LendKey Private Student Loan Review

LendKey Private Student Loan Review

LendKey Private Student Loan Review
Interest fees, rates and terms
Repayment options
Customer service
Best for
High loan limits make these great for medical or dental school students
Can use their own loan product or connect you with banks and credit unions
Worst features
Still have to pay even if you go to more school
Not available in all states

This LendKey Private Student loan review delves into one of the many student loan products on the market. Read on for detailed information on these loans.

More and more people today are realizing the importance of earning a degree despite the high cost of attending college. Many students apply for scholarships and grants. Unfortunately, even with the help of scholarships and grants, they quickly discover they need money if they have any hope of getting a college education. For many students, this means private student loans.

Fortunately, there are many private student loan lenders waiting to help. One of these companies, LendKey, is worth checking into and considering. Interested in learning more? Read this informative LendKey private student loan review.

About LendKey

Formerly known as Fynanz, LendKey was founded in 2009 by Vince Passione, Michael Stallmeyer, and Anoop Thyagarajan with Vince Passione named as the CEO. LendKey is an online marketplace and lending platform where students can come for private student loans as well as student loan refinancing loans.

Because they partner with various banks, LendKey allows and helps students obtain loans from their local community banks and credit unions. By allowing these banks and credit unions to use their digital platform, they’re able to not only help students get student loans but also save money in the process.

LendKey does not offer their loans to customers living in Nevada, West Virginia, Maine, Rhode Island, or North Dakota. Students often choose LendKey because of their low-interest rate loans. They also like the fact that they can work with small community banks or credit unions rather than large banks.

What types of loans does LendKey offer?

LendKey offers private student loans for students in undergraduate and graduate programs. They also offer special loan packages for students in MBA, dental, medical, or law programs. Additionally, they offer parent loans. Parent loans are loans taken out by parents to help pay the cost of their student’s education.

The minimum student loan offered from LendKey is $1,000. Students in undergraduate programs can borrow from $5,000 to $125,000. Students in graduate programs can borrow up to $250,000. Students earning medical, dental, or veterinary degrees can borrow up to $300,000. Students pursuing certain medical degrees may be able to borrow up to $300,000.

The maximum amount an undergraduate student can borrow for a refinancing loan is $125,000, while $175,000 is the maximum amount for graduate students. The minimum amount a student or parent can borrow for a refinancing loan is $5,000. Refinancing loans are a good option for students who want to get a new loan with lower interest rates and better loan terms.

How do LendKey private student loans work?

How LendKey works is that they connect students, parents, and borrowers with local community banks and credit unions. They partner with more than just one back, which allows students to compare rates and terms before deciding on one specific bank.

Unlike many other student loan lenders who will only allow students to borrow a certain amount, LendKey allows students to borrow up to 100 percent of their cost of attendance at a certified school. This percent may include tuition, textbooks, college fees, room and board, and other education expenses.

The first step towards obtaining a private student loan through LendKey is to fill out and apply. To be eligible for a private student loan, the student must be enrolled at least half-time in a degree program at an accredited college. Students must have a steady source of income and an established credit history.

If the student cannot meet these requirements, the student may be required to have an approved cosigner. If the student cannot make payments, the responsibility for the loan can fall back on the cosigner. Cosigners must meet income requirements and have good credit.

A large percent of LendKey borrowers have cosigners. If all payments have been made on time for a month, the bank will release the cosigner. Even in situations where a cosigner may not be required, a student may get better rates and terms if he or she does have a cosigner.

Loan proceeds can be used to pay past-due tuition as long as the tuition is not past due beyond 90 days.

There are also other requirements for eligibility for a LendKey loan.

  • Applicants must be at least 18 years old.
  • Applicant must be a U.S. citizen or a permanent resident.
  • Applicant must have graduated.
  • Applicant must have earned at least an associate’s degree.

LendKey has an in-house customer service department to help all its customers. Students and borrowers are assigned a specific banker or advisor so they know exactly who they can contact if they have a problem or concerns. They won’t have the hassle of speaking to a new representative each time they contact the bank. They’ll be connected to someone that’s familiar with their loan.

LendKey recommends that students apply for the private student loan at least 30 days before they’ll need the money. Although students typically get notified if they’re approved for the loan in a couple of days, certifying and processing the loan can take a couple of weeks. They may get conditional approval as soon as their application is reviewed, but the actual loan and dollar amount is not approved until all required documentation is submitted and reviewed.

It’s also recommended that they apply to several lending institutions. This way, the student has a better idea of what rates and loan terms each bank offers, and they’re in a better position to find the best possible loan deal.

A very popular feature LendKey offers in an online portal where students can not only fill out and submit their applications but also view their accounts, make payments, and obtain information.

Credit score

As is the case with most lenders, LendKey and its partners require borrowers to have good credit. They do a soft credit check that will not affect the borrowers’ credit scores. Although the typical credit score of a student or cosigner is 751, they require students or cosigners to have a credit score of at least 660.

Having good credit scores can be vital towards being approved for a private student loan. However, they do also have income requirements. The typical annual income for borrowers at LendKey is $65,000, but the requirement is an annual income of at least $24,000 or $12,000 if the student has an approved cosigner.

The borrower’s debt-to-income ratio cannot be higher than 50 percent. The debt-to-income ratio is determined by adding up all your debts and subtracting your income for your debts. For instance, you have $1000 in debt and $2,200 in income. Your debt-to-income ratio would be 45 percent ($1,000/$2,200).


LendKey has an excellent reputation in the lending world. They get positive referrals from various online review sites. Better yet, the Better Business Bureau has given LendKey an “A” rating.

LendKey received a very positive rating from U.S. News & World Report (USNWR). They rated LendKey highly in customer service, affordability, and eligibility. The ratings from these companies are based on reviews done with hundreds of customers.

While there are many positive reviews and recommendations about LendKey from other businesses, the largest number comes from its customers and the many students they have helped pay for an education. Some of the positive compliments received from students include:

  • Competitive and relatively low-interest rate
  • Fast and simple application process
  • Fast results on approval
  • Flexible and convenient payment options
  • Friendly and helpful lenders


When students or their parents borrow money through LendKey, they can choose from various loan terms. Although the loan type and amount may determine the student’s loan term, LendKey offers loan terms of five, seven, ten, 15, or 20 years. Typically, the loans for larger amounts are the ones with the longest loan terms.

One of the many things that borrowers like is their flexible repayment terms. Students can choose to make $25 per month for up to five years or 60 months while they are in school. The full monthly payment is due after 60 months.

Students in school can also choose to make interest-only payments for up to 60 months. The full monthly payment is due after this period. Interest-only payments can save students a lot of money because each month the interest on the principal amount is being reduced.

Once students have graduated, they have a six-month grace period before they have to begin making payments again. Although LendKey does allow borrowers to pay more than their monthly required payment amount, they do not allow them to pay biweekly through autopay.


Regardless of a student’s intention to repay their student loan as quickly as possible, sometimes things happen that make this difficult if not impossible in certain situations. LendKey understands this and is there to help. Like many other lenders, LendKey may offer financial assistance to students who are having difficulties due to Covid-19.

Although LendKey does not offer military or academic deferment, they do offer forbearance on five, seven, and ten-year loans. Students can postpone making their loan payments for up to four consecutive months with the total months at 12 months. A student with 15- and 20-year loans can postpone their payments for six months, and they can do this three times for a total of 18 months.


One of the main reasons why students choose LendKey for their private student loans is because of their favorable and competitive interest rates and loan terms. They offer both fixed and variable ARP loans. The fixed-rate loans can range from 2.49 percent to 7.75 percent and the variable rate can vary from 1.90 percent to 5.25 percent, however, the rates can vary from lender to lender.

Keep in mind that LendKey partners with many banks. Most of LendKey’s partners offer similar rates, but there may be slight variance. Most of them will also offer a .25 percent rate discount for students who make their monthly loan payments through autopay.

Using autopay can change the variable rate to 1.49 percent and the fixed rate to 3.99 percent. Student refinancing loans offer a variable rate starting at 1.90 percent and a fixed rate starting at 2.49 percent if they’re using autopay. Although LendKey does not charge processing, prepayment, origination, or application fees, they may charge late fees.

LendKey Private Student Loan Review

LendKey is a popular lending platform among students and their parents. There are many things borrowers like about LendKey.

  • Their application process is simple and straightforward.
  • They can offer some of the lowest interest rates.
  • Their customer service is available to help with all steps of the application and lending process.
  • They allow students to borrow from their local banks.
  • Applications may be submitted online.

LendKey’s main goal is to help students earn a degree without the worry about high student debt while in school or after graduation. With all these positive traits, most students doing a LendKey private student loan review will see that LendKey has a lot to offer for students.