MoneyGeek’s Take

KeyBank Personal Loan Lender Review

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ByChristopher Boston
Edited byCasie McCoskey
ByChristopher Boston
Edited byCasie McCoskey

Updated: December 23, 2023

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KeyBank’s personal loans offer high loan limits of up to $100,000, flexible repayment terms and a mostly fee-free structure. This lender can be particularly beneficial for borrowers needing significant funding quickly, with potential same-day financing available. However, its services are limited to specific U.S. states, and the lack of a prequalification option could be a drawback for some. Thanks to its discounts, KeyBank is ideal for borrowers who are already banking with KeyBank and those with good credit standing.

  • Keybank

    • 12.10% to 23.65%APR Range
    • UndisclosedMinimum Credit Score
    • $2,000 to $100,000Loan Amount Range
    • 12 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    KeyBank lets you borrow as much as $100,000 to cover anything from minor expenses to significant investments. That makes it a versatile option for various financial needs. It also offers varied repayment terms, allowing you to choose a payment plan that aligns with your budget and financial timeline.

    KeyBank also shines with its no-fee policy. There are no origination, application or prepayment fees, which can save you a considerable amount upfront and over time. The last could be especially beneficial if you repay your loan early. It also offers financial hardship assistance programs. Life can be unpredictable, and knowing there's support during tough times provides peace of mind.

    Lastly, the quick approval process and potential for same-day funding mean you can access the funds you need without a long wait. This benefit comes in handy when you're in a situation that requires prompt financial action. With a BBB rating of A+ and 94 years in business, its long-standing reputation adds to its reliability as a personal loan lender.


    • Large maximum loan amount of $100,000
    • Flexible repayment terms
    • No origination, application or prepayment fees
    • Offers financial hardship assistance programs
    • Provides discounts for existing customers and automatic payments
    • Quick approval process, with potential same-day funding


    • Limited to certain U.S. states
    • No prequalification option to check rates
    • Applies late fees for missed payments
    • Low customer service ratings

Features of KeyBank Personal Loans

KeyBank provides personal loans that offer flexibility and support for your financial needs, whether for consolidating debt, funding a major purchase or covering unexpected expenses. This lender keeps most fees transparent, with clear terms for loan repayment. Its loans come with varying terms, fitting different budgets and timelines. If you encounter challenges in repaying, KeyBank offers extensions and hardship plans, ensuring a smoother financial journey. Its customer service and online tools are user-friendly, making loan management easier. By familiarizing yourself with these features, you can better decide if KeyBank matches your personal loan requirements, aligning with your financial goals and capacity.

What Can You Use Your Funds For?

Knowing how you can use your funds helps you plan for your financial future when you get a personal loan from KeyBank. Different lenders have different rules, and, fortunately, KeyBank provides flexibility for a range of needs:

  • Auto Repairs: Cover unexpected car breakdowns or essential maintenance. KeyBank's loan ensures you don't delay necessary repairs due to cost, keeping your vehicle reliable for daily use.

  • Medical Procedures: Address health needs promptly. From emergency treatments to elective surgeries, KeyBank helps you manage medical expenses outside your health insurance coverage without the financial strain.

  • Home Renovations: Upgrade your living space, whether it's a kitchen remodel or essential repairs. KeyBank's loan can finance these improvements, enhancing your home's value, functionality and aesthetic.

  • Debt Consolidation: KeyBank allows you to consolidate high-interest debts into a single, more manageable loan, potentially reducing your monthly payments and interest rates.

  • Major Life Events: Fund life's big moments. KeyBank supports financing for weddings, anniversaries or other significant events, helping you celebrate without financial worry.

  • Relocating: Ease the transition of moving. KeyBank's loan can help with expenses like hiring movers, purchasing new furniture or covering rental deposits, making your move smoother and less stressful.

  • Education Expenses: Invest in education, whether for college tuition, vocational training or other educational costs. KeyBank's loan can assist in securing your academic pursuits without immediate financial burden.

KeyBank's personal loan flexibility allows you to address a wide range of financial needs, from urgent to planned expenses. It ensures you can use the loan in ways that best suit your current and future goals.

KeyBank Personal Loan Terms

When choosing a personal loan lender, understanding the loan terms it offers will help you compare options. Knowing the details about KebBank's available loan amounts, repayment terms and APRs (Annual Percentage Rates) enables you to make a decision that aligns better with your financial situation.

Here's what you need to know about KeyBank personal loans:

  • APR Range: KeyBank's APR range (the interest rate you'll pay annually) is competitive. However, remember that your rate depends on the loan type, term, amount and credit history. It's also influenced by how much you borrow and where you live. Once you enroll, your rate won't change.

  • Loan Amount Range: You can borrow as little as $2,000 or as much as $100,000, depending on your needs. For loans over $50,000, you'll need to visit a KeyBank branch.

  • Repayment Terms: KeyBank personal loans can be paid from 12 to 84 months. For longer terms, over 60 months, KeyBank requires you to meet extra credit conditions and adds 0.25% to your APR.

Understanding these terms helps you tailor a KeyBank personal loan to fit your financial goals, whether managing a short-term expense or a larger, long-term investment.

KeyBank Personal Loan Fees and Discounts

Understanding the fees involved with a KeyBank personal loan is key to managing your finances effectively. Different lenders charge different fees, and being aware of these can save you money. Notably, KeyBank stands out by not charging some common costs, such as origination fees, application fees and prepayment penalties.

However, KeyBank does charge a late fee for missed payments. The specifics vary depending on your loan agreement, including grace periods. If a payment is late post-grace period, a fee applies.

That said, you can enjoy several discounts to KeyBank offers to reduce your interest rate:

  • Relationship Discount: If you have an existing banking relationship with KeyBank, you qualify for a 0.50% reduction in your loan's interest rate. It rewards and encourages borrowers to use multiple KeyBank services.

  • Automatic Payment Discount: Setting up automatic loan payments from a KeyBank checking account ensures timely payments and earns you a 0.25% discount on your interest rate. It makes managing your loan more convenient and cost-effective.

Being aware of these fees and discounts helps you plan your loan repayment with KeyBank more efficiently, potentially saving money in the process.

KeyBank Personal Loan Repayment Assistance

When choosing a lender for a personal loan, it's proactive to know if it offers support during tough times. KeyBank understands life can be unpredictable and provides assistance if you face financial challenges.

KeyBank's Financial Hardship Assistance Programs are designed for situations like unemployment, income reduction, divorce or health issues. If these hardships make it difficult to pay your bills, KeyBank is ready to help.

If you need help with your KeyBank personal loan payments, it offers options tailored to your needs. These include the following:

  • Extension: You might qualify for an extension for temporary financial issues. An extension pauses your loan payments for a period and adds them to your loan's end, extending the term. You'll need to show you can make future payments.

  • Long-Term Hardship Plan: If your monthly payments are too high or you're behind but can pay a reduced amount, this plan might be suitable. It's available for various loans and credit lines.

You can begin the process by calling KeyBank at 1-866-425-3449 (or 1-800-539-8336 for TDD/TTY device users) during these times:

  • Monday to Thursday, 8:00 a.m. to 7:00 p.m. ET
  • Friday, 8:00 a.m. to 5:00 p.m. ET.

KeyBank also offers translation services. Be prepared with details about your income, expenses and the nature of your hardship to find the best solution.

KeyBank Customer Service

When choosing a personal loan lender, good customer service ensures you have support whenever you have questions or issues with your loan. KeyBank offers several ways to connect with its team:

  • Live Chat: For quick online assistance, access KeyBank's Live Chat features by signing into online banking, selecting "Customer Service," then "Live Chat." It's available during these hours:

    • Monday to Friday, 7:00 a.m. to midnight ET
    • Saturday and Sunday, 8:00 a.m. to 9 p.m. ET.
  • Phone Support: For around-the-clock help, call 1-800-KEY2YOU® (539-2968). TDD/TTY device users can dial 1-800-539-8336, and relay service users can call 1-866-821-9126.

  • In-Person Service: KeyBank's ATMs and most drive-thrus are open, and you can make branch appointments. You can also contact them for safe deposit box access.

Despite the numerous lines to customer support, it's worth noting that KeyBank has received low customer ratings on Trustpilot and BBB, indicating some clients' dissatisfaction with its service. Consider this aspect and what you value in a lender before making a final decision.

KeyBank Personal Loan Online Resources

Selecting a personal loan lender is not just about getting help when issues arise. It's also about the resources they provide to manage your loan effectively. Remember, having easy access to tools and information empowers you to handle your loan confidently.

KeyBank offers robust online and mobile banking services. With these, you can:

  • View Loan Details: Easily access your loan statements and current balance, informing you about your loan status.

  • Make Payments: Conveniently make payments towards your loan through online banking, ensuring timely repayments.

  • Manage Finances: You can transfer funds, pay bills and review detailed account statements, helping you stay on top of your financial health.

  • Comprehensive Banking Features: Besides loan management, you can open new accounts, send money with Zelle® and set up or manage account alerts for added convenience.

  • Credit Card Management: Lock or unlock your credit cards, report lost or stolen cards and initiate credit card balance transfers, all within the same platform.

  • Customize Your Experience: Update your personal contact information, stop payment if necessary or order checks. For urgent bill payments, use the "Expedite Payment" feature for quick processing.

Having these resources at your fingertips makes managing a KeyBank personal loan and your broader financial landscape more efficient and user-friendly.

Qualifying for a KeyBank Personal Loan

Knowing what KeyBank looks for in borrowers before applying for a personal loan can come in handy. It can help you gauge your chances of approval and prepare the necessary documents. Here's what KeyBank requires:

  • Age Requirement: You must be at least 18 years old to apply.
  • Residency: You must live in one of the following states: Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont or Washington.
  • Financial Documentation: Be ready to provide additional information, like tax returns and financial statements.
  • Accuracy of Information: Ensure all details in your application are true and correct.
  • Credit Investigation: You must authorize KeyBank and credit bureaus to check your credit information.

KeyBank doesn't explicitly list minimum credit score or income requirements, but these factors are generally crucial in loan approval decisions. A higher credit score and stable income improve your chances.

Is a KeyBank Personal Loan Right for You?

Thoughtfully assessing if a KeyBank personal loan is the right choice will help you manage your finances effectively. It involves matching your needs and financial situation with what KeyBank offers. Are its loan terms, fees and customer service in line with what you're looking for? Understanding this ensures you choose a loan that fits comfortably into your budget and life plans, avoiding stress and financial strain down the line. Evaluating KeyBank may take some time, but it may lead to better financial decisions, ultimately benefiting your financial health in the long run.

Who Can Benefit From a KeyBank Personal Loan?

Existing KeyBank customers stand to gain significantly thanks to loyalty discounts. They get reduced interest rates if they already bank with KeyBank or set up automatic payments from a KeyBank account. Borrowers who need substantial loan amounts may also find KeyBank accommodating. With loans up to $100,000, this lender caters to a wide range of financial needs, from consolidating debt to funding major life events.

Borrowers seeking flexible repayment terms may appreciate KeyBank's approach. With terms ranging from 12 to 84 months, you can tailor your repayment plan to fit your budget, ensuring manageable monthly payments. Consumers in need of fast funding can benefit from KeyBank's efficient processing. With the possibility of loan approval within one to three business days and same-day funding under certain conditions, it's a solid option if you have urgent financial needs.

Who Shouldn’t Secure a KeyBank Personal Loan?

Individuals who prefer to prequalify for loans without impacting their credit score might find KeyBank less suitable. Unlike some lenders, KeyBank doesn't offer this option, meaning a full application and a hard credit inquiry are required to determine your rates. It could be a drawback for borrowers who are cautious about their credit scores.

Borrowers who struggle with timely payments may also reconsider. KeyBank applies a late fee for delayed payments, so managing repayments effectively is necessary to avoid additional charges. If you're unsure about consistently meeting payment deadlines, another lender with more lenient late payment policies might be a better choice.

Lastly, geographical restrictions limit KeyBank's availability. It only services loans in certain U.S. states, so you'll need to look at other lenders if you reside outside these areas.

How to Apply for a KeyBank Personal Loan

Applying for a KeyBank personal loan is an uncomplicated process, but knowing the steps beforehand can make it even smoother. Knowing what to expect speeds up the process and prevents surprises, setting you on a faster path to getting the funds you need.

Here’s a step-by-step guide to getting a KeyBank personal loan:

Check Your Eligibility

Before anything else, ensure you meet KeyBank's basic criteria, like age and residency in the specified states.

Application Process

Enter your ZIP code on KeyBank's website, confirming it lends to your area. You'll need to create an account if you're not a KeyBank customer.

Provide Information

The application asks for personal details such as your Social Security number, employment and financial status. You'll also need to specify the loan amount and purpose.

Submit and Wait for Approval

Once your application is complete, submit it for review. KeyBank does not offer a prequalification option, so it automatically involves a hard credit inquiry.

Receive Your Funds

Approval often comes within one to three business days, and in some cases, funds can be available the same day. For same-day funding, certain conditions must be met, like credit score criteria, direct fund deposit into a KeyBank account and completing loan signing by 2:00 p.m. ET on a business day. Note that income verification might be required, which could delay fund availability.

Applying for a KeyBank personal loan is straightforward, whether online or in-branch. This step-by-step approach helps make your loan application experience as smooth as possible, letting you focus more on your financial goals.

What to Do if You’re Denied

Receiving a denial for your KeyBank personal loan application might feel disappointing, but it's important to remember it isn't a definitive roadblock. Instead, use it to gain insight about your financial standing and an opportunity to enhance your eligibility for future applications. Here's what you can do if your application is turned down:

  • Understand the Reasons for Denial: KeyBank will provide reasons for loan denial. It could be due to your credit score, debt-to-income ratio or an incomplete application. Knowing the exact reasons can help you address these issues directly.

  • Boost Your Financial Profile: Work on improving your credit score by paying bills on time, reducing debt and correcting any errors on your credit report. A better financial profile increases your chances of loan approval in the future.

  • Consider a Co-Signer: Adding someone with a stronger credit profile can enhance your loan application. However, this person must know that co-signing for the loan means taking responsibility if you can't make payments.

  • Look for Alternative Financing Options: If KeyBank isn't a fit, explore other lenders. Credit unions, online lenders and peer-to-peer lending platforms might have different eligibility criteria that are more suited to your situation. Your options may include secured loans, lines of credit or loans with lower amounts.

  • Seek Professional Financial Advice: Consult with a financial advisor for personalized guidance. They can help you understand your financial situation better and suggest strategies to improve your creditworthiness or find suitable loan options.

Remember, a loan denial isn't a permanent setback. It's a chance to reassess your financial strategy and explore other avenues. By understanding the reasoning and taking proactive steps, you can position yourself for better financial opportunities in the future.

FAQ About KeyBank as a Personal Loan Lender

We've created an FAQ section to help clarify common queries about KeyBank's personal loans. Whether you're considering applying or just want more information, this information can provide valuable insights.

Does KeyBank have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for a KeyBank personal loan?
How long does KeyBank take to approve a personal loan?
Does KeyBank have a mobile app?
Is a KeyBank personal loan secured or unsecured?
How much can I borrow using a KeyBank personal loan?
What fees will I encounter with a KeyBank personal loan?
How does applying for a KeyBank personal loan affect my credit score?
Does KeyBank offer an autopay discount for personal loans?
Can you have co-signers on a KeyBank personal loan?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.