LendKey Student Loan Refinance Review

Our Rating: B ⓘ (Compare)

LendKey Technologies, Inc. is a loan servicer and digital platform that matches borrowers with banks and credit unions from the local level to national financial institutions. LendKey offers student loans, refinancing, and home improvement loans.

*Lowest rates always include the 0.25% interest reduction for enrolling in auto-pay.
†This is the soft minimum suggested by LendKey; different lender partners have their own credit requirements.

Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ

LendKey Refinance Rates & Fees

LendKey offers fixed and variable rates for student loan refinancing. The lowest rates listed always include a 0.25% interest reduction for enrolling in auto-pay.

Additional information about LendKey refinance rates:

• Checking your rate with LendKey will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).
• LendKey does offer a discount for setting up auto-pay: 0.25% interest rate reduction.
• Various lenders use different rate indexes, but LendKey suggests the most common index among its lenders is the 30-day SOFR as published by the Federal Reserve Bank of New York (5.15% as of this writing).
• The variable rate cap is 18.00% and the floor is 2.50%.

LendKey refinance rates recent history:

Over a two-year period (2022-2024), LendKey increased its lowest and highest available student refinance rates by an average of 99.8%.

In 2023, LendKey increased its lowest available fixed rate for new loans by 78.2% (from 3.99% APR). The highest available fixed rate increased 4.6% (from 10.93% APR).

In 2022, LendKey increased its lowest and highest available fixed rates 60.2% and 36.6%, respectively. Variable rates increased 72.1% and 29.5%, respectively.

Additional Fees

Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that LendKey does or does not charge.

1. Application fee – fee to apply for rates & approval.
2. Loan origination fee – fee to create the new loan.
3. Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
4. Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
5. Late payment fee – fee for making a late payment.
6. Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
7. Collection fee – fee for collection activity on a defaulted debt.

Current Promotions & Offers

LendKey offers a 0.25% interest rate reduction with enrollment in automatic payments.

Many third-party partners offer promotional bonuses through LendKey. These bonuses may be available to members of the NYU Alumni Association, employees of the City of Austin, Texas, Mint Mobile users, and more. Check LendKey’s website to see if you qualify.

Cash bonuses are typically between $50 and $300 or 1.0% cash back. A PayPal account is required to receive cash bonuses, and bonus offers are only valid within 90 days of LendKey account creation or notification of availability.

LendKey Refinance Eligibility Requirements

To qualify for refinancing with LendKey, all borrowers must meet the criteria below.

• Citizenship Requirement: U.S. citizenship or permanent residence
• Income Requirement: varies by lender.
• Credit Score Requirement: varies by lender.
• Graduation Requirement: associate’s degree or higher.
• Location Requirement: varies by lender.

Additional restrictions apply for specific individuals and loans.

• LendKey’s digital pre-qualification application allows for amounts up to $125,000 for associate’s and bachelor’s degree holders.
• Also according to LendKey’s digital pre-qualification form, advanced degrees allow for loans up to $250,000.

LendKey Student Loan Repayment Options

Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. LendKey offers some relief options.

Deferment & Forbearance

LendKey offers forbearance under some circumstances, such as financial hardship.

See LendKey’s conditions for deferment and forbearance below.

Additional Options

LendKey may offer other opportunities for relief or contract modification.

• Co-signer release is available from some lenders, usually after 12 to 36 consecutive qualifying payments.
• Death / disability discharge is available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.
• LendKey was among a group of private lenders that agreed to offer emergency debt relief in April 2020, including a minimum 90-day forbearance and a moratorium on negative credit reporting.

LendKey Reviews, Complaints & Lawsuits

Beyond our own findings, our team also collected the most genuinely insightful customer experiences we could find, including any instances of legal action against the company in which the details became public.

LendKey Online Reviews

Below are three (3) samples of LendKey customer reviews we found on public forums, included here for their value as unedited, uncensored, and unsolicited user experiences. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).

“I had 9 private loans, spread across 3 servicers for a combined balance ~$75K. The variable interest rates were all over the place with one as high as 12.25% – with an overall weighted weighted average of 4.5%. The payoff dates ranged from 2027 through 2033. My primary reason for attempting to re-finance was to get one fixed interest rate. My variable ones were out of control, and rumors of the rates going up twice more this year lit a fire under my ass. I was also sick and tired of keeping up with so many servicers. I have made on time payments on all of my loans from 2013 to the present / income ~$77k (plus $6k-$8k bonus) / credit score 818.

I started with Credible and I wasn’t even getting any preliminary rate quotes below 4.5%. I think there was one prelim quote from Citizens that was 4.3something with a five year payment plan that had a monthly payment well beyond what I could pay. At the suggestion of this sub, I looked into LendKey. The experience went as follows:

1. May 22nd: Requested a prelim quote on their website, said I was pre-qualified for a 3.15% fixed rate on a 7-year payment plan with a monthly payment around $1,100. Great! I had a particularly slow day at work so I just decided to get it done. I compiled my W2, paystubs, license copy, my 9 payoff statements, 9 loan statements and the other documentation I needed to evidence my married name (all loans were taken out in my maiden name). Submitted complete application.
2. May 22nd (SAME DAY): Received email from Lendkey that I did not qualify for the 3.15%/7 year loan term. I called them up and they said my DTI ratio was too high due to my federal student loans (which I was not refinancing). They offered me a 4.37% fixed rate (with autopay) with a 10 year term and payments of around $730/month. I told them over the phone to send over the paperwork for the 4.37%/10 year offer.
3. May 23rd: Received email from Lendkey stating that they needed further proof of my address. I uploaded a utility bill to their site.
4. May 25th: Received the actual loan approval and signature documentation from LendKey via their website. Reviewed everything, e-signed and submitted it. I called them to ask how long disbursal would take, and they said 7-10 days but it can take up to 30 days for my servicers to process the payments.
5. June 8th: Received an email that my disbursal was complete and that Lendkey sent payoff *checks* to my lenders. Of course I called them again to confirm that they mailed actual *checks*…they indeed did. They mailed checks to Discover and Wells Fargo, and were able to send a electronic payoff to Firstmark.
6. June 15th: All of my payoffs were finally were received and processed. All 3 servicers are overpaid to some degree since I had to make my June loan payments before the refinance processed, so I will be receiving refund checks in the mail at some point. Luckily, the first LendKey bill isn’t due until the 15th of the month after loan disbursal, so I didn’t have to have a month of double payments.

I know the advice of this sub is to shop around with your re-finance offers, but I was happy with my 4.37% and I will be shopping around for more offers in about a year from now. I had other financial things going on and wanted this refinance done ASAP for personal reasons. I emailed [a different refinance lender] to inquire about rate matching, and they wanted me to re-upload everything I had sent to LendKey – the 25ish documents – along with my Lendkey loan offer/approval. I didn’t have the time or energy for that. It will all be easier next time since I’ll only have one loan statement and payoff to retrieve and everything will already be in my married name.

Overall, 10/10 experience. I’m so relieved to have one (private) bill to pay, one servicer, a fixed rate and one payoff date to look forward to. I’ve called Lendkey many many times and I was always talking to someone within a minute or two of dialing. Their customer service is really great..” – eyelashchantel on reddit, 6/19/2018

“I also refinanced with LendKey. The only annoying part is the amount of time it takes for payments to reflect as paid on the LendKey site. My payment for this month was paid on 5/14. Today is 5/21 and still not reflecting.” – djballer on reddit, 5/21/2018

“Was able to refinance my 82,000 in private loans with LendKey, from an interest rate of 10.5 variable to 5.87 fixed. Feeling a huge sigh of relief, as my monthly minimum payment will also be lower at 600 a month from 789 a month. Plan on increasing emergency savings for a couple of months, and then slamming the payments on the loan the max I can. Was doing about 1220 per month before, and when I get a career promotion in a year or two will hopefully be able to throw 1500-1700 at it to be finished within 5-6 years. Don’t plan on having a house or kids for 10 years.” – Chiiffy on reddit, 5/11/2018

More (unfiltered) customer reviews of LendKey are available at TrustPilot.com (4.5 of 5) and ConsumerAffairs (1.0 of 5).

LendKey Consumer Complaints

As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of its mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.

Since May 16, 2014, consumers have submitted 101 complaints about LendKey Technologies, Inc. (LendKey) to the CFPB for an average of one (1) complaint every 36 days; this complaint rate is 75% higher than the average daily complaint rate among reviewed lenders. Among the 64 complaints with narratives, 20 (31.3%) specifically reference student loan refinancing.

In 2023, LendKey received 7 consumer complaints, equivalent to:

• a 31.0% decline over the number of complaints in an average year.
• one (1) complaint for every $885,714 of that year’s corporate revenue.
• one (1) complaint for every 18 employees.

The allegations made in these complaints are unverified, are not necessarily representative of all consumers’ experiences with LendKey, and may contain outdated information (about rates, bonus offers, etc.). Note that a lender with a large customer base is likely to also have a higher number of complaints when compared with smaller lenders.

Below we’ve included three (3) of the most recent complaints (as of this writing) in which the consumer consented to sharing their details.

Complaint 8169714
1/18/2024
Washington

“XXXX credit report continues to show a balance on the account. Dispute has been unsuccessful because the account holder continues to say the information in correct.”

Complaint 7941148
12/2/2023
California

“Refinanced XXXX loan using a referral link that gave {$100.00} bonus over 3 years ago. Bonus has been sitting at ” Awaiting Approval ” status for over 3 years. E-mailed customer service on XX/XX/23 to see what’s going on, but did not receive any reply.”

Complaint 7593133
9/22/2023
Georgia

“Dear CFPB, LendkeyXXXX XXXX XXXX XXXX is not adhering to the protection order for credit reporting under the statute below, SEC4021 Credit Protection During Covid-19. I filed several complaints with CFPB about my forbearance request when I was laid off during the pandemic. No delinquency can be reported to the following credit agencies until after my account ‘s XX/XX/XXXX due date. Credit reporting Were required by the Fair Credit Reporting Act to report all account information accurately to the consumer reporting agencies. XXXX XXXX XXXX XXXX XXXX, TX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX, GA XXXX XXXXXXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX, PA XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX, PA XXXX XXXXXXXX XXXX SEC, 4021 Credit Protection During Covid-19. ( Please review the attachment – 120 days after the end of the Pandemic, all creditors must refrain from reporting delinquency or modifying terms up to 120 days after the end of the COVID-19 Pandemic. ) Please review the official start day of COVID-19 by the XXXX XXXX XXXX XXXXXXXX XXXX XXXX XX/XX/XXXX ) Please check the official end day of COVID-19 by the XXXX – ( the Covid-end date was XX/XX/XXXX ) Regards, XXXX XXXX XXXX XXXX”

For a full list of complaints made against LendKey in the CFPB’s Consumer Complaint Database, click here.

LendKey Lawsuits

LendKey does not appear to have been the subject of any major litigation in recent times.

Note that while this information is updated regularly, ongoing legal action is subject to change.

Frequently Asked Questions

These are the most common questions consumers have about student loan refinancing with LendKey.

• Is LendKey good for refinancing student loans?
  LendKey is not a refinance lender but a multilender marketplace designed to help student borrowers comparison shop for refinance lenders using one website with one application.

• Does LendKey have a minimum credit score requirement to refinance student loans?
  LendKey’s student refinance calculator designates a minimum credit score of 680; different lender partners may have their own credit requirements.

• Are LendKey loans federal?
  LendKey does not originate loans. Regardless, LendKey has no affiliation with the federal government or the U.S. Department of Education.

• Does LendKey charge a prepayment penalty?
  There are no penalties for early payments or repaying a loan in full before its term is over.

• Does checking your rates with LendKey hurt your credit score?
  For its prequalification process, LendKey performs a soft credit check, which will not hurt your credit score. If you proceed with an application, however, LendKey will perform a hard credit check that may affect your credit score.

• Is LendKey a bank?
  LendKey is not a bank nor a lender.

• Can I refinance any student loan?
  You can refinance student loans from another private lender and federal loans originated in your name.

• Can I refinance just some of my loans?
  Yes, you can refinance some, all, or just one of your qualifying student loans with LendKey. You may choose to refinance your private loans only or refinance private and federal loans together.

• Can I refinance loans that have already been refinanced?
  Yes, you can refinance loans as many times as you want. Note that each time you refinance, you will have to submit a new application; every application requires a hard credit check that may affect your credit score.

• Can my spouse and I refinance our loans together through LendKey?
  No, LendKey’s lender partners do not allow spouses to combine loans but require that you are the primary borrower on any loans you refinance.

• How long does it take to refinance through LendKey?
  LendKey does not specify a detailed timeline but indicates disbursement takes between 10 and 30 days.

• Who services LendKey refinance loans?
  LendKey does not originate loans, but its lender partners may have one or more loan servicers administering their loans. Contact your lending institution to learn who will service your refinance loan.

• Does LendKey offer a grace period?
  LendKey does not offer a grace period.

• How often do variable rates change?
  Variable rates will change according to interest rate indices and individual lender limits.

• Can I get any special rates or discounts with LendKey?
  In addition to a 0.25% interest rate reduction with enrollment in automatic payments, LendKey offers multiple promotional bonuses through third-party partners, such as members of the NYU Alumni Association, employees of the City of Austin, Texas, and certain lender partners.

• What happens if I file for bankruptcy?
  LendKey does not disclose a policy, but individual lenders may have their own protocol for borrowers who file for bankruptcy. If you do file for bankruptcy, a lender may call the entire loan balance due immediately.

Compare Student Loan Refinance Reviews

Sources

1. LendKey, Student Loan Refinancing Made Easy
2. LendKey, Disclaimers
3. LendKey, FAQ – Student Loan Refinancing
4. United States Public Interest Research Group, Private Lenders Announce They’ll Suspend Student Loan Payments