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Don’t let student loans hold you back—empower yourself with Credible’s Student Loan Refinancing.
This guide provides an overview of LendKey’s student loan refinancing product. We’ll cover the benefits of refinancing with LendKey, the drawbacks, how to refinance your student loans with LendKey, the requirements for refinancing, the refinancing process, rates and fees, and more.
What is LendKey?
LendKey is a private student loan refinancing company that offers borrowers the opportunity to lower their interest rates and monthly payments. The company was founded in 2014 and is headquartered in San Francisco, California. LendKey has since grown to become one of the largest student loan refinancing companies in the United States, with over $10 billion in loan volume.
Benefits of Refinancing with LendKey
There are many benefits to refinancing your student loans with LendKey, including:
- A lower interest rate
- A lower monthly payment
- The ability to pay off your loans early
- A more flexible repayment schedule
- Access to a personal loan advisor
By refinancing your student loans with LendKey, you can save money on interest, reduce your monthly payments, and get out of debt faster. You can also choose a repayment schedule that fits your budget and lifestyle.
To learn more about the benefits of refinancing with LendKey, visit their website or contact a personal loan advisor today.
Drawbacks of refinancing with LendKey
There are a few drawbacks to refinancing your student loans with LendKey. These include:
- You may not qualify for a lower interest rate. LendKey’s interest rates are based on your credit score, debt-to-income ratio, and other factors. If your credit score is not high enough or your debt-to-income ratio is too high, you may not qualify for a lower interest rate than you are currently paying.
- You may have to pay closing costs. LendKey charges closing costs on all of its student loan refinance loans. These costs can range from $1,000 to $2,000, and they can add to the overall cost of your loan.
- Your monthly payments may increase. If you refinance your student loans with a longer repayment term, your monthly payments may increase. This is because you will be paying off your loan over a longer period of time, and you will therefore be paying more interest.
It is important to weigh the benefits and drawbacks of refinancing your student loans with LendKey before you make a decision. If you are considering refinancing, be sure to compare rates and fees from multiple lenders before you choose one.
How to refinance your student loans with LendKey
To refinance your student loans with LendKey, you will need to:
- Create a LendKey account
- Upload your student loan documents
- Provide your financial information
- Choose a repayment term and interest rate
- Sign the loan documents
Once you have completed these steps, LendKey will review your application and send you a loan offer. If you accept the offer, LendKey will begin the process of refinancing your student loans.
The entire process typically takes about 2-3 weeks.
Requirements for refinancing with LendKey
To qualify for a student loan refinance with LendKey, you must meet the following requirements:
- You must be a U.S. citizen or permanent resident
- You must have a minimum credit score of 680
- You must have a minimum debt-to-income ratio of 50%
- You must have a minimum of $5,000 in student loan debt
If you meet these requirements, you can apply for a student loan refinance with LendKey. The process is quick and easy, and you can typically get a decision within 24 hours.
Rates and fees
LendKey offers competitive rates on student loan refinancing, starting at 2.69% APR. The exact rate you’re offered will depend on your credit score, debt-to-income ratio, and other factors.
LendKey also charges a one-time origination fee of 0.25% to 2.00% of the loan amount. This fee is deducted from the loan proceeds, so you won’t have to pay it out-of-pocket.
In addition to the origination fee, LendKey may also charge other fees, such as a late payment fee or a prepayment penalty. Be sure to read the fine print before you refinance your student loans with LendKey to make sure you understand all of the fees involved.
Conclusion
In this article, we have provided a comprehensive review of LendKey’s student loan refinancing product. We have discussed the benefits and drawbacks of refinancing with LendKey, as well as the requirements, process, rates, and fees. We hope that this information has helped make your decision about whether or not to refinance your student loans with LendKey.
If you have any further questions about LendKey or student loan refinancing, please do not hesitate to contact us.