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Uncovering KeyBank Loans for February 2024: A Detailed Study

Dive deep into our in-depth analysis of KeyBank Loans, a provider offering a range of unsecured and secured personal loans along with credit lines. In this comprehensive review, we delve into essential details like borrower requirements, rates, and associated fees, guiding you towards making an informed decision. Learn about the advantages and possible considerations to identify if KeyBank Loans align with your financial needs.
Offers: 3
Updated:
02.02.2024
15:38
Best Personal Loan Today 28.02.2024*
Finanso
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

KeyBank
Secured Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from 5000.00 $
Term
i

Loan term for the financial product

to 60 months
Apply
KeyBank
Unsecured Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from 2000.00 $
Term
i

Loan term for the financial product

to 84 months
Apply
KeyBank Loan Calculator

Use our loan calculator to get insights on possible loan amounts, interest rates, and repayment schedules. It's a crucial tool for your lending needs.

Loan amount
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Select the desired loan amount

USD
USD
1000 $
100000 $
Loan term
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Specify the loan term for the calculation

months
days
1
72
Interest rate
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Choose the interest rate on the loan

5 %
30 %
The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
Uncovering KeyBank Loans for February 2024: A Detailed Study

What are KeyBank Personal Loans?

KeyBank is a reputable financial institution serving residents in 15 states through a network of approximately 1,200 branches. As part of its comprehensive banking services, KeyBank offers various personal loan options to cater to the diverse needs of its customers.

Features

  1. Flexible Terms. KeyBank allows borrowers to choose loan terms that suit their financial situation. The repayment periods can be as long as 84 months (7 years), allowing customers to spread out their payments over an extended period.

  2. Fixed Interest Rate. With a fixed interest rate, borrowers can enjoy stable and predictable monthly payments throughout the loan term. This feature protects customers from fluctuations in interest rates and helps with better financial planning.

  3. No Origination Fee or Prepayment Penalty. KeyBank does not charge an origination fee when you take out a personal loan, and there are no prepayment penalties if you decide to pay off the loan before the scheduled term. This allows borrowers to save on unnecessary fees and potentially pay off the loan early without additional costs.

  4. Quick Access to Funds. Once approved, borrowers can access their funds swiftly, with the possibility of receiving the money as soon as the same day. This feature is beneficial for handling urgent financial needs or unexpected expenses.

  5. Online and Mobile Banking. KeyBank offers convenient online and mobile banking platforms, allowing borrowers to easily manage their personal loan accounts, make payments, and view their loan details.

  6. Competitive APR. The annual percentage rate (APR) for KeyBank personal loans ranges between 7.84% to 18.24%. The specific rate depends on factors such as the loan type and the borrower's state of residence. To qualify for the lowest APR, applicants typically need to have a strong credit history, with a FICO score of 780 or higher.

  7. Secured and Unsecured Loans. KeyBank provides both secured and unsecured personal loan options. Secured loans are backed by collateral, which may result in more favorable terms for borrowers, while unsecured loans offer flexibility for those without collateral.

Pros and Cons

Pros

Quick Loan Disbursement. KeyBank may offer a swift and efficient loan disbursal process, allowing customers to access the funds they need in several days.

Offers Secured Loan Options. KeyBank provides the option for secured personal loans, which can lead to more favorable terms and potentially higher loan amounts for borrowers who can provide collateral.

Accepts Co-applicants. The bank allows co-applicants, which can be beneficial for individuals who may need additional support to qualify for a larger loan or obtain more favorable rates.

No Origination or Prepayment Fees. KeyBank does not charge origination fees or penalties for early loan repayment, helping borrowers save on unnecessary costs.

Cons

In-person Branch Visits Required for Higher Loan Amounts. Customers may need to visit a physical KeyBank branch in person to secure higher loan amounts, which could be inconvenient for some applicants.

No Prequalification to Check Rates. Unlike some lenders, KeyBank does not offer a prequalification process to check potential interest rates without impacting credit scores. This may make it harder for applicants to assess their loan options beforehand.

Not Available in Most States. KeyBank's personal loans might not be accessible in all states, limiting the availability of their loan products for potential borrowers. It operates in Ohio, Indiana, Delaware, Illinois, Utah, Massachusetts, Vermont, Maine, Washington, D.C., Washington, Texas, Minnesota, New Jersey, Colorado, Pennsylvania, Idaho, Connecticut, Iowa, Rhode Island, Virginia, Alaska, Michigan, Maryland, Oregon, New York, Florida.

KeyBank Personal Loan Options

Secured Personal Loan

  1. Interest Rate. The interest rate for KeyBank's secured personal loans is fixed, providing borrowers with predictability and stable monthly payments throughout the loan term.
  2. Loan Amount. The minimum loan amount for a secured personal loan is $5,000, allowing borrowers to access larger sums of money if needed.
  3. Term. Borrowers can choose a loan term of up to 60 months (5 years), providing a reasonable timeframe to repay the borrowed amount.
  4. Flexible Payment Options. KeyBank offers flexible payment options for secured personal loans, allowing borrowers to tailor their repayment schedule to suit their financial situation better.
  5. Collateral Needed. To take out a secured personal loan, borrowers are required to provide collateral. This collateral serves as a form of security for the lender, which can potentially lead to more favorable loan terms for the borrower.
  6. Manage in Online Banking. Borrowers can conveniently manage their secured personal loans through KeyBank's online banking platform, making it easy to access account information, make payments, and stay on top of their loan status.

    Unsecured Personal Loan

    1. Interest Rate. The interest rate for KeyBank's unsecured personal loans is fixed, providing borrowers with predictable and consistent monthly payments.
    2. Loan Amount. The minimum loan amount for an unsecured personal loan is $2,000, making it a suitable option for borrowers who need smaller loan amounts.
    3. Term. Borrowers can choose a loan term of up to 84 months (7 years) for unsecured personal loans, providing a more extended repayment period compared to secured loans.
    4. Flexible Payment Options. Similar to secured personal loans, unsecured personal loans also offer flexible payment options, allowing borrowers to choose a repayment plan that aligns with their financial circumstances.
    5. Origination Fee. KeyBank does not charge an origination fee for unsecured personal loans, reducing upfront costs for borrowers.
    6. Collateral Needed. Unlike secured personal loans, unsecured loans do not require any collateral. This makes the application process more accessible and less risky for individuals who may not have assets to pledge as collateral.
    7. Manage in Online Banking. Borrowers can conveniently manage their unsecured personal loans through KeyBank's online banking platform, providing a user-friendly way to keep track of their loan details and make payments.

      Besides that, KeyBank offers a Preferred Credit Line and a KeyBasic line of credit. All credit products are subject to credit approval.

      How to Apply for a KeyBank Personal Loan?

      Apply For a Loan

      1. Check Eligibility. Ensure you meet the basic eligibility criteria for a personal loan at KeyBank. This may include having a good credit score, a stable income, and being a U.S. citizen or a permanent resident.

      2. Gather Necessary Information. Before starting the application process, gather all the required information, such as your personal details, employment information, income, and any other relevant financial documents.

      3. Visit the KeyBank Website. Go to the KeyBank official website and navigate to the personal loans section. Click on the "Apply Now" or "Schedule an Appointment" button to initiate the loan application. You can continue with the online application only if you are after an unsecured loan.

      4. Complete the Application. Provide all the requested information in the online application form. Be prepared to fill in details about your income, employment, housing, and any co-applicants, if applicable. As KeyBank doesn't have a prequalification option, the application will result in a hard credit inquiry, affecting your credit score.

      5. Review the Terms and Conditions. Carefully review the terms and conditions of the loan before submitting your application. Understand the interest rate, loan amount, repayment term, and any other applicable fees.

      6. Submit the Application. Once you have filled out all the required fields, submit your loan application through the KeyBank website.

      7. Wait for Approval. KeyBank will review your application and assess your creditworthiness. If approved, you will receive the loan offer, including the loan amount, interest rate, and repayment terms.

      8. Accept the Loan Offer. If you are satisfied with the loan terms, accept the offer, and follow any additional instructions provided by KeyBank.

      Requirements

      1. Age Requirement. You must be 18 years of age or older to be considered for a loan.

      2. Residency. KeyBank offers loans to individuals who reside in one of the 15 states where KeyBank operates. Ensure that you are a resident of one of these states to qualify.

      3. Personal and Business Information. As part of the loan application process, you will need to provide personal and business information. This may include details about your identity, employment, income, and financial history. In some cases, you may also be required to submit supporting documents such as tax returns, pay stubs, or bank statements to verify your financial situation.

      Ways to Receive the Money

      KeyBank typically sends the borrowed amount to the borrower through direct deposit into the bank account specified during the loan application process.

      Once the loan is approved and all necessary documentation is completed, KeyBank will transfer the borrowed funds directly into your designated bank account. The time it takes for the funds to be available in your account may vary, but in many cases, the money may be accessible as soon as the same day you are approved.

      How to Pay Off a KeyBank Personal Loan?

      The payback periods for typical personal loans vary from 12 to 84 months, depending on factors such as the borrowed amount, loan purpose, and whether it is secured or unsecured. If you wish to repay your loan faster, several effective strategies exist.

      1. Increase Your Monthly Payments. Opt to pay more than the minimum required amount each month to accelerate the loan repayment process. By making larger monthly payments, you can reduce the overall loan term and save on interest.

      2. Make an Additional Payment Each Year. Consider making an extra loan payment annually. This can be a lump sum or spread out throughout the year as smaller, periodic additional payments. Doing so will help reduce the principal balance and the total interest paid.

      3. Refinance to a Shorter Term. If possible, explore refinancing options to switch to a shorter-term loan. Shorter-term loans typically have higher monthly payments but can result in significant interest savings over the life of the loan.

      Things to Consider

      1. Loan Options. KeyBank offers both secured and unsecured personal loans nad also lines of credit, providing borrowers with flexibility in choosing the type of loan that best suits their needs and financial situation.

      2. Loan Amounts and Terms. The loan amounts for KeyBank personal loans vary, with minimum amounts ranging from $2,000 for unsecured loans and $5,000 for secured loans. The loan terms can extend up to 84 months (7 years) for unsecured loans and up to 60 months (5 years) for secured loans, allowing borrowers to select a repayment period that fits their budget.

      3. Interest Rates. KeyBank provides fixed interest rates for personal loans, ensuring borrowers have predictable monthly payments throughout the loan term.

      4. Quick Disbursement. If approved, borrowers who are existing KeyBank customers and have a KeyBank account may receive their loan funds as soon as the same day they apply, providing fast access to the borrowed amount.

      5. No Origination or Prepayment Fees. KeyBank does not charge origination fees or penalties for early loan repayment, which can save borrowers on unnecessary costs.

      6. Secured and Unsecured Loan Options. Borrowers have the option to choose between secured and unsecured personal loans. Secured loans require collateral, potentially leading to more favorable terms, while unsecured loans do not require collateral, making them more accessible to a broader range of applicants.

      7. Eligibility Requirements. To apply for a KeyBank personal loan, borrowers must be at least 18 years old, reside in one of the 15 states where KeyBank operates, and be willing to provide personal and financial information as part of the application process.

      8. In-person Branch Visits for Higher Loan Amounts. Borrowers seeking higher loan amounts may need to visit a physical KeyBank branch in person, which could be a consideration for applicants who prefer online-only processes.

      9. No Prequalification Option. KeyBank does not offer a prequalification process to check potential interest rates without affecting credit scores. This may be a factor for borrowers who want to explore loan options before submitting a formal application.

      10. Limited Availability. KeyBank's personal loans may not be available in all states, potentially limiting accessibility for certain applicants.

      Alternatives

      Credit Unions

      Apply For a Loan

      Local credit unions, such as America First Credit Union or PenFed, often offer personal loans with competitive rates and flexible terms. They are member-owned, which may lead to more favorable terms for borrowers.America First Credit Union

      Online Lenders

      Apply For a Loan

      Online lenders, such as SoFi, Upgrade, or Upstart, have become increasingly popular for personal loans. They offer convenience and may have a straightforward application process. Make sure to research reputable online lenders and compare their rates and terms.SoFi

      Peer-to-Peer Lending Platforms

      Apply For a Loan

      Peer-to-peer lending platforms like Prosper connect borrowers directly with individual investors willing to fund loans. Interest rates may be competitive, and the process can be entirely online.Prosper

      Traditional Banks

      Apply For a Loan

      Besides KeyBank, other traditional banks, such as Wells Fargo and PNC, offer personal loans. It's worth comparing their interest rates, terms, and fees to find the best fit for your needs.Wells Fargo

      Credit Card Balance Transfer

      Apply For a Loan

      A credit card balance transfer may be an option if you need a smaller amount of money. Some credit cards offer promotional periods with low or 0% interest rates for balance transfers. Citi Bank and one of its credit cards Citi® Diamond Preferred® Card known for balance transfers.Citi Bank

      Editorial Opinion

      When seeking financial assistance, personal loans can be a lifeline for many individuals facing unexpected medical expenses, debt consolidation, or other financial challenges. Like other personal loan lenders, KeyBank offers a range of credit products, including lines of credit and fixed-rate loans. However, while they market same-day approval and quick access to funds, it is essential to recognize that credit approval is subject to credit approval and specific underwriting criteria. One significant consideration when reviewing a legal document, such as a loan agreement, is the minimum FICO score required for eligibility. KeyBank's credit score requirements may limit access for some potential borrowers. It's crucial to carefully review all terms, including APR, as the monthly payment at 7.84% to 18.24% APR may substantially impact your financial well-being. A key advantage of KeyBank loans is their offer of direct deposit of funds, providing continuous access to the loan proceeds. However, delays may arise if third-party payoffs are necessary, leading to potential setbacks in fund availability. While KeyBank loans offer the potential to lower monthly payments, debt consolidation, and continuous access to funds, it's crucial to note that these benefits are subject to specific criteria being met, including KeyBank's underwriting criteria and credit approval. Borrowers should be prepared to undergo a thorough credit review, including a comprehensive credit score and financial history assessment. As with any financial decision, comparing KeyBank's rates with those of other lenders is essential to make an informed choice that suits your unique financial situation.

      Important

      Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

      Methodology

      At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

      In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

      At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

      Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

      Additional resources

      To learn more about personal loans and best practices, check out some of the following resources:

      Sources

      FAQ

      What credit score do you need for a KeyBank personal loan?

      To qualify for the lowest-advertised rate on a KeyBank personal loan, applicants are generally expected to have a FICO score of 780. A FICO score of 780 or higher is generally considered excellent and reflects a strong credit history.

      How fast does KeyBank approve loans?

      KeyBank strives to provide same-day loan approval for qualified applicants. Sometimes, borrowers may receive a loan decision within the same business day as their application submission. However, it's important to note that the approval timeline can vary.

      Does KeyBank verify income?

      During the loan application process, KeyBank may verify the income information provided by the applicant. This assesses the borrower's ability to repay the loan and determines their eligibility. Income verification can involve requesting documents such as pay stubs, tax returns, or bank statements to verify the stated income.