LendKey Reviews
(Rated by 1269 users)
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Payment Methods
Payment Methods
- Verified Store VERIFIED
- Free shipping: Orders $50+
- In-store pickup: Ready in 2 hours
- 30-Day Returns
- Gap Good Rewards (4 brands)
Payment Methods
- Tops: $23 - $70
- Bottoms: $27 - $70
- Outerwear: $34 - $70
- Kids: $29 - $75
Overall Rating
5.0
Base on 4 Reviews
Ratings by Feature
Ratings by Feature
- Good Value4.0
- Price & Quality4.5
- Return Policy5.0
- Customer Service5.0
- Shipping & Delivery5.0
Recent Customer Reviews (4)
Þór Matthíasson
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Ararat Wood
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Donald Rhodes
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Timirsolta Kishiev
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LendKey Pricing
Refinancing Bonus
up to $750
LendKey Pros & Cons
Pros
1
No origination fees.
2
No prepayment penalties.
3
Rate reduction of 0.25% with AutoPay, subject to the floor rate.
4
Competitive Rates: LendKey offers competitive interest rates, ranging from 4.89% to 9.04% APR for fixed-rate loans.
5
No Origination Fees: LendKey does not charge origination fees, making it a cost-effective option for refinancing student loans.
6
Flexible Repayment Terms: LendKey provides flexible repayment options, including interest-only payments, fixed monthly payments of $25, and full principal and interest payments.
7
Extended Forbearance: LendKey offers extended forbearance periods, which can be beneficial for borrowers who need temporary relief.
8
Community Bank and Credit Union Partnerships: LendKey partners with over 300 community banks and credit unions, providing borrowers with a wide range of options.
9
Refinancing Bonus: LendKey offers a bonus of up to $750 for refinancing, which can be a significant incentive for borrowers.
10
Competitive APRs and interest rates: This can help borrowers save money over the life of their loan.
11
Consolidation of federal and private loans: This allows for a single monthly payment, simplifying loan management.
12
Fast application process: The online application is easy to use and quick to complete.
13
No origination or sign-up fees: This can lower the overall cost of borrowing.
14
Highly rated customer support: They can answer any questions and provide assistance throughout the loan process.
15
Educational resources: These guide customers through the application and borrowing process.
16
Lower interest rates: LendKey partners may offer lower interest rates, potentially saving borrowers money over the life of the loan.
17
No origination fees, application fees or prepayment penalties: This can make borrowing more affordable.
18
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.
CONS
1
Limited Availability: LendKey is not available in all states, including Maine, Nevada, North Dakota, Rhode Island, and West Virginia.
2
No Variable Rate Refinancing: LendKey no longer offers variable rate refinancing options.
3
No Full Deferment During School: Unlike some other lenders, LendKey does not allow full deferment of payments during school, requiring borrowers to make some form of payment.
4
Eligibility Requirements: Borrowers must have a minimum credit score of 680 and at least $5,000 in outstanding debt to refinance with LendKey.
LendKey Features and Benefits
Features
Fixed Rates
Rates range from 4.75% to 8.25% APR (4.66% to 7.83% APR with AutoPay) for 5-20 year terms, providing predictable payments and savings.
Variable Rates
Rates as low as 5.34% to 13.19% APR (with 0.25% AutoPay reduction), potentially lower initial costs based on Prime or SOFR.
No Origination Fees
Eliminates upfront costs, lowering overall borrowing expenses.
No Prepayment Penalties
Allows early payoff without extra charges, increasing flexibility.
0.25% Rate Reduction with AutoPay
Lowers effective APR, reducing total interest paid.
Competitive Interest Rates
Ranges from 4.75% to 9.04% APR for fixed loans, saving money over the loan life.
Flexible Repayment Terms
Offers interest-only payments, $25 fixed payments, and full principal & interest, suiting various financial situations.
Extended Forbearance
Provides temporary relief for borrowers needing payment pauses.
Community Bank and Credit Union Partnerships
Partners with over 300 institutions, offering wide lending options.
Refinancing Bonus
Up to $750 for refinancing, providing a financial incentive.
30-Day No-Fee Return Policy
Allows loan cancellation within 30 days of disbursement without fees or interest, enabling reconsideration.
Loan Consolidation
Combines federal and private loans into a single monthly payment, simplifying management.
Fast Application Process
Quick and easy online process for faster approvals.
Highly Rated Customer Support
Assists with questions and guidance throughout the loan process.
Educational Resources
Guides users through application and borrowing decisions.
Interest-Only Payment Option
Available for first four years on 15-20 year loans, locking in affordable early payments.