LendKey Review

It is the world of lending and borrowing where borrowers compete to become lenders one day. Though lending is not accessible to you today, it doesn’t mean you should let go of good borrowing opportunities because today’s borrowing keys can open up the doors of lending for you tomorrow. One such borrowing key is LendKey. Let’s find out more about this lending marketplace in our LendKey review.

What is LendKey?

LendKey, formerly known as Fynanz, was originally founded in 2007. It was reestablished in 2009 after the Great Recession. LendKey is a digital lending-as-a-service platform and marketplace that offers private student loans, student loan refinancing, and home improvement loans. It enables 13,000+ community financial institutions to compete in online lending thus translating the $3.6 trillion consumer lending market thru its cloud technology to facilitate the borrowers with the most transparent, and low-cost options.

LendKey has promoted 99,000+ borrowers by deploying more than $3.1 billion in lending capital and assisted more than $2.0 billion in loans. This lending marketplace is found advantageous by both borrowers and lenders as borrowers can enhance their financial wellbeing by achieving their financial goals and saving money with lower interest rates, and lenders can benefit from full-scale, cloud-based marketing tools and technological support.

The company’s goal is to help you achieve your dreams, and LendKey is truly focused to prefer People over Profits. That is why it has partnered with non-profit credit unions and banks like Bank Mobile, WSFS bank, Veridian credit union, University Federal Credit Union, generations bank, and many more to strengthen its mission to improve lives by making lending simple.

How LendKey Works

LendKey has a whole network of credit unions and community banks, and it works differently from other private student loan companies. It connects future borrowers with best-matched lenders.

LendKey offers its services free for borrowers. Borrowers who choose LendKey Student Loan Refinancing will go through certain inquiries relating to their location, degree, type of loan, amount of loan, proof of income, and credit score during the application process. They will do comparison shopping on multiple offers with different options presented to them.

After submitting your information, you will be shown relevant lenders with their available offers on the LendKey interface. Your chosen lender will respond with a conditional offer showing what is needed for loan approval.

Those who previously applied for LendKey Student Loans will be asked to sign in while those who are new and applying for the first time will have to provide their state and school name to start the application procedure.

If you are a homeowner and want to apply for a Home Improvement Loan, you need to work with a contractor to apply for a loan because the loan funds are disbursed to the contractors directly.

LendKey Features

Career Assistance

Besides providing loan opportunities, LendKey provides students with career assistance which is powered by ‘NextJob’. On behalf of LendKey, NextJob offers online mock interviews, a resume builder, hidden job opportunities, and a personality test to find the right career for you.

Credit Health Analysis

To improve your credit health, LendKey has partnered with Curu. With the help of LendKey, Curu offers:

  • Spending, net worth, and credit utilization analysis
  • Display of your real-time financial account information
  • Notifications for credit card payments

Referral Program

LendKey offers a referral program to give you a chance of earning. You will get $200 for every loan via LendKey by your friend or family member. Your referred borrower will also earn $200. It is not compulsory that you must have LendKey student loans or LendKey refinancing for this referral program. Moreover, you can refer as many people as you can.

Flexible Repayment

Many student loan lenders offer flexible repayment options such as fixed and variable rate loans and the repayment terms expand from 5 to 20 years.

Not a Lender nor an Agent

LendKey is not a lender or broker. It means that LendKey does not personally accept applications, issue loans, or make any credit decision. Moreover, LendKey is not an agent for its customers and lenders as well and does not endorse any offer from any lender.

Low Rates

As a contractor, you can simply offer your customers home improvement loans instead of cash-on-hand. This offer comes with lower rates and best term options as long as 15 years.

No Penalty

There are no prepayment penalties with LendKey if you want to pay your loan amount earlier.

All General Home Improvements

LendKey allows all general home improvements to apply for a home improvement loan. It simply means you do not need to qualify for any eligible measures to finance your home improvement.

Forbearance for Students

If you are facing financial hardship to make your monthly payments, the lenders may offer you forbearance. During the forbearance period, there is no monthly repayment, but the interest still accrues.

Grace Period

LendKey offers a grace period of 6 months when you graduate or are no longer enrolled in a degree program. After the 6-month grace period, it is obligatory to make principal and interest payments.

Refinancing Calculator

LendKey refinancing calculator allows the graduates and college students to connect one or more loans so that they may unriddle the fluctuation in loan rates and determine how much refinancing can bring financial improvements.

Student Loan Payment Calculator

LendKey student loan payment calculator will help you know what you will owe. This calculator is designed to let you calculate your monthly payments on LendKey student loans and build a good credit score for future loans.


LendKey takes care of its customers’ financial education. For this purpose, LendKey provides blog posts on different topics in its resources section.

Customer Care

LendKey offers customer service to answer all your queries. However, it is not available 24/7.

For New Student Loans (Student Loans and Student Refinancing Loans)

  • Phone: (888) 549-9050 – Monday to Friday from 9 am to 8 pm EST
  • Fax: (800) 583-1416
  • Email: [email protected]

For Already Have a Student Loan (Customer Service and Loan Servicing)

  • Phone: (888) 966-9268 – Monday to Friday from 9 am to 8 pm EST
  • Fax: (800) 915-6912
  • Email: [email protected]

For Home Improvement (Home Improvement Loans)

  • Phone: (866) 840-3502

NJ Green Energy Loans

New Contractor Sales/Account Management

Other Contact Information

LendKey Products

  1. Private Student Loans

The private student loan is a useful product from LendKey where there is no application fee, loan rates with AutoPay are as low as 1.49% (variable APR) or 3.99% (fixed APR). The review rating is 4.6/5 stars.

Things to Consider

  • You don’t have to complete a FAFSA (federal student aid) form to apply for LendKey student loans.
  • You can borrow up to 100% for your tuition fee, room and board, laptop, textbooks, and other educational expenses.
  • LendKey recommends applying one month before the due date of funds payment. You will get a conditional offer when your application is reviewed once, and the final approval will need some additional documentation submission.
  • You are allowed to apply for the whole academic year or a certain academic period.
  • Loans funds are not paid to you and are directly released to your institution.
  • Although it is not required yet a cosigner, if creditworthy, can be your difference maker to get your loan approved and qualify for a lower loan rate.
  • In-school payments develop healthy financial habits and good credit history for future loans.
  • No origination fee or prepayment penalty
  • Multiple repayment options


To be eligible for LendKey private student loans consider the following

  • Must be registered at least half-time in a degree-granting program
  • May require a cosigner if there is no credit history
  • Must be a native of the U.S or permanent resident in the U.S
  • Must have the age of majority (18 years in most U.S states but it may be higher)

Loan Types

  • Undergraduate Student Loan
  • Parent Loan
  • Loans for Graduate Students
  • MBA Loan
  • Medical School Loan
  • Dental School Loan
  • Graduate School Loan for Health Professions
  • Law School Loan
  • Graduate School Loan
  • Bar Study Loan
  • Medical Residency and Relocation Loan
  • Dental Residency and Relocation Loan

Steps to Apply

You can apply for a LendKey private student loan in 3 simple steps

  • Check eligibility
  • Choose your loan
  • Upload documents

Scholarship Search

LendKey also offers a scholarship search for students where you can access over $10 billion of scholarships.

  1. Student Loan Refinancing

LendKey refinancing loans help those students who have multiple loans. By refinancing your student loans, you can get a lower interest rate and save thousands. Here are some benefits of LendKey student loan refinancing.

  • No origination fee
  • 5 to 20-year loan terms
  • Lower rates (with AutoPay) 1.90% with variable APR and 2.95% with fixed APR

Things to Consider

  • You can refinance your private and/or federal student loans but do remember that when you refinance your federal loans with a private lender, it becomes a private loan, and you can no longer enjoy the perks that come with federal loans.
  • You can refinance your previously consolidated or refinance loans with LendKey refinancing partners.
  • On the LendKey platform, you can check your rates without hurting your credit
  • Currently, LendKey refinances only those loans where you are the primary borrower. No parent loan or spouse as partner loan cannot be refinanced.
  • You are not allowed to refinance your credit card debt
  • If you cosign a LendKey student loan, you can be released later.


To get benefit from the LendKey refinancing service you must:

  • Be a U.S citizen or permanent resident
  • Be a graduate with at least an associate degree from the lenders’ (credit unions or banks) eligible institutions

Minimum and Maximum Loan Amount

  • The minimum LendKey refinancing loan amount is $5,000. But it can be higher in a special case such as:
  • For a resident of Arizona: $10,000
  • For a resident of Connecticut: $15,000
  • For a resident of Massachusetts: $6,000
  • The maximum loan amount for undergraduates is $125,000
  • The maximum loan amount for graduates is $175,000
  • The maximum loan amount for select medical degrees is $300,000
  1. Home Improvement Loans

LendKey lenders pay for your home improvements with lower interest rates and affordable repayment options. These lenders always support homeowners and contractors for a better economic future.

Things to Consider

  • As a homeowner, you need to work with a contractor as the loan funds are issued to the contractor only
  • LendKey lenders approve loans for most home improvement upgrades except landscaping, above ground pool, separate property structures e.g. shed
  • Contractors can enjoy zero-fee financing with no fees to sig-up and no annual minimums. Moreover, there are no prepayment penalties, but late fees apply
  • Home Improvement Loans are unsecured and do not require any home equity
  • As a homeowner, you do not require to have an existing account with any partnered bank or credit union
  • If you are a contractor and want to offer LendKey Home Improvement Loan to your customers, you just need to join the LendKey network

4 simple steps to apply for a home improvement loan

  1. Apply online
  2. Compare rates
  3. Select lender
  4. Upload documents

Loan Amounts, Loan Terms, and APR

  • LendKey lenders offer $5,000 to $50,000 home improvement loans
  • Loan terms range from 6 to 180 months
  • Variable APR is from 4.05% to 10.56%

LendKey Fees

There are no application or origination fees for LendKey refinancing or LendKey student loans rather the lenders pay compensation against the services provided to them and it varies from lender to lender, service to service, and loan to loan. However, some lenders on the LendKey platform have late fees and insufficient fund fees.

LendKey Competitors

Other Competitors

  • Earnest
  • SoFi
  • Splash Financial
  • Education Loan Finance
  • Penfed Credit Union
  • Citizens One
  • Figure Refinancing
  • College Ave
  • CommonBond
  • Credible Labs
  • LendEDU
  • Laurel Road Bank
  • Upstart
  • Blend
  • No application or origination fee
  • Competitive loan rates
  • Flexible repayment plans
  • Forbearance options
  • Cosigning options
  • Loan rates check without impact on credit health
  • 0.25% discount for using autopay
  • No prepayment penalty
  • In-school repayments required
  • Lenders’ loan policies vary
  • Loans are not available nationwide
  • Most qualifying criterion is not disclosed
  • Late fees apply
  • Parent loans do not qualify for refinancing
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