KeyBank personal loans review November 2018 | finder.com

KeyBank personal loans review

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Borrow up to $50,000 with both secured and unsecured options, but beware of prepayment penalties.

If you’re already a member of KeyBank and you’re looking to pay for a big expense, consider this top bank’s suite of personal loans. You’ll find both secured and unsecured options with large loan amounts, long terms and an interest rate discount for signing up for autopay. You can’t apply for its secured personal loan online, however, and you could get charged a penalty if you pay off your loan early.
Product NameKeyBank Personal Loans
Min Loan Amount$5,000
Max. Loan Amount$50,000
APR7.34%–12.54%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term7 years
  • Have a KeyBank checking or savings account.
  • Reside in a state serviced by KeyBank.
  • Be at least 18 years old.

What makes KeyBank personal loans unique?

KeyBank offers both unsecured and secured personal loans to residents of 15 states. Its loans come with low rates and no set maximum amount — you can discuss loans larger than $50,000 at a KeyBank branch. You have to be a member of KeyBank to apply, but if you aren’t, you can easily open a checking account to start your banking relationship and apply for a loan.

KeyBank offers loans in:

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

How do KeyBank personal loans work?

KeyBank offers both secured and unsecured personal loans in amounts ranging from $5,000 to $50,000 with terms starting at 1 years and going up to 5 years for secured loans and 7 years for unsecured options. You could borrow more than $50,000, but you’ll need to visit a local KeyBank Branch to discuss your options.

There are no origination fees for its unsecured loans, with fixed APRs ranging from 7.34%–12.54%. Because KeyBank determines your interest by the amount you borrow, you won’t qualify for the lowest APR if you borrow less than $25,000. You can score a 0.25% discount off your rate if you set up automatic payment deductions from your KeyBank account.

Its secured loans come with fixed interest rates, but the origination fees vary depending on the amount you borrow and whether your collateral comes from a savings, investment or CD account. It doesn’t list the APR ranges for its secured loans on its site, so you’ll need to contact a KeyBank representative to discuss the specifics of what you might qualify for.

What are the benefits of a KeyBank personal loan?

  • Large loan amounts. You can borrow up to $50,000 through a KeyBank unsecured personal loan. If you need to borrow more, visit a KeyBank branch to discuss your options.
  • No origination fee. KeyBank doesn’t charge an origination fee when you borrow an unsecured personal loan.
  • Secured and unsecured options. Score potentially lower rates and higher loan amounts by securing your loan with your savings, investment or CD account.
  • Autopay discount. Sign up for automatic payment deductions from your KeyBank savings or checking account to slash your interest rate by 0.25%.

Are there any drawbacks?

  • Prepayment penalty. If you pay off your personal loan within the first 18 months, you’ll be on the hook for a $150 fee.
  • Need an appointment. To apply for a secured personal loan, or an unsecured loan more than $50,000 you’ll need to schedule an appointment at your local branch to discuss your options.
  • Must be a customer. You’ll need to have an existing checking or savings account with KeyBank when you apply for a personal loan, but you can open a new account while filling out your loan application.
  • Limited availability. KeyBank’s personal loan products are limited to residents Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington.

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Rates last updated November 17th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.34% to 35.99%. (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99%–36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.95% to 35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.99% to 14.87% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95%–35.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

What does the Internet have to say about KeyBank?

KeyBank has mixed reviews online. It’s been accredited by the Better Business Bureau since 1933 and earns an A+ rating, but over 95% of the reviews left by customers are negative. There are also nearly 300 complaints filed against the company, though specific details aren’t available.

What does this mean for you? Many of its negative reviews concern its banking services, not its personal loan options. If you already have an account in good standing with KeyBank and are happy with its services, then a loan product may be a good option.

If you aren’t sure, search for customer reviews of KeyBank branches near you. You could find more specific information on how its representatives handle loans, giving you a better idea of how you’ll be treated if you decide to take out a personal loan with KeyBank.

Am I eligible?

While KeyBank doesn’t list a credit score range or minimum income for its personal loan applicants, you’ll still need to meet the following requirements:

  • Have a KeyBank checking or savings account.
  • Reside in a state serviced by KeyBank.
  • Be at least 18 years old.

How do I apply?

Unsecured and secured loans have different application processes to follow when you apply.

Secured loans

To apply for a secured loan from KeyBank, you’ll need to schedule an appointment at a local branch to discuss your funding options. To find a branch near you:

  1. Visit the KeyBank site and click Products. Select Loans & Mortgages, and then click Compare Personal Loans & Lines of Credit.
  2. Click KeyBank Secured Personal Loan, and then hit Schedule an Appointment to be redirected to a local map.
  3. Enter your city and state or your ZIP code.
  4. Select the branch you would like to visit.
  5. Fill out the contact form with your name, email, any comments you have and select if you’re a current client.
  6. Choose an available appointment slot and click Schedule It to finish.

Unsecured loans

  1. Visit the KeyBank website and click Products. Select Loans & Mortgages, and then click Compare Personal Loans & Lines of Credit.
  2. Click KeyBank Unsecured Personal Loan, and then hit Apply Now to start the application process.
  3. Log in with your current account information or start a new application.
  4. Fill out the form with your personal and employment information.
  5. If applying with a coapplicant, provide their information.
  6. Submit your application for processing.

How to apply step-by-step with screenshots

What happens after I’m approved for a personal loan from KeyBank?

Once you finish signing the paperwork and you receive your loan funds, it’s time to start thinking of repaying your loan. Both secured and unsecured loans from KeyBank have fixed monthly payments that stay the same throughout the life of your loan.

If you can, sign up for automatic payments to score a 0.25% discount off your interest rate. Although it seems small, it can reduce your interest by hundreds of dollars in the long run. And while you can pay your loan off early, KeyBank charges a $150 penalty fee if you do so within the first 18 months.

Keep an eye on your bank account and loan balance. If you notice anything off, visit your local branch or call 800-539-2968 to speak with a KeyBank customer service rep 24/7.

Bottom line

For current KeyBank customers and those looking to start a new account, taking out a personal loan from KeyBank could be a good option. With relatively low interest rates and large loan amounts available, you could find the exact financing you’re looking for. However, keep in mind the varied application processes can make applying difficult, and unlike most lenders, KeyBank charges a prepayment penalty. If you’re looking for a quick, online-only process, you can compare other personal loan options before making your final decision.

Frequently asked questions

Image Source: shutterstock and key.com

Kellye Guinan

Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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