KeyBank personal loan review: Secured and unsecured personal loan options

A couple seated on the floor in front of a coffee table use a laptop to submit a joint loan application.Image: A couple seated on the floor in front of a coffee table use a laptop to submit a joint loan application.

In a Nutshell

KeyBank offers personal loans with repayment terms of up to 84 months. Same-day loan funds are possible, but KeyBank only operates in 15 states. And If you need a high loan amount you may have to apply in person at a branch.
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Pros

  • Potentially quick loan disbursement
  • Offers secured loan options
  • Accepts co-applicants
  • No origination or prepayment fees

Cons

  • In-person branch visits required for higher loan amounts
  • No prequalification to check rates
  • Not available in most states

What you need to know about a KeyBank personal loan

KeyBank provides banking services and loans to residents in 15 states through a network of about 1,000 branches. It offers secured and unsecured loans, as well as revolving personal lines of credit.

Potentially quick loan disbursement

While some lenders can take several days, KeyBank issues personal loans with funds potentially available the same day you apply if you’re a KeyBank customer. (The exact timing will depend on your bank.)

Allows co-applicants and offers secured loans

If your credit isn’t perfect, you may improve your chances of approval for a loan with a secured loan or by adding a co-signer to your application.

Loan terms as long as 84 months

Some personal loan lenders offer maximum loan terms of 60 months or less. With KeyBank, you may have up to 84 months to repay your loan. Keep in mind that with a longer loan term, you could pay more overall in interest, even though you should get a more affordable monthly payment.

In-branch visits required for higher loan amounts

If you plan on applying for $50,000 or more, you’ll need to visit a branch in person. That’s a drawback considering that some other lenders allow you to apply for $50,000 up to $100,000 online.

Not available in many states

KeyBank only operates in 15 states. Check KeyBank’s website to see if your state is one of them.

A closer look at a KeyBank personal loan  

If you’re considering a personal loan from KeyBank, here are some other details you should know.

  • Loan amounts — KeyBank offers personal loans with amounts starting at $5,000. KeyBank issues loans for over $50,000, but you must visit a branch to apply for these higher amounts.
  • Interest rates — KeyBank advertises a competitive starting rate. To qualify for the lowest-advertised rate, your loan term must be between 12 and 60 months, you must borrow at least $25,000, have a minimum FICO score of 780 and enroll in automatic payments from a KeyBank checking or savings account.
  • Credit line options — KeyBank’s revolving credit lines have variable interest rates that may fluctuate over time, but they give you continuous access to a line of credit.
  • Collateral — KeyBank’s secured loans can be secured with a KeyBank CD, savings or investment account.
  • Fees — KeyBank doesn’t charge origination fees or prepayment penalties for unsecured personal loans.
  • Loan uses — A KeyBank personal loan can be used for debt consolidation, medical bills, car repairs or other major expenses.

Who is a KeyBank loan good for?

Although the lender doesn’t disclose its minimum income or credit score requirements, its borrowers tend to have good to excellent credit, meaning FICO scores at 740 or higher.

According to KeyBank’s annual report, the majority of borrowers who qualified for consumer term loans had scores of 750 or higher. With that in mind, a KeyBank personal loan may be a good option for you if you have strong credit and live in one of the 15 states where the lender operates.

KeyBank’s rates are competitive. And for loans greater than $25,000, APRs could be lower — so this lender might be worth considering if you need a larger loan.

Also worth noting: KeyBank doesn’t charge origination fees or prepayment penalties, so paying off your loan early would only benefit you.

How to apply with KeyBank

KeyBank doesn’t have a prequalification option, so you can’t check your rates without filling out an application and undergoing a hard credit inquiry.

To apply for a loan, you must …

  • Be 18 years of age or older
  • Live in one of the 15 states where KeyBank operates
  • Agree to provide personal and business information including tax returns, pay stubs or bank statements

If approved, your loan funds may be issued as soon as the same day you apply. But you must be an existing KeyBank customer and have the funds deposited into a KeyBank account to receive the money that quickly.

Not sure if KeyBank is right for you? Consider these alternatives.

  • Marcus: Marcus might be a good option if you want to consolidate debt and need a lender that can disburse money directly to your creditors.
  • PNC Bank: PNC may be a good fit if you want to apply with a co-applicant.

About the author: Kat Tretina is a personal finance writer with a master’s degree in communication studies from West Chester University of Pennsylvania. Obsessed with her many side hustles, she focuses on helping people pay down their … Read more.