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The 2024 Review: Citizens Bank Loans

Citizens Bank
Welcome to the definitive guide to Citizens Bank Loans in 2024. In this review, we delve into what these loans have to offer, eligibility, and potential alternatives. We break down complex details, helping you to understand whether Citizens Bank's financial products align with your needs. We also explore other options you may consider if Citizens Bank no longer serves your specific requirements.
Offers: 2
Updated:
18.02.2024
13:04
Best Personal Loan Today 27.02.2024*
Finanso
Personal Loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
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Effective interest rate on the product

6.34 – 35.89 %
Term
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Loan term for the financial product

2 months – 72 months
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Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.35
(20 Ratings)
Recommended FinScore™
0
300
650
1000
5000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

8.99 – 24.99 %
Term
i

Loan term for the financial product

36 months – 72 months
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Citizens Bank Calculator  

Use our loan calculator to get insights on possible loan amounts, interest rates, and repayment schedules. It's a crucial tool for your lending needs.

Loan amount
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Select the desired loan amount

USD
USD
1000 $
100000 $
Loan term
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Specify the loan term for the calculation

months
days
1
72
Interest rate
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Choose the interest rate on the loan

5 %
30 %
The Legal Status of Personal Loans in the USA

In the USA, personal loans are legal and typically used for non-business needs. They must be repaid according to the loan agreement, which includes interest and a repayment timeline. Various laws regulate these loans, including the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, and the Truth in Lending. These laws protect both the lender's interests and the borrower's rights, ensuring fairness and transparency in the lending process.

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
The 2024 Review: Citizens Bank Loans

Citizens Bank is a prominent and customer-centric financial institution recognized for its wide array of banking solutions and exceptional service. As a trusted name in the industry, Citizens Bank offers comprehensive personal and business banking services, including checking and savings account options, home and student loans, mortgages, and investment options.

Citizens Bank Personal Loans

While Citizens Bank provides various financial products and services, it's important to mention that personal loans are not among the offerings. Customers looking for personal loans may want to explore other options, like bank accounts, savings accounts, money market accounts, or consider alternative financial institutions for their specific needs.

When considering any financial product, knowing the terms and conditions, including interest rates, late fees, and total costs paid over time is essential. Customers can use the loan calculator to estimate costs and explore different borrowing options.

Citizens Bank, N.A., ensures transparency in lending processes and strives to serve its customers with excellent service, competitive rates, and fair terms. As borrowers explore the options available from Citizens Bank or other banks, it's essential to compare different offerings and choose the one that aligns best with their specific financial goals and needs.

Types of Loans Offered by Citizens Bank

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  1. Home Loans. Citizens Bank provides various home loan options to assist customers in purchasing or refinancing their homes. Whether it's a first-time homebuyer or someone looking to upgrade their current living space, the bank offers competitive interest rates and flexible terms to suit individual needs.

  2. Auto Loans. Citizens Bank offers auto loans with attractive interest rates and repayment options for those planning to buy a new or used vehicle. The bank's auto loans make it easier for customers to finance their dream cars and confidently hit the road.

  3. Student Loans. Citizens Bank supports students pursuing higher education by offering private student loans. These loans are available for both undergraduate and graduate students and their parents. With competitive interest rates and convenient repayment plans, students can focus on their studies without worrying about funding their education.

  4. Citizens Bank offers home equity lines of credit (HELOCs) for those seeking to leverage their home's equity. These options come with flexible terms, interest rates, and the convenience of automatic payments for eligible accounts. Citizens Bank no longer offers personal loans; however, eligible borrowers may find suitable lending options, such as the home equity line.

Citizens Bank Loan Alternatives

Alternatives offered by Citizens Bank

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Citizens Bank offers a variety of credit cards, including rewards cards, cashback cards, and low-interest cards. Credit cards provide a revolving line of credit, allowing customers to make purchases and pay them off over time or in full while also earning rewards or cashback on eligible spending.

SoFi

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SoFi offers personal loans, student loan refinancing, and home loans. They are known for their competitive interest rates and flexible repayment terms.SoFi

LendingClub

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LendingClub is a peer-to-peer lending platform that offers personal loans for various purposes, such as debt consolidation, home improvement, and more.LendingClub

Boeing Employees Credit Union

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BECU (Boeing Employees Credit Union) offers its members personal lines of credit and home equity loans, providing flexible borrowing options.BECU

Editorial Opinion

Citizens Bank, a notable financial institution, offers a diverse range of banking services, emphasizing customer satisfaction and transparency. Its lack of personal loans, however, is a conspicuous gap in its portfolio. From home loans to student and auto loans, the bank provides comprehensive financial products, including credit cards as an alternative to personal loans. Yet, for customers specifically seeking personal loans, this void might necessitate exploring other financial institutions. SoFi, LendingClub, and BECU offer competitive personal loans, serving as possible alternatives. Despite Citizens Bank's impressive service array, the absence of personal loans suggests that some customers may need to look beyond, ensuring their chosen solution aligns with their unique financial goals.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about personal loans and best practices, check out some of the following resources:

Sources

FAQ

Can I get a Citizens Bank personal loan?

No, Citizens Bank does not offer personal loans. While they provide a wide range of financial products, personal loans are not among their offerings. Customers seeking personal loans may need to explore alternative lenders or financial institutions that provide such loan options.

What are the requirements to get a loan from Citizens Bank?

The specific requirements to get a loan from Citizens Bank can vary based on the type of loan you are applying for. However, some common factors lenders typically consider when evaluating loan applications include credit history, income, and employment.

What credit score do you need to get a loan from Citizens Bank?

Generally, a higher credit score improves your chances of loan approval and may lead to more favorable interest rates. For some loan products, a credit score in the range of 620-640 or higher may be considered fair to good and could potentially qualify for certain loans.