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Citizens Bank Pay My Loan – Complete Guide for You

Citizens Bank Pay My Loan – After paying all the expenses such as credit card, auto loan the only thing remains is debt free. Or you might need extra money for some reason like you are looking for a major purchase, finance a life event or consolidate high-interest rates into a single lower-interest loan.

Citizens Bank is the 13th largest retail bank in the U.S. and offers a competitive personal loan product for quality borrowers.

You need to visit either Citizen Bank or Citizen One on the company’s website, depend on where you live.

Citizens Bank Pay My Loan

Citizens Bank Pay My Loan

In order to get a loan from Citizen bank, you need to fulfill the following requirements.

  1. Age of majority in your state

The age of majority is the legal age you want to get a loan. Your age must be 18 in most states and it can be as high as 21.

  1. Strong credit history

Citizen bank doesn’t have any hard personal requirements; you might not qualify if you don’t have years of credit and a good score.

  1. Citizenship or permanent resident

You must have a residential address in the US to quality.

  1. Must have annual income $24,000

Your employment, investment, pension, state benefits, alimony and child support all counted as your income.

Documents required to apply for a loan in Citizen Bank

  1. Social security Card.
  2. Passport
  3. Date of birth certificate for the verification of your identity.
  4. Tax forms/pay stubs for the income verification.
  5. Citizens Bank interest rates and fees.

How to get a Personal Loan through Citizen Bank

Citizens Bank is an established financial institution with a strong online presence and has physical branches too.

It is not necessary that you must be a bank member to apply for a personal loan and its rates are competitive as compared to other lenders.

It is quite easy to apply for a loan in citizen bank and you will receive a decision on funding in some minutes.

Citizen Bank Personal Loans

You can apply for a loan from $5,000 to $50,000 with Citizens Bank. The APRs ranging from 5.99% to 16.24% or even higher. It depends on your loan type and your credit history.

The bank offers fixed as well as variable rates that last between three to seven years. It gives you a little more flexibility in your loan options in your monthly installment amount.

You must ensure that you fully understand your loan terms if you have decided on an adjustable rate as your payment amount can change after some period of time. Depending on what happened to interest rates as you took out the loan, you could pay less/more.

Since the bank doesn’t charge for origination, application or disbursement fee so the interest rate is straightforward especially when you choose fixed rates.

Application Process

The application process starts with your personal information including the social security number. You need to provide the income and employment information and the requested loan amount and intended use of that money.

The bank pulls your credit details, causing an inquiry to make your credit report. Based on the information provided by you will get an instant report for your loan. After that additional documents are required to verify the information you provided.

Approval of the loan

Once your loan application has been approved you need to sign your loan agreement online. Your funds will be transferred to your account on the next business day. Your first loan payment will be due within 30-45 days after the disbursement of the loan.

If you set an automatic payment you don’t have to worry about the due date of your payment every month. Keep in mind making an on-time payment every month can be helpful in building your credit score.

Features of Citizen bank loan

There is no pre-payment penalty if you decide to pay off.

Military members can receive special benefits after taking a personal loan from Citizen Bank.

To check the various features you can call Citizen Bank customer service.

Make sure that personal loan is the best fit for your needs. Keep in mind from qualifying to repaying the amount owed, there is a lot of information to consider throughout the entire process.

Citizens Bank Pay My Loan

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