Our Verdict
Founded in 1825 and headquartered in Cleveland, Ohio, KeyBank Has more than 1000 branches in only 16 states—Ohio, Oregon, Pennsylvania, Utah, Vermont, Washington, Alaska, Connecticut, Colorado, New York, Massachusetts, Michigan, Florida, Idaho, Maine, and Indiana. Despite offering a wide range of personal loan products, you can’t have access to its rates. Enjoy competitive rates, flexible terms, and same-day funding when you choose KeyBank as your preferred lender for personal loans.
Pros
- Flexible loan term
- Availability in various states
- Competitive interest rate
- Quick access to funds
- Same day funding
- Wide range of lending options
Cons
- Limited by states
- Undisclosed rates and fees
- Unspecified requirements for qualifications
- Limited by region
Who This Product Is Best For
KeyBank is your best lender if you are an individual who:
- Lives in any of the 16 states that KeyBank serves
- Wants quick funding and if possible, same-day funding
- Wants to build a personal credit history
- Is looking for online and mobile banking
- Desires lender with competitive rates and flexible terms
- Dreams of getting a loan for debt consolidation
Who This Product Isn't Right For
KeyBank maybe not be a good option for you if you are a borrower who:
- Doesn’t live in any of the states that KeyBank serves
- Desires lender with 6 figured amount
- Wants a lender with longer terms
- Values transparency in rates
- Looks for rewards and promotions
- Needs a lender with a wide range of availability
What This Product Offers
- Unsecured personal loan: With this product, you can get access to a reasonable amount which you can use for general purposes including shopping, debt service, vacation, and bill payments. You also get a fixed rate although the lender doesn’t disclose the rate price.
- Preferred line of credit: Get a line of credit with variable interest and payments to maintain personal cash flow, cover for overdraft, or as ready-made cash to tap into in case there’s an emergency.
- Personal line of credit: Just like the preferred line of credit, KeyBank’s personal line of credit offers you a ready-made cash limit which you can use at any time just for any purpose. This loan has a revolving option which means you can re-apply after completing the payments of your first draw.
- Secured personal loan: Buy the tools and equipment you need at home with this loan. You can get the loan at a fixed rate with proof of collateral. The advantage here is that you can save your earnings by using your CD or savings account as collateral to get the loan.
- Loan assistance program: This is a special loan for building credit prowess. Are you a borrower with bad or blank credit history? This loan is your best bet to start rebuilding your creditworthiness.
Product Details
Unsecured personal loan
Get this loan at a fixed rate with a fast application process. You can also benefit from a free annual fee, no collateral, no origination fees, and friendly payment options.
Loan amount: Begins from $2,000
Loan span: up to 7 years
APR: Fixed but undisclosed
Fees: None
Preferred line of credit
Secure an amount with a pegged limit which you can be tapping from whenever you need funds for any purpose. This loan offers variable rates according to the amount you draw from the total cash limit. In addition, it also provides a variety of payment options which also include automatic payments.
Loan amount: up to $25,000 credit limit
APR: offers a competitive rate but the lender doesn’t specify any amount
Loan span: varies based on the amount
Fees: None
Secured personal loan
Note that you can only get this loan tendering collateral. KeyBank allows you to save your cash by using the funds in your savings, or fixed deposit account as collateral.
Loan amount: starts from $5,000
APR: undisclosed but you can expect a favourable rate.
Loan span: maximum of 5 years
Fees: None
Personal credit line
Apply for this loan online or at any local branch. You get a credit line with a revolving option to use for any financial occurrence. You can also access the cash on the same day you apply provided that the bank approves your application before 2 pm.
Loan amount: Minimum of $250 and a maximum of $5,000.
APR: Varies based on the loan amount.
Loan span: Varies
Fees: None
Loan assistance program
KeyBank designs this product specially for you if you are seeking to build your credit score and credit history. Compared to other products, the amount is little and the loan duration is short. It may interest you to know that this loan requires no collateral, and there’s provision for financial education to guide you on how to build or rebuild your credit score in no time.
Loan amount: $500 up to the maximum of $3,500
APR: Fixed but not disclosed
Loan span: maximum of 4 years
Fees: None
Where This Product Stands Out
Competitive rates
Enjoy competitive rates in addition to flexible terms on every lending option when you choose KeyBank as your preferred lender
Multiple payment options
KeyBank doesn’t reveal what these options are but it singles out automatic payment. As a traditional bank, other possible options are likely to be online transfers, checks, or branch payments. This indicates that receiving funds is never what to worry about when dealing with KeyBank.
Variety of lending products
Select from various types of lending options to your advantage. With an unsecured personal loan, personal line of credit, secured personal loan, preferred line of credit, and loan assistance program, definitely, you can choose personal financing that accurately addresses your financial needs.
Zero charges on fees
Unlike other banks, don’t bother yourself with the origination fee or annual fee when you choose KeyBank’s personal financing option. KeyBank states on its website that none of its personal loans requires fees of any kind.
Quick funding
Position yourself to receive same-day funding when you bank with this lender. However, there are criteria you have to meet before you can enjoy this feature. Apply for the loan online within working hours of the business day and ensure you submit your application before 2 pm. Also, you must have a KeyBank checking account where you can receive the fund.
Digital service
With KeyBank, you can make payments, transfer funds, and view balances including your account records online. This service is one in a thousand among traditional banks. Moreover, apply online to aid fast funding and trigger the same-day funding feature that KeyBank offers. Lastly, you can perform an electronic signature on your loan application. Note that you can only do this in KeyBank’s branch nevertheless, it is still part of the experience you can have while using the lender’s digital services.
Credit building
You can start thinking of how to get your credit history right back on track with KeyBank’s credit building program called “Loan Assistance Program.” worry less about the collateral because this loan is unsecured—although the amount is relatively small—it is still your best bet to rebuild your creditworthiness and start competing at the highest level. Additionally, choose KeyBank’s credit building program if you are a newbie in the lending world with a blank history. There are packs of materials and bankers to help you build a good credit history with KeyBank.
Where This Product Falls Short
Unspecified rates
In all of KeyBank’s personal financing options, the lender doesn’t disclose a particular rate for any particular products. Instead, this lender provides you with a loan calculator which calculates your possible rate based on your region. Unless you meet with a KeyBank specialist, you cannot know the exact rate the product of your choice may attract. But, don’t forget that KeyBank’s secured and unsecured personal loans offer fixed rates while the lines of credit offer variable rates.
No six or seven-figured amount
Do you want a lender that offers personal loans amounts in hundreds of thousands or million? Then you are in the wrong place! For your interest, the highest possible amount you can get from KeyBank’s personal financing options is $25,000. Sorry if this breaks your heart. Maybe you can consider mortgages or other lenders.
Limited by states and region
Yes! This is true. KeyBank is one of the biggest banks in the US by assets, but the bank only serves 16 states and remains the only big bank in Cleveland. Your chance to qualify for any of its products is slim if you are not from any of these states.
No rewards or promotions
Unlike Bank of America and Fifth Third Bank, KeyBank doesn’t offer any promotional services or reward schemes on any of its personal lending options.
Short Terms
KeyBank’s personal loan has a duration that lasts up to seven years, but this is a piece of cake when you think of a bank like Fifth Third Bank whose secured line of credit is up to 20 years.
How to Qualify for This Product
Qualifying for KeyBank Personal loans is not as hard as you think. Here is the reason why—KeyBank can accommodate you with any level of credit history you might have. This lender doesn’t disclose product-specific qualifications requirements unless you call or visit the bank branch to inquire in person.
Be a U.S citizen
You must be a U.S. citizen at least 18 years of age.
Live in a serviced state
KeyBank is a regional bank that only serves 16 states. You must be a resident of any of these states to be eligible for KeyBank’s loans.
Proof of income
KeyBank doesn’t require your credit score because it offers a loan assistance program for those with bad credit history. Nonetheless, provide documents that prove that you have monthly income to ascertain if you can pay back the borrowed amount.
Proof of identity
Provide documents that reveal your identity to help the lender to know if you are really what you claim to be.
How to Apply for This Product
You can apply online or in a branch, but a KeyBank representative doesn’t reveal the documents you need to process your application—unless you sit with any of its bankers to discuss what they call lender-specific requirements. Despite these, there are general documents you can attach with these lender-specific requirements to foster your loan application.
- Personal financial statements like bank statements, your annual income, and expenditures
- Personal tax returns on bill payments and property purchases
- SSN card, electricity bills or other bills that display your address, voter card, and driver’s license.
- Proof of insurance like a declaration of assets form, passport, and birth certificate.
- Documents that showcase your purpose for the loan
- Loan application form.
Alternative to This Product
LendingPoint
Choose LendingPoint to enjoy a competitive rate as low as 5.99%. The online lender offers a far better loan amount of $50,000 than KeyBank’s $25,000. LendingPoint has a maximum loan term of 60 months
LendingClub
Although this lender has its headquarters in San Francisco, it operates largely online. When you compare it to KeyBank, it offers a higher amount of $40,000 and the interest rate favorably begins at 6.34. In terms of duration, it has a lesser period of 60 months than KeyBank’s 84 months.
Fifth Third Bank
Fifth Third Bank slightly operates in fewer states than KeyBank. But choose this bank if you want a lender with higher amounts because it gives secured loans up to $500,000. This is breathtaking when you compare the mount with KeyBank’s $25,000. Fifth Third Bank has a flexible rate that starts from 5.14% and a maximum payment term of 20 years.
SoFi
SoFi offers you a personal loan amount of up to $100,000 at a fixed rate that begins from 8.99% and can reach a maximum of 23.43%. Loan terms can reach up to 72 months.
Best Egg
With this loan agency, get a personal loan amount as high as $50,000 at a fixed rate that ranges from 8.99% to 35.99%. The loan term is up to 5 years.
Customer Reviews
KeyBank has an A+ BBB rating on Better Business Bureau’s website. Note that this rating is not based on customer reviews or business performance. Rather, the size of the business, complaints received by the Bureau and complaints settled with the bureau play a major role in deciding the rating. The agency claims on its website that KeyBank has closed 336 complaints with the bank in the last four years. On the other hand, KeyBank has poor customer reviews on BBB with the bank getting 1.11 stars out of possible 5 stars. This star rating is based on 130 customer reviews.
Methodology
We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and
applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps
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