LendKey Review – A Good Resource For Student Loan Refinancing
In this LendKey review we will discuss the details of student loan refinancing and why this is a great option. Medical student graduates and other high tuition programs can have in excess of $100,000 in student loans. Taking multiple loans and consolidating them into one easy payment at a reasonable rate can be a smart action to take.
If you are a medical student graduate or other major interested in student loan refinancing visit LendKey.com to Get Started!
What is LendKey?
LendKey is a service which helps people to consolidate or refinance student loans. It connects applicants to potentially multiple community banks and credit unions.
How is this different from other services?
Unlike most services, it does not lend directly to borrowers. Instead, it is a one stop shop for consolidation and refinancing of student loans. Instead of going to multiple different places to try to apply, the application process is handled in one place. It compares refinancing offers from more than 300 financial institutions.
Do you want to avoid the big commercial banks?
LendKey finds funding via credit unions and community banks. If you are looking to avoid the big name banks, this is an ideal way to try to find a loan offer that fits your needs.
How much will they lend?
You can refinance anywhere from $7,500 to $175,000 in student loan debt. Loan terms come in the following time lengths: 5, 7, 10 or 15 years.
Are you ready to apply?
If you’re ready to start comparing student loan refinancing offers, you can start the application process on LendKey’s website. They will help you examine offers from more than 300 financial institutions and determine which ones make the most sense for you.
Can you get a discount?
In many cases, lenders will give discount your interest rate by 0.25 percent if you sign up automatic payments. This is a common practice for refinancing or consolidating student loans.
Are there other benefits?
Yes. For profit community banks and nonprofit credit unions have a well deserved reputation for putting customers first, being friendly and offering good interest rates.
In many cases, people who borrow through LendKey are able to make interest-only payments for the first four years on a fifteen year loan in order to make it more affordable. Additionally, if you get a loan with one of these institutions, you will be able to access their services, such as checking and savings accounts, personal loans, auto loans or home loans.
Are there limitations?
Community banks typically require you to live in the community they serve, so such loans are typically only available to individuals in a certain geographic area. Credit unions also have limitations on who can join, such as where you live or what kind of work you do. LendKey will help you determine which institutions are likely to serve your needs.
What are the minimum qualifications?
You must have a minimum credit score of 660 and a minimum annual income of $24,000. The typical borrower has a credit score of 728 and an income of $70,000.
Does your relationship to LendKey continue?
Yes, it does. Its service does not end after helping you find a student loan that meets your needs. Instead, LendKey also handles the origination process and then their platform continues to be available for purposes of managing your loan.