Keybank Personal Loans Reviews

KeyBank might be a popular bank, but it isn’t the most transparent at first glance when it comes to its personal loan rates, fees and eligibility requirements. For example, the information about its interest rates and maximum loan amounts are all geo-targeted on its website, so you’ll need to do a bit of digging to find your potential loan terms.

However, once you get to those details, KeyBank offers loan options that are in line with the competition, including comparable interest rates and loan amounts up to $25,000 (or over $50,000 if you visit a branch in person). Two downsides are that it’s only located in 15 states, and you can only access info about its secured loans by booking an appointment.

With KeyBank, you have two different personal loan options, an unsecured personal loan and a secured personal loan, as well as two unsecured personal line of credit options.

For the unsecured personal loan, KeyBank allows you to enter your ZIP code to find out what rates you can access in your area. As a sample, we checked the annual percentage rates (APRs) for Cleveland (where KeyBank is based) as well as cities in Alaska, Connecticut and Indiana. APRs ranged from 11.85% to 23.40% as of publishing, depending on the amount borrowed and term length.

For its secured personal loan, you’ll need to visit a local KeyBank branch and discuss your options with a loan officer.

KeyBank’s lines of credit each have their own rate ranges, again based on your location. As a sample, at the time of publishing, APRs in New York City ranged from 14.25% to 18.75% for the Preferred credit line, and from 17.25% to 24.25% for the KeyBasic credit line.

KeyBank’s fees are different depending on the type of lending product. Here is what you can expect from each loan:

• Unsecured personal loan: No origination fee and no prepayment penalty.
• Secured loan: Varying fees, but you must schedule an appointment to find out what you’ll be charged.
• Lines of credit: No annual fee and up to $35 for late payment fees.

To apply for an unsecured personal loan through KeyBank, you can visit a branch or simply apply online. First, make sure that you meet at least the following eligibility requirements:

• Be at least 18 years old
• Live within one of the 15 states it services
• Are willing to provide extra documentation to back up claims made on your application

If applying online, the process is fairly simple:

1. Enter your ZIP code: This lets KeyBank know where you are from and helps it verify that you live in an area it can lend to.
2. Sign in or create a KeyBank account: If you aren’t already a KeyBank customer, you’ll be asked to make an account.
3. Provide personal and financial information: KeyBank will ask you to provide identifying information, like your Social Security number, as well as information about your current financial standing and employment. From there, you’ll provide information about the loan that you are hoping to take out.
4. Wait for loan approval: Although KeyBank doesn’t provide details about how long it will take to receive a loan decision, it is likely fairly quick since KeyBank offers same-day loan funding for eligible loans.

Unfortunately, if you wish to take out a secured loan, you’ll need to schedule an appointment at one of KeyBank’s branches.

KeyBank is on par with the competition, with comparable interest rates, high lending limits and long terms for its unsecured loans. For example, here’s how it compares to another lender, OneMain Financial.

KeyBank is a legitimate bank located in Cleveland, Ohio, and reporting $195 billion in assets as of publishing. Its rates and fees are all geo-determined for the 15 states where it’s licensed to service loans, so you’ll need to input your ZIP code in order to check what your APR might be. Note that there is limited publicly available information for KeyBank’s secured loans.