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Use a personal loan to pay off your debts on a time line that works for you. With a KeyBank unsecured personal loan, your rate and monthly payment amount are fixed for the entire repayment term, so you can make a budget and be in control of your money.

Using Personal Loans for Debt Consolidation

Like anything else, there are pros and cons to using a personal loan to consolidate debt. With the right information, you’ll be able to zero in on the details and figure out if this option works for your debt amount and budget. Here’s what to pay attention to:

  • Know the term. How long will it take you to pay off your loan and how much will you pay over that time?
  • Repayment rules. Find out if you can pay more than the monthly minimum and send the extra payment to the principle balance. Doing so will help you pay off your debt sooner and save on interest costs.
  • Is it secured? Unsecured loans aren’t tied to anything you own, like a house, so you don’t risk a bigger loss if you’re unable to make your payments.
  • Origination fees. Some personal loans have high fees you pay when you open that loan, or annual fees that can cut into savings you hope to gain.

KeyBank Personal Loan

Paying bills is less stressful when you have fewer bills. Lower interest rates help, too. And when you consolidate your debt with a personal loan, you can take the money that had been going toward higher interest and use it to pay down your debt faster.

  • Loans start at $5,000
  • Money can be available as soon as the same day1
  • Fixed interest rates help you budget
  • Flexible terms up to 84 months2
  • No origination fee3
  • No collateral
  • No prepayment penalty fee

Funds may be available as fast as same business day of application under the following conditions: (1) certain underwriting criteria are met including, but not limited to, credit score; (2) loan funding does not require third-party payoff(s); (3) funds are deposited directly into a KeyBank account; and (4) complete loan signing by 2:00pm EST on a day that the bank is open for business. Income verification may be required, which may delay availability of funds. Additional conditions may apply. All credit products are subject to credit approval and other program terms.


The APRs assume use of the bank’s optional automatic payment deduction plan from a KeyBank checking or savings account. Add 0.25% to the stated rate when an automatic deduction plan is not established from a KeyBank checking or savings account at time of account origination. Normal checking or savings account service charges apply. Please refer to specific account disclosures for details. The actual rate and payment amount may vary and are determined by the product, term, loan amount and your credit qualifications. For loan terms greater than 60 months, you must meet additional credit requirements and KeyBank will add 0.25% to the stated APR.

As an example, if you were to borrow $20,000 for 84 months and qualify for Key’s as-low-as rate of 7.74% APR (as of 9/12/19), your monthly payment would be $309.14. The APR may vary based on the state of residence. The 7.74% APR is an average APR charged by KeyBank across Key’s footprint (OH, IN, MI, PA, NY, MA, CT, VT, ME, CO, ID, UT, WA, OR, AK) and includes a 0.25% discount for electing to have the monthly payment automatically deducted from a KeyBank checking or savings account, plus 0.25% is added for electing a term greater than 60 months.


E-Sign is only available for applications submitted at a KeyBank branch. E-Sign is not available for online applications.

All credit products are subject to credit approval.

To apply, you must:

  • Be 18 years of age or older
  • Live within the following states: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA
  • Agree to provide additional personal and business information, if requested, such as tax returns and financial statements
  • Certify that all information submitted in the application is true and correct
  • Authorize the bank and/or a credit bureau to investigate the information on the application

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