What to Expect When You Apply for a Loan or Line of Credit

1. Review Your Finances, Goals, and Options 

Determine whether a loan or line of credit is the right step for you, by visiting Compare Personal Loans and Lines of Credit to learn more about what we offer. You can even apply for some of our loan options immediately from the webpage. It’s important to have a clear understanding of your full financial picture. We want to learn about your goals and discuss how to reach them. Contact a branch to speak to a banker about a Key Financial Wellness Review.

2. Apply

Whether you apply online or in a branch, you'll need to provide personal information, so make sure to have your:

• Social Security number and a photo ID
• Monthly gross income amount (that’s your earnings before taxes and other deductions), including any secondary income sources
• Current cash reserves from any checking, savings, CDs, retirement and investment accounts
• Employer’s name and address

Tip: To verify the information you give us during the application process, you may need to provide relevant documentation before your loan closes. Depending on the loan you're applying for, this may include pay stubs, tax returns, and bank statements. Learn more about what to bring when you apply for a loan.

3. Your Application is Processed

We’ll review your information to ensure you meet the qualifications for the loan or credit line you applied for. We’ll keep in touch with you throughout the process, so you know what’s happening along the way.

• Depending on the type of lending application you submitted and other factors, this process can be done the same day or take up to a few weeks.
• During this time, the information you provided in your application will be verified for accuracy.
• With your permission, we will obtain your credit report and credit score as part of the application review. You will receive any required credit score or credit‑related disclosures as applicable and as required by law.

Tip: Avoid applying for other loans, opening credit cards, or making major financial changes while your loan application is in process. Doing so could impact your debt-to-income ratio. (Your debt-to-income (DTI) ratio is determined by dividing your monthly debt payments by your monthly gross income. Shown as a percentage, the ratio helps lenders see how well you manage debt and whether you can afford to repay a loan.)

4. Your Application is Decided

Once we’ve completed the approval process, you’ll hear from us and receive a letter letting you know the decision.

• Your loan may be approved, counter-offered, or declined. 
• Your credit line may be approved or declined. If approved, with no additional steps needed, you will receive a welcome packet with instructions on how to activate your new account.  
• All the details, information, and any stipulations pertaining to the credit decision will be explained in the letter you receive. Remember, your banker will be available to answer all your questions.

Tip: To keep your application moving, you’ll want to respond promptly if your banker requests missing information or needs additional items.

5. Schedule Your Closing

Your banker will answer all your questions and explain every detail of your lending agreement, so you can close with confidence.

• When your loan or line is approved, your banker may contact you to schedule your closing and let you know what documents to bring with you.
• Be sure to bring any documents requested, including your photo ID and one additional proof of identity, to the closing.
• You’ll review and sign your lending documents.

6. Receive Your Funds

Funds are sent to you as quickly as possible, so you can set your plan in motion.

• Depending on the loan, you may receive your funds the same day¹ you close or several days later.
• Credit line convenience checks will be mailed in your welcome packet.  You will also receive information on all the ways to access your available credit, including how to easily transfer funds for even faster access.
• You’ll be able to manage your loan or line anytime in KeyBank online and mobile banking.  

Tip: Your banker will be with you every step of the way with the knowledge and expertise to answer your questions and keep the process moving.