The personal loan application process at Citizens Bank is designed to be quick and convenient. Once approved, your loan will carry either a competitive fixed or variable rate of interest, and you may choose a monthly payment date that suits your bill-paying schedule. Your interest rate will depend on your credit rating and the amount of money you borrow. Whether you are looking for a consumer loan or to borrow against the equity in your home, Citizens Bank can tailor a loan with your budget in mind.
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Use a Citizens Bank personal consumer loan to pay for educational costs or medical bills or use it to buy a car, boat or recreational vehicle. Personal loans can also be used to consolidate credit card and other consumer debt into one fixed rate loan, potentially saving you money every month.
As an alternative to the personal consumer loan, you may apply for a home equity loan or a home equity line of credit. Similar to consumer loans, the home equity loan carries a fixed rate of interest. A home equity line of credit is usually a variable rate loan that will fluctuate. Home equity loans are dispersed as a lump sum as opposed to the line of credit, which you may draw on as needed.
Make your monthly Citizens Bank personal loan payment through an automatic deduction from your Citizens checking or savings account, and your interest rate may be reduced. You may also make loan payments at an ATM or by using the Citizens Bank online bill-paying feature. Apply for your loan in person, at a bank branch, by mail or phone by calling 1(800) 444-6989. If you supply all necessary information by phone, you may be approved within one day.
Before you decide on a loan, use Citizen Bank's online calculator to see what your monthly payments will be. Input the loan amount you want to borrow and experiment with different down payments and interest rates to find the best combination of loan features for you. You may also calculate the tax advantages of a particular loan.
Compare the benefits of a personal consumer loan to those of a home equity loan. If you use the money from a home equity loan or a home equity line of credit for a home improvement project, the interest will likely be tax deductible. Deducting loan interest on your tax return can lower your tax liability in the year in which you paid the interest.