KeyBank, a large bank-based financial services company, offers an array of personal finance products to cater to different kinds of customers and their various requirements. It is easily available from variable rates to fixed interest rates and usually come with the payment protection feature.
Read on to get an overview of the differences between the secured, unsecured, and other kinds of lines of credit options.
An overview of personal lending solution
There is a comparison of the common features of the three different types of financing options available at KeyBank.
|Features||Unsecured||Secured||Lines of Credit|
|Collateral||Not Required||Required||Not Required|
|Payment||Fixed Monthly||Fixed Monthly||One Consolidated Payment|
|Minimum Loan Amount||$5,000||$5,000||$5,000|
|Maximum Loan Amount||Not Disclosed||Not Disclosed||$30,000|
The Details – When to Choose What?
Key Bank offers unsecured and secured loans as well as personal lines of credit. Besides it also offers two specialized products – Overdraft protection and KeyProtect for its account holders.
Unsecured Personal Loan
The biggest advantage is that you do not require collateral to secure your borrowing.
Another advantage is the fixed rate of interest, which makes your monthly payment extremely convenient and well within your control.
Unsecured loans are a better option than most credit cards because of the lower interest rates and flexible payment terms. As a result, it seems a good idea to consolidate high-interest credit card debts with an unsecured loan.
The rate of interest may change from one state to another.
The states where bank gives unsecured personal loans are available are Alaska, Colorado, Idaho, Indiana, Michigan, Ohio, Oregon, Utah, Washington, New York, Maine and Vermont.
The minimum loan amount is $5,000. Same day approval is possible provided the application meets credit requirements. Moreover, payment funds can be transferred online as well.
Secured Personal Loan
Secured Personal loans make sense when you are in need of a big sum of money all at once.
KeyBank allows you to apply for a higher loan amount if you can provide sufficient collateral to back the loaned amount.
This is the biggest drawback of this loan type; however, it makes you eligible for an instant personal loan with possibly a lower interest rate and convenient payment terms.
It can also be a good option for people with bad credit or those borrowing for the first time.
The rates can be fixed or floating, but the payments are generally fixed for the term of the loan. Other features include same day approval, online statement and fund transfer, and online banking and payment protection facilities.
Personal Lines of Credit
A personal line of credit gives you the benefits of an unsecured personal loan with an added advantage of a revolving line of credit.
Funds are available to you quickly and conveniently as and when you need them by check, Gold MasterCard, or online transfer.
You can meet all your day-to-day cash requirements with one low consolidated payment.
You also have the option to link your personal line of credit to your KeyBank checking account as a means for overdraft protection, though the bank offers a separate overdraft protection plan.
Customer support contact
It can now become easy to choose a loan product depending upon the present financial circumstances. Once decided upon what exactly fits your need, you can call KeyBank representative to get more information or visit its website to apply online. The phone number of customer service is 888-539-1234.