How to apply for a loan?
To apply for a student loan in LendKey, you need to follow these simple steps:
- Click on the "Get Started" button and answer the question "Have you borrowed with us before?";
- Choose your state of residence;
- Fill in the name of your school and click "Apply Now";
- Choose whether you are a student or a co-signer;
- Choose which degree you are taking out a loan for;
- Select the state where the college or university is located;
- Fill in the name of the school;
- Enter your name, email, phone number, citizenship, and date of birth. Also, enter the SSN so that LendKey can make a credit check and find out if you have the right credit score;
- Fill in your home address;
- Choose your major or specialty, grade level, and enrollment status;
- Fill in how long you want to take out a loan and the expected graduation date;
- Enter the cost of attendance;
- In the next window, choose whether you are applying alone or with a co-signer;
- Sign a consent so that LendKey can contact you by email;
- Click "Submit";
If you are applying with a co-signer, then enter their data. Enter this person's employment details. You or your co-signer must enter the amount of annual income. Click "Submit" again.
Requirements
To obtain approval of the application in LendKey, the borrower must:
- Be a citizen or permanent resident of the United States;
- Be 18 years old;
- Be enrolled at least for a half-time degree in an eligible school;
- Have an annual income of at least $24,000;
- Have a minimum credit score of 660;
- Have a minimum GPA of 2.0;
- Have a maximum 43% debt-to-income ratio.
Income, debt-to-income ratio, and credit score requirements can only be met by a co-signer.
Application details
To complete the application, the borrower or co-signer will need to provide the following documents:
- Proof of income;
- A state-issued ID or driver's license;
- Social Security Number;
- A document confirming the borrower's studies or enrollment in school;
- A document showing academic success;
- Bank statements.
LendKey and its partners do a hard credit check and do not allow you to get a pre-qualification. The credit check made by community banks and credit unions directly affects the credit score. Submission of the application takes 15 minutes. However, it may take up to 30 days to get approval. Sometimes the credit score of the original co-signer may not be high enough. The borrower can still get approval if they submit another co-signer.
