LendKey Reviews
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LendKey Features and Benefits
LendKey offers a range of features and benefits:
- Competitive APRs and interest rates: This can help borrowers save money over the life of their loan.
- Consolidation of federal and private loans: This allows for a single monthly payment, simplifying loan management.
- Fast application process: The online application is easy to use and quick to complete.
- No origination or sign-up fees: This can lower the overall cost of borrowing.
- Highly rated customer support: They can answer any questions and provide assistance throughout the loan process.
- Educational resources: These guide customers through the application and borrowing process.
- Lower interest rates: LendKey partners may offer lower interest rates, potentially saving borrowers money over the life of the loan.
- No origination fees, application fees or prepayment penalties: This can make borrowing more affordable.
- Interest-only payment option: This is available for the first four years of a 15 or 20-year loan term, helping to lock in affordable monthly payments early on in your career.
Remember, it's important to research and compare different lenders before making a decision. Each lender will have its own set of terms and conditions that should be understood thoroughly.
About Lendkey.com Prices and Cost?
The pricing and cost details for LendKey.com's services are tailored to individual financial situations and credit histories. For student loan refinancing, the fixed APR ranges from 5.49% to 12.18%, and the variable APR ranges from 5.52% to 8.70%. The actual rate offered will depend on factors such as the borrower's or co-signer's credit history and financial situation. To determine the specific rate LendKey will offer, one would need to apply on their website. Additionally, LendKey's partners, which include banks and credit unions, may offer low-rate loans due to the automation of much of the loan process, allowing them to pass savings onto borrowers. It's also noted that the rates can be as low as 4.5% with AutoPay for certain loan options.
About Lendkey.com Payment Method?
LendKey.com offers a payment method that is convenient for its users. Borrowers can set up AutoPay, which automatically deducts monthly payments from their checking or savings account. This feature ensures that payments are made on time, and LendKey does not charge a commission for these transactions. Additionally, for those who prefer to make manual payments, the platform provides options to do so through their borrower portal. It's important to note that setting up AutoPay may also qualify borrowers for a discount on their interest rate, making it a popular choice for many users.
LendKey FAQs
LendKey Alternatives
Here are some alternatives to LendKey:
- WeLab
- Quotanda
- CircleUp
- JUMO
- TrueAccord
- UPSIDE
- LoanStreet
- Service Finance
- GreenSky
- Transzak
Each of these platforms offers unique features and benefits, so it's important to research each one to find the best fit for your needs. Remember to consider factors such as interest rates, loan terms, and customer service when making your decision.
How To Open A LendKey Account?
To open an account on LendKey, follow these steps:
- Visit the LendKey website.
- Click on "Private Student Loans".
- Then, click on "Get Started". This will take you to the application.
- If you've applied for a LendKey loan before, you'll be directed to log in to your account.
Once accepted, you can access your LendKey account information through the online login. Remember, each lender will have its own set of terms and conditions that you should understand thoroughly.
Lendkey.com Return Policy?
LendKey.com does not have a shipping policy as it provides digital financial services. However, there is a return policy in place for some of its products. For instance, the Navy Federal Credit Union, which partners with LendKey, offers a 30 Day No-Fee Return Policy. This allows customers to cancel the loan within 30 days of disbursement without any fees or interest. This policy ensures that customers can reconsider their financial commitments without immediate financial repercussions.
About Lendkey.com Popular Products and Services?
LendKey.com is recognized for its digital lending solutions that cater to both individuals and financial institutions. Among their popular products and services, the most notable are student loan refinancing, private student loans, and home improvement loans. These offerings are designed to connect borrowers with community banks and credit unions, providing them with competitive rates and a streamlined online loan application process. Additionally, LendKey supports financial institutions by enabling them to manage loan portfolios digitally, fostering customer relationships, and reaching younger demographics early in their credit journey.
How does LendKey compare to other online lenders?
LendKey stands out from other online lenders by serving as a marketplace that connects borrowers with private student loans and refinanced student loans from community banks and credit unions. This approach is ideal for borrowers who prefer working with smaller institutions rather than large banks. LendKey offers competitive fixed and variable APRs, and the opportunity to see if one qualifies and what rate they'll get without a hard credit check. However, it's worth noting that loans are not available in certain states, and there is no payment postponement available for borrowers who return to school or serve in the military. Compared to traditional lenders like SoFi, which offers specific loans for various educational levels, LendKey provides a more flexible loan comparison tool that matches borrowers with small banks and credit unions, emphasizing the importance of personalized customer service and potentially better rates for those with good credit scores. Additionally, LendKey's forbearance period of 18 months for 15- and 20-year loan terms is longer than many lenders, which can be a significant advantage for borrowers seeking more flexibility during financial hardships.
What are the fees associated with LendKey loans?
LendKey is known for its no application or origination fees policy on its loan products. However, some lenders matched through LendKey may charge late and insufficient funds fees. Specifically, a late charge of 5% of the unpaid installment amount is applied if payment is more than 15 days past due, with a specific provision for Wisconsin residents where the charge is 5% or $10, whichever is less. Additionally, a returned check charge is set at $15.00. It's important to note that the exact fees and penalties can vary depending on the lender one is matched with through LendKey.
What are the eligibility criteria for LendKey loans?
To be eligible for LendKey loans, borrowers must meet certain criteria. They should have an annual income of at least $24,000 or a creditworthy co-signer if the income is less. All applicants must be U.S. citizens or permanent residents. Students seeking loans must be enrolled at least half-time in a degree-granting program at an approved school. Additionally, the borrower must be the age of majority in their state of residence.
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