KeyBank Personal Loan Full Review
Is it possible to get loans of $50,000 with interest rates lower than the average? This personal loan offers exactly that, and it even includes discounts!
Securing a personal loan with a large approval amount and a low interest rate can be a challenging task. However, KeyBank stands out by offering borrowers a generous $50,000 personal loan with an interest rate that is even lower than the market average.
In this article, you will find all the information you need to know about KeyBank Personal Loans, including rates, fees, benefits, and the pros and cons of choosing KeyBank as your lender.
Who is KeyBank?
KeyBank is a regional bank headquartered in Cleveland, Ohio, with branches located throughout the United States. It offers a wide range of financial services to consumers, small businesses, and corporate clients, including personal loans.
KeyBank boasts over 190 years of experience in the financial industry. With its primary location in Cleveland, Ohio, the bank has established a strong reputation for providing reliable and innovative financial solutions to its customers.
Operating in 15 states, KeyBank offers various financial services such as checking and savings accounts, mortgages, personal loans, and more. The bank prides itself on its dedication to providing personalized service and assisting customers in achieving their financial goals.
How does the KeyBank Personal Loan work?
KeyBank’s personal loans are designed to cater to the unique needs of borrowers. These loans are flexible and can be used for a variety of purposes, including debt consolidation, home improvements, and covering unexpected expenses.
KeyBank offers both secured and unsecured personal loans, with the secured option having lower interest rates. Borrowers can request up to $50,000, and these loans are available to both existing KeyBank clients and non-clients.
Secured vs. unsecured personal loan
A secured personal loan is backed by collateral such as a car or home, providing a guarantee for the loan. With collateral as security, KeyBank offers secured loans starting from $5,000, with repayment terms as long as 60 months.
On the other hand, an unsecured personal loan does not require collateral. KeyBank relies solely on the borrower’s creditworthiness to determine eligibility and interest rates for unsecured loans. These loans can be contracted for at least $2,000, with repayment terms extending up to 84 months.
Key Advantages
KeyBank Personal Loans have several key advantages that make them an attractive choice for borrowers. One notable advantage is the absence of hidden fees. Unlike some other lenders, KeyBank is transparent about its fees and charges, making it easier for borrowers to plan and budget for their loan payments.
Furthermore, borrowers who enroll in automatic payments can enjoy an interest rate discount of up to 0.25%, making the loan even more affordable.
Other benefits include:
- Fixed interest rate
- Flexible loan terms of up to 84 months
- No collateral required
- Quick funding process
Are there any disadvantages?
KeyBank Personal Loans do have a few drawbacks, particularly for borrowers with a less-than-stellar credit history. Such individuals may find it difficult to qualify for the most favorable loan terms and interest rates.
Furthermore, the minimum loan amount for KeyBank’s personal loans is relatively high, starting from $2,000 for unsecured loans and $5,000 for secured loans. This may not be suitable for borrowers who only require a small loan amount.
Despite these drawbacks, KeyBank personal loans remain an excellent option for borrowers with good credit and those who cannot provide collateral for a loan.
How do I apply for KeyBank personal loans?
If you’re interested in applying for a personal loan with KeyBank, we have created a step-by-step guide to assist you. Simply click on the green button below to access the guide.
