KeyBank Personal Loan Review 2025
If you’re considering applying for a personal loan but don’t have anything to put up for collateral, a personal loan might be your best bet.
Some lenders offer unsecured loans to consumers, which are loans you can be approved for even if you don’t have things like a home or car to put up for collateral.
KeyBank offers this type of loan, and the bank’s customers can enjoy competitive interest rates, rewards, and flexible repayment schedules.
Continue reading to learn more about KeyBank’s unsecured personal loan and how it compares to other options.
Key Bank Personal Loans At-a-Glance
KeyBank Top Features
To decide if the KeyBank unsecured loan is the right choice for you, consider what the bank is offering:
- Competitive interest rates depend on credit history, the amount borrowed, and time to pay off
- No collateral is required to be approved for a loan
- No origination fee
- No prepayment penalties
- Funds are made available quickly
- Payment terms are flexible and may be up to 84 months, depending on the loan amount
- Online account management is available on the bank’s website and mobile app
- Fixed interest rate
- A rewards bonus program is available for existing customers, through which they can earn points that can be redeemed for travel, gift cards, and merchandise purchases.
- When being approved for a loan, members get 15,000 reward points
- Consumers can easily apply for a loan online or in person at a branch
Despite these benefits, there are some drawbacks. For example, KeyBank only considers borrowers in the states with physical branches, so many potential applicants are ineligible to receive a personal loan.
Also, depending on the amount you want to borrow, you may be required to complete your application in person at a branch rather than online.
What Is KeyBank?
It’s always a good idea to find as much information as possible about the bank you want to do business with. The following are some facts about KeyBank you should know.
- KeyBank was founded in Albany, New York, almost 200 years ago and is currently headquartered in Cleveland, Ohio
- KeyBank is the 23rd largest bank in the nation
- The company has locations in 15 states
- There are 1,000 branches and over 40,000 ATMs
- Since 1933, KeyBank has been accredited by the Better Business Bureau and has a rating of A+.
- Loans are available to qualified applicants who are at least 18 years old and live in the states where the company operates
- People who are approved for unsecured loans from KeyBank generally have good credit, with a credit score of at least 750
Who Is KeyBank For?
KeyBank is for consumers with a good credit rating and wanting to borrow at least $5,000.
Also, since the bank offers unsecured personal loans, customers don’t need collateral when applying.
KeyBank’s repayment terms are flexible, and consumers have up to seven years to repay.
This gives people the freedom to use their loans for a myriad of purposes, such as debt consolidation, a wedding, or a large purchase. The bank provides funds quickly, making this loan a great choice for people who need money to deal with an emergency.
Compare KeyBank to Other Lenders
You may already be thinking that KeyBank’s unsecured personal loan is the right choice for you, but it’s a good idea to see what other banks provide before making a decision.
Let’s look at a few other personal loans to understand what different banks offer.
SoFi Personal Loans
SoFi offers unsecured personal loans of up to $100,000, which is one of the higher amounts that banks offer. This is a good deal for people who need to consolidate debt.
In fact, the company makes debt consolidation easy by sending funds to creditors directly, giving borrowers peace of mind as it immediately halts collections calls.
In addition, if you become unemployed after taking out a loan, the company offers the option to temporarily suspend payments. Like KeyBank, SoFi does not charge an origination fee.
Prosper
Prosper is a peer-to-peer marketplace that connects qualified borrowers to lenders. It offers unsecured personal loans of $2,000 to $40,000.
Like KeyBank, Prosper’s application and disbursement process is completed quickly, allowing customers to get their funds within days.
Prosper, however, charges an origination fee, which KeyBank customers don’t have to worry about.
In addition, although Prosper does allow borrowers to choose repayment terms of three to five years, it’s not as flexible as KeyBank’s seven-year repayment option.
How Does KeyBank Work?
Unlike many lenders who offer unsecured personal loans, KeyBank does not have a prequalification option, so it’s important to keep in mind that when you put in an application, there will be a hard inquiry placed on your credit report, which can lower your score.
However, if your credit score is high enough that a slight increase won’t put you behind the eight ball, the application process for KeyBank is quite simple.
You fill out the application, which may be completed online in some cases depending on the amount of money you wish to borrow, submit it along with your supporting loan documents, complete the verification process, and the loan underwriting team will review your information.
Generally, a decision is made within 48 hours.
After signing the loan agreement, KeyBank will deposit the funds directly into your bank account within one or two business days.
However, in some cases, it may not even take that long, and you may be able to receive your funds on the very same day you submitted the application.
How to Get Started
When applying for an unsecured personal loan from KeyBank online, expect to provide the following information:
- Name
- Mailing address
- Phone number
- E-mail address
- Social Security number
- Employment information
In addition, be prepared to provide a copy of your driver’s license or a different type of government-issued identification.
If you have a cosigner, you must also provide their information.
From there, KeyBank reviews all of the documents you provided and runs a credit check. The review process can take up to about 48 hours. However, sometimes it is completed on the same day.
After being approved, your funds are also provided quickly through a direct deposit into your bank account.
Rating the Features
Every bank loan has different features, so you should know the particulars before deciding which option is best for you. The following are some key features you should consider about KeyBank.
User Experience
If you request a loan amount of up to $50,000, applying is as simple as clicking a mouse.
All you’ll need to do is provide your supporting documents along with your application, and you’re good to go. However, if you want to borrow more than $50,000, you’ll need to go to a branch and apply in person.
If you have problems submitting an online application, you can easily get your questions answered by calling the bank or using the online chat feature.
Fees and Rates
KeyBank’s interest rate is fixed, but it can depend on how much you borrow, your repayment terms, and your state of residence.
The bank’s website does not specify this information and instead advises consumers to review their contracts if they have questions.
KeyBank does not charge an origination fee for its unsecured personal loan but does charge a 10% late payment fee, with a maximum amount of $35. In addition, a $27.50 fee is applied every time a check is returned.
Transparency
KeyBank’s website includes some information, such as descriptions of the minimum loan amount, online banking features, and flexible payment options.
You won’t be able to find information on KeyBank’s website about things such as the minimum credit score for approval or specific interest rates.
Flexibility
KeyBank provides the flexibility to repay your loan at the best time for you, so you have a more realistic schedule than you may otherwise be offered from other lenders.
However, KeyBank is not flexible about where its customers are located. You’re out of luck if you’re not in the 15 states where the bank operates.
Customer Support
If you need customer support, KeyBank has multiple options that make it easy to get help.
If you prefer to speak to someone on the phone, there is a customer service line you can call 24/7.
If you feel comfortable receiving online customer support, KeyBank has a mobile app where you can make transactions at any time. In addition, a customer service online chat is available on KeyBank’s website every day of the week.
Key Bank Unsecured Loans Pros
Key Bank Unsecured Loans Cons
Bottom Line
If you have good credit but no collateral, KeyBank’s unsecured loan is definitely worth looking at.
If you’re facing an emergency situation, this loan can be particularly helpful because you’ll receive your funds quickly.
Unfortunately, the bank’s operations are limited to 15 states, so not everyone who qualifies will be able to reap the benefits of this loan.
Frequently Asked Questions (FAQs)
A KeyBank personal loan can be used for various purposes, such as debt consolidation, funding weddings or vacations, or paying medical bills or car repairs.
Yes. If you qualify, you can receive your money within days of putting in an application, and in some cases, you may even receive the disbursement on the same day.
The bank offers a secured personal loan of at least $5,000 that must be repaid within 60 months. Also, the preferred line of credit can be used as overdraft protection for those with a KeyBank checking account, which can cover unexpected expenses.
Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington
