Lendkey Review: Do their Student Loans Really Save You Money?
This Lendkey review shows you everything you need to know about their online lending platform so you can make an educated decision on whether to use their services.
What if you could borrow money at lower rates and not have to deal with one of the big banks? And what if you could apply online and never have to meet with a lender in person?
Well, that’s exactly what Lendkey student loans give you.
Not only do they allow you to bypass the big banks and old lending institutions, they help you lower your interest rates and save a small fortune every month. All while giving you much better service from smaller community lenders and credit unions that can’t afford not to treat people well.
This is why their online platform has become so popular with students and graduates. It’s also why they get rave reviews from journalists and industry observers. Their daring business model completely changed and disrupted the way the industry operates.
No longer do students have to put up with the outrageously high rates and terrible customer service from the traditional banks and lenders.
Lendkey broke the monopoly and stranglehold these old lending institutions had on this industry. And these older lenders don’t like it.
But graduates and borrowers love it. They help borrowers refinance existing loans, and they also help in getting primary loans for college tuition.
Take a look at their site: LENDKEY.COM.
They have some great videos on their site that explain how it all works. But if you want a quick primer, then read on…
How Exactly Does Lendkey Work?
Here’s how their service differs from everyone else.
Instead of forcing you to go through a big bank or traditional lender, LendKey allows local community banks and credit unions to become involved in student loans.
This adds close to 13,000 lower cost and non-profit credit unions to the student loan market, offering rates that are more competitive. And friendlier service too.
Borrowers benefit by having access to loans at lower rates and friendlier terms from institutions who place people over profits.
It’s all fast and easy to access too. To start reaping the benefits, you simply apply for loan consolidation or refinancing online through their user-friendly lending platform, and then wait to see if a lender has the money-saving rates you’re looking for.
And here’s the best part…
You’re never under any obligation. Which means if you apply through their system and you don’t like the offers you’re getting, you can simply walk away (or click away). No harm done. It costs you nothing.
However, there’s a good chance you’ll get some great offers because the rates from these community lenders and credit unions can be as low as half of what traditional banks offer.
It’s no wonder their service has taken off.
How Much Could You Save with Lendkey Student Loans?
The significant role interest rates play in student loan debt and payments is often underestimated. Even just a few percentage points can make a big impact.
Let’s take a look at what could be a real life example; A $37,000 student loan financed at 8% over a period of 15 years. In this example, the borrower would make payments of $353.59 per month over the 15 year term, adding up to a total of $63,646.
That means a lender made $26,646 for facilitating that loan.
If that same loan could be financed at 5%, that would bring monthly payments down to $292.59, and a total cost of $52,667. In this example, just that 3% lower interest rate would save the borrower over $10,000 through the life of the loan.
Keep in mind that the lenders on the Lendkey platform offer rates as low as 3%. So your savings can be even bigger than the example demonstrated here.
But these savings won’t happen if borrowers continue to go about financing for college the same old way… by continuing to rely on those money-hungry old lending institutions.
If you are looking to refinance your existing student loans, or if you are preparing for college and want a better way to finance your schooling, you don’t have to settle for super-high interest rates from the banks. You can avoid them all together.
So we conclude our Lendkey review by encouraging you to check out the rates on their site. They are an A+ Rated Member of the Better Business Bureau. And you have nothing to lose by trying their service.
The Time to Take Advantage is Now
Have you put your plans on hold because student debt is making things unaffordable? Postponed your vacation because it costs too much? Unable to buy that car you desperately need?
Then now is the time to refinance your student debt and take back control of your financial matter.
Lendkey helps borrowers lower their current monthly payments and pay off their loans sooner.
You’ll be saving real money that can be used to buy that car you need, take that vacation you’ve been postponing, or simply improve your quality of life.
Having less debt opens up so many other opportunities for you.
Less debt allows you to finally move ahead and create a better life. It even helps you pursue the dreams you’ve been putting off because you were unsure of your financial future.
And it improves your mental health too. It frees your mind from the constant worry and anxiety that comes from not being able to meet your monthly financial obligations.
You start enjoying life more and you start feeling good again.