• Loan amount: ★★★★★ 5/5
  • APR: ★★★★★ 5/5
  • Fees: ★★★★★ 5/5
  • Requirements: ★★★★★ 5/5
  • Funding time: ★★★★☆ 4/5
  • Pre-approval: N/A
  • Loan terms: ★★★★★ 5/5

2022 LendKey Student Loan Review [Requirements, APR, Fees]

  • Loan amount: ★★★★★ 5/5
  • APR: ★★★★★ 5/5
  • Fees: ★★★★★ 5/5
  • Requirements: ★★★★★ 5/5
  • Funding time: ★★★★☆ 4/5
  • Pre-approval: N/A
  • Loan terms: ★★★★★ 5/5

Best For

those who prefer to take loans from credit unions or smaller banks


  • Up to $750 in bonuses for private student loans
  • Up to 18-month forbearance
  • Quick and easy loan approval


  • No pre-approval
  • Fees may vary depending on the specific lender
  • No payment postponement options

Student loans are something that most people try to avoid accumulating, but unfortunately, they represent the real-life part of the higher education experience. Getting a student loan usually means dealing with some big-time banks looking to make a profit out of your misery, but it doesn’t always have to be like that.

Enter LendKey: an online platform connecting borrowers with lenders with minimum fees and interest rates. This is an amazing solution for anyone who prefers to take loans from credit unions or smaller banks.

Our LendKey student loan review will cover this in more detail, so if this is something you are interested in, stay tuned. Some things we’ll mention in this review include a general overview of LendKey and what they offer, types of loans, pros and cons, and other details you might find useful.

What You Need to Know About LendKey Student Loans

  • Expected loan amount: Anywhere between $5,000 and $300,000.
  • APR (fixed and variable): Fixed APR: 2.95% – 7.63%. Variable APR: 1.90% – 5.25%.
  • Monthly payment: Depends on your specific loan terms and length.
  • Loan term: between 5 and 20 years.
  • Fees and penalties: LendKey does not charge an origination fee, although there is a late fee charged after payment has been more than 15 days late.
  • Types of interests: LendKey requires you to pay parts of your loan while in school; you can choose between two options:
    1. Pay a flat fee of $25 monthly
    2. Pay only interest (as per your APR)
  • Automatic withdrawal: LendKey offers an AutoPay option, where every month an installment of your loan is automatically withdrawn from your savings or checking account.
  • Prepayment penalty: LendKey does not penalize you for early loan settlements.
  • Fine print: One of the things most users praise in LendKey reviews is the small amount of fine print and red tape. Loans are usually approved quickly and with ease.
  • Typical approval time: Not longer than several days, according to LendKey reviews on BBB. However, LendKey states that it may take up to 30 days depending on any additional circumstances.
  • Typical funding time: After approval, between 24 hours and seven days.
  • Deferment and repayment options: These depend on your set loan terms.
  • Forbearance and discharge options: Forbearance and discharges are available at your lender’s discretion.

Types of Student Loans at LendKey

In this section, we’ll take a glance at the student loan options available at LendKey.

LendKey offers 4 types of loans:

  • Undergraduate private student loans
  • Graduate private Student loans
  • Parent loans
  • Student refinance loans

When it comes to private loans, LendKey is one of the top companies in the US. They offer loans for anyone with an annual income of at least $24,000 without a cosigner; Since this is a high income for most students, more than 90% of them end up getting a cosigner. Rates start at 1.15% for variables and 4.25% for fixed rates. This is where most people would have the “federal vs. private student loan” debate: While federal loans may come with slightly better terms, private loans are easier to grant and take control over.

Student refinancing loans are what most people think about when they mention a LendKey student loan. The company offers great loan terms for refinancing, with periods from five up to 20 years. There are no origination fees, and your refinancing amount needs to be no less than $5,000.

For some loans, LendKey also gives out bonuses to borrowers that range between $300 and $750. If this still doesn’t meet your financing needs, take a look at what the best credit cards for students are and consider getting one.

How to Apply for a Student Loan With LendKey

If you decide to put your trust in LendKey, there are several steps you need to take.

  1. Fill out the online application form available on LendKey’s website.
  2. You will receive a response from someone at LendKey, informing you of your application status and if there are any additional documents you need to submit. You can always check this before applying through LendKey customer service.
  3. Since LendKey does not offer pre-approval, once you apply, you need to wait for several days (up to one month) to know if your application has been approved.
  4. If everything is in order, LendKey will contact you to confirm your loan and inform you when you can expect to have access to the funds.

LendKey Pros and Cons

Pros Cons
  • Quick and easy loan approval
  • No payment postponement options
  • Up to $750 in bonuses for private student loans
  • No pre-approval
  • Up to 18-month forbearance
  • Fees may vary depending on the specific lender

LendKey Customer Reviews

Even though a LendKey student loan review can be found on a number of consumer experience websites, it seems that most of them are on Trustpilot, so we decided to include those in our own LendKey reviews.

LendKey rocks an “Excellent” rating on Trustpilot, with a grade of 4.5, and the customer reviews reflect that. Most of them are satisfied with LendKey, and their praises include parameters such as a no application fee, easy processing, and the ability to choose a lender for refinancing.

On the other hand, nobody’s perfect, and that goes for LendKey as well. The negative ratings in LendKey student loan reviews make up only 4% of total ratings, but they do exist and we have to reflect that. That being said, it seems that most of their bad ratings are related to experiences with customer service, as customers said that they were too slow to reply at times when it mattered the most.

We are sure that the people at LendKey are working hard to improve this aspect, though.

Privacy and Security Policy

When you are entrusting someone with your education funds, you need to be absolutely sure that they take security seriously, right?

Well, you can rest assured that LendKey takes this part of their business very seriously. All of their client’s information is protected and safeguarded by multiple-layer encryption protocols, and passwords are renewed regularly. Privacy and security were highly praised in almost every LendKey review we stumbled upon.


If you’ve ever wondered if you can refinance a student loan with a provider other than LendKey, this is the section for you, as we’ll take a look at some other services to see how LendKey stacks up in comparison.

LendKey vs Earnest

Even though it may seem like Earnest provides better options with a lower average APR and required credit score, the application process for them is much stricter; it also does not allow a borrower to use a co-signer.

LendKey vs Sofi

While Sofi may offer better terms for longer loans, LendKey provides much better conditions when it comes to short-term small loans. Other than that, these two are pretty even across the board.

Wrap Up

If you are a student wondering how to get out of debt fast, LendKey might be the perfect solution for you.

The application process is very straightforward and easy, rates are close to competitors’, and in case you are looking to refinance your student loan, LendKey can serve as a mediator between you and another lender.

While their minimum income requirement can be a tough match for most college students, LendKey offers the option of having someone cosign a loan. On top of that, LendKey also gives bonuses of up to $750 for certain loans.

To sum it up, even though LendKey hasn’t been around for a very long time, they have quickly become a trusted business when it comes to student loans. If you want to make sure before using them, just go ahead and read some of the many reviews for LendKey available online.

Also, the recent student loan debt statistics show that more and more students opt for LendKey for their financing needs.


Is LendKey good for student loans?

As we mentioned several times throughout our LendKey student loan review, LendKey is one of the go-to places for student loans and loan refinancing.

Is LendKey a federal loan?

No. LendKey is a private company known for offering some of the best private graduate student loans in the US.

Do student loans affect credit score?

Just like any other loan, student loans are a part of your credit history and can affect your overall credit score, whether for better or worse.


I learned a lot about finance after working for a digital marketing company specializing in investing and trading stocks, forex, etc. After that, I got exposed to other verticals such as wealth management and personal finance, which further improved my understanding of the financial world.