As of April 2021, the Bürgerbank is currently not accepting any new applications for personal loans.
- No fees or penalties – Citizens Bank has no late payment or issuing fees or early repayment penalties on its loans. These types of fees will affect the total cost of your financing. Even if you can find a lender who offers a slightly lower annual percentage rate (APR) but also charges fees, Citizens Bank may be the cheaper option.
- Discounts for qualified applicants – Discounts are available to borrowers who sign up for Autopay and Citizens Bank customers who have a qualifying account.
- Option to accept a co-applicant – Borrowers who may not qualify on their own may be able to do so by adding a co-applicant with a better credit profile.
- Strong credit rating recommended for qualification – While not mandating a minimum creditworthiness, Citizens Bank prefers applicants with “reasonably strong” credit profiles to cite the company’s website. To qualify for the currently lowest rate (6.79%), you need a FICO score in the very good to exceptional range of 740 and more. If you only have a good score of 670 to 739, you will receive 9.96% to 12.61%, depending on the loan period.
- High minimum loan amount: Citizens Bank offers personal loans starting at $ 5,000. Those looking for lower loan amounts must look elsewhere.
- Minimum income requirements – Applicants must provide proof of income – you must have earned at least $ 24,000 – to qualify for a personal loan.
Types of Personal Loans Offered by Citizens Bank
Citizens Bank enables borrowers to use their personal loans for a variety of purposes. These include: remodeling projects, debt consolidation, weddings, vacations, and RV purchases. In short, how you use the loan proceeds is largely up to you.
However, the Bürgerbank imposes some restrictions. You cannot borrow the proceeds for:
- Business related purposes
- Post-secondary education
- Security purchases
Time to get money
Citizens Bank borrowers usually receive the money within two business days via an automated clearing house (ACH).
Features of Citizens Bank Personal Loan
Apply for a personal loan with a co-applicant
Citizens Bank allows joint applications, and both the primary borrower and co-applicant can request separate interest rate quotes. When submitting a personal loan application, the final rates and terms will be based on whoever has the higher FICO score.
Initial soft loan request
Citizens Bank offers what the lender calls a “rate quote,” a type of prequalification process that allows you to see the rates and terms that you can pre-qualify for. It uses gentle credit screening, so if Citizens Bank does a hard request (and your rating could be affected, at least temporarily), your credit score won’t be compromised until you file a full application.,,
Apply for a personal loan from Citizens Bank
As mentioned above, before you apply, you can first find out if you are eligible for a Citizens Bank personal loan and on what terms. This is what the entire application process looks like on the bank’s website.
- Provide initial information via the online form, which contains your name, address and the desired loan amount. Once you check the box where you agree to the bank’s terms, more specific tariffs and terms will appear.
- Check out the terms and prices offered before you switch to the application page. You can change the loan amount at the bottom of the screen before proceeding.
- Log into your account if you are already a Citizens Bank customer to save time filling in additional personal data.
- Indicate whether you are applying as an individual applicant or with a competitor. Each applicant must provide details such as income or employment information, email address, and citizenship status. You must be of legal age in your state to be eligible for a personal loan.,,
- Check loan terms and submit complete application if you are satisfied with the offer. At this point, Citizens Bank is going to do a tough investigation. Additional documents may be required, such as: B. Proof of income and a copy of your government-issued identity card.
Once your loan is approved, you will sign your loan agreement and in most cases receive your money within a few business days. Do you prefer a personal touch? You can also apply at any of Citizen Bank’s 1,100 branches in 11 states (often in supermarkets) in New England, the Mid Atlantic, and the Midwest. The application process is similar to online.
Can you refinance a personal loan with Citizens Bank?
There doesn’t seem to be a way to refinance your personal loan with Citizens Bank. However, you can pool your personal loan into a new loan. Loans are limited to one open and active loan per borrower.
A Citizens Bank personal loan is free of charge and offers competitive interest rates. So it is worth taking a look if you are already looking for personal loans. As a venerable stationary institution, it is well suited for borrowers who want to apply for a personal loan in person – although unfortunately their physical offices are only in a few states.
The Quote Quotation feature is a risk-free way to get a preview of the financing terms you may qualify for and makes it easy to compare other lender options without affecting your creditworthiness. However, if your credit rating isn’t at least in the good range, you may need to look elsewhere as Citizens Bank tends to favor those with better credit ratings.
Getting a personal loan with Citizens Bank – or any other institution – can be a good idea if you want to cover large (perhaps unexpected) purchases or consolidate high-interest debt. However, before applying for a loan, first consider whether it is absolutely necessary and make sure that your budget has enough headroom to cover the monthly payments.
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