In our 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 nine 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. Â
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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: 5.84% – 11.11%
- Current variable interest rate: 4.39% – 11.11%
- 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
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.
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.
By Joseph Reinke, CFA, Founder of FitBUX
Student Loan Refinance Company Reviews By FitBUX
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Sofi Student Loan Refinance Review
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Thrivent Student Loan Refinance Review
Student loan planners are hard to find.
Our FREE student loan planners have helped thousands of Young Professionals manage and eliminate over $1 billion in student loans. We help you develop your plan for free because planning your financial future should not cost you your financial future.
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.Â
Also, if you are pursuing student loan forgiveness via an Income-Based repayment plan, do not refinance!
