9/18/2023
It is very common to need to borrow money, especially when our income is not enough or there is an emergency that we cannot cover. When we do not have liquidity or we want to address an expense that exceeds our savings, we can ask for a personal loan.
In Busconómico we have analyzed loans from multiple banks and private lenders, and this time we are going to talk to you about how to apply for a loan in KeyBank and what requirements it has.
Requirements to apply for a KeyBank loan
KeyBank does not require a minimum amount of income or a certain credit score to give financing. However, when you check the interest rates, you can see that their best options are designed for people with a good-to-excellent score.
On the other hand, you can apply in person or through their website. If you apply online, they ask you for:
- Name
- Age of majority
- Your email address
- Credit history
- Employment information
- Social Security Number
- Citizenship or permanent residency
- Telephone number and mailing address
- Valid government-issued identification
In case you are applying with a co-signer, the other person must also provide this information.
KeyBank Personal Loan Terms
When you need money, it's easier and cheaper to go to a bank loan than to an online lender or apply for a credit card. The biggest benefit of a personal loan is that you can use it for several purposes:
- Buy a car.
- Go on vacation.
- Consolidate debts.
- Pay medical expenses.
- Take care of an unforeseen event.
- Finance home repairs.
- Pay for a wedding or other special event.
Based on the above, KeyBank offers secured and unsecured loans in amounts ranging from $2,000 to an unspecified amount, which will also depend on the client's risk profile. However, if you want to obtain more than $50,000, you will have to do the due diligence in person.
- Amount: From $ 5,000
- Term: between 1 year and 5 years
- Interest: 11.99%
- APR: 11.99%
- Amount: between $ 250 and $ 5,000
- Term: between 5 years and 10 years
- Interest: 17.25%
- APR: 17.25%
- Amount: between $ 2,000 and $ 25,000
- Term: 0 months
- Interest: 14.25%
- APR: 14.25%
- Amount: From $ 2,000
- Term: between -1 months and 7 years
- Interest: 11.85%
- APR: 11.85%
The remaining conditions that you should know are the following:
- APR that starts at 7.84% and goes up to 18.24%.
- Repayment term that extends up to 7 years.
- Availability in these states: Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington.
How do I apply for a KeyBank loan?
If you think a KeyBank loan is right for you, we'll show you how to apply. This bank does not have a pre-qualification, which means a hard inquiry to your credit file.
To apply for this financing, follow these steps:
Complete the online form.
Once you locate the KeyBank personal loan section, you must proceed to enter the data requested. This process includes giving personal, financial and employment information to be evaluated.
Wait for approval
After completing the respective forms and uploading the supporting documents, the bank will evaluate the elements you have provided. If you are already a KeyBank customer, the decision could be the same day. If not, the answer could take up to 48 hours.
Check the terms of the agreement
If you get the go-ahead, we now recommend that you carefully read the terms and conditions of the agreement. Keep in mind that the amount you will receive may differ from the amount you originally requested.
Sign the contract
After reading and understanding what the contract stipulates, you can proceed to sign the contract to receive the requested funds.
Receive the money
Depending on whether you are a client of this bank, the disbursement of the money may take 1 or 2 business days. In case you do not have a KeyBank account, the deposit will take 3 to 5 days.
Advantages and Disadvantages of KeyBank Loans
When comparing financing, the pros and cons are important factors that guide your decision. For this reason, we want to show you what we find attractive about this alternative and what could be improved.
Advantages
- A+ rating from the BBB.
- Offers you joint application.
- Flexible repayment terms.
- Management through the app or online banking.
- Interest rate that competes with the lowest.
- You can sign digital documents with E-sign.
- 0.25% discount on the APR when you activate autopay.
- No origination or prepayment fees.
- Rewards in the form of points when you sign up for credit as a customer.
Disadvantages
- Only available in 16 states.
- They do not accept your application if you have no credit history or are just starting out.
Speaking of costs associated with these loans, there are other fees you should be aware of:
- In the event your check 'bounces,' the penalty is $27.50.
- The fee for late payment of the monthly payment is $15 (maximum $35).
Español: ¿Cómo solicitar un préstamo personal en el KeyBank?