LendKey Review: Is LendKey Legit for Refinancing Student Loans?

Need some honest LendKey reviews or wondering is LendKey legit? We’ll help you make the best financial decision if you are looking to refinance student loans. 

LendKey Review

LendKey is a platform that connects borrowers with community banks and credit unions that provide private loans for undergraduate and graduate students and refinance loans for college graduates.

The average student graduates college with more than $30,000 dollars in student loans. Those that go on to graduate school will graduate with even more debt, many times in the six figures for professional degrees. 

Borrowers don’t always realize that their loans are costing them more than they think. Interest is tacked on to the loan amount (i.e., principal) making the total cost of the loan greater. 

While there is no way to eliminate student loan debt without paying it off, there are some tactics to reduce the overall cost of the principal and interest combined. One way is with a student loan refinance. However, is LendKey legit and the right company to refinance your student loans?

  • Best For: LendKey is a great option for those that have an average credit score and you’re looking for a lot of options in terms of student loans refinancing or consolidation. Visit LendKey to learn all of their options to see what they have for you.
  • Interest Rates: They have interest rates as low as 2.44% – 7.94% for variable APR and 3.64% – 8.12% for fixed APR. You can get your custom rate in 3 minutes or less by visiting LendKey.
  • Loan Length: They offer 5, 7, 10, 15, or 20 year terms.
  • Amount: The company currently offers student loan refinancing and consolidation for loans over $5,000.
  • Criteria: To qualify for refinancing student loans with LendKey, you will need to be able to prove that you have an adequate income to pay off the loan and an average credit score.

The Application Process

is lendkey legit

LendKey Pros/Cons

Is LendKey Legit?

Visit LendKey and Find Your Rate in Under 3 Minutes

Interest Rates

Fixed: 3.64% – 8.12% APR

Variable: 2.44% – 7.94% APR

Loan Length

5, 7, 10, 15, 20

Services Offerred

Refinance and Consolidation

Features

Auto Payment, Cosigner Option, Calculator on Website

Beat Student Loans Review

★★★★★

How it Compares to Other Lenders

LenderRatesDetails
splashfinancial logo
1.89% – 5.99%

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  • Variable APR: 1.89%– 5.99%
  • Loan Types: Variable and Fixed
  • Terms: 5 to 25
  • Eligible Degrees: Undergrad and Graduate
  • Eligible Loans: Private and Federal
    earnest
    1.99% – 5.64%

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    • Variable APR: 1.99% – 5.64%
    • Loan Types: Variable and Fixed
    • Terms: 5 – 10
    • Eligible Degrees: Undergrad and Graduate
    • Eligible Loans: Private and Federal
    • Learn more: Earnest Review
      sofi logo
      2.25% – 6.88%

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      • Variable APR: 2.25%– 6.88%
      • Loan Types: Variable and Fixed
      • Terms: 5, 7, 10, 15, 20
      • Eligible Degrees: Undergrad and Graduate
      • Eligible Loans: Private and Federal
      • Learn more: SoFi Review
        lendkey1.92% – 5.25%

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        • Variable APR: 1.92% – 5.25%
        • Loan Types: Variable and Fixed
        • Terms: 5, 7, 10, 15, 20
        • Eligible Degrees: Undergrad and Graduate
        • Eligible Loans: Private and Federal
        • Learn more: LendKey Review

          Would You Even Qualify?

          Now in that we know that LendKey is legit, you should know that more than ever, various private lenders are helping student loan borrowers refinance at lower rates and save thousands of dollars in interest — that is, borrowers with good credit.

          Before you decide if student loan refinancing is right for you, you should check to see if you would qualify.

          Here are some common eligibility requirements:

          Good Credit Score

          Each lender will have a different credit score requirement, but typically you'll want to have a credit score of 700 or above.

          Have a college degree

          You should have graduated with an associates’ degree or higher from a Title IV school.

          Employed

          Most lenders require that you are employed or have sufficient income from other sources, or have an offer of employment to start within the next 90 days.

          Good Repayment history

          You'll want to be current on your bills, credit cards, and other loans, including student loans.

          *Once you have determined that refinancing your student loans is right for you, we would recommend reviewing your credit report. You can get your credit report for free by using AnnualCreditReport.com or Credit Sesame. If there are any discrepancies on the report, dispute them. This could improve your score and, in turn, improve the terms of the loan.

          LendKey Review: Eligibility Requirements

          Company
          Minimum Credit Score
          Minimum Student Loan Debt Amount
          Maximum Student Loan Debt Amount
          Minimum Income Requirements
          Proof of Employment & Diploma Required
          Company Website
          CommonBond Refinance Student Loans
          700
          $5,000
          $500,000
          None
          Yes
          VISIT SITE
          Earnest Refinance Student Loans
          Good
          $5,000
          No Max
          $24,000/year
          Yes
          VISIT SITE
          660
          $5,000
          No Max
          None
          Yes
          VISIT SITE
          SoFi Refinance Student Loans
          Good
          $5,000
          No Max
          None
          Yes
          VISIT SITE
          LendKey Refinance Student Loans
          Good
          $5,000
          Undergraduate:$125,000
          Graduate: $250,000
          Medical: $300,000
          $24,000/year
          Yes
          VISIT SITE

          LendKey Review: Why Refinance?

          It's simple to check your rate and can save you a lot of money

          There are a lot of competing student loan companies and that’s good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

          If you have a high interest rate on your student loans

          Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you’ll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

          If you don't qualify for public student loan forgiveness

          Public student loan forgiveness (PSLF) was created in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it’s best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

          How Much Money Could You Save by Refinancing your Student Loans?

          Company
          Average Monthly Savings
          Average Savings (Yearly/Lifetime)
          Auto Pay Discount
          Fees or Penalties
           
          CommonBond Refinance Student Loans
          $288/month
          $22,359
          Yes – .25%
          None
          VISIT SITE
          Earnest Refinance Student Loans
          $192/month
          N/A
          Yes – .25%
          None
          VISIT SITE
          N/A
          $20,195
          Yes – .25%
          None
          VISIT SITE
          SoFi Refinance Student Loans
          $288/month
          $22,359
          Yes – .25%
          None
          VISIT SITE
          LendKey Refinance Student Loans
          $191/month
          $16,657
          Yes – .25%
          None
          VISIT SITE

          Student Loan Refinancing FAQs

          Consolidation simply means combining multiple student loans into one loan, but you get different results by consolidating with the federal government vs. consolidating with a private lender. Student loan refinancing is when you apply for a loan under new terms and use that loan to pay off one or more existing student loans.

          The biggest benefit of refinancing your student loans is receiving a lower interest rate than your previous student loans carried, which will save you a lot of money over time. 

          To get a list of your federal student loans, go to the National Student Loan Data Services website maintained by the U.S. Department of Education.

          99% of all federal student loans are listed on the National Student Loan Data Services website. If a particular student loan is not listed there, it is most likely a private student loan.

          Set up an automatic direct debit from your checking account to make the monthly payments on your loans. Borrowers with auto-debit are much less likely to miss a payment. Many lenders offer discounts for borrowers who set up auto debit. Federal loans offer a 0.25% interest rate reduction while private student loans often offer a 0.25% or 0.50% interest rate reduction for the remainder of the repayment period. Some lenders will require electronic billing to get the discount.

          There are hundreds of companies out there that will help you refinance your student loans, but a select few rank above the rest. The five best, are SoFi, Laurel Road, Commonbond, LendKey, and Earnest. All 5 of these companies offer competitive rates with a variety of term lengths, ranging from 5 years to 20 years.

          The actual interest rate you will receive is based upon your credit score, income, savings, degree type, and/or presence of a co-signer. To increase your chances of getting approved and receiving the lowest interest rate, it is recommend applying with a co-signer.

          Yes. Student Loan Debt Relief Companies and Student Loan Debt Law Firms are very different.  Student loan companies are often in the news for scamming student loan borrowers.  On the other hand, debt relief attorneys are held to specific ethical and legal standards to act in their clients’ best interest.  If they don’t follow these standards, they will be disbarred.

          If you are solicited by a student loan debt company – BEWARE!  This is a red flag and means they probably obtained your information from a list that they bought.  Most of these companies are just out to make a buck and don’t really care about your personal student loan debt struggle.

          If you have private and federal loans, SoFi may be your best bet, as they will refinance both loan types together. It is important to apply to several different lenders. Odds are not all of them will offer the same interest rate and terms, so shop around and get the best deal you can find. You can check your rate in under 3 minutes.

          • Make an overall budget for your monthly income and expenses to include your student loan payments.  Make sure you have all payment due dates noted. Use a spreadsheet or an app to help you track where and how you spend your money.
          • Set up automatic payments for your student loans, so you don’t miss any. Some lenders often a small discount on your interest rate if you set this up.
          • Accelerate repayment of high interest student loans first.  You always want to tackle high-interest loans of any kind first.

          LendKey Alternatives

          LenderAPR RangesDetails
          refinance student loans2.25% to 6.65%

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          Laurel Road Details

          • Loan Types: Variable and Fixed
          • Terms: 5, 7, 10, 15, 20
          • Eligible Degrees: Undergrad and Graduate
          • Eligible Loans: Private and Federal
            refinance student loans2.02% to 7.09%

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            Commonbond Details

            • Loan Types: Variable and Fixed
            • Terms: 5, 7, 10, 15, 20
            • Eligible Degrees: Undergrad and Graduate
            • Eligible Loans: Private and Federal
            earnest
            1.81% to 6.49%

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            Earnest Details

            • Loan Types: Variable and Fixed
            • Terms: 5 – 10
            • Eligible Degrees: Undergrad and Graduate
            • Eligible Loans: Private and Federal
            lendkey2.01% to 8.88%

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            LendKey Details

            • Loan Types: Variable and Fixed
            • Terms: 5, 7, 10, 15, 20
            • Eligible Degrees: Undergrad and Graduate
            • Eligible Loans: Private and Federal
            sofi1.81% to 5.74%

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            SoFi Details

            • Loan Types: Variable and Fixed
            • Terms: 5, 7, 10, 15, 20
            • Eligible Degrees: Undergrad and Graduate
            • Eligible Loans: Private and Federal


            Disclosure: Some of the links above may be affiliate links. Beat Student Loans is helping to transform the $3.2 trillion dollar consumer lending market. By showing consumers real rates from America’s community lenders, we’re ensuring thousands of borrowers are making educated financing choices and putting themselves in the best position to repay their low-interest rate loans.