LendKey review: Private student loans and refinancing

LendKey is an online marketplace that connects borrowers to student loan lenders. The platform has funded $6.3 billion in loans for more than 160,000 borrowers since it was established in 2009. LendKey makes it easy to compare multiple loan offers, but primarily works with credit unions and community banks. Those who prefer a large national lender may not find what they are looking for with LendKey. 

LendKey private student loans review

Best for: Borrowers who need support choosing a lender

LendKey’s marketplace provides student loans through credit unions and community banks, rather than large commercial banks. This choice can be beneficial for borrowers looking for lower interest rates and more personal service. Credit unions and community banks typically focus more on customer relationships, which can help when you're figuring out the best options for financing your education.

As of June 13, 2024, LendKey’s partners offer variable rates from 5.99% to 13.75% APR and fixed rates from 3.99% to 12.61% APR. Note that those numbers reflect an included autopay discount.

Eligibility requirements 

To be eligible for a private student loan with LendKey, you must meet the following requirements:

• Enroll at least half-time in an eligible degree-granting school.
• Apply with an established credit history or a cosigner. Most dependent undergraduates will need a cosigner to qualify.
• Have a steady source of income.
• Be a U.S. citizen or permanent resident.
• Be the age of majority in your state. 
• Earn a minimum annual income of $24,000 (or have a cosigner that does).

Notable benefits 

Here are some of the biggest benefits of applying with LendKey:

• You can easily compare interest rates by reviewing multiple loan offers at once.
• There are no application fees when you apply. 
• Many of LendKey’s partner lenders offer hardship forbearance if you need assistance during repayment. This option typically allows you to pause payments temporarily, though interest still accrues.
• Cosigner release may be available with some partner lenders. 
• You can borrow up to the school-certified cost of attendance. 

What to consider before applying

LendKey primarily works with credit unions and community banks. If you wish to accept a loan offer with a credit union lender, you may be required to fulfill membership requirements, including opening share accounts, making minimum deposits, or paying a membership fee. 

Compare student loan rates

How to apply 

To apply for a private student loan with LendKey, follow these steps: 

1. Click the Apply Now button on LendKey's website.
2. Choose the option "Pay for school" when asked about the loan purpose.
3. Answer whether you have borrowed with LendKey before.
4. Select your state of residence and the school you’re attending. 
5. Input the loan amount you wish to borrow.
6. Specify whether you are pursuing an undergraduate or graduate degree.
7. Input the date you expect to graduate, as well as the start and end date of the academic period you wish to borrow for.
8. Select your year in school, GPA range, and enter your major.
9. Select whether you’re attending school full-time or half-time.
10. Confirm you are a U.S. citizen or lawful permanent resident.
11. Specify whether you are applying with a cosigner.
12. Input your email address.

Once you’ve submitted the initial application, LendKey will determine if you’re eligible and you'll move forward to a full application that asks for details including your Social Security number and income. 

If you qualify at this phase, you'll be provided with partner offers and can move forward with selecting your loan and completing the borrowing process. 

LendKey student loan refinance review

Best for: Borrowers with excellent credit

LendKey's refinancing options are especially attractive for graduates with strong credit histories. The minimum credit score required to qualify is 680, which allows access to competitive rates. Lower rates are reserved for those with even higher credit scores. If you're not there yet but have a cosigner with excellent credit, you can also benefit from more favorable rates.

Eligibility requirements 

Here are the requirements to be eligible to refinance with LendKey:

• You must have graduated with at least an associate degree from an eligible academic institution.
• You must be a U.S. citizen or permanent resident.
• You or your cosigner must have a credit score of 680 or higher.

There is a $5,000 minimum balance required to refinance with LendKey, unless you live in Arizona ($10,001 minimum), Connecticut ($50,001 minimum), or Massachusetts ($6,000 minimum). 

Notable benefits 

• You won't face any origination fees or prepayment penalties.
• You can earn $200 for every person you refer to LendKey who secures a loan. The person who you refer will also earn $200. 
• Some partner lenders provide cosigner release after a certain number of on-time payments. 
• You can take advantage of an autopay discount that cuts your interest rate by 0.25 percentage points, helping you save money over the life of your loan.
• LendKey allows associate degree holders to refinance, not just those with bachelor’s degrees or higher. 

What to consider before applying

LendKey primarily works with credit unions and community banks. If you wish to accept a loan offer with a credit union lender, you may be required to fulfill membership requirements, including opening share accounts, making minimum deposits, or paying a membership fee. 

How to apply 

To apply for a refinance loan:

• Begin by submitting a preliminary application on the LendKey website. This will involve a soft credit check, so your credit score won't be impacted. 
• Choose from among the available loan options and move forward with submitting a full application and undergoing a hard credit check (note that a hard credit check can temporarily lower your credit score). 
• Provide required documentation, including a government-issued ID, as well as a loan statement from current loan servicers for any loans that you are considering refinancing. 
   

If you’re approved and the loan agreement has been finalized, you can sign loan disclosures electronically and the lender will disburse funds to repay your current loans. 

More student loan resources

• Best private student loans of 2024
• Best student loans without a cosigner
• Best student loans for bad credit
• Best graduate student loans 
• Best medical school loans
• Best parent student loans 

FAQ 

Is LendKey a trusted lending provider? 

LendKey has funded $6.3 billion in loans for over 160,000 borrowers. The company has been operational since 2009 and has been accredited by the Better Business Bureau since 2015, with an A+ rating. Its credentials and strong history in the student loan financing industry make it a trusted option for borrowers seeking private student loans or refinance loans. 

Is it hard to get approved for a student loan with LendKey? 

LendKey considers credit and income when determining approval for a student loan. The lender encourages borrowers who may not qualify based on their own credentials to consider applying with a cosigner to make approval more likely. 

What credit score do you need for a LendKey student loan? 

LendKey does not disclose a specific credit score requirement, but states that the application is credit-based and those without an established credit history may need a cosigner to get approved. For its refinance loans, a minimum credit score of 680 is typically required for borrowers or cosigners to qualify. 

How long does it take to get approved for a LendKey student loan?

The timeline for a loan to be approved and disbursed can vary based on many factors, including which partner offer you select.