By the time you’ve graduated from college, you are likely to have accumulated student loan debt. Fortunately, there are things you can do to lower the overall cost of your student loans. One way to do this is by refinancing your student loan. Once you’ve decided that refinancing is right for you, your next step is to choose the lender. One great option: LendKey. Here’s our LendKey review.
1. Finding Competitive Terms
When you start looking online for refinancing lenders, you are more likely to come across larger banks and lending institutions simply because they have substantial marketing funds, which pushes them to the forefront. It’s more difficult for the smaller guys to be noticed.
Although credit unions, local banks, and other small-scale lending institutions offer lower rates, there is a smaller chance of you hearing about them because of their smaller marketing budget. LendKey makes it easier for you to get the benefit of lower interest rates on your refinanced loan by connecting you with local banks and credit unions.
2. LendKey Shows Unique Offers You’re Eligible For
Most small-scale lending entities usually have geographic and other restrictions. LendKey takes this into consideration and only shows you only eligible offers after cross-checking your details to ensure that they meet the requirements. This makes the whole process so much more convenient and less time-consuming.
3. Compare Multiple Offers at Once
When you use the LendKey platform, you won’t have to juggle between tabs and pages to compare different offers. You can see all the offers that are available to you along with the refinancing terms, eligibility criteria, and interest rates all on one page. This makes it so much easier to see multiple offers and choose one that best suits your circumstances.
Once you’ve found an offer that works for you, submit a full application through the LendKey platform.
4. Pre-Qualifying Credit Check Won’t Affect Your Score
A big concern that most borrowers have is how a credit check will affect their credit score. With LendKey, when you fill in details such as your income, the school you attended, and the loan amount, you’ll be able to see right there if you pre-qualify for refinancing. This does not affect your credit score. Only after you’ve chosen your preferred lender will LendKey run a hard credit check on your account in order to put together a final offer.
To refinance your student loans through LendKey, you need a good financial history. This means that LendKey will ask for and check your credit score and offer you rates based on your financial standing. Other requirements include:
- Having a degree from an accredited institution. Degrees include Bachelor’s, Master’s, Associate’s, and Doctorate (which includes medical, dental, and veterinarian)
- Being a U.S. citizen or a permanent resident
Keep in mind that your eligibility will change based on your personal information and loans, and that these are basic requirements.
6. LendKey’s Application Process
LendKey’s refinance application is quick and simple to fill out. You provide your personal information, school information, and your total loan amount. The application also asks if you have any specific goals about refinancing your loans, such as wanting to pay your loan off faster, or reducing your interest rates.
Once you’ve filled out the application, LendKey provides options for fixed and variable rates, at 5, 10, 15, or 20 year options. When you select a plan, LendKey asks you to create an account with them to easily return to your applications.
7. LendKey’s Refinance Calculator:
LendKey has a refinancing calculator that lets enter your remaining student loan debt amount and payments to calculate how much money you can save by refinancing. Based on the calculator’s results, LendKey will offer potential refinancing options that can work for your personal situation.
Using the calculator does not require an account and is a helpful resource for people who are considering refinancing.
8. Releasing Cosigners
One thing that sets LendKey apart from many other lenders is the ability to release your original cosigners. This means you fully take on responsibility for your loan.
Additionally, you can have someone cosign your refinanced loan if you want. They will check your new cosigner’s financial history, as your cosigner must also have a good financial standing to qualify.
LendKey Review: Is Refinancing with Them Right for You?
LendKey is a great option for students looking to compare rates and find the ideal option for them. Coming with a bevy of benefits like cosigner release and refinance calculator, on top of soft credit check for inquiries and a simple application process, it’s easy to see why many students choose to refinance with LendKey.
As with any student loan decision, you should do your homework and know all of your options before settling on one. Be sure to compare rates, terms, and repayment options from multiple lenders first. College Raptor can help you do just that! With our free Refinance Guide, you can look at lenders and rates side by side.