LendKey Review 2025: Credit Union Student Loan and Student Loan Refinance Marketplace

Private Student Loans

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• Marketplace for student loans from credit unions and community banks
• Fast approval process with instant decision
• Competitive interest rates
• No application or origination fees
• Save 0.25% on interest when you enroll in automatic payments

• Limited lender options compared to competitors
• Must be enrolled at least half-time to apply
• Must have a credit history to apply on your own
• International students can’t apply

Fixed rates (APR)	Start at 3.48%
Variable rates (APR)	Start at 4.37%
Loan amounts	$2,000 – 100% of cost of attendance (minus financial aid)
Repayment terms	10 years
Repayment plans	Full, interest-only, or flat
Repayment assistance	Forbearance up to 18 months and deferment
Grace period	6 months
Cosigner release?	Subject to lender approval
State availability	45 states
Degrees	Undergrad
Enrollment requirement	At least half-time
Min. credit score	660
Min. income	$24,000
Min. GPA	2.0 in good standing

Refinance Student Loans

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• Marketplace for student loan refinance via credit unions and community banks
• No prepayment fees or origination fees
• Fast approval process with instant decision
• Several different repayment options
• Check your refinance rate without harming your credit score

• Not transparent about interest rates until you submit a preapplication
• Cosigner release depends on the lender
• Might need to become a member of a credit union to be eligible for certain loans

Fixed rates (APR)	Start at 4.89%
Variable rates (APR)	Start at 4.54%
Loan amounts	$5,000+ depending on your state of residency
Repayment terms	5 – 20 years
Repayment assistance	Forbearance
Cosigner release?	Yes, varies by lender
State availability	45 states
Graduation requirement	Graduated
Min. credit score	680 but can vary by lender
Min. income	$24,000 annually or $12,000 with a cosigner

LendKey offers a solid, well-rated marketplace for student loan borrowers who want to tap into the competitive rates offered by credit unions and community banks. These smaller, not-for-profit lenders are often overlooked but can provide substantial value, especially for borrowers with good credit or a qualified cosigner. Traditionally limited to local applicants, these lenders are now accessible nationwide through LendKey’s easy-to-use platform.

The company earns generally positive customer reviews and a respectable 4.2 out of 5 in our editorial rating. While it may not be the most robust or wide-ranging marketplace available, it’s a strong choice for those who want to compare offers from community-based lenders.

In this review, we’ll share real customer feedback and explain who LendKey is best for, plus a few alternatives worth considering, depending on your needs.

Table of Contents

1. Is LendKey legit?
2. LendKey student loans
3. LendKey student loan refinance
4. How LendKey compares to alternatives
5. How to use LendKey for student loans and student loan refinance 
6. How we rated this LendKey student loan review

Is LendKey legit?

Yes, LendKey is a legitimate company. As of December 2024, it had over $7 billion in loan originations and $3.2 billion in serviced loans, which shows substantial growth since it began in 2009. Its advanced network lending platform enables it to partner with small banks nationwide.

On Trustpilot, LendKey earns a 4.1/5 rating out of 463 reviews. Some of the positive reviews mention that LendKey has a “user-friendly website” and provides a “hassle-free” experience. Some of the negative reviews mention that the refinance process was “long and confusing.” Overall, 80% of reviewers gave five stars on Trustpilot.

On the Better Business Bureau website (BBB), LendKey has received 14 complaints over the last three years and replied to each complaint, which shows a willingness to resolve customer issues. On Google, some reviewers mention challenging customer service interactions, while others describe LendKey as a company with strong values.

Platform	Rating	Number of reviews
Trustpilot	4.1/5	463
BBB	1.2/5	5
Google	3.4/5	9

Collected in May 2025

Overall, these reviews show LendKey is a legitimate lender, and most of its customers gave positive reviews of the lending experience.

LendKey student loans

If you are an undergraduate student enrolled at least half-time, you could be eligible for a LendKey private student loan. These loans are available in 45 states, excluding Maine, Nevada, North Dakota, Rhode Island, and West Virginia. Additionally, you must be of the age of majority to apply, which is 18 in most states.

Borrowers must have valid income and a 660+ credit score to be accepted with most lenders on the LendKey platform. If you apply with a cosigner, you may be eligible for a private student loan with a lower credit score and income, as long as your cosigner has steady income and a strong credit profile.

When you apply on LendKey’s website, you only need to fill out one application. Then, because LendKey is a marketplace, you’ll see several different student loan options from community banks and credit unions. Once you select the best loan for you, that bank will be your lender, but LendKey is your student loan servicer that will manage your payments and balance.

⭐ Unique lending feature

LendKey offers several unique lending features, including a proprietary scoring model called the Academic Credit Score (ACS). This model takes into account a student’s academic performance in addition to other typical credit factors. Students who do well in school could qualify for a lower rate. 

LendKey student loan refinance

If you’re a college graduate interested in refinancing your student loans, LendKey is a good option because you won’t pay prepayment fees or origination fees. Additionally, you’ll get an instant approval decision after applying. To be eligible, you must be a U.S. citizen or permanent resident. Having a steady income and a good credit history are also requirements.

Your refinance loan with LendKey must be at least $5,000 but no more than $250,000. LendKey offers competitive interest rates on student loan refinances compared to other lenders. However, before refinancing your federal student loans, make sure you understand the drawbacks, such as losing repayment flexibility and your federal loan forgiveness eligibility.

How LendKey compares to alternatives

The Consumer Financial Protection Bureau advises borrowers to shop and consider several student loan companies when looking for a private lender. Marketplaces like LendKey simplify this by allowing you to compare offers from a range of credit unions and community banks in one place.

But LendKey isn’t your only option. Depending on your goals and borrower profile, here’s how it compares to other marketplaces—and who each one might be best for:

Credible vs. LendKey

Credible is our team’s highest-rated loan comparison platform. It works with a wide variety of national banks and online lenders. It offers private student loans and refinancing and lets you compare multiple prequalified rates with a soft credit check. Credible stands out for its ease of use, broad lender network, and speed.

LendKey focuses more narrowly on credit unions and community banks, which may offer competitive rates but require additional documentation or steps during the application process.

• Choose Credible if you want fast comparisons from national lenders without affecting your credit score.
• Choose LendKey if you want to explore personalized options from local credit unions and don’t mind a longer process.

Splash Financial vs. LendKey

Splash Financial is a student loan refinancing marketplace. It works with banks and online lenders to present you with refi options in one place—but only if you’ve already graduated. Unlike LendKey, Splash does not allow cosigners, so it’s designed for independent borrowers with strong credit.

LendKey, on the other hand, offers both in-school loans and refinancing through not-for-profit lenders like credit unions. It’s more flexible for borrowers who may need a cosigner or want to explore community-based lenders.

• Choose Splash if you’re a graduate with good credit who wants to refinance independently.
• Choose LendKey if you’re a student or recent grad who needs a cosigner or prefers credit union rates.

Sparrow vs. LendKey

Sparrow is a newer student loan marketplace that prioritizes transparency and borrower-friendly decision-making. It uses charts and visuals to help you compare loan terms clearly. It also supports international students, making it a good fit for non-U.S. citizens studying in the United States.

LendKey does not serve international students, and its user interface may feel more traditional. However, it still provides solid access to credit union-based loans and refi products.

• Choose Sparrow if you’re an international student or want help visualizing lender differences.
• Choose LendKey if you’re a domestic borrower interested in small, local lenders.

Another option is to work directly with your local credit union if you have a good relationship with one. However, we still recommend comparing your credit union’s rates and terms against top-rated national student loan lenders.

How to use LendKey for student loans and student loan refinance 

Here are the steps to take to apply for a LendKey student loan or student loan refinance. 

Step 1: Go to the LendKey homepage

The LendKey website has a user-friendly design. Visit the LendKey homepage, and you’ll see two buttons: one to refinance student loans and one for private student loans. Click on the one you want.

Step 2: Get started

On the private student loans page, you’ll see an orange button that says “Get Started.” On the Refinance page, you’ll see an orange button that says “Check your rate.” Click the button you want.

Step 3: Answer the prompts

For private student loans, LendKey will ask you a few basic questions, like whether you’ve borrowed with LendKey before, where you live, and the school you attend. If you’re new to LendKey, you’ll answer these questions and click “Apply now,” which will take you to the full application page. 

Fill out this page and click “Get started” at the bottom. Then, submit your application on the next page, and you can review and choose a private student loan offer. When you select a lender, you’ll manage your payments through a LendKey account that you’ll create.

For a student loan refinance, you’ll fill out your personal information on the application page that pops up, including your annual income, degree, school, and total loan amount. Then, click “check your rate” to instantly get student loan refinance options.

Once you pick a lender for your student loan refinance, you’ll set up a LendKey account. The lender you chose will pay off your old loan(s), and you’ll manage your new payments and balance within the LendKey platform moving forward.

How we rated this LendKey student loan review

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared LendKey to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Rating
LendKey student loans	4.2/5
LendKey student loan refinance	4.2/5