Key Bank personal loan lending review: $2,000 to $100,000. Available in 15 States.
Key Bank offers personal loans and credit products to people in the following 15 states. If you are an existing customer, you will be able to apply for a loan or a line of credit on their website. If you are a new customer, you will need to go into a store branch to apply. In this video, we are going to summarize Key Bank’s personal lending products and let you know how they stack up with other loans in the market.
We know something about personal loans. We’ve spent years in the lending industry and track hundreds of credit providers in the country. We can explain their policies and help you understand how they compare to others in the market. With that information, you can decide whether they would be the right lender for your.
Key Bank offers four consumer lending products: two personal loans and two lines of credit.
One of the personal loans is an unsecured loan while the other loan secured by a savings account, CD, or title to a motor vehicle, recreational vehicle, or even a tractor. With the unsecured loan, you can borrow between $2,000 and $100,000, although if you want to borrow more than $50,000, you will need to apply in one of their branch offices. Their secured loans have a minimum loan amount of $5,000 and a maximum loan amount of $100,000. You have to apply for their secured loan in one of their branches.
The APR and term length of their unsecured loans will depend on the amount you are borrowing.
The terms run from 12 months up to 84 months, or seven years. But, the maximum term length will depend on the size of the loan. Their APRs range from 13.74% to 18.99%. The rate they offer you will, of course, depend on your credit and financial profile, but it will also depend on the size of the loan you need. You can see that generally, smaller loans will come with higher interest rates.
They offer two separate discounts that can bring your interest rate down by 0.75%.
The first is a quarter of a percent if you sign up for autopay at the time you accept the loan. You won’t be eligible for the discount if you sign up for autopay after accepting the loan. You can also earn a half a percent discount for having a relationship account with Key Bank prior to applying.
But, these are all good interest rates right now. Which leads me to believe that they primarily approve people with good-to-excellent credit. If you have a long-standing relationship with Key Bank and have never had any trouble, there is a possibility that they will extend you credit even if your credit score is in the “Fair” range.
Their lines of credit work a little differently.
They are revolving credit lines, which means you can borrow from them and repay them repeatedly as long as you stay under the approved line amount. The other difference is that the interest rate is variable. It will float with the general interest rates in the market. If the Fed prime rate goes up, so will your interest rate. If the Fed prime rate goes down, your interest rate will come down. The change in interest rate isn’t usually immediate, though. Most banks only change the interest rate once a quarter.
The KeyBasic Personal Line of Credit offers a minimum line amount of $250 and a maximum of $5,000. This would be a good solution if you find yourself needing a little bit of money to cover a monthly shortfall a few times a year. Their Preferred Line of Credit offers line amounts between $2,000 and $25,000 and would probably be better for more significant financial needs, like minor home improvement projects. To apply for one of their lines of credit, you will need to go into a Key Bank branch office.
If you are late with one of your payments, Key Bank will charge you $35. If they attempt to draw a payment using ACH and you don’t have enough money in the account, they will charge you a $35 returned payment fee. These are high fees compared to a lot of lenders, but fairly common amongst banks.
Key Bank could be a good option for you if you live in one of the states where they operate…and especially if you are already an existing Key Bank customer. I especially like their KeyBasic Personal Line of Credit as an option for covering unexpected expenses. When you are looking for credit, the best way to ensure you are getting the best deal you can qualify for is to shop around. Every lender has their own algorithm for deciding who to lend to, how much to offer, and at what rate. You might be denied by one lender only to get a great deal from another. This is especially true if you have a Fair credit. If you can, it’s always a good idea to get 2 to 3 approved offers in hand before you accept a loan. That will ensure you are getting the best rate you can.
At The Yukon Project, we’ve tried to make shopping around easy.
If you visit our marketplace page, you can filter for the purpose of the loan, the amount you need, and your credit score. When you apply to any one of our featured lenders, we will check your rate with up to 40 other lenders behind the scenes. Our partners use a soft credit check, so applying won’t hurt your credit. We will show you all of your approved offers so you can pick the loan that’s best for you.
If you have any experience with Key Bank, leave a comment below. We are trying to build a community of people who can share their experiences so we can all be better informed when we are making decisions about our personal finances. If you found this information helpful, please like this video and subscribe to our channel. Your support helps us out and we appreciate it.
See if you can get approved for a personal loan. Soft Credit Check. Up To 40 Options.
