Citizens Bank Personal Loan Review
When borrowing money, it is critical that you do so from a trusted and reputable institution. A Citizens Bank personal loan offers affordable and flexible loan terms. This is from a lender that has a long history of putting the interests of its borrowers first. Let’s take a look at some of the best reasons to consider Citizens bank for your next personal loan.
What Are the Minimum Borrowing Standards?
To qualify for Citizens Bank personal loans, you will need an income of at least $25,000 a year. However, income does not necessarily mean wages from a job. It may be possible to use capital gains, social security payments or other payments that you receive throughout the year. This can be used as proof of your ability to repay a loan. While there is no minimum credit score to qualify, those who have a credit score of at least 640 have the best chance to qualify. In general, those with a score of 700 or above will get the best rates.
How Much Can You Borrow?
Most lenders offer personal loans of up to $35,000. However, Citizens offers loans of up to $50,000 to those who qualify. Individuals with good credit may be able to get low rates on loans closer to the maximum amount without the need for collateral. Interest rates start at around 2.6 percent for variable rate loans and around 5.99 percent for loans with fixed rates.
What Do I Need to Apply?
Like any other loan application, you will need to provide information about yourself such as where you live and how long you have been there. It may also be necessary to provide information about your employer as well as how much money you make each year. By submitting an application either electronically or by mail, you authorize Citizens to perform a hard inquiry on your credit report. This inquiry may impact your credit regardless of whether your loan application is approved or not.
What Happens After My Application Is Approved?
Once the application is approved, the first step is to sign the loan documents. This acts as an acknowledgment that you will repay the loan. After that has been done, the money will be disbursed to a checking account of your choosing. In most cases, your first payment is due anywhere from 30 to 45 days after you receive the money.
A Citizens Bank personal loan does allow you to setup automatic payments to ensure that they are made on time. As account information is generally reported to credit bureaus, timely payments may help you improve your credit score over the term of the loan.
Those who need money to pay bills, fund a business or take a vacation may want to turn to Citizens for a personal loan. You can go to the Citizens website right now to live chat with a representative or visit their FAQ page to learn more about their personal loan offerings. From there, you can get started on a loan application at any time.
To apply you can visit www.citizensbank.com/personal-loans