Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who is LendKey Best For?
Additionally, you may like LendKey if you're able to qualify its lowest rates, which are competitive with rates from many other top student loan lenders.
LendKey Student Loan Details
The term lengths on its refinanced loans range from five to 20 years. Refinanced loans have variable rates between 5.80% to 10.80% with AutoPay, and fixed rates between 4.89% to 10.90% with AutoPay. Without AutoPay, you'd pay an additional 25 basis points on your loan.
LendKey's new loans only have one term length, 10 years. New loans have a rate of
You're able to borrow up to 100% of your cost of attendance with LendKey. The minimum loan amount for a new loan is $2,000, while the minimum for a refinanced loan is $5,000. The minimum for refinancing is $10,001 in Arizona and Connecticut, and $6,000 in Massachusetts. Requesting a lower loan amount won't increase your approval chances, as approval is based on a review of your credit.
The company doesn't disclose a minimum credit score you'll need to get a loan, but generally the higher your score, the more likely you'll be approved.
LendKey allows cosigners on its loans. Cosigners aren't required, but may improve your chances of getting a loan or qualify you for better terms than you would receive on your own.
You won't pay any origination fees or prepayment penalties with LendKey.
Should You Use Lendkey?
| You may like LendKey if you ... | You may not like LendKey if you ... |
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What is a Student Loan Marketplace?
A student loan marketplace allows you to compare loan offers from multiple lenders at once. The marketplace allows you to check your rates with no impact on your credit score.
If you choose not to use a student loan marketplace, you'll fill out separate applications for each lender you're considering. You'll then have to compare the terms of each loan yourself — a spreadsheet may come in handy here.
LendKey Frequently Asked Questions
What is the benefit of a student loan marketplace?
A student loan marketplace shows you a list of lenders and the rate each one would charge you. You won't have to spend time filling out multiple applications with different lenders — everything will be in one place for you.
Is LendKey Credible?
LendKey is an online marketplace where you can compare student loan offers from multiple lenders. Credible also operates such a platform and is a separate company from LendKey.
What credit score do you need for LendKey?
LendKey does not list a minimum credit score for approval.
What is the minimum income for LendKey?
LendKey requires annual income of at least $24,000 to qualify for a student loan, or $12,000 with a co-signer.
Does LendKey affect your credit score?
LendKey does not do a hard credit check when generating your rates — instead in conducts a soft credit check which does not impact your score.
LendKey Trustworthiness
LendKey has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB determines its ratings by evaluating a company's response to customer complaints, honesty in advertising, and transparency about business practices.
A company's BBB rating doesn't guarantee you'll have a good relationship with the lender, so take it with a grain of salt. Ask friends and family about their experience with the company and read LendKey reviews before making your decision.
LendKey hasn't been involved in any recent controversies. LendKey has a clean history and a great BBB rating, so you may decide you're comfortable borrowing from the lender.
LendKey Competitiveness
LendKey vs. Credible
We've compared
LendKey has slightly higher minimum rates than
In addition to student loan offerings, Credible also allows you to shop for personal loans, home loans, and mortgage refinancing offerings. Neither of these loan marketplaces have a mobile app or charge any fees.
Why You Should Trust Us: How we rated LendKey
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.