Personal Loans & Lines FAQs
Personal loan questions
- What is a loan term?
The loan term is the length of time you are given to pay back the loan.
- What is the difference between principal and interest?
Principal is the original amount of money that you borrowed. Interest is what the bank charges you to borrow that original amount of money.
- What is the difference between a variable and a fixed rate?
If the rate is fixed, it stays the same for the entire length of the loan.
A variable rate is subject to change depending on what type of index it is based on (such as the Prime Rate).
- What is APR?
An APR - Annual Percentage Rate - is a measure of the cost to borrow money. It reflects interest and other charges you’ll pay each year.
- What are the standard loan payback periods? How can I pay my loan off faster?
Typical personal loan payback periods range from 12 to 84 months and are based on the amount you borrow, the purpose of the loan, and whether the loan is unsecured or secured by some type of collateral. There are several ways to pay your loan off quicker:
- Increase your monthly payments
- Make an additional payment each year
- Refinance your loan to a shorter term
- I need help making my mortgage loan payments. Who can I contact for assistance?
Hardships can come in many forms. Unemployment, decrease of income, declining property value, divorce, injury or illness – these are all considered hardships. If you are experiencing a hardship that is making it difficult for you to pay your bills, there may be help.
If you are having difficulty making your payments, visit our Borrower Assistance page. We may have a program available to assist you.
- How much will I have to pay in interest over the life of a loan?
This depends on the amount of money you borrow, the interest rate and the term. You can estimate the amount using the Loan Estimation Calculator.
- What does my credit score have to do with my loan?
Your credit score tells a story of your ability to manage your finances and make your payments. It can affect whether or not you’re approved for a loan as well as the length of the loan and the interest rate you qualify for.
- What is debt consolidation? Why would I consider it? How could it benefit me?
Debt consolidation is taking multiple debts at various interest rates and combining them into one debt. This way, you’ll have one payment and one interest rate. Debt consolidation may make the debt much easier to manage and you may be able to save money on interest over time.
- How much would I be able to save over what I’m paying now if I consolidated my debt with KeyBank?
That depends on several variables. Our debt consolidation calculator can help you find out.
- I have become an owner of a property with a KeyBank loan. How can I obtain information about the loan?
A person who acquires an ownership interest in a property with a KeyBank loan through certain transfers may be deemed a "successor in interest." These can include ownership interests transferred through a borrower’s death, divorce, separation or from a family member. A person’s status as a "successor in interest" may entitle them to receive certain information and documentation about the loan. Alternatively, the borrower may have to authorize you to act on their behalf or to receive information about the loan.
For questions related to these types of ownership transfers, please call us at 1-866-325-9653 Mon-Fri: 8:00 a.m. - 5:00 p.m. ET.