KeyBank loans: Personal loans, lines of credit and more | finder.com
usfpl-keybank-featured-image

KeyBank loans

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Secured and unsecured financing for almost every need from this small national bank.

If you prefer keeping your money in one place, consider borrowing with KeyBank. Its loans cover almost every personal financing need, from buying an RV to remodeling your home. And you can enjoy a rate discount and faster turnaround if you already have a KeyBank account.

But it’s only available in 15 states and is one of the few lenders that charges prepayment penalties across the board.

What types of loans does KeyBank offer?

KeyBank offers a wide range of personal financing products, including personal loans, lines of credit, auto loans and mortgages.

Personal loans

KeyBank offers both secured and unsecured personal loans that you can use for any legitimate purpose. Both options run from $5,000 to $50,000, though you might be able to qualify for even more in person. Terms start at 1 year and can go as long as 7 years. APRs on its unsecured loans range from 8.34% to 14.89%, though KeyBank doesn’t advertise its secured rates online. Both options come with a 0.25% rate discount when you sign up for automatic payments from your KeyBank account.
KeyBank personal loan review

Lines of credit

KeyBank also offers two types of unsecured lines of credit:

  • KeyBasic Credit Line. This works similar to a credit card, with limits running from $250 to $5,000 and variable APRs ranging from 13.99% to 24.99%. This credit line comes with a $25 annual fee.
  • KeyBank Preferred Credit Line. Designed to cover larger ongoing expenses, limits start at $2,000 and go as high as $50,000. Variable APRs run from 10.24% to 16.24%, and you’re also on the hook for a $50 annual fee.

KeyBank lines of credit review

Auto loans

You can finance a variety of vehicles with KeyBank by either applying online or through your dealership. Already have a loan? KeyBank also offers refinancing.

  • Car loans. Buy a new or used car or refinance with loans starting at $5,000. APRs start at 3.89% with an autopay discount, though it varies by state. Terms range from one to six years.
  • Motorcycle loans. Loans also start at $5,000 to buy a new or used motorcycle or refinance. Rates vary by state and include a $125 origination fee. Terms run from one to five years.
  • RV loans. Get on the road with a new or used RV or trade in your current RV loan for a better deal. Loans start at $5,000 with terms from one to 20 years. Rates vary by state and also include a $125 origination fee.
  • Boat loans. KeyBank’s boat loans work a lot like its RV loans. They start at $5,000 with terms from one to 20 years. Rates also vary by state and have the $125 origination fee included.

KeyBank auto loan review

Home loans

KeyBank has the standard offerings when it comes to home loans:

  • Mortgages. Choose from 11 different types of mortgages, from conventional adjustable rate mortgages to programs specifically for medical professionals. Rates, terms and loan amounts vary by program, with some offering as much as 100% loan-to-value (LTV).
  • Home equity loans. Borrow against the amount you already own in your home with these fixed-rate loans with terms from five to 30 years.
  • HELOCs. These lines of credit backed by the equity in your home come with draw periods of up to 15 years and variable rates.
  • Home improvement loans. These unsecured term loans starting at $5,000 are meant specifically for home improvements. APRs range from 7.84% to 14.04% with terms from one to seven years. You could also score 0.25% off your interest rate by signing up for autopay from your KeyBank account.

Why should I consider taking out a loan with KeyBank?

Borrowing with KeyBank comes with a few benefits, including:

  • Autopay discount for members. If you already have a KeyBank checking or savings account, you might qualify for a 0.25% rate discount with some of its loans.
  • Personal lines of credit. KeyBank is one of a handful of lenders that offers personal lines of credit.
  • Secured and unsecured options. With KeyBank, you can decide whether it’s worth putting up collateral for more favorable rates and terms.
  • Financing for multiple vehicles. KeyBank’s auto loans don’t just cover new and used cars, but motorcycles, RVs and boats as well.

Where does KeyBank fall short?

Consider these potential drawbacks before applying for a KeyBank loan:

  • Only available in 15 states. You need to live in an eligible state to qualify for a KeyBank loan.
  • Prepayment penalty. KeyBank charges a prepayment penalty of $150 if you repay your loan in full within the first 18 months.
  • Some loans require a KeyBank account. You need to sign up for a KeyBank account to take out a personal loan or line of credit.
  • You might have to visit a branch. While you can start your application online, some loans might require an in-person visit.

Compare more loan providers

Rates last updated December 14th, 2018

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

Select your credit score range

I don't know my credit score

Finally, select where you live.

To get your credit score:

Experian logo

Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

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
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
550
$100,000
3.84% 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% to 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)
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)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
7.24% to 15.24% (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)
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)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95% to 35.99% (fixed)

Compare up to 4 providers

Rates last updated December 14th, 2018

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

Select your credit score range

I don't know my credit score

Finally, select where you live.

To get your credit score:

Experian logo

Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

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 Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

How much will it cost me to borrow with KeyBank?

For most KeyBank loans, your main loan cost is interest. Interest rates vary depending on several factors, including the loan type, amount, term and where you live. Typically, higher amounts and shorter terms come with the lowest rates.

Some loans such as RV and motorcycle financing also come with an origination fee of $125, which is included in your loan’s APR. If you repay any loan in full within the first 18 months, KeyBank charges a $150 prepayment penalty.

What do borrowers say about KeyBank?

KeyBank gets mostly negative online reviews as of November 2018. While it’s been accredited with the Better Business Bureau (BBB) since 1933 and earns an A+ rating based on factors like time in business and advertising practices, over 95 customers give it an average of 1 out of 5 stars. It also gets a relatively meaningless 5.6 out of 10 rating on Trustpilot based on two reviews.

Borrowers had several issues with KeyBank. One was upset they were charged a late fee after missing a repayment by a day. Another said they still hadn’t gotten a response to their loan application after seven weeks. And another complained that a KeyBank employee closed the wrong credit card account after they took out a debt consolidation loan.

BBB reviews with more than one star are few and far between, though at least one customer was happy with the quality of customer service.

Are KeyBank loans safe?

Generally, yes, though there’s no way for a bank to absolutely guarantee your information is secure. KeyBank protects its pages with SSL encryption, making it more difficult for hackers to access data you enter online.

It also encrypts and monitors your online account to protect your information and sends out security alerts if there’s been a breach. For example, KeyBank recently sent out an alert warning customers not to open or respond to a suspicious text message posing as KeyBank. The alert included steps to take if you received the text and how to report it.

How to apply for a loan with KeyBank

At KeyBank, different types loans come with different application processes. However, you can usually get started online:

  1. Go to the KeyBank website.
  2. Click Products in the main navigation bar.
  3. Select Loans & Mortgages and choose which type of loan you’d like to apply for.
  4. Either call the number on the page to set up an appointment with your local bank or click through to the online application.
  5. Complete the required fields and review your answers before submitting your application.

A KeyBank representative will get in touch with you with a decision. How long this takes depends on your application and loan type. If you’re approved and agree to the terms, review and sign your loan documents. If you already bank with KeyBank, your funds can be deposited directly into your account. Otherwise, it could take longer to receive your money.

Eligibility requirements

KeyBank only has a couple of hard eligibility requirements that apply to all of its loans. You must:

  • Be at least 18 years old.
  • Live in an eligible state.

However, it also considers factors like your credit score, debt-to-income (DTI) ratio and other aspects of your personal finances when you apply. With some loans, it may even look at details you might not have expected like whether or not you’re married or own your home.

Eligible states

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

    More about KeyBank

    Though it was founded over 190 years ago in Albany, KeyBank is now based in Cleveland. It has over 1,100 branches in the 15 states it serves and over $137.7 billion in assets. In addition to loans, KeyBank offers checking and savings accounts, CDs, credit cards, investment accounts, insurance and business services. On top of this, it funds grants to community organizations through the KeyBank Foundation.

    Bottom line

    If you’re looking for a local bank to cover all of your borrowing needs, KeyBank might be right for you. You’ll qualify for a 0.25% rate discount if you sign up for autopay and can use its loans for anything from consolidating your debt to buying a new boat.

    But you need to live in one of the 15 states it services to be eligible, and it’s one of the few lenders to charge a prepayment penalty on all of its loans.

    To see how it stacks up to the competition, check out our personal loans guide.

    Frequently asked questions

    Was this content helpful to you? No  Yes

    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.

    Back to top

    Read more on this topic

    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.

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
    Go to site