LendKey connects borrowers with community banks and credit unions that offer competitive rates and borrower-friendly features. For medical professionals carrying high loan balances, the platform can simplify refinancing and help you compare multiple offers through one streamlined application.
If you want to see LendKey alongside national lenders, you can also check your student loan refinancing rate with LeverageRx before you decide.
About LendKey
LendKey launched in 2009 as a lending platform designed to help community financial institutions compete with larger banks and fintech companies. By providing the technology behind online applications, loan servicing, and underwriting tools, LendKey makes it possible for small and midsize lenders to offer simple and affordable digital loan products.
Today, LendKey works with roughly 300 lending partners nationwide and has deployed more than 3 billion dollars in lending capital. More than 100,000 borrowers have used LendKey to refinance federal and private student loans. The platform’s community-bank model often results in lower interest rates and more flexible programs.
LendKey Student Loan Refinancing Basics
LendKey offers refinancing in most states, with exceptions that may include Maine, North Dakota, Nevada, Rhode Island, and West Virginia.
Here is what borrowers can expect:
- Loan terms of 5, 7, 10, 15, or 20 years
- Fixed and variable rate options
- Maximum loan amounts vary by state and partner bank
- Most applicants need a cosigner with a credit score of 660 or higher
- You must have graduated from a Title IV accredited institution
Because LendKey partners with community lenders, available terms and maximum loan sizes can differ by location.
LendKey Application and Lending Process
One of LendKey’s biggest advantages is its simple, unified application. Instead of applying with multiple banks separately, you:
- Enter basic information including your income, loan balance, and school.
- Receive personalized refinancing offers from eligible community lenders.
- Review prequalified options with only a soft credit pull.
The entire pre-qualification process takes about two minutes. Once you choose an offer, you complete a full application and verify your financial information.
Benefits of Refinancing With LendKey
If you qualify for refinancing, here are some notable advantages:
No Origination or Application Fees
Borrowers avoid the added cost of upfront fees and prepayment penalties.
Interest-Only Payments for the First Four Years
For 15 and 20 year loans, some lenders offer interest-only payments during the early years of training or residency.
Hardship Forbearance
Borrowers may qualify for temporary relief if they experience financial difficulty.
Competitive Rates for a Wide Range of Borrowers
Because LendKey matches borrowers with community lenders, people with lower income or modest credit scores may still find favorable options.
Up to 18 Months of Job Loss Protection
Some lenders may allow borrowers to pause payments for extended periods during job loss.
Co-Signer Release Option
Co-signers may be released after 12 consecutive on-time payments, depending on lender policies.
One Servicer From Start to Finish
LendKey services all loans issued through its platform, creating a consistent borrower experience.
Key Takeaways
LendKey is a strong refinancing option for borrowers who want competitive rates from community lenders without navigating multiple separate applications. The platform offers flexible repayment terms, interest-only payment options, and generous forbearance programs that can be useful during residency or career transitions. Since terms and eligibility vary by state and lender, it is important to compare offers and see how LendKey stacks up against national lenders. You can always check your student loan refinancing rate with LeverageRx to make sure you are getting the most competitive offer.
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