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Where does LendKey do business?
LendKey is a marketplace lender based in New York, NY. It was founded in 2008 and offers student loans in 45 states (and Washington, DC).
What rates does LendKey offer for in-school private student loan?
LendKey has a variable APR that ranges from 4.87% up to 9.97%.
It offers a fixed APR that ranges from 5.36% up to 9.69%.
Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.
How much can you borrow from LendKey?
Available loan amounts may vary by applicant but LendKey has a minimum loan amount of $7,500 and offers loans up to $250,000.
Does LendKey charge an origination fee?
No, LendKey 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 charge prepayment fees?
No, LendKey does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
What terms does LendKey offer?
LendKey provides repayment terms ranging from 5 to 20 years.
LendKey offers borrowers unemployment protection. This means that if you lose your job -- or you have just finished school -- your loan payments are placed on a temporary hold.
What type of borrowers will LendKey consider?
LendKey considers loans applications from:
- undergraduate students
- graduate students
- parents of students
- undergraduate degree holders
- graduate degree holders
- parents of graduates
What do you need to qualify for a loan with LendKey?
Applicants with a credit score of at least 660 can apply for a loan via LendKey. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.
LendKey only considers borrowers who are employed
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- South Carolina
- South Dakota
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Proof of Income
- Proof of citizenship/residence (Green Card)
- Automatic Payments