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  LendKey Home Improvement Loans

LendKey Home Improvement Loans

in Personal Loans from LendKey

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LendKey Home Improvement Loans

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in Personal Loans from LendKey

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Highlights
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Community Rating

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APR  (Variable APR) 4.05% - 10.56%
Loan Amount $5,000 - $50,000
Loan Term (Months) 6 - 180 months

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).

Key Takeaways
  • 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 cash. 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.
LendKey Home Improvement Loans Pros & Cons
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
LendKey Home Improvement Loans FAQ

What rates and terms does LendKey Home Improvement Loans offer?

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

What APR rate does LendKey Home Improvement Loans offer?

LendKey Home Improvement Loans offers a variable APR personal loan product that ranges from 4.05% APR up to 10.56% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via LendKey Home Improvement Loans?

Loan amounts start at $5,000 and go up to $50,000

What can a personal loan from LendKey Home Improvement Loans be used for?

Personal loans from LendKey Home Improvement Loans are typically used for special purchases, home improvement projects or similar purposes.

What is the maximum loan term you can get with LendKey Home Improvement Loans?

LendKey Home Improvement Loans offers personal loans with terms ranging from 6 to 180 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

LendKey Home Improvement Loans Rates & Terms
Loan Amount $5000 - $50000
Loan Term 6 - 180 months
APR 4.05% - 10.56%

What fees does LendKey Home Improvement Loans charge?

Does LendKey Home Improvement Loans charge an origination fee?

LendKey Home Improvement Loans does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does LendKey Home Improvement Loans charge a late fee?

Yes, LendKey Home Improvement Loans may charge borrowers a late payment fee of up to $15.

Does LendKey Home Improvement Loans charge prepayment fees?

No, LendKey Home Improvement Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

LendKey Home Improvement Loans Fees
Origination Fee N/A
Prepayment Fee? No
Late Payment Fee $15

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 Home Improvement Loans 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 Home Improvement Loans?

    LendKey Home Improvement Loans 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?

    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 can help improve your credit.

    SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

    Contact

    • Headquarters
    •   104 West 27th Street, 4th Floor
      New York, NY 10001
    •   Visit Site

    Other Services by LendKey

    Availability

      Available in 45 states and Washington, D.C.
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Washington, DC
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • Wisconsin
    • Wyoming

    Feature Breakdown

    No Origination Fee  
    No Prepayment Fee  
    Late Fee Amount $15
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted Cosigner
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Minimum Annual Income $50,000
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    Verification Documents Required
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    Credit Score Range 660 - 850
    Approval Speed 0 hours
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Funding Time Range 1 - 7 days
    Joint Loans Available  
    Payment Options
    • Automatic Payments
    • Check by mail
    Loan Amount $5,000 - $50,000
    APR (Variable APR) 4.05% - 10.56%
    Loan Term 6 - 180 months

    LendKey Home Improvement Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

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    No one recommends Everyone recommends

    Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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