KeyBank Personal Loans Review

(July 2024)

KeyBank Personal Loans Review

In This Article

Our Verdict

If you are looking for a reliable choice for personal loans, KeyBank is a great option. Headquartered in Cleveland, Ohio, KeyBank provides services to various states. KeyBank has been in operation since 1825 and offers adaptable borrowing choices and reasonable interest rates.

KeyBank operates in 15 states, including Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.

In addition to personal loans, KeyBank provides services such as checking and savings accounts, credit cards, mortgages, and investments. The bank offers various types of personal loans, including secured and unsecured loans, home equity loans, and personal lines of credit.

To inquire about personal loans from KeyBank, you can call its exclusive personal loan hotline at 1-800-539-2968. For any concerns or inquiries related to banking services, you can contact KeyBank’s customer service hotline at 1-800-KEY2YOU (1-800-539-2968) or visit its website at www.key.com.

Pros

  • Avoid origination or prepayment fees.
  • Explore joint loan options.
  • Take advantage of a 0.25% interest rate discount with autopay.
  • Receive your funds on the same day of applying for the loan.
  • Access valuable financial education resources.

Cons

  • Consider that co-signers are not an option.
  • You need a high credit score of 780 or higher.
  • Verify the availability of loans in your state.
  • You must prepare proof of your income.
  • Note that certain loans may require a higher credit score.

Who This Product Is Best For

Think of KeyBank personal loans if you:

  • Need flexible loan options
  • Reside in one of the 15 states where KeyBank operates
  • Need quick access to funds
  • Have an excellent credit score
  • Prefer no origination or prepayment fees
  • Need to borrow a large sum of money (up to $50,000)
  • Have a banking relationship with KeyBank, you can be eligible for additional benefits or discounts on your personal loan.

Who This Product Isn't Right For

KeyBank personal loans may not be the best option if you:

  • Require a co-signer for your loan
  • Have limited income or unstable employment history
  • Live outside of KeyBank’s state service area
  • Have a short or non-existent credit history
  • Need immediate funding
  • Want a fully online application process

What This Product Offers

KeyBank Personal Loans: Consider applying for an unsecured personal loan to borrow funds without any collateral required.

KeyBank Secured Personal Loans: Choose a secured personal loan if you have collateral, such as a savings account or certificate of deposit.

Personal Line of Credit: Opt for a personal line of credit to have access to a revolving credit line for unexpected or ongoing expenses.

KeyBasic Credit Line: Protect your checking account with an overdraft protection line of credit, linked to your account to cover any overdrafts.

Product Details

KeyBank Personal Loan: Borrow up to $50,000 without any collateral, with a fixed interest rate and repayment term up to 84 months.

KeyBank Secured Personal Loan: Secure a loan from $5,000 to $25,000 with collateral such as a savings account or certificate of deposit, with a fixed interest rate and repayment term up to 60 months.

Personal Line of Credit: Get a revolving credit line from $2,000 to $50,000 to use for ongoing expenses with a variable interest rate and no fixed repayment term.

KeyBasic Credit Line: Avoid overdraft fees with a revolving credit line from $100 to $5,000 linked to your KeyBank checking account, with a variable interest rate and no fixed repayment term.

Where This Product Stands Out

where this product stands out

Various personal loan products: Research and compare different loan products to determine which one is best for your needs. Consider factors such as interest rates, repayment terms, and requirements for eligibility.

Flexible loan amounts and repayment terms: Take advantage of the flexible loan amounts and repayment terms available with KeyBank’s personal loan products. This can help you find a loan that fits within your budget and financial goals. Remember to consider the total cost of the loan, including interest and fees, when deciding how much to borrow and for how long.

Fixed interest rate for unsecured and secured loans: Consider choosing a fixed interest rate for your unsecured or secured personal loan. This provides predictability and stability for your monthly payments. Make sure to review the interest rate and any fees associated with the loan before signing the agreement.

No fixed repayment term for lines of credit: If you choose a personal line of credit or overdraft protection, keep in mind that there is no fixed repayment term. This means you can borrow and repay money at your own pace. However, remember to make at least the minimum monthly payment to avoid any negative consequences, such as late fees or damage to your credit score.

Personalized customer service: Experience personalized customer service with KeyBank’s personal loans. Benefit from its dedicated team’s guidance throughout the loan application process. Rely on KeyBank’s expertise to choose the right loan option for your needs. Receive ongoing support and stay informed about the progress. Enjoy a seamless and positive experience with KeyBank’s exceptional customer service.

Accessible branch network: Take advantage of KeyBank’s extensive branch network for convenient access to in-person assistance and services. Visit a local branch for personalized support, guidance, and expert advice. Enjoy the convenience of conducting banking transactions face-to-face with knowledgeable staff. Seamlessly deposit, withdraw, make payments, transfer money, and inquire about your accounts. Experience the benefits of localized focus, tailored financial solutions, and a deeper connection to your region’s needs. Bank with KeyBank for convenience, accessibility, and personalized service.

Where This Product Falls Short

Limited availability: Before applying for a KeyBank personal loan, check if your state is eligible. If KeyBank personal loans aren’t available in your state, you’ll need to find another lender that operates in your area.

Strict credit requirements: KeyBank has a minimum credit score requirement of 780 for all personal loan products. If your credit score is below 780, you may want to look for other loan options or work on improving your credit before applying.

Income and employment requirements: To be eligible for a KeyBank personal loan, you must meet certain income and employment requirements. If you have inconsistent income or employment history, it may be difficult to qualify for a loan. Make sure you can meet these requirements before applying for a loan.

Limited online presence: When considering KeyBank’s personal loans, be aware of the limitations in their online presence. Recognize the limited online features offered by KeyBank compared to other institutions. Understand that the online interface may not be as user-friendly or intuitive. Prepare for potential longer response times or limited availability of online customer support. Take into account the possibility of technological limitations or occasional system outages.

If online banking convenience is crucial to you, explore alternatives that offer more robust and user-friendly online banking experiences. Evaluate your preferences and needs to make an informed decision.

Limited loan options: Consider alternative lenders to maximize loan suitability and expand your loan possibilities. KeyBank’s limited loan options may not meet your specific requirements or offer specialized loan products. By comparing loan options from various lenders, you can ensure loan flexibility and find the loan that aligns best with your unique financial situation. Don’t limit yourself to KeyBank; explore other lenders that offer a wider range of options to increase your chances of finding the perfect loan for your needs.

How to Qualify for This Product

To qualify for a KeyBank personal loan, follow these steps:

Check if your state is eligible: Visit KeyBank’s website or contact customer service to confirm if personal loans are available in your state.

Check the eligibility criteria: Review the requirements set by KeyBank to ensure you meet their qualifications for a personal loan.

Meet credit score requirements: Ensure that your credit score is at least 780 or higher before applying for a personal loan.

Improve your credit if needed: If your credit score is lower than desired, take steps to improve it by paying off debts, making timely payments, and reducing credit utilization.

Meet income and employment requirements: Verify that you meet KeyBank’s income and employment requirements before applying. This may include having a steady job and a sufficient income.

Gather required documentation: KeyBank may require documents such as pay stubs, tax returns, or bank statements to verify your income and employment. Gather these documents in advance to speed up the loan application process.

Submit necessary documentation: Attach the required documents, such as pay stubs, bank statements, and identification, to support your loan application.

Apply for the loan: Once you are certain that you meet all the eligibility criteria, you can apply for a personal loan through KeyBank’s website or by visiting a branch location.

How to Apply for This Product

Contact a KeyBank banker to get assistance with the application process and the documentation required, as the specific application requirements vary based on your situation. Typically, a personal loan application requires specific documents and other lender-specific requirements that you need to be aware of. To apply for a KeyBank personal loan:

Gather necessary documents: Before you begin the application process, make sure you have all the required documents, including your ID, proof of income, and employment history.

Visit the KeyBank website: Go to the KeyBank website and navigate to the personal loan section.

Choose a loan product: Select the personal loan product that best fits your financial needs and goals.

Complete the application: Fill out the application form with accurate and up-to-date information. Be sure to double-check for errors before submitting the application.

Submit supporting documents: After submitting your application, KeyBank may request additional documentation to verify your identity, income, and employment history.

Review terms: Carefully read and understand the loan terms, including interest rates and repayment terms.

Wait for a decision: KeyBank will review your application and notify you of their decision within a few business days.

Alternatives to This Product

SoFi:

If you’re looking for an alternative to KeyBank personal loans, SoFi is one option to consider. SoFi offers unsecured personal loans with competitive interest rates and flexible repayment terms. Here are some key details:

Loan amounts: SoFi offers personal loans ranging from $5,000 to $100,000, which can be used for a variety of purposes, such as debt consolidation, home improvement, or unexpected expenses.

Repayment terms: You can choose a repayment term that works best for your financial situation, ranging from 24 to 84 months.

Interest rates: SoFi’s interest rates are competitive and depend on factors such as your creditworthiness, income, and loan term. With AutoPay, rates range from 5.99% to 18.28% APR.

Eligibility: To be eligible for a SoFi personal loan, you must have a minimum credit score of 680 and meet certain income and employment requirements.

Availability: SoFi personal loans are available in all states except Mississippi.

To apply for a SoFi personal loan, you can complete the application online and receive a decision within minutes. If approved, you can receive your funds within a few business days. Keep in mind that SoFi does not charge any origination fees, prepayment penalties, or late fees, which can help you save money over the life of the loan.

LightStream:

If you’re looking for a loan that provides flexibility in terms of loan amount and repayment terms, LightStream might be a good option to consider. With loan amounts ranging from $5,000 to $100,000 and repayment terms of 24 to 144 months, you can customize your loan to fit your financial needs and goals.

Additionally, LightStream offers competitive interest rates that can help you save money on interest charges over the life of the loan. With APRs ranging from 2.49% to 19.99% with AutoPay, you can enjoy a low interest rate if you meet certain requirements.

One thing to keep in mind is that LightStream requires good credit to qualify for their personal loans. If your credit score is below 660, you may not be eligible for a loan. However, if you have a good credit score and are looking for a reliable lender that operates in all 50 states, LightStream may be worth considering.

U.S. Bank Personal Loans:

Access personal loans with competitive interest rates and flexible repayment terms. Get loan amounts starting from $1,000, depending on your needs. Enjoy the convenience of online application and quick funding. Benefit from relationship discounts if you have an existing U.S. Bank account.

Wells Fargo Personal Loans:

 Explore a variety of loan options to suit your needs, including secured and unsecured loans. Benefit from fixed interest rates and predictable monthly payments. Access loan amounts starting from $3,000. Enjoy flexible repayment terms and options.

Customer Reviews

KeyBank has mixed customer reviews, with a 1.8 out of 5 rating on its Trustpilot page. While some customers praise the bank’s ease of use and helpful customer service, others complain about hidden fees, unresponsive customer support, and difficulty resolving issues. Despite the low rating, KeyBank’s overall reputation is not necessarily a cause for concern, as many banks receive similar ratings. For example, Bank of America, a much larger bank than KeyBank, has a slightly lower rating of 1.4 out of 5 on Trustpilot. Thus, while KeyBank’s customer service could certainly improve, its reputation does not suggest any major red flags in terms of financial stability or security.

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 score 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.

Become a

S'witty Kiwi Credit Insider!

Get the latest credit tips and hacks in your inbox!