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Key Bank is one of the nation's leading banks and providers of financial solutions. The bank was originally founded in 1849 and has since had several name changes. It is headquartered in Cleveland, Ohio, and is the 29th largest bank in the United States, as defined by total assets ($98.4 billion). Of the many services the bank provides to its customers in 12 states, loans are significant part of the business. Key Bank offers personal loans, lines of credit, auto and RV loans, mortgage loans, home equity loans and boat loans. This vast menu of offerings set the company apart from competitors, as does the company's rich history and experience. On the negative side, customer service is a consistent problem with the company.

Jump to the bottom of the page to check out KeyBank personal loans reviews.

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The Good

  • Comprehensive Loan Options
  • Loan Amounts
  • Interest Rates and Terms
  • Overdraft Protection

Comprehensive Loan Options

If you need more than one kind of loan option, Key Bank is a terrific choice. This is because the bank can approve you for a number of different types of loans as well as no collateral line of credit called their KeyBank preferred credit line. The different loan types offer coverage for a number of categories such as a loans specifically for cars and motorcycles. In addition to these specific loan options, you will also be able to get a traditional secured personal loan or an unsecured personal loan.

A secured personal loan means that KeyBank will give you a loan if you are able to put up some sort of collateral if you default on your loan. An unsecured personal loan allows you to qualify for a loan without any sort of collateral to back it up. Having these flexible options from the same bank makes it easier to find the right kind of personal loan for your needs.

Loan Amounts 

Personal loans are a popular option for customers who want to pay off debt or take care of nagging medical bills without having to use credit cards or installment payments. The amount of money you need could vary considerably depending on the issue and your situation. Luckily, Key Bank will grant you a personal credit line of up to $50,000 and personal loans starting at $5,000 up to $50,000.

If you are in need of a personal loan that is more than $50,000, KeyBank sugests visiting one of its local banks where they may be able to work out a deal for certain, qualified borrowers.

Interest Rates and Terms 

Your interest rate will be dependent upon a few factors. The two most important interest rate factors include:

  • Credit history and score
  • Loan amount

Loan approval will be contingent upon your credit history. Depending on where you sit, your rates and terms will vary. The good news is, if your credit isn't quite where you'd like it to be, you don't have to be out of luck. You may have a steeper rate with less-than-ideal terms, but struggling credit doesn't mean you can't be approved.

Your loan amount also plays into your interest rate. The higher your loan amount, the lower your interest rate will be. The lower your loan amount, the higher your interest rate will be.

Overdraft Protection

Customers can link their loan accounts to their checking accounts to make payment more feasible and to ensure that money is available to pay off the loans. We love that Key Bank has experience under its belt. It has a seasoned management team that understands the banking industry and has thorough knowledge about lending and borrowing. Plus, the bank has nearly 1,000 branches across the country for customers to use, in addition to its well-built website, key.com. In addition, customers like that they can use Key Bank as a one-stop shop for all their banking and borrowing needs.

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The Bad

  • Slower Than Necessary
  • Poor Communication

Slower than Necessary

Big and experienced does not necessarily equal fast. This is apparent with Key Bank. The application and approval process is not as swift as other lenders, and wait times for simple questions can be inordinately long. 

Poor Communication

A frequent customer complaint is that customer service agents give people the run-around and fail to resolve issues in a courteous manner. Customer are often frustrated by the perception that agents aren't listening to them or to their questions and concerns.

Also, it's a shame that the bank has some minimum balance and usage rules, some of which are only made known via online means. But not all customers use online banking, thus effectively eliminating them from being apprised of this information. Key Bank has some strict rules and regulations concerning minimum balances and a minimum requirement for using credit cards. Customers are often not aware of these requirements and are then assessed fees by not abiding by them.

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The Bottom Line

Key Bank has experience and expertise on its side with favorable borrowing options, loan terms and interest rates that make it easy to overlook the company's shortcomings relating to customer service. The bank has such a strong list of offerings and products making it a great option to look into if you are in need of a personal loan, especially if you are already a member of Key Bank. If customer service is at the top of your list of things you look for in a lender, then you may want to keep looking for a company that can better meet those needs.

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3 Reviews

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Chris Magnuson Denver, CO

Worst. Bank. Ever. They trashed by credit and so I sued them in small claims court. The court ordered mediation, and they were half an hour late to that. I may withdrawn the suit and file in county court. In August 2020, they changed all the account numbers of their loans, then made it impossible to make a payment. I ended up having to start WIRING them each payment every month. What nonsense, they can't get ACH payments set up. These are quite possible the biggest circus clowns of the commercial banking industry. RUN AWAY. I refinanced the loan and will keep the suit running until I get thousands of dollars out of them for all the hassle they created.

2 months ago

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concerned customer Apalachin, NY

Responded to Keybank $25k personal loan offer. I have excellent credit, steady career, no debt, good net worth. Keybank website listed my loan as debt consolidation without option to change although they quite literally offered me a standard personal loan. Pushed forward with application. Two days later Keybank rep contacts me. Wastes 15 minutes updating all of my personal info, then doesn't save it to my profile. Try to explain to her I don't need debt consolidation but rather a personal loan (per Keybank original offer). Rep continues on and spends the next five minutes explaining keybank debt consolidation process and requirements. Again I reiterate the purpose of the loan. She asks what types of items I am planning on purchasing which is irrelevant. So I explain to her items for around the house, furniture, a new bed, other miscellaneous items. She then categorizes my loan as "home improvement" instead of personal. Five more minutes of her explaining that process and me attempting to stop her. At this point I fully understand she just enjoys hearing herself talk, expects respect without showing it to a loyal customer of over 5 years, and begins her extremely condescending tone. Clearly upset I am "interrupting her" when I am in fact trying to stop her from wasting everyone's time offering products I am not seeking. I have no debt, nor do I own a home. Therefore the loan is personal, per the Keybank offer. Finally she gets it and tells me the info has been sent to the underwriting department and is sure to make it sound like she did me a big favor when in reality she is simply doing her job. She says we will be contacted back with updates when underwriting gets back to her. Almost three days later no response from key bank. No emails or update on loan site. I call back, same lady responds, same nasty condescending attitude. She has no record of the prior information update as per our last correspondence(although she was the one who did the update!) and tells me underwriting will require several pay stubs, two years worth of W-2's, two years of tax information, verification of employment with HR and supervisor contact info, full printed debt history, net worth statements, and assets statements. She also states that we were notified this per last conversation and underwriting contacted her yesterday and she was waiting on us. My boyfriend listened in on both phone calls and finally had it with this woman. He has a twenty year history with banks and credit unions to include at least 10 paid off personal loans. The Keybank rep became very hostile at this point and was borderline trying to yell at my boyfriend to which he firmly explained her job is very simple and she needs to take accountability for herself, realize she is addressing a customer, and the end state is the loan, not her feelings. He called her out regarding the lack of updates to my account notes she was supposed to record and save, and how she flat out lied about underwriting. What an incredible fiasco. I have never had such a terrible experience with a company EVER. I don't need a loan, but since they offered it and I have never taken a personal loan, I wanted to give it a shot. I expected solid customer service and a smooth process, but instead was paired with an incompetent woman with no respect for others, no customer service skills, and a broken website not to mention an underwriting department that cannot simply post an account update when they post it. Stay clear of any Keybank products unless you are a glutton for punishment. Thankfully I am not in the position where I need the money; because I feel bad for how they would treat someone down on their luck. Good luck out there everyone, and stay away from Key bank products.

1 year ago

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C Elk Grove Village, IL

Beware of the new customer sign-on bonus bait 'n switch. After carefully applying for an account and waiting 3 mos. for my bonus check, and several calls to customer service and visits to the bank- they told me they had no record of me ever entering an offer code when I enrolled online. Sorry!

3 years ago

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