KeyBank Loans Review

(June 2024)


In This Article

Our Verdict


Consider KeyBank Loans and discover a solid option for those in search of a traditional banking experience with a diverse range of loan products. Notably, KeyBank’s strength lies in its substantial physical presence and unwavering commitment to personalized service, offering you a hands-on approach to your banking needs. If you value in-person interactions and a comprehensive suite of loan options, KeyBank emerges as a viable choice for individuals seeking a well-rounded banking experience.

However, it’s pivotal for you, as a prospective borrower, to delve into a thorough examination, weighing the advantages and potential drawbacks. Your decision to choose KeyBank Loans should align seamlessly with your unique preferences and financial requirements, so consider these factors carefully before making a commitment.

Reach to KeyBank today on:

1-800-KEY2YOU® (539-2968)
Clients using a TDD/TTY device: 1-800-539-8336
Clients using a relay service: 1-866-821-9126


  • It offers a range of loan products, including mortgages, personal loans, and home equity lines of credit (HELOCs).
  • It allows face-to-face interactions, personalized assistance and guidance for customers who prefer in-person banking experiences.
  • It provides competitive interest rates.
  • It value community-focused approach.


  • It exhibits an online platform that lacks the robustness and user-friendliness commonly found in platforms of online-only lenders, potentially impacting the digital experience for borrowers.
  • It comes with associated fees, such as origination fees or prepayment penalties.
  • It has mixed /varied customer reviews.

Who KeyBank Loans Review Is Best For

Go for KeyBank’s Loan if you:

  • Want a lender that covers a broad spectrum of financial needs.
  • Value In-Person Assistance/ Hands-on service:
  • Reside in one of the 15 states where KeyBank operates.
  • Seek Competitive and favourable Interest Rates:
  • Value community engagement.

Who KeyBank Loans Review Isn’t Right For

Choose other options for personal loans if you:

  • Focus primarily on securing the lowest possible interest rates, particularly if you have an exceptional credit score.
  • Reside outside the 15 states where KeyBank operate and has limited accessibility.
  • Value an exclusively online banking experience.
  • Have mixed credit histories.

What KeyBank Loans Review Offers


KeyBank Loans provide a variety of offerings to address diverse financial needs:

Tailored Loan Options

Choose from a range of loan products, including mortgages, personal loans, and home equity lines of credit (HELOCs), designed to suit your specific financial goals.

Competitive Interest Rates

Access competitive rates to ensure your loan provides optimal value, supporting your financial endeavours.

Personalized Service

Benefit from a commitment to personalized service through the branch network, offering face-to-face assistance and guidance.

Comprehensive Support

Receive thorough support throughout the loan application process, ensuring clarity and assistance in navigating complexities.

Flexibility in Repayment

Enjoy flexibility in repayment terms, allowing you to select options that align with your budget and lifestyle, accommodating life’s twists and turns.

KeyBank Loans Review Details

KeyBank personal loan products

With KeyBank, you have two different personal loan options, an unsecured personal loan and a secured personal loan, as well as two unsecured personal line of credit options.

  • A KeyBank unsecured personal loan can give you access to over $2,000, up to $25,000 (or more than $50,000 if you apply in person), at a fixed interest rate. It offers a flexible repayment term of up to 84 months.
  • KeyBank’s secured personal loan lets you borrow amounts over $5,000, but you’ll need to provide collateral in the form of a KeyBank certificate of deposit (CD) or savings account. Once funded, you have up to 60 months to pay back the loan.
  • This unsecured line of credit allows you to dip in and out of a set funding limit (from $2,000 to $25,000) as you need it. Funds can be accessed with checks or via your online account. The interest rate is variable.
  • The KeyBasic credit line is an unsecured line of credit meant to be used as overdraft protection (although it cannot be used for a KeyBank Hassle-Free Account). Credit limits are $250 to $5,000 at a variable interest rate.

KeyBank personal loan rates

  • For the unsecured personal loan, KeyBank allows you to enter your ZIP code to find out what rates you can access in your area. As a sample, the annual percentage rates (APRs) for Cleveland (where KeyBank is based) as well as cities in Alaska, Connecticut and Indiana. APRs ranged from 11.85% to 23.40% as of publishing, depending on the amount borrowed and term length.
  • For its secured personal loan, you’ll need to visit a local KeyBank branch and discuss your options with a loan officer.
  • KeyBank’s lines of credit each have their own rate ranges, again based on your location. As a sample, at the time of publishing, APRs in New York City ranged from 14.25% to 18.75% for the Preferred credit line, and from 17.25% to 24.25% for the KeyBasic credit line.

KeyBank personal loan fees

KeyBank’s fees are different depending on the type of lending product. Here is what you can expect from each loan:

  • Unsecured personal loan: No origination fee and no prepayment penalty.
  • Secured loan: Varying fees, but you must schedule an appointment to find out what you’ll be charged.
  • Lines of credit: No annual fee and up to $35 for late payment fees.

Where KeyBank Loans Review Stand Out


Diverse Loan Options

KeyBank stands out for its diverse range of loan products, catering to various financial needs. Whether you’re in the market for a mortgage, personal loan, or home equity line of credit (HELOC), KeyBank offers a comprehensive selection to meet individual requirements.

Personalized Service: The presence of physical branches sets KeyBank apart, allowing for face-to-face interactions with knowledgeable staff. This commitment to personalized service ensures that customers receive tailored guidance and support throughout their loan experience.

Competitive Interest Rates

KeyBank is notable for offering competitive interest rates, enhancing the overall value of their loans. This can be particularly advantageous for borrowers seeking cost-effective financing solutions.

Flexibility in Repayment

KeyBank Loans provide flexibility in repayment terms, recognizing that financial circumstances can vary. This feature allows borrowers to choose repayment options that align with their budgets and provide greater adaptability.

Community-Focused Banking

For those who value community engagement, KeyBank’s local presence and community-focused approach stand out. This emphasis on local relationships can be appealing to individuals who prioritize a sense of community in their banking experience.

Where KeyBank Loans Review Fall Short

Digital Interface Limitations

KeyBank’s digital platform, while available, may not be as robust or user-friendly as those offered by online-only lenders. Customers seeking a seamless and fully digital banking experience may find the platform limitations a drawback.

Potentially Higher Rates

While KeyBank offers competitive interest rates, it might not consistently provide the absolute lowest rates, especially when compared to some online-only lenders. Borrowers with top-tier credit scores may find other lenders offering more favourable terms.

Limited Online-Only Presence

Individuals who prefer entirely online banking experiences might find KeyBank’s emphasis on physical branches less appealing. For those seeking a primarily digital relationship with their lender, exploring online-only alternatives could be more suitable.

Mixed Customer Reviews

Customer reviews of KeyBank Loans are mixed, reflecting both positive and negative experiences. Some customers highlight challenges with communication and the overall loan process, emphasizing the importance of considering a variety of customer experiences before committing.

Potential Fees

While common in the industry, KeyBank Loans may come with certain fees, such as origination fees or prepayment penalties. Borrowers should carefully review the terms to understand and factor in any potential additional costs.

How to Qualify and Apply for KeyBank Loans


KeyBank lacks a prequalification option, meaning that prospective borrowers cannot assess their rates without completing an application, which necessitates a hard credit inquiry.

To apply for a loan, you must meet certain criteria: you must be 18 years or older, reside in one of the 15 states where KeyBank operates, and be willing to furnish personal and business details, including tax returns, pay stubs, or bank statements.

If your application is approved, the loan funds may be disbursed on the same day you apply, but there’s a crucial condition—you must be an existing KeyBank customer, and to expedite the process, the funds need to be deposited into a KeyBank account.

This requirement ensures a quick turnaround for those already associated with KeyBank, facilitating a potentially swift access to approved loan funds.

Alternatives to KeyBank Loans Review

Not sure if KeyBank is right for you? Consider this alternative.


SoFi stands out as a versatile lending platform, offering a diverse range of financial products encompassing personal loans, student loans, and mortgages. Recognized for its commitment to competitive interest rates and transparency with no hidden fees, SoFi provides a user-friendly online platform that facilitates a seamless and straightforward application process. Whether you’re seeking funding for personal endeavours, education, or homeownership, SoFi aims to provide a comprehensive and user-centric financial experience.


LendingClub serves as a peer-to-peer lending platform that facilitates connections between borrowers and investors. Specializing in personal loans, LendingClub provides borrowers with fixed interest rates and predictable monthly payments. The platform is distinguished by its transparent fee structure, and borrowers have the advantage of checking rates without any impact on their credit scores, contributing to a clear and user-friendly lending experience.

Rocket Mortgage by Quicken Loans

Rocket Mortgage by Quicken Loans stands out as a leading online mortgage lender, renowned for its streamlined application process. This digital platform offers a range of mortgage options, encompassing refinancing and home purchase loans, providing borrowers with diverse choices to suit their needs. What sets Rocket Mortgage apart is its commitment to a fully digital experience, catering to individuals who prefer seamless online interactions throughout the mortgage application and approval process.

Chase Bank

Chase Bank, as a nationwide financial institution, boasts an extensive array of loan products, spanning mortgages and personal loans. Setting itself apart, Chase ensures in-person services through its widespread branch network, providing customers with direct access to assistance. Additionally, Chase offers a suite of online tools, facilitating convenient account management for those who prefer digital interactions, thereby catering to a diverse range of customer preferences and needs.

Marcus by Goldman Sachs

Marcus by Goldman Sachs distinguishes itself by offering unsecured personal loans featuring competitive interest rates. Notably, borrowers benefit from a fee structure that includes no charges for late payments or origination, contributing to a transparent lending experience. As a subsidiary of Goldman Sachs, Marcus provides borrowers with the assurance of reputable financial backing, further enhancing the credibility and reliability of its personal loan offerings.

Customer Reviews

KeyBank receives mixed reviews across various platforms. ConsumerAffairs® notes a 2.7 out of 5 rating based on 639 reviews, citing positives such as a vast ATM network and lenient overdraft protection, but customers express concerns about low interest rates on deposit accounts and limited service areas.

Trustpilot mentions an “outrageous security fail” but highlights positive in-person interactions and regional presence in upstate New York. NerdWallet gives KeyBank a 4.0 rating, emphasizing its no-frills checking accounts and convenience with over 1,000 branches in 15 states. WalletHub provides an overview based on 990 reviews, offering a broad perspective on KeyBank’s diverse financial products and services. While the bank has a recognized presence, individual satisfaction varies among customers.

Pro Tips

  • Compare Rates: Before committing to a loan, thoroughly compare interest rates from multiple lenders, including KeyBank. This ensures you secure the most favorable terms for your financial situation.
  • Understand Fees: Familiarize yourself with any potential fees associated with the loan, such as origination fees or prepayment penalties. This knowledge helps you factor in the complete cost of borrowing.
  • Check Eligibility Criteria: Review the eligibility criteria for the loan you’re interested in. Ensure you meet the requirements, including credit score, income, and other factors, to increase the likelihood of approval.
  • Explore Alternatives: While KeyBank offers diverse loan options, explore alternatives to ensure you find the loan that best suits your needs. Consider online lenders, credit unions, and other traditional banks for comparison.
  • Consider Your Financial Goals: Evaluate your long-term financial goals before choosing a loan. Ensure the loan aligns with your objectives, whether it’s homeownership, debt consolidation, or funding a personal project.
  • Build a Strong Credit Profile: A strong credit score can lead to better loan terms. Take steps to improve your credit profile by paying bills on time, reducing outstanding debt, and checking your credit report for accuracy.
  • Engage with Customer Reviews: Read customer reviews of KeyBank Loans and other lenders to gain insights into the customer experience. Look for patterns in feedback to make informed decisions.
  • Visit a Branch: If KeyBank has physical branches in your area, consider visiting one for personalized assistance. In-person interactions can be valuable, especially when navigating complex financial decisions.
  • Be Prepared for Documentation: Loan applications often require various documents, such as tax returns, pay stubs, and bank statements. Have these documents ready to streamline the application process.
  • Utilize Online Tools: Take advantage of online tools provided by lenders for loan calculators, rate estimators, and other resources. These tools can help you understand the financial implications of different loan options.


In summary, KeyBank Loans provide a dependable option for individuals seeking a traditional banking experience and a variety of loan products. The institution stands out for its robust physical presence and unwavering commitment to personalized service, fostering a hands-on approach that caters to the needs of customers. Despite these strengths, prospective applicants must engage in a comprehensive assessment, weighing both the advantages and drawbacks, to ensure a seamless fit with their unique preferences and financial demands.

The convenience of in-person service, combined with a diverse range of loan options, positions KeyBank as a viable choice for borrowers aiming to secure a well-rounded banking experience.

Whether one is navigating home financing, personal loans, or other financial needs, the institution’s commitment to tailored assistance and the availability of physical branches contribute to its appeal. By carefully evaluating the pros and cons, potential borrowers can determine if KeyBank aligns with their financial goals and preferences.

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