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finder.com’s rating: 4/ 5.0
★★★★★
$50,000
Max. Loan Amount
7.84% to 18.24%
APR
Product Name | KeyBank personal loans |
---|---|
Min. Loan Amount | $5,000 |
Max. Loan Amount | $50,000 |
APR | 7.84% to 18.24% |
Interest Rate Type | Fixed |
Loan Term | 1 to 7 years |
Review by
Kellye Guinan is a writer and editor with Finder 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.
KeyBank personal loans are ideal if you’re a current account holder and unsure whether you want an unsecured or secured loan — it offers both. You can borrow up to $50,000 with terms as long as seven years — on the higher end compared to other lenders.
But KeyBank only works with residents of 15 states, so you’ll need to look elsewhere if yours doesn’t make the list. If you want to borrow more than $50,000, you may be able to — but not without making an appointment and going into a branch.
Not sold on KeyBank? Compare some of your other options below.
KeyBank personal loans come with rates from 7.84% to 18.24% APR with no origination fees. You can borrow between $5,000 and $50,000 online — any loan over that amount requires an in-person visit and may come with different rates and terms.
You can take between one and seven years to repay the loan, with longer terms available on lower loan amounts. Use the calculator below to see how much a KeyBank personal loan might cost you, depending on your loan type.
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Generally, lower rates and larger loan amounts are available to borrowers with near-perfect credit, and a low debt-to-income ratio. However, it depends on several other factors.
You can see which rates and terms are available to you by visiting the rates and fees page on the KeyBank website and entering your ZIP code. Secured loans may have different rates and terms — which are likely more favorable.
What do I need to qualify?
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:
KeyBank offer personal loans to residents of the following states:
When you're ready to apply, make sure you have these pieces of information close at hand:
Weigh these benefits and drawbacks before you decide to apply for a KeyBank personal loan.
Yes, KeyBank is a legitimate bank. It's a member of the FDIC, which means that it must meet federal standards and regulations as a bank and lender. It also recently bought online lender Laurel Road, which was formerly the online lending arm of Darien Rowayton Bank.
It also takes measures to keep your personal information safe. It uses SSL encryption to protect any information you send through its website, a Cyber Defense Center to stay on top of the latest online threats and has a Fraud Prevention Services group.
No, KeyBank gets mostly negative customer reviews. But with so few online, this doesn't necessarily mean you'll have a bad customer experience. Most complaints involve negative experiences with customer service and not related to loans. A few people were also were denied for a loan after spending over a week on the application.
You can apply for an unsecured loan completely online. Follow these steps to get started:
To apply for a secured loan, follow the first step and select Schedule an appointment.
After you apply, KeyBank will process your application and return to you with an approval decision. You may be able to receive your funds the same day you apply if you meet certain criteria, including finalizing the loan before 2 p.m. ET. But it could take as long as a few weeks.
Both secured and unsecured loans from KeyBank have fixed monthly payments that stay the same throughout the life of your loan. Consider signing up for automatic payments to score a 0.25% discount off your interest rate. And pay it off early, if you can. While KeyBank used to charge a $150 prepayment penalty during the first 18 months, that's no longer the case.
Call 800-539-2968 to speak with a KeyBank customer service representative if you have any questions or concerns.
See how KeyBank stacks up to other lenders with our guide to personal loans.
As with other lenders, secured loans require collateral that is paid to the lender if you default. With KeyBank, the funds in your CD, savings or investment account can be confiscated. Unsecured loans don't require collateral. This is riskier for the lender, but safer for you — though expect to pay more in interest. You can read more about secured versus unsecured loans to determine which option best suits you before starting an application.
Yes. KeyBank checks your credit when you apply, which can lower your credit score by a few points.
Image Source: Shutterstock and key.com
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
Read the full methodology of how we rate personal loan providers.