BankMobile, a no-fee, mobile, online and tablet bank, announced on Wednesday the launch of its new student loan refinancing platform, BankMobile Student Refi. BankMobile reported that it has partnered with LendKey Technologies, a lending-as-a-service platform for banks and credit unions, to offer a simple, secure solution for student loan debt.
BankMobile’s new platform is now available across the U.S. and may help college graduates lower their monthly payments and reduce interest rates. It also has no origination fee. Other features include:
- Competitive fixed interest rates
- Flexible rates and terms, allowing customers to pay off loans quickly or keep monthly payments as low as possible
- Refinancing up to $100,000 in undergraduate student debt or $250,000 in graduate debt
- Simplification of finances with one easy monthly payment
- 0.25% interest rate reduction if users set up recurring monthly payments
- A simple application process that only takes 15 minutes
Speaking about the platform, Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile, stated:
“At BankMobile, we are always striving to solve the financial pain points so many Americans face and our new platform will help customers mitigate some of the challenges of the student loan repayment process. LendKey is a leader in digital lending solutions and our collaboration enables us to offer education products that adhere to all underwriting standards, further helping our mission of empowering customers to achieve financial freedom.”
Vince Passione, CEO and Founder at LendKey Technologies, went on to add:
“We are proud to partner with BankMobile to expand its assets and grow its customer base through education lending. We value its commitment to providing customers with a seamless digital borrowing experience and the loans they need.”
