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LendKey Review
LendKey matches borrowers with private student loan offers from leading credit unions and community banks.
LendKey Review
LendKey matches borrowers with private student loan offers from leading credit unions and community banks.
May 05, 2021 / Nadav Shemer
LendKey Review
LendKey matches borrowers with private student loan offers from leading credit unions and community banks.
May 05, 2021 / Nadav Shemer

In a Nutshell

LendKey’s digital platform matches student borrowers with private student loan offers from credit unions and community banks. You provide information about yourself, your co-signer, and enrollment, and LendKey finds the best interest rates from its partners. LendKey automates much of the loan process, allowing its partnering lenders to pass savings along to you.


  • Lenders compete to offer best rates
  • LendKey handles everything on behalf of the lender
  • Flexible repayment terms and options


  • No international students
  • Excludes some top student lending companies

LendKey at a Glance

Loan types: Undergraduate, graduate, law/MBA/medical/dental, parent

APRs: Variable APRs start from 1.74%, Fixed APRs start from 4.24%

Repayment terms: Varies

Loan amount: Varies

Origination fees: Varies

Loan Rates and Fees

LendKey’s partners offer a choice between variable and fixed rates, with the exact rates varying from lender to lender. Variable-rate loans start from 1.74% and fixed-rate loans from 4.24%. Most LendKey partners offer an automatic 0.25% rate discount for using autopay to make monthly payments.

There are no application fees or origination fees when using LendKey to apply for a private student loan.

Repayment Options

Repayment terms vary from partner, most commonly ranging from 5-15 years.

Some, but not all, partners offer flexible repayment options while in school. These may include:

  • Full principal & interest payment. Start repaying your principal and interest right away to lower the overall cost of your loan.
  • Interest-only payment. Pay the interest charges each month as you go during school for a balance between moderate in-school payments and moderate overall costs.
  • Flat payment. Make a $25 payment each month during school to reduce your accrued interest.
  • Deferred payment. Defer your payment until after graduation, taking the pressure of during school but increasing the overall cost of your loan.

Discounts and Rewards

Discounts and rewards vary from partner to partner.

Application Process

LendKey recommends applying at least one month prior to when the funds are due or earlier. Conditional approval for a loan may occur quickly after an initial review of your application and credit report, however you may be asked to submit additional supporting documentation (e.g., proof of income, identification) before final approval. Your school must also certify your loan, which may add more time to your application process. Loans are usually certified and processed in less than 30 days.

Students may apply to LendKey if they are enrolled at least half-time in a degree-granting program from an approved school. This application is credit-based, so if you do not have an established credit history and a steady source of income, a co-signer may be needed. All applicants must be either a US citizen or permanent resident and must be at least the age of majority in their state of residence.

Co-Signer Options

All LendKey partners accept co-signers. The importance of having a co-signer varies from partner to partner. As a general rule, bringing a creditworthy co-signer should improve your chances of being approved for a private student loan and it may also reduce the interest rate.

Customer Service

While one of LendKey’s partners will originate your loan, LendKey will do all the servicing. This means it will handle the billing and other services on behalf of your lender, at no extra cost to you. To reach LendKey’s loan servicing department with any questions, call 888-966-9268 or email

About LendKey

LendKey (Formerly Fynanz Inc.) was founded in New York City in 2007. Its cloud-based tools and infrastructure enables credit unions and community financial institutions to offer loans to borrowers, with LendKey taking on the role of loan servicer. Since its founding, LendKey has funded more than $4 billion in private student loans, student loan refinances, and home improvement loans.


Countless credit unions and community banks offer private student loans, making it impossible to compare them all on your own. Thankfully, LendKey lets you compare best offers from a large network of credit unions and community banks, handling the entire process from getting your application approved to servicing the loan.

By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.