SuperMoney

LendKey

in Private Student Loans

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LendKey

Claimed

in Private Student Loans

SuperMoney Net Recommendation Score -14% 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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3 users recommend
0 users are unsure
4 users don't recommend
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Overview

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 4.68% up to 9.77%.

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?

LendKey doesn’t disclose its credit score minimum.

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:

  • Proof of citizenship or residence permit
  • Proof of income
  • LENDKEY Disclosure: "The APR for variable rate loans may increase after loan consummation. Additionally, the APR displayed may include a 0.25% reduction for enrolling in automatic monthly payments from a personal checking or savings account to pay principal and interest amounts that are due. This rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of forbearance. As a result, any increase will take the form of higher payments."
    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...

    Contact

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

    Message from LendKey

    LendKey offers 2-Minute rate check with no impact on your credit score; 275+ not-for-profit and community lenders to choose from mean higher chances for approval and lower rates. * Available for private and federal, undergraduate and grad school student loans, Interest only repayment option available for up to first four years of repayment, Largest unemployment protection period in the market at 18 months, No origination fees or prepayment penalties, Cosigner release available after 12 monthly payments, No handoffs ever, you stay with LendKey from application to final payment, 97% borrower satisfaction shows our best in class customer service.

    Other Services by LendKey

    Availability

    Available in 45 States and Washington, DC
    • 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

    Grace Period
    6
    No Prepayment Fee
    No Origination Fee
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    Cosigner Optional
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Verification Documents Required
    • Proof of Income
    • Proof of citizenship/residence (Green Card)
    Funding Time Range (in days)
    1 - 7
    1 28
    Unemployment Protection
    Good Student Rewards
    Payment Options
    • Automatic Payments
    Variable APR
    ()
    4.68% - 9.77%
    3% 12%
    Loan Amount
    $7.5K - $250K
    $500 $500K
    Loan Term (Years)
    5 - 20
    1 30
    Fixed APR
    ()
    5.36% - 9.69%
    0% 20%
    Up to Cost of Attendance

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