LendKey Home Improvement Loans Review

LendKey Home Improvement Loans is offered by LendKey, a marketplace lending platform founded in 2008 and based in New York, NY. LendKey Home Improvement Loans is available in 45 states (and Washington, DC).

• Uses a variable APR. This is uncommon for personal loans. If interest rates rise in the future it could make the monthly payments more challenging. Personal loan interest rates typically range between 5% and 36%. The starting rates for LendKey Home Improvement Loans are on the lower end of the spectrum.
• Fast access to funds. In some cases you can get your money within 1 business day.
• Large loan amounts. You can apply for loan amounts of up to $50,000 with LendKey Home Improvement Loans.
• Hard credit pull required. You can't check your rates or see if you prequalify for LendKey Home Improvement Loans without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
• No origination fee. LendKey Home Improvement Loans does not charge a loan origination fee.
• Cosigner applications accepted. Applying for LendKey Home Improvement Loans with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
• Short loan terms. LendKey Home Improvement Loans offers loan terms as short as 6 months. Most personal loans have a minimum term of 12 to 36 months.
• Super long loan terms. LendKey Home Improvement Loans offers loan terms of up to 180 months. Most personal loans have a maximum term of 60 months.
• Minimum income of $50,000. You will need an annual income of at least $50,000 to apply for LendKey Home Improvement Loans, which is above average for the lenders in our database.

Pros	Cons
Low APRs available to qualified borrowers. $0 prepayment fee. $0 origination fee. Considers applicants with fair credit. Cosigners accepted.	Do not offer pre-approval with soft credit pull. Charges a late fee of $15

What interest rates and personal loan terms does LendKey offer?

LendKey has lower interest rates than the average for lenders reviewed on SuperMoney.

What fees does LendKey charge?

What do you need to qualify for LendKey Home Improvement Loans?

Applicants with a credit score of at least 660 and up to 850 may be eligible for LendKey Home Improvement Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for personal loans with LendKey Home Improvement Loans, applicants need a minimum annual income of $50,000 or higher. LendKey Home Improvement Loans only considers borrowers who are employed and meet the minimum income requirement. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via LendKey Home Improvement Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LendKey Home Improvement Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Recent pay stubs
• Driver's license

LendKey Eligibility Criteria

Minimum Age	18
Bank Account Required?	No
Application Types Accepted	Cosigners
Credit Score	660 - 850

What is the estimated funding time for a personal loan via LendKey?

LendKey will typically provide a credit approval decision in less than an hour and fund the loan within 7 business days.

Does LendKey Home Improvement Loans report your account activity to credit bureaus?

Yes, LendKey Home Improvement Loans reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.