Personal Loans & Lines of Credit FAQs

KeyBank offers personal loans of up to $100,000 for both secured and unsecured loans. For loan amounts greater than $50,000, please visit your local KeyBank branch.

Personal loans and lines of credit can be used for a wide range of purposes, including debt consolidation, home renovations, education expenses, medical bills, or other personal needs. To find the best loan type for you, review the terms and conditions of the loan or line of credit to ensure it aligns with your intended use.

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.

Principal is the original amount of money that you borrowed. Interest is what the bank charges you to borrow that original amount of money.

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).

An APR — Annual Percentage Rate — gives you the annual cost of borrowing money, including interest and other charges you’ll pay each year.

The loan term is the length of time you are given to pay back the loan.

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:

1. Increase your monthly payments
2. Make an additional payment each year
3. Refinance your loan to a shorter term

Debt consolidation combines multiple debts into one. With debt consolidation, you have one payment, one interest rate and one lender. By consolidating your debt with a personal loan or line of credit, the debt may be much easier to manage and you could save money on interest over time.

That depends on several variables. Our debt consolidation calculator can help you find out.

For loan information and details, sign on to online and mobile banking, or contact us at 1-800-539-9055.