All of us have been in financial need at some time or the other. Whether it is to consolidate other debts, pay off those ever-increasing credit card bills or fund a medical emergency, personal loans can be put to use for any of your personal reasons.
Citizens Bank Personal Loan Rates
Customers can choose between fixed and variable interest rates. You can check the rate applicable to your financial needs on their website and get a quote from the bank within seconds.
The repayment period is from three to seven years. Customers can borrow a minimum of $5,000 to a maximum of $50,000 as per their needs. The bank customizes customer’s loan requirements, interest rate and even the monthly payment option, so that borrowing becomes comfortable.
How to Apply for a Personal Loan?
In order to be eligible for a Citizens Bank personal loan you need to have a strong credit history and a minimum annual income of $24,000. The bank would ask for current employment details such as tax stubs, bank statements and other employment information. It is mandatory to submit customer’s social security number at the time of application.
Personal loans are granted only to citizens of USA or Puerto Ricowho have reached their age of majority in their present state of residence. Once you submit all the necessary information, bank officials would carry out a background check after which funds will directly be credited into your account.
Citizens Bank Personal Loan Calculator
The bank’s website is pretty straightforward and has clearly mentioned all rates and terms and conditions of borrowing. It is recommended to look at rates and monthly payments using their loan calculator so that you would know how much you can afford. The bank does not charge any origination fee, disbursement fee nor any application fee.
You have to enter the loan amount that you wish to avail, credit score, term and choose a rate of interest between fixed rate and variable rate. Once all the fields are completed, click the ‘Apply Now’ button. This would give you an estimated APR and monthly payment for the total amount borrowed.
Personal Loans for those with Bad Credit
Citizens Bank’s official website clearly states that customers with exceptional credit history are the most preferred ones. This does not mean that those with fair credit do not stand a chance, however, the bank has its own credit requirements and approval criteria.
Making payments on time and having a good financial background are the ingredients of a person’s credit score. The bank is comfortable with offering loans to customers who have a good credit history and care about their finances, which is why staying in good credit is paramount.
Customers Final Say
With the advent of Internet and online discussion forums it is easy to read reviews on the bank’s functioning and management. Online reviews state that the bank’s online banking is not up to customer’s expectations and there is a fee for everything in the form of overdraft charges, account maintenance charges and so on.
All the banks operate with a motive of making maximum profit, especially the loan department. After all, the bank is giving you the money you need and therefore expects the customer to shell out a little more in the form of interest and other charges. Overall, Citizens Bank has received a mixed review and therefore, reading the fine print and understanding all terms and conditions is necessary.
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