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KeyBank loans

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

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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 7.84% to 18.24%, 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.

Lines of credit

KeyBank also offers two 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.

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.

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.

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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.

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