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Understanding First Citizens Bank Loans in 2024

First Citizens Bank has been a cornerstone for many when it comes to banking solutions. This guide delves into the intricacies of their loan offerings, ensuring potential borrowers are armed with all the necessary knowledge. Whether you're new to the bank or a longstanding member, get insights directly from experts, coupled with genuine user reviews, to navigate your financial journey.
Offers: 2
Updated:
02.02.2024
15:38
Best Personal Loan Today 26.02.2024*
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
Submit One Loan Application Online!
Submit One Loan Application Online!

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

First Citizens Bank
Personal Loans
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.

Recommended FinScore™
0
300
650
1000
from $2,000
Rate
i

Effective interest rate on the product

from 6.75%
Term
i

Loan term for the financial product

up to 84 months
First Citizens Bank Loans 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

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

Pros

Competitive Interest Rates. The bank aims to provide competitive interest rates on their personal loans, making them more affordable for borrowers and reducing the overall cost of borrowing.

Secured and Unsecured Options. First Citizens Bank offers both secured and unsecured personal loans, catering to customers with different financial backgrounds and asset availability.

No Prepayment Penalty. Borrowers have the option to pay off their personal loans early or make extra payments without incurring any prepayment penalties. This feature allows individuals to save on interest costs and become debt-free sooner.

Convenient Mobile App. First Citizens Bank offers a user-friendly mobile app allowing customers to manage their personal loan accounts, make payments, and access account information on the go. The app enhances the overall banking experience, making it more convenient and accessible.

Cons

Limited Info on Loans. One of the drawbacks is that the bank's website may provide limited information about the specific details of their personal loan products. This might require potential borrowers to contact the bank directly or visit a branch for comprehensive loan information.

Stringent Eligibility Criteria. First Citizens Bank, like any other financial institution, might have strict eligibility criteria for personal loans. Some borrowers may find it challenging to meet these requirements, which could limit their access to financing.

Possible Late Payment Fees. If borrowers fail to make their loan payments on time, they may incur late payment fees, potentially adding to the overall cost of the loan.

How to Apply for a First Citizens Bank Personal Loan?

Apply For a 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.

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

Apply For a Loan

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).Chase

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

Apply For a Loan

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.Wells Fargo

PALs

Apply For a Loan

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).Navy Federal Credit Union

Peer-to-peer lending

Apply For a Loan

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.LendingClub

Home Improvement Loans

Apply For a Loan

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.LightStream

Editorial Opinion

First Citizens Bank's personal loans offer a valuable financial resource for individuals seeking flexible funding solutions. With its competitive interest rates, versatile loan options, and commitment to customer convenience, First Citizens Bank has established itself as a reputable lender in the personal loan market. One of the standout features of First Citizens Bank's personal loans is their competitive interest rates. These rates enable borrowers to access funds at a manageable and affordable cost. Whether you opt for a secured or unsecured loan, First Citizens Bank strives to provide rates that cater to a diverse range of credit profiles, making their loans accessible to a broader customer base. However, there are areas where First Citizens Bank can improve its service. One of the notable drawbacks is the limited information provided on their website about specific loan products. This can be inconvenient for potential borrowers, as they might have to contact the bank directly or visit a branch to access comprehensive loan details. Enhanced transparency and comprehensive online loan information would undoubtedly enhance the overall borrowing experience.

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 First Citizens Bank personal loans and best practices, check out some of the following resources:

Sources

FAQ

What credit score do you need for a First Citizens Bank personal loan?

The specific credit score requirement for a First Citizens Bank personal loan may vary based on the loan type and other factors. Generally, a good to excellent credit score (typically 670 or higher) increases your chances of approval and may lead to more favorable loan terms.

How fast does First Citizens Bank approve loans?

First Citizens Bank's loan approval time can vary based on factors such as the loan type, application volume, and completeness of the submitted information. In some cases, approval decisions may be provided within a few business days, while others might take longer.

Does First Citizens Bank verify income?

Yes, First Citizens Bank typically verifies income during the loan application process. They do this to assess your ability to repay the loan and ensure that you meet the minimum income requirements for the loan product you are applying for.