SoFi vs Lendkey
Are you drowning in student debt? Find out how SoFi and LendKey can help you take control of your finances and pay off your loans faster! Let’s dive into an in-depth comparison.
SoFi offers fixed and variable interest rates for student loan refinancing, with rates starting at 3.50% for fixed-rate loans and 2.67% for variable-rate loans. LendKey also offers both fixed and variable rates, with rates starting at 3.49% for fixed-rate loans and 2.75% for variable-rate loans. It’s important to note that the actual interest rate a borrower will receive will depend on their credit history and other factors.
SoFi offers repayment terms ranging from 5 to 20 years, while LendKey offers terms ranging from 5 to 15 years. Both lenders allow borrowers to choose between making interest-only payments while in school or making full payments.
SoFi allows borrowers to refinance loans ranging from $5,000 to $500,000, while LendKey has a maximum loan amount of $250,000.
Both SoFi and LendKey allow borrowers to release a cosigner from the loan after making a certain number of on-time payments. SoFi requires 24 consecutive on-time payments, while LendKey requires 36.
Both SoFi and LendKey claim to have a simple and streamlined online application process. Borrowers will need to provide information such as their name, address, social security number, and employment history. SoFi and LendKey may also request proof of income and a list of current debts.
Both SoFi and LendKey offer additional resources to their borrowers such as career coaching and financial planning. SoFi also offers a referral program where borrowers can earn cash bonuses for referring their friends to the lender.
SoFi and LendKey are both reputable online lenders that offer competitive rates and a range of repayment options for student loan refinancing. Borrowers should carefully consider their options and do their own research before deciding which lender is the best fit for them. It’s a good idea to compare rates and terms from multiple lenders to find the one that offers the most favorable terms.