KeyBank personal loans review
Borrow up to $50,000 with both secured and unsecured options.
finder.com’s rating: 4/ 5.0
- Best for current account holders looking for high amounts and long terms.
- Pick something else if you don’t live in an eligible state.
How much will this loan cost me?
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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How does it work?
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.
- State. Connecticut and Massachusetts residents can qualify for the lowest rates, while Pennsylvania residents pay the highest rates.
- Loan amounts. Loans from $5,000 to $9,999.99 come with the higher rates than larger amounts.
- Loan term. Loans with terms over 60 months get an additional 0.25% added on to interest.
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:
- Have a KeyBank checking or savings account.
- Reside in a state serviced by KeyBank.
- Be at least 18 years old.
Where does KeyBank offer loans?
KeyBank offer personal loans to residents of the following states:
- New York
What information do I need to apply?
When you're ready to apply, make sure you have these pieces of information close at hand:
- Social Security number or TIN
- List of debts
- Proof of income
- Proof of assets
Pros and cons
Weigh these benefits and drawbacks before you decide to apply for a KeyBank personal loan.
- Borrow up to $50,000 without visiting a branch
- No origination fee
- Loan terms up to seven years
- 0.25% autopay discount
- Need an appointment for loans larger than $50,000 and secured loans
- Must have a KeyBank checking or savings account
- Higher rates for longer terms and lower loan amounts
See other personal loan options
Is KeyBank legit?
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.
KeyBank reviews and complaints
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.
How do I apply?
You can apply for an unsecured loan completely online. Follow these steps to get started:
- Visit the KeyBank website and click Products. Select Loans & mortgages, and then click Compare personal loans & lines of credit.
- Under KeyBank unsecured personal loan hit Apply now to start the application process.
- Log in with your current account information or start a new application.
- Fill out the form with your personal and employment information.
- If applying with a coapplicant, provide their information.
- Submit your application for processing.
To apply for a secured loan, follow the first step and select Schedule an appointment.
What happens after I apply?
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.
How do repayments work with KeyBank?
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.
Frequently asked questions
What's the difference between a secured and unsecured loan with KeyBank?
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.
Will KeyBank check my credit?
Yes. KeyBank checks your credit when you apply, which can lower your credit score by a few points.
Image Source: Shutterstock and key.com
Personal loan ratings
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.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
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.