Complaints

This profile includes complaints for LendKey Technologies, Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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• 

  LendKey Technologies, Inc.

  104 West 27th Street, 4th Floor New York, NY 10001-6210

• 

  Lendkey, Inc.

  9999 Carver Rd Ste 400 Blue Ash, OH 45242-5584

  
• 

  Lendkey, Inc.

  9999 Carver Rd Ste 400 Montgomery, OH 45242-5584

  
• 

  Lendkey, Inc.

  9999 Carver Rd Ste 400 Blue Ash, OH 45242-5584

  
• 

  Lendkey, Inc.

  9999 Carver Rd Ste 400 Montgomery, OH 45242-5584

  

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:07/11/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I attempted to apply for a student loan but was denied because I mistakenly provided incorrect income information. I discussed re-applying and they confirmed that I can without a new credit inquiry. Upon re-applying, the only option given to me was a different credit union. When I asked if this would be a problem, I was told that it would not; that I could just become a member of that other credit union. I continued with my application and received a second credit inquiry. I presented them with the history and asked them to remove one of the credit inquiries. I was told via chat that I had applied on the wrong web page and I should have applied vie a different link provided by the tech rep. ******** that link was broken. The chat rep said they could not help me further so I initiated a call. They completed an investigation that did not include any broken links sent to me or any miscommunication from their reps. I talked with a supervisor who refused to reopen or transfer the investigation to another supervisor. The supervisor said it was my fault for not providing the tech reps with enough information. This person also refused any active assistance, stating that he did not want to create more work. I asked if I could forward screenshots to show that I was being given broken links and the supervisor said there was no way to do so. I asked the supervisor to review my chat histories with me and he refused.

  Business Response

  Date: 07/19/2023

  We have completed our investigation and removed the inquiry as the consumer requested.  Please note it may take ***** days for Experian to update its file.

• Initial Complaint

  Date:10/18/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I applied for student loan through ***** Federal, who uses Lendkey as their student loan services. I applied and was approved back in July of 2022. My college has yet to this very day on October 17, 2022. Has received the money for my tuition. At first Lendkey said back inAugust that the school did not fax over the certification. I contacted the school and even went to the director of Fincial aid at the college and seen them fax over the certification with confirmation and Lendkey still said they do not have certification. My college has been fighting with Lendkey for over three months over this certification until they finally checked their email and said oh we have sorry. I have called over 9 times, my mom even spoke with Lendkey. So now it is September 2022.Lendkey says oh now we are goin to send out the check to the school on September 2. Still no check to the school for over a month. It is now October 17, 2022 and still no check has been sent to the school. The financial aid director, my mom and my self is still fighting with Lendkey to pay my tuition. I have severe anxiety over this and had to borrow money from family, from church and the college has been pushing back my payments, because Lendkey keep lying about sending in the payment for my tuition. The keep giving me the run around and I called multiple times in one day about the same thing and no one knows what is going on. I am very upset, someone help me now!

  Business Response

  Date: 11/29/2022

  Thank you for notifying us of the consumers complaint.  Our records confirm that the consumer applied for a private student loan on June 28, 2022.   *** consumer accepted the terms of their credit agreement on June 29, 2022, prompting the release of the private student loan certification request to College of the Albermarle same day.  ********** selected fax as their preferred certification method for private student loans.   *** certification return can sometimes take up to ***** days as communicated to the consumer via email on June 29, 2022.  *** consumer was notified via email on July 13, 2022, that their loan certification request had been pending for 14 days and may require their attention by contacting the financial aid office.  On August 12, 2022, we received multiple inquiries from the consumer regarding loan certification status.  *** consumer was repeatedly advised to follow up with the financial aid office and to have the school resend the completed certification as we had no record.  A request was submitted for a member of our team to contact College of the *********** financial aid department for a status update on the initial certification request.  On August 15, 2022, the financial aid office communicated recent internal changes within their department may have impacted the timely completion and return of the loan certification request.  *** financial aid office attempted to return the completed certification request via fax but was unsuccessful.  On August 29, 2022, the financial aid office returned the certification request via email which was password protected.  Unfortunately, the password provided by the school was found to be expired preventing us from accessing the document.  We attempted to reach out to the financial aid office to resolve the matter via direct phone contact but was unsuccessful.  On September 12, 2022, we received the completed loan certification form via mail which was processed on September 14, 2022.  Once the consumer accepted their final loan disclosures, funds were disbursed in check form and sent via **** mail as requested by the school.  On October 17, 2022, the financial aid office notified us that they had not received the disbursed funds via check.  Prompt action was taken to reissue a new check on October 21, 2022, via overnight mail.  Our records confirm the school cashed the check on October 27, 2022.  *** consumer may continue to reach out to us directly with any questions or concerns regarding to her account (M-F, 8am-8pm ET, **************).

• Initial Complaint

  Date:09/08/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was comparing interest rates to refinance my student loans. LendKey advertises that they are able to provide rates without impacting the borrowers credit score. I completed an initial "check my rate." Following the initial check and SOFT inquiry, I was asked if I wanted to continue by STARTING an application process. I had not yet completed filling out the application and had not signed or provided consent when I received an email notice from Experian notifying me a hard inquiry was done by LendKey that would stay on my credit report for 2 years. I never submitted the application. In fact, I have an email in my inbox from LendKey that reads "Congratulations on taking the FIRST steps towards refinancing your student loans! By providing a few additional pieces of information you can FINISH you application and be on your way to saving money!" Of note, there is a disclaimer at the bottom of the email thread that reads "in the event that you would like to move forward with any of the conditional offers, you will be required to COMPLETE an application with the lender on our website, at which we will conduct a credit report inquiry.A partially filled out, non-complete, not signed or submitted application in process should NOT have warranted a hard inquiry on my credit report. Because of this I will not use this lender and I am extremely upset. I am hoping that LendKey is able to reach out to the credit bureau on my behalf to have the inquiry changed from hard to soft, Many companies refuse saying that this is not possible, however I know that it is from personal experience with a separate situation.

  Business Response

  Date: 09/22/2022

  Dear ****************,
  
  Thank you for visiting *********** to explore possible student loan refinancing options. Potential applicants who choose to move forward with using our Check Your Rates feature, will be asked to enter their personal information and then consent to the Soft Credit Inquiry and Agreement.  Checking your rate(s) in this manner will not affect your credit score.  Our records show that on September 7,2022, you accessed the LendKey application system through ************************* LLC, resulting in multiple refinance applications. 
  
  The first application ending in ***** was started on September 7, 2022, at 4:01:37 PM.  This application was fully completed and submitted resulting in a hard credit inquiry same day.  After entering your personal information, you reviewed and accepted multiple online disclosures, including a consent to verify your credit history.  Based upon these actions, you intended for LendKey to review your information in connection with a request to extend credit to you.  LendKey had permission to review your credit report information because of this request.  On September 7, 2022, we sent confirmation of conditional loan approval to your email ******************** advising on the next steps in the application process. 
  
  Further research also confirmed the beginnings of another application ending in ***** started on September 7, 2022, at 4:01:39 PM.  This application was never completed and/or submitted for which no hard credit inquiry took place. Applications started, but not completed will receive an email congratulating the applicant on taking the first step towards refinancing their student loans.  This email is also intended to serve as a reminder to finish the application by providing a few pieces of information.   On September 7, 2022, the application was withdrawn with your knowledge and permission while speaking with a live LendKey loan specialist.  At that time, you also confirmed your intent verbally to move forward with the application ending in ***** and completed steps to verify your identity.
  
  Should you have any additional questions regarding this complaint, please feel free to contact LendKey Servicing at ************, Monday-Friday, 9AM-8PM EST. 

  Customer Answer

  Date: 09/22/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here]

   I still hold true that I did not complete a final application with the company. It was not clear a hard inquiry would be done. Please fix the credit report.

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *********************
  
  
  
  
   
  

• Initial Complaint

  Date:08/30/2022

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I refinanced my student loan through Lendkey in 2020. At the time, it was advertised that they would offer temporarily reduced payments during times of financial hardship. In February 2022, I became unable to work due to disability. However, I am not on disability payments as that application takes a long time to process, so I currently have no income. I tried to apply for reduced payments. They contacted me saying I needed to submit my paystubs from the last two months. I responded that I do not have any, and asked what proof I should submit of zero income. They just responded that they are denying my request since I did not complete the application. They should not be allowed to advertise that they offer these reduced payments. If they do not allow them for someone who has no income due to medical reasons, they probably do not allow them at all.

  Business Response

  Date: 09/08/2022

  Dear ****************,
  
  As a Borrower experiencing temporary economic/financial hardship, you may be eligible for forbearance.  This is granted at the lenders discretion.
  
  We received your email dated August 1, 2022, communicating your attempt to apply for temporary hardship forbearance online.  You also inquired about acceptable forms of proof of hardship.  The email response provided by LendKey identified all acceptable proof of hardship documents, along with the required two (2) most recent pay stubs dated within 60 days.
  
  Our research of the account confirmed we sent you an email dated August 18,2022, acknowledging receipt of your forbearance application as received on August 15, 2022.  Within the email response, we communicated that the proof of hardship document provided on August 15, 2022, was dated outside of our 60 day timeframe.  The email also advised of acceptable forms of proof of hardship documents we could consider along with the need for two (2) pay stubs dated within 60 days.  We further communicated that all documents must be received no later than August 30, 2022.  Subsequent emails dated August 22, 2022, and August 26, 2022, communicated the same information in hopes of gathering the outstanding documents needed to complete our review of your forbearance application.
  
  The final email communication from you dated Friday, August 26, 2022, stated that you submitted your approval letter for SNAP benefits.  Unfortunately,this proof of hardship document was not found attached to the forbearance application that you submitted on August 15, 2022.  This led to the decline of your forbearance application which was found to be incomplete.
  
  If you are continuing to experience temporary economic/financial hardship, you may submit a new forbearance application online at your convenience. Please note, when communicating the reason for financial hardship as ******************** Hardship/Expense", we generally will ask for acceptable forms of proof of hardship dated within 60 days, and two (2) recent pay stubs dated within 60 days.  If communicating the reason for financial hardship as "Income Reduction/Loss", we will generally ask for proof of income reduction (e.g., SNAP Benefits).  You may also provide additional information under the category of "Other" as noted within the forbearance application for the lender to consider.   Please feel free to contact us with any additional questions.

  Customer Answer

  Date: 09/13/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here]

   I contacted the company to ask why my EBT approval letter was not accepted as proof of income. Their only response was that my application was denied due to being incomplete. If the letter did not upload correctly, they should have just said so. I applied again with the letter, but I doubt they will accept it this time either.

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *************************
  
  
  
  
   
  

  Business Response

  Date: 10/12/2022

  October 12, 2022
  
  Dear ****************,
  
  Our previous ******** BBB complaint response dated September 8, 2022, confirmed non-receipt of any acceptable form(s) of proof of hardship (e.g., SNAP benefits). Your final email as received on Friday, August 26, 2022, was the first acknowledgement of any such document referenced as SNAP benefits.  Unfortunately, the forbearance application had already moved to a decline state as it was found to be incomplete.
  
  We consider this previous complaint matter closed.  Our records confirm the receipt of a newly submitted forbearance application on September 13, 2022.  All required documentation was received leading to the timely approval of your forbearance request on September 16, 2022.  Please feel free to contact us with any questions pertaining to your recent forbearance approval.

• Initial Complaint

  Date:07/11/2022

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Use Lendkey for student loan Refi from ***************************** LLC.Loan Pay off with overage on March 11 2022.Overage of $1627.99 refunded to Lendkey and check cashed by Lendkey 5/2/2022.Over 8 phone calls made to Lendkey from May to July 2022 and denied receiving the check.***************************** LLC gave me check number and date cashed Even after giving this information to Lendkey, the downplayed it, I had to confront them on July 8th 2022 I was told after their investigation on July 8th, that the $1627.99 was allegedly "applied to someone else account"Lendkey promised that "Upper level" was going to apply the principal to my account on May 2nd 2022 to reduced the interest paid on the amount since May.Called Lendkey again July 11th since they did not do was we agreed on, rather they are attempting to apply the overage check to July's payment.This is a fraudulent business practice and I can no longer keep calling this company to not charge me interest for months for money they already received.

  Business Response

  Date: 08/12/2022

  Dear ******************, thank you for notifying LendKey Technologies, Inc. about your experience during your payoff process. We apologize for the inconvenience you experienced during your payoff process, but please understand that research could not be conducted until LendKey had the appropriate information available to do so. You provided the details of the payoff check on July 8, 2022. After careful review using the check details, LendKey conducted maintenance to re-apply the funds effective March 7, 2022, which is the date of the original disbursement. When the maintenance was processed, the interest due for your loan was automatically adjusted to a lower amount to account for the principal reduction. Additionally, $16.50 of additional odd-days interest has been refunded. This amount will be applied as a principal reduction to your loan within the next five business days.

• Initial Complaint

  Date:05/16/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I recently applied for refinancing my current federal student loans. Currently, all federal payments are deferred until the end of August. Lendkey is aware of the current national deferment program from student loans. However, they proceeded with funding the loan without disclosing that completing funding before the end of the deferred program would disqualify my federal student loans from any federal loan forgiveness program offered by the current US administration. Lendkey is required to adhere to the existing loan deferment process; therefore, I do not understand why I would be ineligible for any loan forgiveness program through the end of the deferment period for federal student loans.

  Business Response

  Date: 07/29/2022

  Dear ********************, We apologize for the delay, but LendKey believed this matter was addressed and closed on May 17th, 2022.  All student loan refinancing applicants who apply through our website are presented with a clear and conspicuous disclosure at the time of application (Titled "IMPORTANT NOTICE REGARDING THE REFINANCING OF YOUR FEDERAL STUDENT LOANS"), informing them that they may lose benefits associated with federal loans (including certain repayment options, loan forgiveness, etc.) by refinancing them into a private student loan.  Following our research, we have confirmed that this notice was provided to you on April 22, 2022, and a copy of the notice can be found in your online account under "Disclosures."  Additionally, LendKey representatives are trained to explain that Federal loan benefits are lost if refinanced, and the LendKey website highlights the risk of moving from Federal to private student loans on multiple pages, in frequently asked questions, and in blog posts. While refinancing federal loans may be beneficial for some consumers, we realize that it may not be for others depending on each consumer's individual circumstances, which is why we provide the disclosure on the application and want to ensure that consumers are making the best financial decisions.   Feel free to let us know if you have any additional questions.