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Use a personal loan to pay off your debts on a timeline 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:

  • What’s the interest rate? The lower the rate, the more you may save. Make sure you understand if and when the rate changes. With a fixed rate loan, you lock in one rate. Some loans have adjustable rates, meaning the rates and payment may change.
  • 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 minimum monthly payment and send the extra to the principal 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.
  • Know your credit score. To be approved for a KeyBank personal loan, you'll need a credit score of at least 640-6802 and may need to meet a mix of requirements related to employment, debt-to-income ratio and credit history.

KeyBank Personal Loan

Paying bills is less stressful when you have fewer bills. Lower interest rates help, too. Consolidate your existing debt, and you could save hundreds in payments and thousands of dollars in interest over the life of your loan.

  • Lock in a .25% interest rate discount when you use your new loan for debt consolidation1
  • Improve your cash flow with flexible payment terms up to 84 months3
  • Your funds may be available as soon as the same day4
  • There's no collateral required, and no origination fee or prepayment penalty

See What Debt Consolidation Could Look Like for You

Find out how a consolidation loan can help you pay off all of your personal debt.

See What Debt Consolidation Could Look Like for You
Debt & Credit

When to Consider Debt Consolidation

After hearing about all of the debt consolidation options out there, you may be left wondering, "How should I consolidate my debt?" The process of debt consolidation is more intuitive than most may think.

February 2019 When to Consider Debt Consolidation
Debt & Credit

How to Make Debt Consolidation Work for You

Make a plan to manage your debt — and consider consolidation as a tool to help you do it.

February 2019 How to Make Debt Consolidation Work for You

To receive the 0.25% interest rate discount, the borrower must be the owner on a KeyBank deposit account at the time of origination. Key to Key refinance is not eligible to receive the discount. Deposit account service charges apply.


As of 8/26/20.


The actual rate and payment amount may vary and is determined by the product, term, loan amount and your credit qualifications. For loan terms greater than 60 months, borrowers 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 9.76% APR (as of 1/15/2021), your monthly payment would be $329.55. The APR may vary based on the state of residence. The 9.76% 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.


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 2:00 p.m. ET 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.

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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