It is a great idea to take out a personal loan if you need money. Personal loans can have lower interest rates and greater borrowing limits. You can also use them to address a variety of financial needs such as
- Consolidating high-interest debt
- Car Buying
- Home renovations and repairs: How to pay
- Plan your wedding or vacation
- Medical bills covered
These are just some of the many things you can do when you have a personal loan. Personal loans are also available from many different locations. They are available at traditional banks as well as online banks and online lenders.
KeyBank is a brick-and-mortar bank that provides unsecured personal loans for qualified borrowers. Here’s how to determine if KeyBank is the best choice for you if you are looking for a loan.
KeyBank Personal Loans Pros & Cons
Pros
- Competitive interest rates are possible
- Flexible repayment periods
- KeyBank Rewards
Cons
- Origination fees apply
- Possible prepayment penalty
- Funding can take up to a week
KeyBank personal loans are available for use
- Consolidate your debt
- Unexpected bills
- Major life events like a wedding and planning for a child are important.
- Major purchases
- Plan your dream vacation
Who can apply?
If you are 18 years old or older and a U.S citizen, you can apply for a KeyBank personal loan. However, you must live in a KeyBank-operating state. KeyBank currently has branches in Alaska and Colorado, Connecticut, Idaho. Indiana, Massachusetts. Maine. Michigan. New York. Ohio. Oregon. Pennsylvania. Utah. Vermont.
Loan Benefits
There are many things to love about KeyBank personal loans:
Fixed rates competitive
The interest rate is important when you take out a personal loan. The longer the interest rate is, the higher your long-term costs. Variable-rate loans are offered by some lenders. Your rate may increase or decrease as a result. Personal loans from KeyBank feature a fixed interest rate, so you know exactly how much you will pay in interest. KeyBank rates are very competitive when compared to other personal loan lenders. You’ll get a lower rate than you would with a credit card. The rate at which you pay for a loan and how much you borrow will be affected by your credit score.
For larger loans, the maximum APR is lower than for smaller loans. In this way, borrowing more can be rewarded with a lower interest rate. KeyBank rates are generally much better than other lenders. Personal loans can be charged as high as 36% by some online lenders.
Flexible terms for repayment
KeyBank borrowing is a great option because you can choose your loan terms. You can pay off your loan in as little as one year. However, you can extend the repayment terms up to five years. AutoPay offers a 0.25% rate reduction and monthly payments. One thing to remember is that KeyBank will charge you a prepayment penalty for early repayments. If you repay your loan within the first 18 months, there is a $150 penalty. If your loan term is shorter than 18 months, there’s no charge.
Many personal loan lenders have eliminated prepayment penalties. This is something you should be aware of if you are thinking of clearing your loan earlier.
KeyBank Relationship Rewards
If you are a KeyBank customer, you can receive a Relationship Rewards bonus on a personal loan. You can earn points through Relationship Rewards, which you can use to redeem for cash back or gift cards. You can earn 15,000 Relationship Rewards points if you have a KeyBank Account when you apply for a personal loan.
How quickly can you get loan funds?
The speed at which your loan is funded will depend on whether you are already a KeyBank customer. You can access loan funds immediately after you are approved if you have KeyBank savings or checking account. May have to wait a few days for this to happen. You might need to wait up until a week for your loan money to reach your KeyBank account if you don’t have a KeyBank bank account. KeyBank might not be the best choice for you if you are in urgent need of money.
How to get approved?
You have two options to apply for a KeyBank personal Loan: online or in a branch. Online applications require you to provide KeyBank with your:
- Name
- Social security number
- Driver’s license/government-issued ID number
- Email address
- Phone number and mailing address
- Information about employment
You will need the same information if you apply for a personal loan with a co-borrower. An application includes a credit check.
You may also Read: How to Get Alternative Loans?
Increase your chances of approval
KeyBank cannot guarantee that you will be approved for a loan. There are some things you can do that will increase your chances of getting a loan.
1. Examine your credit report.
Your credit report will show you any negative marks that could affect your credit score. Dispute any inaccurate information on your credit report with credit bureaus.
2. Pay off your debt if you have any.
Credit utilization is one of the factors that can affect credit scores. This is the amount of credit that you have available. Your score could be improved by paying down your outstanding balances.
3. You might consider opening a KeyBank account.
Although this doesn’t guarantee you a loan, KeyBank will review your banking history during the loan application process. KeyBank may be able to help you by opening a savings or checking account.
4. Take stock of all your assets.
While you won’t need collateral to get an unsecured personal loan, it’s a good idea to have some savings in the bank. This shows you can repay the loan if your income changes.
Also Read: How Should You Sleep For A Good Night’s Rest?
Is it worth getting a personal loan from KeyBank?
A KeyBank personal loan might be a good choice if you are already a KeyBank customer. When you set up an automatic payment, you can get a rate discount. Participation in the Relationship Rewards program will bring you a bonus: The points bonus for your Relationship Rewards points. You may be interested in other lending options if you don’t have a KeyBank account and have a good credit score. An online lender may offer a lower rate. No matter which loan you choose to get, make sure you read all the fine print so that you understand what you agree to when borrowing.
