Paying for college can be a daunting task. With tuition costs and other fees rising every year, it’s important to have an understanding of available options so that you can make informed decisions about your finances. Depending on your goals and resources, financial aid, scholarships, grants, student loans, and crowdfunding are all viable options to consider when mapping out how you’ll pay for the cost of college. Before taking out any type of loan or applying for financial aid, it’s essential to weigh the pros and cons and look at different lenders to find one that fits your needs. This is where LendKey comes in.
What is LendKey?
LendKey is an online marketplace that helps borrowers find student loans from credit unions and community banks. It provides a free service for finding loan offers and comparing rates between different lenders. The goal of the platform is to make the process of finding, applying for, and managing a student loan as simple and stress-free as possible.
Unlike other lenders, LendKey does not offer its own loan products but instead acts as an intermediary between borrowers and lenders by connecting them with each other. This makes it easier for borrowers to explore all their options in one place without having to apply to multiple financial institutions individually. The platform also offers helpful educational resources about student loans, budgeting, and repayment plans so that users can make informed decisions about their finances.
How Does LendKey Work?
LendKey is an online platform that connects borrowers with lenders offering student loans at competitive rates. The process is simple: applicants complete a form to indicate their desired loan amount, then LendKey matches them with up to three offers from its network of approved lenders. Borrowers can then compare all of the different offers and choose what works best for them. Unlike traditional banks or credit unions, which require borrowers to go through a lengthy application process in order to be able to borrow from them, LendKey makes it faster and simpler to get the financing you need for college or university expenses.
What Kind of Loans Does LendKey Offer?
LendKey offers a variety of loan types to meet the needs of different borrowers. These include undergraduate and graduate student loans, private student loans, and refinancing options.
Private Student Loans
Private student loans are a great option for those who don’t qualify for federal aid or need additional funds to cover college costs. Private student loans are used to cover the cost of college tuition, fees, books, room and board, and other expenses that financial aid or scholarships may not cover.
Refinancing Options
LendKey also offers refinancing options for existing student loan debt. Refinanced student loans are used to lower monthly payments on existing student loan debt by transferring the loan balance to a new lender with lower interest rates.
Scholarships
In addition to loan options, LendKey also offers a variety of scholarships for students. These scholarships are awarded based on academic merit and financial need, so it’s important to read the eligibility requirements carefully before applying.
Student Resources
In addition to connecting borrowers with lenders, LendKey also provides helpful resources such as budgeting tools and repayment plans so that users can make informed decisions about their finances. The platform also offers a number of perks for borrowers who use it to refinance their student loan debt, including no upfront fees, no origination fees, and zero prepayment penalties.
Home Improvement Loans
For those looking to finance home improvements, LendKey provides a variety of loan options. Their Home Improvement Loan Program aims to provide financing at competitive rates for projects like roofing repairs, remodeling, additions, window replacements, and more. Borrowers can also use this program to consolidate existing debt into one loan with a fixed interest rate.
What are the Benefits of Using LendKey?
LendKey offers several benefits that make it a great choice for borrowers looking to finance their college or university expenses.
Competitive Rates and Terms
LendKey offers competitive rates and terms from its network of approved lenders. All lenders in the LendKey network have offered competitive rates with no hidden fees, so you can be sure that you are getting the best deal possible. Additionally, you can choose from a variety of terms based on your needs, like 0% APR in school borrowing options or repayment postponements should you experience financial hardship, plus generous rewards programs available.
Easy to Apply
Second, LendKey’s streamlined loan process makes borrowing money easier than ever before. You can get pre-screened instantly when you apply, so you can quickly know whether you’re eligible before committing more time to fill out paperwork.
Extended Forbearance
Extended Forbearance is an option offered by LendKey for borrowers who are experiencing financial hardship and need temporary relief from making loan payments. This type of forbearance gives borrowers the opportunity to postpone their payments for longer loan terms, depending on their circumstances. During this time, interest will continue to accrue, but the borrower will not be required to make any payments. When the forbearance period ends, borrowers can either begin making monthly payments again or apply for a different repayment plan.
Customer Service
LendKey prides itself on its customer service, offering dedicated customer support teams available for questions about the loan process or the platform’s features and services. Borrowers can easily reach out to the team via email or phone for any questions they may have while using the platform. With this level of customer service, users can be sure that they’ll get the help they need whenever they need it.
How Does LendKey Compare?
When it comes to financing college or university expenses, borrowers have many options. But with all the different lenders available, it can be hard to know which one is right for you. That’s why it’s important to compare different lenders and their offerings before making a decision.
LendKey stands out from other lenders due to its competitive rates and terms, streamlined loan process, extended forbearance option, and dedicated customer service team. These features make it easy for borrowers to understand their loan terms and provide peace of mind that they are getting the best deal possible.
Compared to traditional banks and online lenders, LendKey also provides more flexible repayment plans that can help borrowers who are experiencing financial hardship. Additionally, with its network of credit unions and community banks, borrowers can rest assured that their loan funds are going towards supporting local lenders and helping to stimulate the economy.
Tips For Applying for Student Loans with the Help of LendKey
- Make sure you have all relevant documents available, including bank statements, proof of income such as tax returns or pay stubs and any other required financial documentation prior to submitting your application through the LendKey platform; this will make sure the application goes through smoothly.
- Always note down whatever questions or doubts our regarding applying for independent loans – there may be certain factors specific only dependent applications which don’t apply here; ask as many questions as needed until everything becomes clear beforehand.
- Before signing any agreement, always read thoroughly each point especially related clauses, if any; understand the agreement entirely before finally taking your signature on the dotted line! These measures would make final steps easier without much hassle and also avoid late payments and undue disputes on the borrower’s shoulders during the repayment period.
Is LendKey Right for You?
Overall, LendKey is a great option for borrowers looking to finance their college or university expenses and find the best loan options for their needs. The company’s network of lenders offers competitive rates and perks such as no upfront application fees, no origination fees, and zero prepayment penalties. Plus, with an easy application process, extended forbearance options, and dedicated customer service teams, it’s easy to see why many borrowers turn to LendKey for their financing needs.
How to Get Started with LendKey
Getting started with LendKey is easy and straightforward. All you need to do is visit their website and fill out the short application form. Once your information is submitted, they’ll provide you with a list of lenders that are willing to work with you. You can then compare rates and terms from each lender to find the best option for your needs. Once you’ve chosen a lender, you can then complete the loan application process and receive your funds. It’s that simple!
