LendKey offers both private student loans and student loan refinancing solutions through its excellent online marketplace. Students can search from up to 300 banks and credit unions via a single application, and LendKey also services loans made through the marketplace. Loan products from LendKey are very competitive, with reasonable interest rates available. The marketplace lender also offers loans with no origination or application fees applicable.
LendKey Student Loans Terms & Requirements
Loan requirements can vary from partner lender to partner lender, but to get a loan product through LendKey, you will need to be able to demonstrate the following:
- Be a US citizen or permanent resident
- Have a minimum credit score of 660
- Have a minimum debt-to-income ratio of 50%
- A minimum of an associate’s degree from a federal financial aid-eligible school
People needing private student loans can apply with or without a co-signer, with APRs available starting from 4.89% for a fixed rate and starting from 4.91% for a variable rate. The minimum borrowing amount is $5,000. You can borrow up to $125,000 for an undergraduate degree, $250,000 for a master’s degree, and $300,000 for a specialist degree, such as a medical or dental degree.
Student loan refinancing offers the same amounts as maximum loans, with fixed rates starting from 3.99% and variable rates starting from 4.00%. Loan terms are available for 5, 7, 10, 15, or 20 years.
Forbearance is available if required and differs based on the length of the loan term. 5, 7, and 10-year loans offer forbearance of 4 months at once and up to 12 months throughout the loan period. 15 and 20-year loans offer 6 months forbearance at once, with 18 months available over the loan’s lifetime.
In general, the terms offered through LendKey are good, although bear in mind that the lower your credit rating is, the higher the interest rate will be.
How to Apply
We decided to apply for a private student loan through LendKey’s marketplace. After heading to its homepage, we selected “Private Student Loans” to begin and then chose “Get Started”.
After completing the school information, we entered our personal information, including name, SSN, date of birth, address, phone number, and income details.
We were then asked to select the credit union we wished to fund the loan. We were given two options (some people will receive a different number), so we researched the credit unions offered to see which matched our needs the best. We entered a secure password and then selected “Review Disclosures” to ensure that all the personal data entered was correct.
Once we were happy all of the information was correct, we authorized a credit check to be performed. Thankfully this returned quickly, stating that we were eligible for a student loan via LendKey. We then had to upload the documents that were requested of us, review and agree to the loan terms offered, and then sign the loan agreement and terms and conditions.
Applying for a loan through LendKey is easy, but ensure that you research the credit unions offered to you as a loan provider to ensure that they meet your needs.
You’ll need to provide several pieces of information when applying for a private student loan or student loan refinancing with LendKey. The final list of documents required will vary slightly between lender partners, but at a minimum, you will need to provide proof of the following:
- Social Security Number
- Date of birth
- College attending or attended
- Phone number
- Email address
- Income details
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