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 (7years), 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

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?

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.

Best places to borrow a loan with bad credit

Upgrade

Upgrade is a prominent online lender that offers personal loans to borrowers with bad credit. They provide loan amounts ranging from $1,000 to $50,000, making them suitable for various financial needs. The minimum credit score required by Upgrade is relatively low, typically around 580. This makes it accessible to individuals with a less-than-stellar credit history. One notable advantage of Upgrade is its flexible repayment terms, which can extend up to five years. This longer repayment period allows borrowers to manage their monthly payments more effectively. However, it's worth noting that Upgrade charges origination fees ranging from 2.9% to 8%. Additionally, while they do not have any prepayment penalties, borrowers should be aware of the interest rates, which can be relatively high for individuals with bad credit.

Upstart

Upstart is another online lender that specializes in providing loans to borrowers with bad credit. Their loan amounts range from $1,000 to $50,000, allowing borrowers to access the funds they need for various purposes. Upstart utilizes a unique underwriting model that takes into account factors beyond just credit scores, making it more inclusive for individuals with limited credit history or low credit scores. The minimum credit score required by Upstart is typically around 580. One of the significant advantages of Upstart is its soft credit check, which means that applying for a loan does not negatively impact your credit score. Repayment terms offered by Upstart range from three to five years, providing borrowers with flexibility. While they do charge origination fees of up to 8%, it's important to note that they don't impose any prepayment penalties. However, borrowers with bad credit should expect higher interest rates.

LendingPoint

LendingPoint is a bad credit lender that offers personal loans ranging from $2,000 to $36,500. They consider borrowers with credit scores as low as 585, making them accessible to individuals with bad credit. LendingPoint prides itself on providing fast funding, often disbursing funds within one business day. Their repayment terms typically range from two to four years, allowing borrowers to tailor their loan duration according to their needs. It's important to note that LendingPoint does charge origination fees that can be up to 6%. They also have a slightly higher interest rate compared to traditional lenders, which is to be expected when borrowing with bad credit. However, they do not impose any prepayment penalties, enabling borrowers to pay off their loans early if they desire.

Universal Credit

Universal Credit is an online lender that specializes in bad credit loans, offering loan amounts ranging from $500 to $15,000. Their minimum credit score requirement is relatively low, typically around 550, making them accessible to borrowers with poor credit. Universal Credit offers repayment terms ranging from six months to five years, allowing borrowers to choose a duration that aligns with their financial situation. While they charge origination fees, the amount may vary based on the borrower's creditworthiness. One notable advantage of Universal Credit is its willingness to consider applicants who have previously filed for bankruptcy. However, borrowers should be aware that the interest rates associated with bad credit loans from Universal Credit may be higher compared to traditional lenders.

OneMain Financial

OneMain Financial is a well-established lender that specializes in bad credit loans. They offer loan amounts ranging from $1,500 to $20,000, making them suitable for various financial needs. OneMain Financial requires a minimum credit score of 600, slightly higher than some of the other lenders in this category. However, they have a reputation for considering other factors beyond credit scores when evaluating loan applications. OneMain Financial provides repayment terms that range from two to five years, allowing borrowers to select a term that fits their budget. It's important to note that OneMain Financial charges origination fees, which can vary depending on your residence state. While they do not disclose their interest rates upfront, borrowers with bad credit should expect higher rates.

Avant

Avant is an online lender that specializes in offering personal loans to individuals with bad credit. They provide loan amounts ranging from $2,000 to $35,000, catering to various financial needs. Avant has a minimum credit score requirement of 580, making them accessible to borrowers with less-than-ideal credit histories. Repayment terms offered by Avant typically range from two to five years, giving borrowers flexibility in managing their monthly payments. While Avant charges origination fees up to 4.75%, they do not impose any prepayment penalties. It's important to note that Avant's interest rates can be relatively high for borrowers with bad credit. However, they provide a transparent prequalification process that allows borrowers to check their potential loan offers without affecting their credit scores.

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 ofcredit, 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

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

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

• What Credit Score Do You Need for a Personal Loan?
• How to Get a Personal Loan in 7 Steps
• Personal Loan Pre-Approval
• How to Apply for a Personal Loan
• Personal Loan vs Personal Line of Credit

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