LendKey matches not-for-profit credit unions and community banks with borrowers, and offers student loan refinancing products that help graduates save money on interest rates and consolidate their loan payments. Because credit unions and community banks are focused on customer satisfaction and not their profit margin, they are able to offer top competitive interest rates to more borrowers.
How It Works:
LendKey Student Loan Refinancing Benefits:
- Their Variable Rates start as low as 2.16% APR
- The Fixed Rates as low as 3.25% APR
- The company currently has 300+ community lenders to choose from, their main differentiator appears to be working with predominantly community lenders and credit unions.
- Their services cover refinancing for federal, private, undergraduate and graduate student loans
- The platform is estimated to find your rates in under 5 minutes but most important this is done with no impact on your credit score
- Another aspect to take note of is that they don't have origination fees or prepayment penalties. This is nice as you should be working to get from under the loan burden in as short a time frame as able.
- Community lenders offer exclusive benefits like cosigner release and extended unemployment protection (18 months)
LendKey Take Aways:
Loan limits apply and the minimum you can borrow is $2,000 per year.
Undergraduate School – Up to $125,000
Graduate School – Up to $300,000
- 5, 10 ,15 and 20 years
- Fixed (Rates start at 3.25% APR)
- Variable (Rates start at 2.14% APR)