LendKey is a marketplace that connects borrowers with student loans from credit unions and community banks.
LendKey matches borrowers who qualify with loans from its partner lenders. The requirements below apply to all loans made through LendKey. Once you choose a loan, make sure you understand that partner lender’s specific terms. Note: LendKey says its 7-year loan term is temporarily unavailable. We’ll update this review when it returns.
Here we review LendKey’s refinance loan; you’ll find a review of its private student loan below.
Review of LendKey’s private student loan
LendKey student loan refinancing
LendKey offers the opportunity to work with a community bank or credit union rather than a big bank, which is important to some borrowers. Also, LendKey’s average refinance borrower earns $63,000 a year, making the company a strong option for those who don’t earn six figures.
LendKey student loan refinancing at a glance:
- LendKey services all loans.
- Extended forbearance and interest-only payment options for longer loan terms.
- No loans available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
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| Reviewed loan | Student loan refinancing |
| Interest rates | Fixed: 3.64% - 7.5% Variable: 2.44% - 6.87% Includes autopay discount of 0.25% |
| Loan terms | 5, 7, 10, 15 and 20 years |
| Loan amounts | $7,500 to $125,000 for undergraduate degrees; $250,000 for graduate degrees; and $300,000 for medical, dental, or veterinary degrees. |
| Co-signer release available | Yes |
| Can transfer a parent loan to the child | No |
How LendKey student loan refinancing scores
NerdWallet student loan experts evaluated more than 50 data points across five categories to see whether LendKey ranks below average, average or above average compared with other student loan refinance lenders.
Enables faster repayment:
Average
Lenders score highly if they offer a variety of term lengths and make extra payments easy.
Discloses requirements, limits costs:
Above average
Lenders score highly if they limit fees and interest rates, are transparent about their underwriting criteria and allow borrowers to get personalized rate estimates before applying.
Serves range of borrowers:
Below average
Lenders score highly if they cater to customers in varying locations, in different financial situations, and with varying citizenship statuses.
Offers payment flexibility:
Above average
Lenders score highly if they offer longer than 12-month forbearance periods, in-school and military deferment, and any other flexible policies that help borrowers during tough times.
Supports customers:
Below average
Lenders score highly if they assign borrowers an advisor, offer multiple ways to get in touch, and have in-house customer service. Websites should display full APR ranges, fees and forbearance policies.
How LendKey student loan refinancing could improve
LendKey could improve by:
- Offering refinancing to borrowers without a degree and to visa holders.
- Displaying maximum interest rates and available loan terms on its website. While the community banks and credit unions LendKey works with have different loan features, LendKey’s website could provide more information about what borrowers can expect.
» MORE: Top credit union student loan refinance lenders
LendKey student loan refinancing details
How to refinance with LendKey
Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
If you’re ready to borrow, you can apply on LendKey’s website.
LendKey private student loan
LendKey’s undergraduate private student loans are best for those who value working with a community bank or credit union, and those who like the idea of a long forbearance period as a safety net. LendKey offers 18 months of forbearance for undergraduate student loans, more than many other lenders provide.
LendKey private student loan at a glance:
- LendKey services all loans.
- 18 months of forbearance available, in six-month increments.
- No personalized rate estimates to see what rate you’ll get before applying.
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| Reviewed loan | Private student loan for undergraduates |
| Loan terms | 10 years |
| Loan amounts | $2,000 to $160,000 |
| Grace period | 6 months |
| Co-signer release available | Yes, after 24 months |
How LendKey private student loans score
NerdWallet student loan experts evaluated more than 50 data points across five categories to see whether LendKey ranks below average, average or above average compared with other private student loan lenders.
Enables faster repayment:
Below average
Lenders score highly if they offer a variety of term lengths and make extra payments easy.
Discloses requirements, limits costs:
Above average
Lenders score highly if they limit fees and interest rates, are transparent about their underwriting criteria and allow borrowers to get personalized rate estimates before applying for the loan.
Serves range of borrowers:
Below average
Lenders score highly if they cater to customers in varying locations, in different financial situations, and with varying citizenship statuses.
Offers payment flexibility:
Average
Lenders score highly if they offer longer than 12-month forbearance periods, in-school and military deferment, and any other flexible repayment policies that help borrowers during tough times.
Supports customers:
Below average
Lenders score highly if they assign borrowers an advisor, offer multiple ways to get in touch, and have in-house customer service. Websites should display full APR ranges, fees and forbearance policies.
How LendKey could improve
LendKey would score higher if it offered additional features such as:
- Personalized rate estimates without affecting credit.
- Payment postponement for those who return to school or serve in the military.
- Maximum interest rates and available loan terms displayed on its website. While the community banks and credit unions LendKey works with have different loan characteristics, LendKey’s website could provide more information about what borrowers can expect.
LendKey private student loan details
How to apply for a LendKey student loan
Before taking out a LendKey student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you’re ready to borrow with LendKey, you can apply on its website.
STUDENT LOANS RATINGS METHODOLOGY
NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution