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Citizen – About The Lender
Citizens Bank is based out of Providence, Rhode Island, and services the New England area. It is a publicly traded bank with over $150 billion in assets and has a long history, having been established in 1828. They have over 1,200 branches in 11 states.
Like many large banks, Citizens offers a wide range of products along with their personal loans. Even though they mostly have branches in New England, anyone in the US can apply for a personal loan online.
Citizen Personal Loan Specification
- Loan amount range$5,000 -$50,000
- Interest rate rage 5.99% to 19.50%
- Terms24-84 months
- Late payment feeNone
- Returned feeNone
- Check processing feeNone
- Prepayment feeNone
- Minimum credit score680
- Minimum annual income $24,000
- 1st payment 1 to 3 days
- Personal information (including address, phone number, email, and SSN)
- Proof of Monthly income
- Employment Details
Joint Borrowers – Citizens Bank allows for joint borrowers. They also base their pricing and decision on the highest credit score. This is great for borrowers who may not have super strong credit but know someone with strong credit who is willing to cosign with them.
Soft Pull Inquiry – Citizens Bank can do an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.
Competitive Interest Rates – Citizens Bank has very competitive rates for strong borrowers. They also offer one of the longest terms on personal loans, which is 84 months.
No Fees – Citizens Bank personal loans have no origination or late fees. They also do not have a prepayment penalty so the loan can be paid off early without additional costs.
Autopay Discount – Citizens Bank has two discounts that some customers can take advantage of. One is for a .25% discount if you sign up for autopay. The other is a .25% discount if you are a current Citizens Bank customer. Some customers can get a .50% discount on their interest rate..
Quick Turnaround Times – Citizens Bank has a quick and simple application process and the loan can be funded within 48 hours.
Available in All States – Citizens Bank personal loans are available in all states.
Phone Support – Citizens Bank has a support team available 24 hours a day, 7 days a week that you can contact by phone
For Strong Borrowers –If you do not have the best credit history, you may not be able to get a loan through Citizens Bank.
Higher Minimum Amount –The lowest personal loan amount you can get through Citizens Bank is $5,000.
One Loan Only –Citizens Bank does not allow borrowers to have more than one personal loan out at a time.
Minimum Income –Citizens Bank is one of the only personal loan providers that states the minimum income needed to get approved for one of their loans. If you make less than $24,000 you will have to look elsewhere for a personal loan.
Technology Issues –Citizens Bank has had some issues with repayments and applications on their website.
What Can a Citizen Personal Loan Be Used For?
Citizens Bank personal loans can be used for a few different reasons including debt consolidation, vacation, special occasions, home Improvement, adoption, or major purchases. Citizens Bank also offers a calculator to see what type of payment a borrower may expect. They do have some restrictions such as post-secondary educational expenses or business use.
Citizens Bank personal loans can be used to consolidate debt. This would mean paying off one or more prior unsecured loans with the new Citizens Bank personal loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment.
Citizens Bank personal loans are for home repairs or renovations. The advantage of using a personal loan for home improvements is that you do not have to use your home as collateral and can get funds much quicker with less documentation.Typically, it takes a month or more to get an equity line of credit on your home. Citizens Bank personal loans can help with those home repairs that might be out of reach on your current budget.
Citizens Bank personal loans can help fund that dream vacation you always wanted. The advantage of using a personal loan over a credit card is that you can make a budget for how much you really want to spend and know how much your monthly cost will be over the life of the loan.
The advantage of using a personal loan to finance a major purchase is that you can pay over time at a fixed rate. You can get the item you need now and pay it off over time. You won’t have to dip into savings or retirement funds.
Special Occasions or Adoption
Citizens Bank personal loans can be used to fund an adoption or help cover special occasions. The average adoption today is about $45,000. Many people do not have that much money sitting around. Citizens Bank personal loans can help cover those costs. Examples of special occasions they can help cover are weddings and anniversary celebrations.
Citizen Application Process
Current customers or borrowers who live in the footprint of Citizens Bank can apply at one of their local branches. Borrowers can also apply online. For current Citizens Bank customers, Citizens Bank already has much of the needed information for the application. Citizens Bank also outlines some of their minimum requirements for applying. Borrowers need to be US citizens of age in their respective state and have an annual income of $24,000. Borrowers need to have strong credit histories as well.
Citizens Bank online application is easy and quick. You can check your rate before you apply or just do a full application. The major difference is that checking your rate will do a soft credit pull, which does not affect your credit. Much of the application process is the same, whether you merely check your rate or do the full application.
You will apply for the amount and the reason for loan. Then you will fill out information about yourself such as your name, address, phone number, date of birth, and social security number. You also have to outline your financial information such as your employment and source of income. If you are approved you may need to provide some verification of the information that you submitted such as proof of income, proof of citizenship, and proof of identification. If you are satisfied with the terms of the loan you can sign loan documents online.
Citizens Bank also offers two discounts: one for autopay and another .25% discount if you are a current customer and you take autopay out any current account with Citizens Bank. This discount can equal up to .50% so make sure you take advantage. Funding of your loan can be as soon as the next business day after loan documents are signed.
Citizen Personal Loan is Best for..
Citizens Bank personal loans are great for borrowers with strong credit histories and strong cash flows. Current Citizens Bank customers can experience even more benefits with their personal loans.
Even if you are not a customer of Citizens Bank they offer competitive rates with no fees. They also offer a great tool to help borrowers know what to expect in a monthly payment and interest rate, based on some generic inputs. Citizens Bank also does a soft credit pull, so borrowers with a strong credit history who are searching for a personal loan should take advantage of this.