personal information such as: 
  1. Total income
  2. Citizenship status 
  3. Residential location 
  4. The primary reason for refinancing 
  5. Your graduate degree and university name 
  6. Loan amount 
  • Compare the different offers displayed for you
  • Once you find the right lender, you can view the lender’s information in the LendKey interface.  
  • Once your loan is approved, you can customize your loan and choose the most preferred repayment amounts, rates, and other terms. 


With no origination/application fee, low-interest rate lenders, and friendly repayment terms, LendKey is undoubtedly the best place for anyone looking for refinancing or student loans. 

While many financial institutions prioritize making profits over your financial goals, all the financial partners with LendKey majorly prioritize on your welfare. Besides the undoubted transparency in the platform, you can be assured that you won’t find any hidden fees.