LendKey was founded in 2009, following the Great Recession, and invested $30 million to create and innovate a profitable digital lending business. It has deployed more than $3.1 billion in lending capital and serviced more than $2 billion in loans to more than 99,000 consumers.
Why get a student loan from LendKey?
LendKey has some appealing rates and offers a pretty large 18-month option for forbearance.
What student loans does LendKey offer?
You can take out a private student loan, or you can refinance your current one. It offers a marketplace that connects borrowers with private and refinanced student loans from credit unions and community banks.
Student loan refinancing information (December 2020)
Most people can use LendKey to refinance their student loan, but this option isn't available to those who live in Maine, Nevada, North Dakota, Rhode Island, or West Virginia.
Fixed rates from:
|3.19% - 7.75%|
|Variable rates from:||2.61% - 5.35%|
|Loan repayment terms:||5, 7, 10, 15 or 20 (Years)|
$5,000 to $125,000 (undergraduate)
$5,000 to $250,000 (graduate)
$5,000 to $300,000 (medical, dental or veterinary)
Private student loans
One great option with private student loans with this lender is the ability to forbear your loan for up to 18 months, allowing you to suspend or lower your payments. This isn’t available to those still in school or the military, however.
More about rates and fees of LendKey’s loan options (December 2020)
When refinancing or taking out a private loan, there are often costs involved. Below are the rates and fees for each type of loan.
|Fixed rates from:||4.25%|
|Variable rates from:||1.25%|
|Late fee:||$5 - $15 after payment is 15 days late|
|Returned payment fee:||Not stated|