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KeyBank personal loans review

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

Members of KeyBank could benefit from its suite of loan options. With long terms, large loan amounts and interest rate discounts for autopay, it can certainly be a good choice. But you won’t be able to apply for its secured option online, and you could get charged a penalty if you pay off your loan early.


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 year 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 8.34% to 14.89% . 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 however 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 other personal loans does KeyBank offer?

KeyBank also has unsecured lines of credit, which function like a mix between personal loans and credit card. Rather than borrowing a lump sum, you’ll have a credit line you can draw from at any time. Its basic line allows you to borrow up to $5,000, while its preferred line has a large limit of $50,000. Both options come with a variable interest rate and don’t require collateral.

Our guide to KeyBank personal lines of credit goes into more detail

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 when you apply online. 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. You’ll need to schedule an appointment at your local branch to discuss your options if you want to apply for a secured personal loan or an unsecured loan more than $50,000.
  • 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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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 has 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

What documents will I need to apply?

When you’re ready to apply, make sure you have these pieces of information available to keep the process quick, especially if you’re visiting a branch.

  • Personal information. Your name, address, date of birth, Social Security number or TIN, phone number and email.
  • Proof of income. This can include your last two pay stubs, two years of tax returns, personal financial statements and award letters from government benefits.
  • Proof of assets. Provide a list of the assets you want to use as collateral for a secured loan, including property and different accounts.
  • List of debts. Provide a list of your current debts, which includes both credit cards and other loans.

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.

KeyBank also has some other loan options if a personal loan doesn’t quite fit your needs. And 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

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  1. Default Gravatar
    July 8, 2019

    How do I get a loan with my insurance company document?

    • AvatarStaff
      July 8, 2019

      Hi Dave,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      Lenders accept many forms of collateral and this may include insurance policies. However, in most cases, you can only borrow against permanent or whole life insurance policy.

      Using your insurance policy could increase your chance of getting approved for a loan application. However, if you intend to apply for a loan from KeyBank, they don’t require you to use a collateral. You may also speak with them directly to obtain more information about their loans.

      If you are in the process of getting a loan, please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


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