Personal Loans

KeyBank Personal Loan Review 2023

This In-depth analysis review of KeyBank personal loans looks at fees, interest rates, credit score requirements, and more. Compare and choose your loan.
A happy couple look at their computer and see that they have been approved for a personal loan
Written by:
Kenya McCullum
Edited by:
Kristin Marino verified
Editor's Rating

If you’re thinking about applying for a personal loan but you 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 is one of the companies that 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, as well as how it measures up 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 depending on credit history, amount borrowed, and time to pay off
  • No collateral 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 loan amount
  • Online account management is available on the bank’s website and mobile app
  • Fixed interest rate
  • Rewards bonus program for existing customers, where 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 rewards 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 who are in the states where there are 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.

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What Is KeyBank?

It’s always a good idea to find out as much information as you can 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 who have a good credit rating and want to borrow at least $5,000.

Also, since the bank offers unsecured personal loans, customers don’t need to have collateral when they apply.

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, which makes this loan a great choice for people who need money to deal with an emergency situation.

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 get an idea of what different banks are offering.

SoFi Personal Loans

SoFi offers unsecured personal loans of up to $100,000 — one of the higher amounts that banks offer, which 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 puts an immediate halt to 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, which is a peer-to-peer marketplace that connects qualified borrowers to lenders, 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 in some cases may be completed online 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 need to provide their information as well.

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 one is the best option for you. The following are some key features you should consider about KeyBank.

User Experience

If you are requesting a loan amount of up to $50,000, then putting in an application is as simple as the click of 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

The interest rate you’re charged by KeyBank is fixed, but it can depend on how much you borrow and your repayment terms, as well as what state you reside in.

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 $35 maximum amount. In addition, a $27.50 fee is applied every time there is a returned check.


KeyBank does include some information on its website, such as descriptions of the minimum loan amount, online banking features, and flexible payment options.

If you want to know things such as the minimum credit score for approval or specific interest rates, you won’t be able to find that on KeyBank’s website.


KeyBank does provide the flexibility to repay your loan in the timeframe that works best for you, so you have a more realistic schedule than you otherwise may be offered from other lenders.

However, KeyBank is not flexible about where its customers are located. If you’re not in the 15 states where the bank operates, you’re out of luck.

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, there is a customer service online chat available on KeyBank’s website every day of the week.

Key Bank Unsecured Loans Pros

Key Bank Unsecured Loans Cons

Frequently Asked Questions (FAQs)

What can I use a KeyBank loan for?

You can use a KeyBank personal loan for a variety of purposes, such as debt consolidation, funding weddings or vacations, or dealing with things like medical bills or car repairs.

Can I get a KeyBank loan fast?

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.

Does KeyBank offer any other types of personal loans?

The bank offers a secured personal loan, which is a minimum of $5,000 that must be repaid within 60 months. Also, there is the preferred line of credit that can be used as overdraft protection for those with a KeyBank checking account, which can cover unexpected expenses that arise.

What states can you get a KeyBank personal loan in?

Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington

Bottom Line

If you have good credit but no collateral, KeyBank’s unsecured loan is definitely worth looking at.

If you’re dealing with an emergency situation, this loan can be particularly helpful because you’ll receive your funds fast.

Unfortunately, with the limited reach of the bank’s operations — only 15 states — not everyone who qualifies will be able to reap the benefits of this loan.