Secured Personal Loan
Fixed rate loan1 to finance your many different interests.
A KeyBank secured personal loan can be a great option if you’ve struggled to secure credit in other ways. By providing collateral, you could be eligible to borrow larger loan amounts, have longer repayment plan terms, and could even get a lower interest rate. Plus, you could get access to funds as soon as the same day.2
Overview
| Interest Rate |
Fixed |
|---|---|
| Loan Amount | Minimum $5,000, $100,000 maximum (with matched collateral) |
| Repayment Term | Up to 60 months3 |
| Collateral Needed |
Yes |
Features
KeyBank secured personal loans can be an accessible option if you’re looking to establish or improve your creditworthiness.
- Fixed Interest Rate: Your rate is fixed after enrollment.
- Flexible Payment Options: Payment term is flexible and can be extended.
- Extended Repayment Terms: Choose your repayment terms from 12–60 months.
- Manage Online: Access your loan statements, check your balance, and make payments in online and mobile banking.
- Get Funds Fast: Approval in just 1–3 business days.
- Accepted Collateral: Use your savings account; KeyBank CD; or the title to an ATV, jet ski, snow mobile, or tractor as accepted collateral.
Application Process for a Secured Personal Loan with Collateral
To apply, you must:
- Be 18 years of age or older
- Have a valid Social Security number
- 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
Frequently Asked Questions About Secured Loans
A secured personal loan is a loan where you are required to provide collateral, such as a title to an ATV, jet ski, snow mobile, tractor; or a KeyBank CD or Savings Account, or a Key Investment Services (KIS) account, as a form of security to obtain financing.
Secured personal loans offer a higher likelihood of approval due to the inclusion of collateral. By providing an asset you own as security for the loan, you reduce the risk for the lender. This reduced risk factor allows us to offer more lenient credit and income requirements for secured personal loans because of the collateral, making them more accessible to borrowers.
A secured personal loan requires collateral, such as a title to an ATV, jet ski, snow mobile or tractor; a KeyBank CD a KeyBank CD or Savings Account; or a Key Investment Services (KIS) account. An unsecured loan does not require any form of collateral.
All credit products are subject to credit approval. Income verification, such as pay stubs, tax returns, or personal financial statements, may be needed based on your qualifications. You do not have to disclose income from alimony, child support, or other maintenance unless you want to consider it for obtaining this loan.
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.
The actual rate and payment amount may vary and is determined by the product, term, loan amount and your credit qualifications.
Representative example of repayment terms for a secured personal loan. For $20,000 borrowed over 60 months at 11.99% APR, the monthly payment is $444.79. This example is an estimate only and assumes all payments are made on time.
