2019 Lendkey Student Loan Refinance Review

November 11, 2019 No comments exist

By Joseph Reinke, CFA, Founder of FitBUX

Lendkey was founded in 2013.  They stand out for their customer service and extremely competitive rates on short-term loans.  

In our 2019 Lendkey student loan refinance review, we provide an overview of the company, pros, and cons.  Be sure to check out the other companies also by checking out our Best Student Loan Refinance Company review page.

As noted in our Student Loan Refinance Guide, FitBUX partners with seven student loan refinancing companies. We have an in-depth knowledge of their underwriting guidelines and have been asked by each company not to disclose certain items. We honor their wishes by not giving out specific information such as typical rates for various FICO scores and DTI ratios. If you’d like help based on your situation, I highly recommend using our free student loan refinance service in which we will help you choose the right student loan refinancing company.   

Also, to help you, we developed a step-by-step student loan refinance checklist.  Complete the info below and we’ll send you the checklist via email!

Table of Contents

  1. Lendkey Company Overview
  2. Pros of Using Lendkey
  3. Cons of Using Lendkey

Lendkey Company Overview

Lendkey student loan refinance shops over 275 credit unions and community banks to help find you the best rates. They specialize in those that have high credit scores and are looking for shorter term loans.  They also tend to have really competitive rates if you add a co-signer.

  • Currently, they offer fixed and variable rate student loans. Here is an article about fixed and variable rate student loans if you’d like to learn more.
  • Current fixed interest rate: 3.49% – 7.75%
  • Current variable interest rate: 1.9% – 8.65%
  • Loan amounts: $7,500 – $125,000 for undergraduates, up to $250,000 for graduate degrees, up to $300,000 for medical, dental, and veterinary degrees
  • You have to have a 660 credit score or higher (Learn one trick to increasing your credit score in this article)
  • Minimum income of $24,000, $12,000 if you have a co-signer
  • Loan terms offered: 5 Years, 7 Years, 10, Years, 15 Years, and 20 Years

VISIT LENDKEY

Pros of Using Lendkey

Below are the pros of working with Lendkey student loan refinance:

  • LendKey Services The Loans: Although the loan comes from a credit union or community bank, you work with Lendkey throughout the entire loan, from applying to repayment. This is different than most lenders as most outsource loan servicing to third parties.
  • Interest Only Option: If you have a low income now but have good reason to believe its going to rise in the future, then Lendkey student loan refinance offers an interest only option that you can take advantage of.
  • Staff: The representatives that work with FitBUX are extremely helpful and go out of their way for our Members. They are one of the key reasons why our free student loan refinance service is so successful.
  • Co-signer Release: If you do not qualify for a loan or if you want to drop your rate, you may apply with a co-signer. Once you have made 1 year of on-time monthly payments, you may have the option to release the co-signer of their obligation.
  • Forbearance: Maybe eligible for 6 months of forbearance up to three times.

VISIT LENDKEY

Cons Of Using Lendkey

Below are the Cons of refinancing with Lendkey student loan refinance.

  • Not Offered In All States: Currently, Lendkey does not refinance residence of Maine, Nevada, North Dakota, Rhode Island, or West Virginia.
  • Application to Funding: This is really neither a con nor advantage. Out of the 7 lenders FitBUX works with, Lendkey is tied for 4th in regards to how quickly your loan is funded once you apply. This puts them in the middle of the pack. However, we’ve been told they are working on this. The expectation is that Lendkey will be on par with our other partners soon….time will tell.
  • 20 Year Term Not Competitive: Although Lendkey offers a 20-year loan term, usually it is not a competitive rate. We’ve been told that they expect this to change in the coming months. Again, time will tell.
  • $5 – $20 Donation: This only happens on a low percentage of loans but you should still know about it in case it does happen. As previously mentioned, Lendkey works with several credit unions.  They are non-profits and you have to become a Member of the credit union. This often times requires you opening an account and making a deposit at the credit union, making a donation to a non-profit, or both.

VISIT LENDKEY

Student Loan Refinance Company Reviews By FitBUX

2019 Commonbond Student Loan Refinance Review

2019 Earnest Student Loan Refinance Review

2019 Splash Financial Student Loan Refinance Review

2019 Sofi Student Loan Refinance Review

2019 Laurel Road Student Loan Refinance Review

2019 Thrivent Student Loan Refinance Review

FitBUX Student Loan Refinance Give Away

Student loan planners are hard to find. If you would like free expert help deciding if student loan refinancing is right for you, check out FitBUX’s free student loan refinance service. You can also join us for our Secrets to Student Loan Refinancing Webinar.

If you’d like to read more student loan refinance articles then visit our student loan refinance blog page.  Want to read more about money, check out FitBUX’s main blog page.

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