MoneyGeek’s Take

Keybank Personal Loan Review

KeyBank is ideal for existing customers with good credit scores who are looking for a personal loan with competitive rates and flexible terms. Its personal loans are subject to credit approval. To qualify for the lowest available APR, you must have a credit score of 780 or higher.

Last Updated: 6/23/2022
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Both secured and unsecured loans are available at KeyBank. You can use the funds to consolidate your debt and fund large expenses such as weddings, investment opportunities, travel or unexpected medical expenses. It offers a fixed interest rate and monthly payments with flexible terms of up to 84 months.

At a Glance: Keybank Personal Loans


  • Keybank

    • 7.84% to 18.24%APR Range
    • 780Minimum Credit Score
    • $5,000 to $50,000Loan Amount Range
    • 12 to 84 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Keybank Website

MoneyGeek Breakdown - Keybank Personal Loan Details and Requirements

  • APR

    The annual percentage rate (APR) of Keybank personal loans ranges between 7.84% to 18.24%. Rates vary based on loan type and state.

  • Credit Score Requirements

    To get the lowest APR, you must have a FICO score of 780 or higher.

  • Income Requirements

    For Keybank loan eligibility, you must have a verifiable income.

  • Loan Amounts

    Personal loans at Keybank is at $5000 to $50000.

  • Loan Terms

    You can pay your loan within 84 months.

  • Permitted Uses

    Keybank’s personal loans can be used to consolidate your debt and fund large expenditures such as weddings, investment opportunities, travel or unexpected medical expenses and more.

  • Prohibited Uses

    This lender doesn’t specify any prohibited fund usage, but it is wise to contact them to verify that your needs fall within their parameters.

  • Time to Receive Funds

    Keybank promises a fast turn-around time of the same day for existing customers.

  • Origination Fees

    There is no origination fee for Keybank personal loans.

  • Late Fees

    Late fees are disclosed within the loan terms.

  • Prepayment Penalty Fees

    Keybank doesn’t charge prepayment penalty fees if you plan to settle your balance before your loan term.

  • Co-signers and Co-applicants

    Keybank does not accept co-signers but does accept co-signers.

  • Perks

    You can get a 0.25% discount if you set up autopay.

  • Mobile Application

    The Keybank mobile app allows you to make payments, check your balance, automate your savings and more.

Is Keybank Right for You?
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There is a wide range of personal loan lenders, so you have to consider several factors when choosing one. Check out MoneyGeek's Keybank personal loan review to see if this lender is right for you. Here are some borrowers that the lender is great for and others who should look elsewhere.

Who Keybank Is Perfect For

Keybank is ideal for borrowers with excellent credit who need their loan proceeds quickly. It offers competitive rates, no prepayment penalties and no origination fees.

The loanable amount ranges from $5,000 to $50,000. It charges a fixed rate and requires a monthly payment. To ensure you don't forget to pay your bill, you can automate your payments and get a 0.25% discount by doing so.

Who Should Not Choose Keybank

There are certain limitations to who can apply for a Keybank personal loan. This service is only available to borrowers in certain states. Check the Keybank website for more details.

Other requirements include being of legal age, having proof of address and a steady source of income. While Keybank's rates are competitive, if you have a poor credit rating or fail to meet the requirements, you may want to find another provider.

Personal loans from Keybank are subject to credit approval. You can only enjoy the lowest rates when you have an excellent credit score of 780 or higher. If this doesn’t describe you, it could be best to consider other lenders.

How to Apply for a Keybank Personal Loan

When you decide that Keybank is the best lender for your needs, you can start the loan application process. MoneyGeek outlined the steps you can follow when applying for a Keybank personal loan.

1

Prequalify

Keybank does not offer prequalification. Instead, it runs a hard credit inquiry to verify your credit score and credit history.

2

Fill Out Application Form

The application process includes submitting your personal information, including your income, employment history, assets, credit history and credit score.

3

Wait for Approval

After uploading your documents and completing the verification steps, your loan will be reviewed by Keybank’s underwriting team. Typically, you’ll receive a loan decision within the same day if you are an existing Keybank customer. If you are new to Keybank, it may take up to 48 hours.

4

Review Loan Agreement

Review the loan offer after receiving it. Sometimes, the loan you’re approved for is different from the amount you requested. You’ll want to make sure you understand all the terms and conditions before signing so that you aren’t surprised by any stipulations later on.

5

Sign Loan Agreement

Once you understand all the necessary information in your loan package, you can sign the loan agreement.

6

Receive or Direct Funds

Keybank will directly deposit the funds into your bank account. This will usually take one to two business days.

7

Make Payments

With Keybank, you’ll make a single payment every month. You can change your payment due date within a 10-day period from the original date for any reason.

What to Do if You Are Rejected From Keybank

Generally, personal loans are rejected because of low credit scores, insufficient credit histories, low income and poor documentation. You can ask your lender for an explanation to understand why they denied your application.

Most lenders provide a written explanation why they decline loans. If this is the case, learn about what you need to improve by reviewing the disclosures they have provided.

It might be a bad idea to apply to another lender immediately after getting rejected since it could affect your credit score. You should first ensure that you have a good credit score, a solid credit history and a good debt-to-income ratio. This can give you a better chance of securing financing.

Frequently Asked Questions About Personal Loans

To help you decide if Keybank is the right lender for you, MoneyGeek answered some of the most frequently asked questions about Keybank personal loans.

Read More on Personal Loans

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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