LendKey Student Loan Refinance Review

LendKey is a marketplace that gives consumers access to credit unions and other community banks which offer more competitive interest rates than those offered by large lenders. Interest rates offered by its partnered lenders are competitive compared to other lenders. No application or origination fees are charged.

Applicants must be US citizens or permanent legal residents. Other requirements, such as an associate degree, may also be necessary but depend on the credit union the consumer ultimately selects. In any case, certain types of loans are not eligible for refinancing. See below.

Lendkey offers an interest rate discount that reduces the interest rate by 0.25% when the customer signs up for automatic payments. The site also offers a refinance calculator that lets consumers estimate their payment and the total amount of interests that will be paid over the life of the loan. Other student loan-related resources, such as guides and articles, are available.

LendKey is an accredited business with the BBB and it currently holds an A+ rating. However, no positive reviews are posted on the profile, only a small number of negative reviews and customer complaints, which the company has responded to. Most seem to come from customers who did not fully understand the terms of the loan or loan application, which is why consumers are advised to read all documents thoroughly. LendKey also has a number of positive consumer comments on its website. Consumers should be aware that the authenticity of comments of this type has not been independently evaluated.