First Citizens Bank offers personal loans to individuals seeking financial assistance for various purposes. These loans are designed to meet the diverse needs of their customers, such as debt consolidation, home improvements, unexpected expenses, or any other personal financial goals.

Features

• Competitive Rates. First Citizens Bank aims to provide competitive interest rates on their Personal Loans. This ensures that customers have access to loans with favorable interest rates, making it easier to manage their finances.

• No Prepayment Penalty. Borrowers who want to pay off their loans early or make additional payments beyond the regular schedule will not incur any prepayment penalties. This feature allows borrowers to save on interest costs and become debt-free faster.

• Fixed or Variable Rates. First Citizens Bank may offer both fixed and variable rate options for their Personal Loans. A fixed-rate means the interest rate remains constant throughout the loan term, providing predictability and stability in monthly payments. On the other hand, a variable rate may fluctuate based on market conditions, potentially leading to changes in monthly payments over time.

• Secured or Unsecured. First Citizens Bank may offer both secured and unsecured Personal Loans. Secured loans require collateral, such as a vehicle or a savings account, which provides added security for the bank. Unsecured loans, on the other hand, do not require collateral, making them accessible to borrowers who may not have valuable assets to pledge.

• Flexible Repayment Terms. The bank typically provides various repayment term options for their Personal Loans. Customers can choose a term that aligns with their financial situation, allowing them to repay the loan comfortably within a timeframe that suits them best.

First Citizens Bank Personal Loan Options

• Secured Personal Loans. First Citizens Bank offers secured personal loans, which require borrowers to pledge collateral as a form of security for the loan. Collateral can be an asset like a vehicle, savings account, or a certificate of deposit. By providing collateral, borrowers reduce the lender's risk, which may lead to more favorable loan terms, such as lower interest rates or higher borrowing limits. Secured personal loans are ideal for those with valuable assets who want to leverage them to access larger loan amounts or better interest rates.
• Unsecured Personal Loans. First Citizens Bank offers unsecured personal loans for customers who may not have valuable assets to offer as collateral. These loans do not require any collateral, making them accessible to a broader range of individuals. Since no collateral is involved, the bank assesses the borrower's creditworthiness and financial history more closely. Interest rates for unsecured loans may be slightly higher than secured loans, and the loan amount may be limited based on the borrower's credit profile and income. Unsecured personal loans are suitable for individuals who need financial assistance without risking their assets.

Pros and Cons

How to Apply for a First Citizens Bank Personal Loan?

1. Visit the Website. Go to the First Citizens Bank official website using your web browser.

2. Select the "Personal" Section. On the homepage, navigate to the "Personal" section. This is where you'll find information about personal banking products and services.

3. Choose the "Loans" Section. Within the "Personal" section, look for the subsection related to loans. It is called "Loans."

4. Explore Loan Offers. Once you are in the "Loans" section, you'll likely find a list of various loan options First Citizens Bank offers. Look for the specific personal loan offer that suits your needs and click on it to learn more about the loan's features, terms, and requirements.

5. Click "Get Started". After reviewing the loan details and deciding to proceed with the application, click on the "Get Started" button in the "Spezialed Loans" section. This will initiate the loan application process.

6. Provide Required Information. You will be directed to a secure online application form. Fill in the required information, which may include personal details, employment information, financial details, and the loan amount you wish to apply for.

7. Submit Documentation. Depending on the loan and your circumstances, you may need to submit supporting documents, such as identification, proof of income, bank statements, etc. Follow the instructions provided during the application process to upload or send these documents to the bank.

Best places to borrow a loan with bad credit

Upgrade

Upgrade is a prominent online lender that offers personal loans to borrowers with bad credit. They provide loan amounts ranging from $1,000 to $50,000, making them suitable for various financial needs. The minimum credit score required by Upgrade is relatively low, typically around 580. This makes it accessible to individuals with a less-than-stellar credit history. One notable advantage of Upgrade is its flexible repayment terms, which can extend up to five years. This longer repayment period allows borrowers to manage their monthly payments more effectively. However, it's worth noting that Upgrade charges origination fees ranging from 2.9% to 8%. Additionally, while they do not have any prepayment penalties, borrowers should be aware of the interest rates, which can be relatively high for individuals with bad credit.

Upstart

Upstart is another online lender that specializes in providing loans to borrowers with bad credit. Their loan amounts range from $1,000 to $50,000, allowing borrowers to access the funds they need for various purposes. Upstart utilizes a unique underwriting model that takes into account factors beyond just credit scores, making it more inclusive for individuals with limited credit history or low credit scores. The minimum credit score required by Upstart is typically around 580. One of the significant advantages of Upstart is its soft credit check, which means that applying for a loan does not negatively impact your credit score. Repayment terms offered by Upstart range from three to five years, providing borrowers with flexibility. While they do charge origination fees of up to 8%, it's important to note that they don't impose any prepayment penalties. However, borrowers with bad credit should expect higher interest rates.

LendingPoint

LendingPoint is a bad credit lender that offers personal loans ranging from $2,000 to $36,500. They consider borrowers with credit scores as low as 585, making them accessible to individuals with bad credit. LendingPoint prides itself on providing fast funding, often disbursing funds within one business day. Their repayment terms typically range from two to four years, allowing borrowers to tailor their loan duration according to their needs. It's important to note that LendingPoint does charge origination fees that can be up to 6%. They also have a slightly higher interest rate compared to traditional lenders, which is to be expected when borrowing with bad credit. However, they do not impose any prepayment penalties, enabling borrowers to pay off their loans early if they desire.

Universal Credit

Universal Credit is an online lender that specializes in bad credit loans, offering loan amounts ranging from $500 to $15,000. Their minimum credit score requirement is relatively low, typically around 550, making them accessible to borrowers with poor credit. Universal Credit offers repayment terms ranging from six months to five years, allowing borrowers to choose a duration that aligns with their financial situation. While they charge origination fees, the amount may vary based on the borrower's creditworthiness. One notable advantage of Universal Credit is its willingness to consider applicants who have previously filed for bankruptcy. However, borrowers should be aware that the interest rates associated with bad credit loans from Universal Credit may be higher compared to traditional lenders.

OneMain Financial

OneMain Financial is a well-established lender that specializes in bad credit loans. They offer loan amounts ranging from $1,500 to $20,000, making them suitable for various financial needs. OneMain Financial requires a minimum credit score of 600, slightly higher than some of the other lenders in this category. However, they have a reputation for considering other factors beyond credit scores when evaluating loan applications. OneMain Financial provides repayment terms that range from two to five years, allowing borrowers to select a term that fits their budget. It's important to note that OneMain Financial charges origination fees, which can vary depending on your residence state. While they do not disclose their interest rates upfront, borrowers with bad credit should expect higher rates.

Avant

Avant is an online lender that specializes in offering personal loans to individuals with bad credit. They provide loan amounts ranging from $2,000 to $35,000, catering to various financial needs. Avant has a minimum credit score requirement of 580, making them accessible to borrowers with less-than-ideal credit histories. Repayment terms offered by Avant typically range from two to five years, giving borrowers flexibility in managing their monthly payments. While Avant charges origination fees up to 4.75%, they do not impose any prepayment penalties. It's important to note that Avant's interest rates can be relatively high for borrowers with bad credit. However, they provide a transparent prequalification process that allows borrowers to check their potential loan offers without affecting their credit scores.

Requirements

1. Age. You must be at least 18 years old to be eligible to apply for a personal loan.

2. Residency. You usually need to be a legal resident of the country where the bank operates and where you are applying for the loan.

3. Identification. You must provide valid government-issued identification, such as a passport, driver's license, or national ID card.

4. Income and Employment. First Citizens Bank typically requires proof of a stable income source. Pay stubs, bank statements, or tax returns can demonstrate this. The bank wants to ensure that you have the financial capacity to repay the loan.

5. Credit History. Your credit history plays a crucial role in determining your loan eligibility and interest rate. A good credit score increases your chances of loan approval and may lead to more favorable loan terms.

Ways to Receive the Money

The most common method is direct deposit, where the approved loan amount is electronically transferred directly into your designated bank account. This allows you to access the funds quickly and conveniently.

How to Pay Off a First Citizens Bank Personal Loan?

First, review your loan agreement or contact the bank to confirm the outstanding balance on your personal loan and the payoff amount. The payoff amount may include the remaining principal balance and any accrued interest up to the repayment date. Then determine the payment method you'd like to use to pay off the loan. First Citizens Bank typically offers several options for making loan payments, including online payments, mobile app payments, in-person payments at a branch, or mailing a check or money order to the bank.

Things to Consider

1. Loan Amount and Terms. Evaluate the loan amount you need and the repayment terms offered by First Citizens Bank. Consider the monthly installment amount and the total cost of the loan over its entire duration.

2. Interest Rates. Compare the interest rates offered by First Citizens Bank with other lenders to ensure you're getting a competitive rate. Lower interest rates will save you money over the life of the loan.

3. Fees and Charges. Inquire about any application fees, origination fees, or other charges associated with the loan. Factor these into your decision-making process.

4. Credit Score and Eligibility. Understand the credit score requirements and eligibility criteria set by the bank. A higher credit score generally leads to better loan terms.

5. Secured vs. Unsecured. Decide between secured and unsecured personal loans. Secured loans require collateral, which might offer better rates, but it also poses the risk of losing the asset if you default on payments.

Alternatives

Credit cards

Credit Cards are a popular alternative to personal loans, offering revolving credit with varying credit limits. You can make purchases and repay the balance over time. Some credit card companies include: Chase (Chase Freedom, Chase Sapphire Preferred), American Express (Amex Gold Card, Amex Platinum Card), Citi (Citi Double Cash Card, Citi Rewards+ Card).

Home Equity Loans and Home Equity Lines of Credit (HELOCs)

Home Equity Loans/HELOCs use your home's equity as collateral. These options are suitable if you own a home and need access to a larger sum of money. Companies offering home equity products include: Wells Fargo, Bank of America, U.S. Bank.

PALs

Payday Alternative Loans (PALs) are offered by some credit unions as an alternative to payday loans, providing small-dollar loans with lower interest rates and more favorable terms. Examples of credit unions offering PALs include: Navy Federal Credit Union, Pentagon Federal Credit Union (PenFed), State Employees' Credit Union (SECU).

Peer-to-peer lending

Peer-to-Peer Lending platforms connect individual borrowers with investors who fund their loans. Borrowers may find competitive rates, and investors have an opportunity for potential returns. Examples of peer-to-peer lending platforms are: LendingClub, Prosper.

Home Improvement Loans

Specific lenders offer loans tailored for this purpose if you need funds for home improvements. Some companies providing home improvement loans include: LightStream, SoFi, Discover Personal Loans.

Editorial Opinion

Important

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

• What Credit Score Do You Need for a Personal Loan?
• How to Get a Personal Loan in 7 Steps
• Personal Loan Pre-Approval
• How to Apply for a Personal Loan
• Personal Loan vs Personal Line of Credit

Sources

• Bankrate. First Citizens Bank Review 2025 23.08.2023
• WalletHub. First Citizens Bank Reviews 23.08.2023
• ConsumerAffairs. Top First Citizens Bank Reviews 2025 23.08.2023