Founded a decade ago, LendKey’s objective is to revolutionize the lending industry by providing an online lending platform for the thousands of community banks and financial institutions located across the United States. The company offers customers a lending marketplace for student loan refinancing that enables them to create beneficial customized terms for repayment.
LendKey has demonstrated a longstanding commitment to work with smaller regional credit unions and banks to provide lower interest rates for customers. In real terms, this gives customers access to more favorable rates and better transparency throughout the process of applying and receiving approval for student loan refinancing. In addition to partnering with community banks, LendKey is constantly striving to improve their technological solutions to provide the best possible service. LendKey’s marketplace grants customers the opportunity to find refinancing loans for a range of outstanding student loan types.
Although the company is not directly a lender, LendKey can still help a broad range of customers uncover the student loan refinancing and consolidation options they need. The company prefers to work with customers that have good credit, making them an ideal partner for students who have developed strong credit or have cosigners available to assist with the process.
Moreover, the company’s refinancing offerings are excellent for customers who have taken out both private and federal student loans, and are looking to consolidate them into a single, lower-rate payment. Customers with positive financial habits can also benefit considering LendKey’s incentives for those individuals who are responsible when it comes to consistent repayment.
Customers seeking student loan refinancing options on LendKey’s marketplace will be awestruck by the variety of choices they encounter when searching for the right loan and provider to work with. Borrowers complete their pre qualification application and finalize their selection for loans through their website. Apart from the depth of borrowing options, the company helps customers by waiving many of the charges competitors may include during the refinancing process. LendKey and its partners do not charge borrowers any application, origination, or prepayment fees. LendKey’s partners also offer unemployment protection for a period of 18 months, a high industry water mark, as well as interest-only repayment for up to the first four years of borrowers’ terms.
The company also hosts several informative educational resources including a downloadable guide to student loans that can help borrowers save significant time and money when applying for financing. The company’s application process has only three steps, and customers have full control throughout. The first step for applicants is to fill out an initial form to check their eligibility, which generally takes less than five minutes to complete. The form features basic contact information, as well as details regarding a borrower’s’ university status. Once completed and pre qualified, customers will receive a list of potential lenders from which they can select the best match.