KeyBank Personal Loan Review: Best for Existing Bank Customers and Large Loans

KeyBank Personal Loan Review: Best for Existing Bank Customers and Large Loans

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A KeyBank personal loan makes the most sense for applicants who are already customers of the bank. Not only does KeyBank take into account your relationship with them when extending a loan offer, but customers may be able to earn KeyBank Relationship Rewards on the loan (though the value of these points is debatable). The bank has no set maximum on how much you can borrow, so you may be able to borrow more through KeyBank than with many other lenders.

KeyBank Personal Loan Review: Is It a Good Fit?

For applicants who have a KeyBank checking or savings account, keeping your borrowing at KeyBank makes a lot of sense. We also recommend KeyBank for its lower maximum rates, which can be great for borrowers who have been quoted rates as high as 36% elsewhere, and for its larger loan amounts, with no set maximum on how much you can borrow.

  • Discounts and rewards for existing KeyBank customers
  • Low maximum rates mean a good deal for borrowers with average credit
  • No maximum on how much you can borrow
  • Prepayment penalty if loan is paid off in first 18 months
  • High minimum rates mean creditworthy borrowers can get a better deal elsewhere
  • Not available outside of AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT and WA

We think KeyBank is best suited for applicants who are already customers of the bank. While you don’t need to be a customer to apply, a KeyBank representative told us that your relationship with the bank will be taken into consideration during the loan application process. Moreover, borrowers with a qualified checking or savings accounts can earn KeyBank Relationship Rewards for taking out a personal loan. These rewards do, however, have a subpar redemption rate, so this may not be a significant factor in your decision.

Because of KeyBank’s lower range of APRs and its evaluation process, it can also be a good choice for borrowers who would have trouble qualifying for a rate under 20% elsewhere. KeyBank does not have strict credit score cutoffs, and the bank sets maximums APRs based on the loan amount, with loans under $10,000 having the highest maximum APR and larger loans having lower maximum APRs. For instance, if you borrow from KeyBank, the highest APR you’ll be charged is 15.24%. Compared to other banks and lenders that have rates up to 36%, this is a great deal.

We also suggest this bank for borrowers who need to take out a large loan as KeyBank does not have a maximum loan limit. The amount you can actually borrow will be dependent on your finances and the bank’s evaluation of them. However, there’s nothing to say you couldn’t take out a loan over $100,000 provided your finances and credit history are suitable.

We can’t recommend KeyBank for those extremely creditworthy borrowers who could qualify for a single-digit APR. At KeyBank, the lowest rate offered is not competitive to rates offered by other lenders, and it’s only available to borrowers who take out at least $25,000. You may be able to get an APR that is at least two percentage points lower if you go to a lender like SoFi, Earnest or LightStream. While this doesn’t seem like a huge difference, you could save hundreds of dollars over the life of your loan.

Unlike most lenders, KeyBank does charge prepayment penalties if a personal loan is paid off within the first 18 months (this does not apply to loans with terms of 18 months or less). The bank also charges origination fees, late fees and returned payment fees.

Finally, the bank does offer secured loans that use your assets at KeyBank or a title to a vehicle as collateral; however, customer service representatives were unable to give us details about these loans over online chat or by phone. If you are interested in taking out a secured loan through KeyBank, you will need to make an appointment at a branch to get more information and to apply.

Eligibility Criteria

To be eligible for a KeyBank personal loan, you must meet the following criteria:

  • At least 18 years old
  • Must live in a state KeyBank serves

KeyBank is only available to residents in the following states: Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington.

KeyBank Personal Loan Terms and Requirements

  • on KeyBank's secure website
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KeyBank makes unsecured personal loans and lines of credit. The bank also extends secured personal loans.

Unsecured Personal Loan Term and Requirements

KeyBank makes unsecured term loans starting at $5,000 with no maximum amount you can borrow.

Loan Amount RangeStarting at $5,000 with no maximum
APR Range7.49% - 15.24% with AutoPay
  • Origination fee: none
  • Late payment fee: 10% of monthly past due, up to a maximum of $35
  • NSF/returned payment fee: $27.50 for non-KeyBank checks
  • No check processing fee
  • Prepayment penalty: $150 if loan is paid off in first 18 months (does not apply to loans with terms of 18 months or less)
Loan TermsUp to 7 years
Repayment OptionsMonthly
Direct Payment to CreditorsNo

Unsecured Personal Line of Credit Terms and Requirements

The bank also offers a Preferred Line of Credit, which is a traditional line of credit product that also offers overdraft protection, and a KeyBasic Credit Line, which is a small-dollar credit line primarily for overdraft protection.

Loan Amount Range
  • Preferred Credit Line: $2,000 - $50,000
  • KeyBasic Credit Line: $250 - $5,000
APR Range
  • Preferred Credit Line: 10.74% - 15.99%
  • KeyBasic Credit Line: 14.24% - 24.74%
  • Preferred Credit Line:
    • Annual fee: $50
    • Late payment fee: $35
    • NSF/returned payment fee: $35
    • No check processing fee
    • No prepayment penalty
  • KeyBasic Credit Line:
    • Annual fee: $25
    • Late payment fee: $35
    • NSF/returned payment fee: $35
    • No check processing fee
    • No prepayment penalty
Loan TermsFlexible
Repayment OptionsMonthly
Direct Payment to CreditorsNo

Application Process

If you are applying for an unsecured loan, you’ll be able to complete an application online. If you want a secured loan, you’ll need to make an appointment at a branch. For the online application, KeyBank will ask for information regarding your employment status, salary, current assets (such as savings, checking or retirement accounts), other debts (e.g., auto loans, student loans, etc.) and your housing payment. The bank takes into consideration your relationship to them as well as your complete financial picture when evaluating your application. You do not need to have a specific credit score to qualify.

Application ProcessOnline or in branch (secured loans require branch visit)
Time to Get FundsUp to one week
Credit CheckHard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?Yes

You will need to submit to a hard credit check during the application process. A hard credit check can affect your credit score. After you apply, it takes about three to four business days to receive a decision from the bank. If you are approved, funds may be available immediately if you have a checking account with the bank; in other cases, it may take up to one week to receive funds to your bank account.

How Does KeyBank Compare to Other Lenders?

If you’re on the fence about getting a personal loan from KeyBank, we recommend considering a few other lenders.

KeyBank vs. iLoan

  • on iLoan's secure website
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While KeyBank does not have strict credit requirements, you may have trouble getting approved if your credit score is very low. In this case, you might want to consider a personal loan from iLoan instead. iLoan makes unsecured personal loans to borrowers with lower credit scores, and while the starting rates are higher than at other lenders, the maximum APR is 35.99%. This is a better deal than resorting to a payday loan or a no credit check loan, where APRs routinely top 100% or 200%. You will also not be required to put up collateral, like a car, to secure your loan, which makes it less risky for you to borrow.


  • APRs: 17.60% - 35.99%
  • Amounts: $2,550 - $25,000
  • Terms: 2 to 5 years years
  • Origination fee: Varies by state

KeyBank vs. Regions Bank

  • on Regions Bank's secure website
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KeyBank and Regions Bank have very comparable loan products and eligibility criteria. That being said, we recommend going with the one that you already have a relationship with -- whether that’s through a checking account, mortgage, credit card or another loan. If you don’t have a relationship with either bank, choose the bank that serves your geographic region or consider checking your rate at a few online lenders, such as SoFi, LightStream, Marcus or LendingClub. When it comes to personal loans, it pays to shop around a bit to find the best deal, provided you aren’t undergoing hard credit checks.

Highlights (Unsecured personal loan)

  • APRs: 7.50% - 18.83% with AutoPay
  • Amounts: $2,000 - $35,000
  • Terms: 3 to 5 years
  • Origination fee: $150

KeyBank vs. Prosper

  • on LendingTree's secure website
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If you think you can qualify for a rate lower than 7%, consider checking your rate at Prosper (Prosper does have higher maximum APRs up to 35.99%). We also recommend Prosper for applicants looking to pay for certain medical expenses and procedures. The lender partners with medical and dental offices across the country that provide plastic and cosmetic surgery, bariatric surgery, cosmetic dentistry and fertility treatment. If your medical provider is a Prosper partner, you’ll be able to apply directly through Prosper’s website or at your provider’s office for a loan and get a decision almost immediately.


  • APRs: 6.95% - 35.99%
  • Amounts: $2,000 - $40,000
  • Terms: 3 or 5 years
  • Origination fee: 2.41% - 5%

Madison is a former Research Analyst at ValuePenguin who focused on student loans and personal loans. She graduated from the University of Rochester with a B.A. in Financial Economics with a double minor in Business and Psychology.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.