Keybank Personal Loans

Keybank Personal Loans Reviews

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About Keybank Personal Loans

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KeyBank has been in business for almost 200 years. In that time, it’s become one of the country's largest bank-based financial services companies and developed a large line of financial products, such as personal loans and checking accounts, that serve customers across 15 states.

    Pros & Cons

    Pros
    • Secured and unsecured loan options
    • No origination or prepayment penalty on unsecured loans
    Cons
    • Rates and fees not readily available
    • Only available in 15 states
    • You must visit a branch to apply for a secured loan

    Our editors' take

    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.

    KeyBank personal loan products

    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.

    Personal loan
    A KeyBank unsecured personal loan can give you access to over $2,000, up to $25,000 (or more than $50,000 if you apply in person), at a fixed interest rate. It offers a flexible repayment term of up to 84 months.
    Secured personal loan
    KeyBank’s secured personal loan lets you borrow amounts over $5,000, but you’ll need to provide collateral in the form of a KeyBank certificate of deposit (CD) or savings account. Once funded, you have up to 60 months to pay back the loan.
    Preferred credit line
    This unsecured line of credit allows you to dip in and out of a set funding limit (from $2,000 to $25,000) as you need it. Funds can be accessed with checks or via your online account. The interest rate is variable.
    KeyBasic credit ine
    The KeyBasic credit line is an unsecured line of credit meant to be used as overdraft protection (although it cannot be used for a KeyBank Hassle-Free Account). Credit limits are $250 to $5,000 at a variable interest rate.

    KeyBank personal loan rates

    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 personal loan fees

    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.

    How to apply for a KeyBank personal loan

    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.

    How do KeyBank personal loans compare?

    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.

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    KeyBank personal loans FAQ

    What is KeyBank?

    KeyBank is one of the country's most well-known banks, with approximately 1,000 locations across the U.S. It has several different products available, such as checking accounts, personal loans and mortgages.

    Can I get a KeyBank personal loan if I have bad credit?

    KeyBank doesn’t advertise a minimum credit score requirement for personal loan products. If you’re worried that your credit won’t make the cut, you should speak with a KeyBank representative directly.

    Are KeyBank personal loans available in every state?

    KeyBank personal loans are only available in the following 15 states:

    • Alaska
    • Colorado
    • Connecticut
    • Idaho
    • Indiana
    • Massachusetts
    • Maine
    • Michigan
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Utah
    • Vermont
    • Washington

    Is KeyBank legit?

    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.

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    Keybank Personal Loans Company Information

    Company Name:
    KeyBank, a member of KeyCorp
    Website:
    www.key.com