KeyBank unsecured lines of credit review |

KeyBank unsecured lines of credit

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A top bank offering handy revolving credit with a range of loan amounts in 15 states.

If you’re looking at a big expense but aren’t sure how much you need, a line of credit could simplify your financing. These revolving credit lines offer more flexibility than a term loan, requiring interest only on what you borrow.

Among the largest banks in the US, KeyBank offers two lines of credit that may suit your needs no matter what you need to finance.

Product NameKeyBasic Credit Line
Min Loan Amount$250
Max. Loan Amount$5,000
Loan SecurityUnsecured
RequirementsHave a KeyBank checking or savings account, live in a state serviced by KeyBank, be at least 18 years old.
  • Have a KeyBank checking or savings account.
  • Live in a state serviced by KeyBank.
  • Be at least 18 years old.

What types of credit lines does KeyBank offer?

KeyBank’s unsecured lines of credit cover varying amounts of financing at variable interest rates. Ultimately, your credit limit depends on the type of line you apply for:

  • KeyBasic Credit Line. Limits range from $250 to $5,000 and can be used for any legitimate short-term expense. Considerably cheaper than taking out a payday or personal loan, KeyBank sets its variable APR between 13.49%–24.99%.
  • KeyBank Preferred Credit Line. With limits that range from $2,000 to $50,000, these lines are designed for big expenses like debt consolidation. Your variable APR ranges from 10.49% to 15.74% as of October 2018.

What makes KeyBank lines of credit unique?

Large banks come with perks you might not find everywhere, and Key Bank’s personal loan and credit line options are no exception.

Both of its lines of credit are unsecured, and its largest tops out at a generous $50,000. But without collateral, you might see a higher APR than secured lines out there.

What are the benefits of a KeyBank line of credit?

  • Revolving credit. Tap into your line of credit as you repay what you borrow.
  • Unsecured. You don’t need collateral to get financing from KeyBank, allowing you to borrow up to a potential $50,000 without risking your personal property or investments.
  • High maximums. Depending on your line of credit, you can borrow from $250 to a high $50,000 to suit your budget and needs.

Are there any drawbacks?

  • Limited state availability. Lines of credit are available in Arkansas, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington only.
  • Must have an open account. KeyBank extends lines of credits to customers only, but you can apply for an account with your application.
  • Interest charged immediately. When you withdraw from your line of credit, you’re charged interest on the amount you borrow immediately, without a grace period.

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Rates last updated October 22nd, 2018

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Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
4.99%–36% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
6.99% to 35.97% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
3.09%–35.99% (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
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
6.16% to 35.89% (fixed)
Conveniently check your loan options without affecting your credit score.
9.95%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
6.99% to 14.87% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
34%–155% (Varies by state) (fixed)
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Bad credit OK
5.99%–35.99% (fixed)

Compare up to 4 providers

Am I eligible?

KeyBank doesn’t list a minimum income or credit score range, but you’ll still need to meet a few basic criteria when you apply. You must:

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

How do I apply?

Visit KeyBank’s personal lines of credit page, compare your options and choose Apply Now when you’re ready to apply.

If you have an account with KeyBank, log in as an existing user. Otherwise:

  1. Enter your full name, email and the number of dependents you support.
  2. Enter your street address. If you’ve moved in the past two years, enter your previous address as well.
  3. Enter your Social Security number, taxpayer ID or another number from a government-issued document.
  4. Select your employment type and enter information about your income. If you’ve started a job in the past two years, also provide your previous employer.
  5. Add information about any coapplicant, if applicable.
  6. Submit your application for processing.

Apply screenshot

What happens after I’m approved for a credit line?

After approval, you can borrow money up to your extended credit limit. KeyBasic lines come with a $25 annual fee, while Preferred lines are $50 annually.

The amount you borrow attracts interest immediately, and you must submit repayments toward your outstanding balance monthly.

KeyBank allows for minimum monthly payments that cover a portion of the principal and interest:

  • KeyBasic Credit Line. Your minimum monthly payment is either $20 or 1/60th of the principal plus interest and fees, whichever is greater.
  • KeyBank Preferred Credit Line. Your minimum monthly payment is either $50 or 1/120th of the principal plus interest and fees, whichever is greater.

For late or returned payments, KeyBank charges a $35 fee. If your linked checking account is in overdraft, you’re also on the hook for fees that range from 10% of the advance amount on KeyBasic lines to a flat $10 a day for Preferred lines, capped at $100 a billing cycle.

Bottom line

KeyBank’s lines of credit can be useful tools when you’re facing irregular expenses. You can cover your bases with either a KeyBasic or Preferred line, depending on how much you need. And with APRs set at less than 25%, they can be a more affordable option than other types of loans or credit cards.

Before you sign up, carefully consider your full financing options to find the best for your needs and budget.

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