Citizens Bank Personal Loan Full Review

When searching for funding, many borrows opt for a personal loan, but finding the best cost-benefit loans can be a challenging task.

Thinking about that, Citizens Bank has come up with a fairly personal loans option, borrowing up to $50,000 while charging interest rates as low as 6.78% APR.

Interested? Below, you will find detailed information about Citizens Bank’s personal loan rates, advantages, exclusive benefits, loan amounts, and much more.

More about Citizens Bank

On the market for over two centuries, Citizens Bank was founded in 1828 and is one of the oldest and largest financial institutions operating in the United States.

By the end of 2020, Citizens Bank had over 5 million customers across the country who enjoyed a variety of services provided by the bank, including credit cards, mortgages, and loans.

Currently, the bank has more than $121 billion in loans to millions of retail and commercial customers.

Money for everything you need

With Citizens Bank’s personal loans, borrowers can cover a wide variety of need, such as consolidate debt, cover unexpected expenses, or fund home improvements.

A t this time, the bank offers its clients both secured and unsecured loans based on their creditworthiness and borrowing needs, with loan amounts ranging from $5,000 to $50,000.

At the same time, Citizens Bank’s repayment terms are one of the most favorable within the United States, with some clients getting up to 7 years to pay back their loans.

Still, the actual repayment plan will depend on several factors, including your credit history and the amount borrowed.

The major advantages of Citizens Bank’s secured loans are their lower interest rates and longer repayment terms.

On the other hand, the bank unsecured loan is more indicated for customers who cannot provide any collateral insurance. However, those customers may end up with a high-interest loan.

What are the benefits?

Citizens Bank’s personal loans offer a range of benefits. One of the most notable of them is its easy application process and fast funding process, with funds being released within 2 business days after approval.

The loan also comes with two major discounts; one for customers with eligible accounts and another for borrowers who elected the Automatic Payment for the loan’s installments. Together these discounts can result in a 0.50% interest rate reduction.

Citizens Bank also does not charge for any kind of origination, annual or prepayment fees, which can make your loan more affordable.

Lastly, it is also important to note that applying for a Citizens Bank Personal Loan won’t hurt your credit score.

Are there any disadvantages?

While Citizens Bank personal loans offer several benefits, the service also comes with its disadvantages, especially for clients with a not-so-good credit history.

At this time, the bank’s personal loans does not allows for a co-signer, thus clients with a lower credit score may face some difficulties obtaining an unsecured loan.

Still, they might end up with a lower amount borrowed, but at the same time pay more interest and have less time to repay the loan.

Additionally, Citizens Bank applies late fees for missed or delayed payments, making it crucial for borrowers to stay on top of their repayment schedule to avoid extra charges and potential credit score impact.

It is also important to note that although Citizens Bank’s provides personal loans countrywide, their checking and saving accounts are not available in some states. Thi can prevent some borrowers to take advantage of the bank’s full benefits.

How to apply for Citizens Bank?

Althoug Citizens Bank may have its disadvantages, their loan still one of the best options for clients who need a fast fudding.

To learn more about the application process, check out our article by tapping the green button. You will get a step-by-step process on how to apply for Citizens Bank personal loans.

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