LendKey Private Student Loans Review

Many students will need help with either taking out a student loan or refinancing their current one. With so many options it can be a little overwhelming, so check out this review of LendKey.

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    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)
    Loan amount:           

    $5,000 to $125,000  (undergraduate)

    $5,000 to $250,000 (graduate)

    $5,000 to $300,000 (medical, dental or veterinary)

    Visit LendKey and check your rate

    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%
    Application fee:None
    Origination fee:    None
    Disbursement fee:  None
    Late fee: $5 - $15 after payment is 15 days late
    Returned payment fee:  Not stated
    Prepayment penalty:  None

     Visit LendKey to apply for a low rate student loan

    LendKey pros and cons


    • 18-month forbearance option
    • Compare multiple offers from hundreds of smaller lenders


    • Refinancing isn’t available to those living in the mentioned states

    How to apply for a LendKey student loan

    If you have a minimum credit score of 660, are a resident of one of 45 US states, have a degree, and are employed, you can take out a loan with LendKey by using the online application form.


    LendKey has some reasonable offers, especially the option to defer payments by up to 18 months, which could be hugely beneficial to certain people. It also puts you in contact with smaller banks and credit unions, which is perfect for those who like to avoid big banks. However, the stipulations for who can apply for loans and refinancing will make it difficult for many to sign up.