Table of Contents
About LendKey
It’s a shame that everything in life requires money, isn’t it? I don’t just mean buying a bag of chips or going to the movies, I mean the dreams we all hold in our hearts. It seems that the obstacle blocking most of us from attending our dream school or making our fantasy house a reality is money.
How people acquire that money is another hurdle itself. Some resort to less than legal means while others turn to loans. Many people shudder when they read that word, but when you read about how LendKey deals with loans then you’ll more likely than not get excited rather than worried.
The American company has been helping citizens connected with loans with low-interest rates for over a decade. They have over 500 followers on Instagram and a trove of positive customer reviews to back them up.
In this LendKey review, I will look at the brand’s history, their loans, their rates, and what customers have to say about them so that you can decide whether or not they’re the right company for you.
2008 was a rough year. The US economy was in the trash, the Writers Guild of America went on strike, and Coldplay’s Viva la Vida or Death and All His Friends was the highest-selling album of the year. 2009, by comparison, was a vast improvement marked by LendKey’s formation.
They invested $30 million into their lending service platform, building connections between credit unions, banks, and customers. As such, LendKey is the proverbial “key” between clients and the loans they need during the hardest times of their lives. Notably, these times are centered around home improvement or education.
This approach allows LendKey to serve both lenders and customers. Non-for-profit lenders can reach customers who would otherwise have to resort to other means to acquire funds. LendKey’s network is so large that they’ve connected more than 13,000 financial institutions.
Keep reading past the highlights section of this LendKey review to find out if the company may be of interest to you.
Highlights
- No origination or application fees
- Better Business Bureau Accredited
- Low rates on student loans
- Work with credit unions and local contractors
In this LendKey review, I’ll break down the three main types of loans that LendKey works with:
- Private student loans
- Home improvement loans
- Student loan refinancing
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LendKey Student Loans Review
Let’s look into perhaps the most popular type of loan in the United States outside of mortgages, student loans. They’re so popular that there’s actually a subsect of hipsters who want to “cancel” it entirely. Or, maybe they’re onto something. In any case, LendKey partners with various credit unions and community banks to make lending easy for students.
LendKey Student Loans come in multiple lengths. You can select terms of 5, 7, 10, 15, and 20 years. The rates are quite low as well, sitting at 4% with variable APR or just under 4% with fixed APR.
LendKey Home Improvement Loans Review
Fixing up your home is a lofty – and oftentimes expensive – excursion that’s nonetheless worthwhile. I mean, it’s either that or you buy a new home, but with that comes its own set of issues.
As such, the LendKey Home Improvement Loans program keeps loans and contractors locals. This allows them to keep the money and work within your community, meaning that the funds will likely go towards smaller contractors rather than larger companies.
One advantage that LendKey has over the competition when it comes to home improvement loans is that they can be used for any time of home renovation as long as the contractor you’re hiring has been approved by LendKey.
And if you know a contractor that would like to become a member of LendKey’s network, then tell them to contact the company and apply. You’ll find the contact information necessary to do so at the end of this LendKey review.
LendKey Student Loan Refinancing Review
The LendKey Student Loan Refinancing is an incredibly useful tool for students looking to reduce their interest rates, lower their monthly payments, aggregate multiple loans into one lump loan, or set up a flexible loan option.
The rates for the LendKey Student Loan Refinancing plans start as low as 3.27% on variable APR or 3.99% on fixed APR.
How Does LendKey Work?
In this section of my LendKey review, I’ll break down the sign-up and application process.
Upon first clicking the “Apply Now” button on LendKey’s website, you’ll be greeted with a question asking what you intend to do with your loan. The three possible answers you can give are:
- Refinance student loans
- Pay for school
- Make home improvements
After choosing your answer, LendKey will redirect you down one of three paths. If you want to refinance your student loans, you’ll reach a screen in which you need to enter your details like the name of the school you’re attending, the degree you’re pursuing, your primary goal for refinancing your loans, and the total loan amount.
Those looking to pay for school will come to a screen that asks whether or not they’ve used LendKey before. If not, they’ll answer questions about where they live and which school they plan on attending before entering information about their loan amount, GPA, duration of study, and more. You’ll need a cosigner for your loan, but after you get one then you’re set to submit your application.
Finally, there are loans for those requiring home improvements. You’ll submit info about where you live and the scope of your project.
LendKey Fees
This is one of the most crucial portions of my LendKey review as it details the fees associated with the service. One of the things that sets LendKey apart from other loan brands is that they do not charge application or origination fees.
Who Is LendKey For?
Due to the nature of LendKey’s loans, it appears that there are two distinct groups that would most enjoy their offerings. Students and homeowners would both benefit from the services I laid out in this LendKey review.
LendKey Reviews: What Do Customers Think?
Here are some of the aggregate LendKey review scores that I found from various websites.
- Financer:4.8/5 stars based on more than 10 pieces of customer feedback
- Trust Pilot: 4.5/5 stars based on more than 380 pieces of customer feedback
- Super Money: 4.5/5 stars based on more than 25 pieces of customer feedback
- Best Company: 3/5 stars based on more than 15 pieces of customer feedback
Those that wrote positive LendKey reviews were mostly students. It seemed like the company was much more popular with students than homeowners. I’m not sure if that’s because student loans are simply more popular than home renovation loans, or if it’s due to the fact that tuition is outrageously expensive in the United States, or because LendKey’s student loan program was just that good.
In any case, LendKey was reportedly quick with approvals and deposits. Students were able to receive their loans within mere days, which can be a godsend for those who need money in a quick fix.
One customer wrote, “I will recommend LendKey Student Loan Refinance. My family has been using it and it’s amazing. I am a student and I needed some money to pay my school fees, so I applied for the loan through Lendkey and got approved within 48 hours. The process was very easy and straightforward. After getting the loan approved, I had to wait for only two days before receiving the funds in my account.”
The other benefit that students noted in their LendKey reviews was that the brand’s refinancing plan was highly effective. Many people were able to get better rates and improve their future after working with LendKey, such as the writer of this next testimonial.
“I refinanced my student loans with LendKey and I could not be happier. I was able to get a fixed lower interest rate, consolidate my private and federal student loans, and did it all from my phone. The best part is I was able to knock 5 years off my previous payment plan with the help of LendKey”
“Lendkey has been instrumental in paying off my student loan. The interest rate is great! The payment dates are flexible. Their customer service is also very kind and understanding. They are a great company to work with and look forward to a continued relationship,” wrote one happy LendKey customer.
Is LendKey Legit?
No red flags cropped up while I was researching this LendKey review.
Is LendKey Worth It?
If you live in the United States and need a quick loan for tuition then I think LendKey is at least worth checking out. Since most of their customers used the service for that, I’d recommend following their lead.
LendKey Promotions & Discounts
There weren’t any promotions running when I looked into LendKey.
How To Get Started On LendKey
You can begin the LendKey application process on their website, www.lendkey.com.
FAQ
Who owns LendKey?
Vince Passione is the LendKey CEO.
Does LendKey affect credit?
No, checking your score with LendKey will not affect your credit.
What is LendKey’s Privacy Policy?
LendKey uses various safeguards to keep your information confidential.
How is LendKey’s Customer Service?
LendKey partners with local credit unions to supply reliable customer service.
How to Contact LendKey
I’ll wrap up this LendKey review by telling you how you can contact the company. You can call them at (888) 549-9050 or send them an email at [email protected].
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