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
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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.
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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.
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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.
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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.
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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.
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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.
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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
Cons
KeyBank Personal Loan Options
Secured Personal Loan
- 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.
- Loan Amount. The minimum loan amount for a secured personal loan is $5,000, allowing borrowers to access larger sums of money if needed.
- Term. Borrowers can choose a loan term of up to 60 months (5 years), providing a reasonable timeframe to repay the borrowed amount.
- 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.
- 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.
- 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
- Interest Rate. The interest rate for KeyBank's unsecured personal loans is fixed, providing borrowers with predictable and consistent monthly payments.
- 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.
- 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.
- 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.
- Origination Fee. KeyBank does not charge an origination fee for unsecured personal loans, reducing upfront costs for borrowers.
- 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.
- 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?
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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.
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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.
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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.
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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.
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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.
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Submit the Application. Once you have filled out all the required fields, submit your loan application through the KeyBank website.
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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.
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Accept the Loan Offer. If you are satisfied with the loan terms, accept the offer, and follow any additional instructions provided by KeyBank.
Requirements
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Age Requirement. You must be 18 years of age or older to be considered for a loan.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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Interest Rates. KeyBank provides fixed interest rates for personal loans, ensuring borrowers have predictable monthly payments throughout the loan term.
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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.
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No Origination or Prepayment Fees. KeyBank does not charge origination fees or penalties for early loan repayment, which can save borrowers on unnecessary costs.
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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.
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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.
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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.
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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.
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Limited Availability. KeyBank's personal loans may not be available in all states, potentially limiting accessibility for certain applicants.
Alternatives
Credit Unions
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.
Online Lenders
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.
Peer-to-Peer Lending Platforms
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.
Traditional Banks
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.
Credit Card Balance Transfer
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.
Editorial Opinion
Important
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:
- Discover the Best Personal Loans Available Online in the U.S.
- Understanding the Power of a Line of Credit
- Harnessing the Power of Credit Builder Loans for a Strong Credit Score
- Instant Loans: Quick Cash When You Need It Most
- Exploring Best Online Cash Advance Loans for 2023
- Best No-Credit-Check Loans
- Your Guide to Loans with Bad Credit in the U.S.
Sources
- Bankrate. The pros and cons of personal loans 28.07.2023
- CNBC. Ways people use personal loans 28.07.2023
- Creditkarma. KeyBank personal loan review 28.07.2023
