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Citizens Bank Personal Loan Reviews
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Citizens Bank operates primarily in New England, the Midwest and the Mid-Atlantic. In addition to traditional banking services, Citizens Bank offers HELOCs, or home equity lines of credit, at competitive interest rates. HELOCs can be used for everything from home improvements and debt consolidation to major purchases and education expenses.
Citizens Bank HELOCs have competitive variable APRs. There is also a 0.25% discount on the rate when you set up automatic payments through a current account at Citizens Bank.
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Along with a potentially low APR, Citizens Bank HELOCs have minimal fees. There are no application, closing or appraisal costs. There is a $50 annual fee, but it is waived the first year.
Citizens Bank offers "GoalBuilder" HELOCs that come in smaller amounts - $5,000 to $25,000. This is for homeowners who want to spend less on things like home improvements, education or other purchases, but may not have much home equity.
The GoalBuilder HELOC also has a variable rate that tracks the prime rate. It has no annual fees, prepayment penalties or interest charges on the amount you don't use.
Citizens says on its website that there are certain restrictions based on location and property income, but you'll need to call or visit a local branch to find out more.
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With Citizens Bank, it's easy to access your HELOC funds through online banking or mobile apps. You can also manage your account online. This includes making transfers, viewing your account balance, making payments, preparing electronic reports and more.
You can also use a HELOC check to access the funds. However, it takes approximately seven to 10 business days for the funds to arrive after closing.
Citizens Bank HELOCs are only available for properties in more than a dozen states in New England, the Midwest and the Mid-Atlantic—you'll need to check to see if your state is one of them. This also applies to GoalBuilder HELOCs.
Citizens Bank also does not offer HELOCs for certain types of properties. These include cooperatives, mobile homes, investment properties and manufactured homes. Eligible properties include apartments, single-family homes, owner-occupied homes and those not currently for sale.
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Citizens Bank HELOCs come with a 10-year draw period (the time you can borrow money) and a 15-year repayment period. During the withdrawal (loan) period, you can choose interest-only payments to lower your monthly payments.
However, this can be risky, as these HELOCs have variable APRs that may increase in the future. If you do not pay the principal balance during the draw period, you may pay more interest in the long run.
Funding times may vary depending on your circumstances and the length of time it takes for Citizens Bank to receive the necessary documents. But Citizens says most eligible borrowers receive funds within 30 days of applying.
Citizens Bank HELOCs are ideal for homeowners who want to borrow a large amount and have a Citizens checking account, strong credit, stable income and a maximum LTV of 80%. Amounts of $200,000 or more command the best rates.
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You can choose between interest-only payments and principal and interest payments, depending on your monthly budget and risk tolerance.
But borrowing smaller amounts through Citizens' GoalBuilder HELOC is also an option, with amounts between $5,000 and $25,000 of your home equity and potentially lower rates than the average personal loan or credit card.
Citizens Bank makes it easy to apply for a HELOC. This process can be done online and includes the following steps:
About the Author: Angela May is a personal finance writer and content strategist specializing in credit cards, loans and financial literacy. He has written for multimedia publications and financial brands for many years. The goal is … read more. Written by Hana Barham Written by Hana Barham Right Arrow Student Loan Writer Hana Barham specializes in all things related to personal and student loans and helping you finance your next venture. He strives to help others achieve their college and financial goals by making loans easier to understand. Connect with Hanna Braham on Twitter Twitter Connect with Hanna Braham on LinkedIn Linkedin Contact Hanna Braham by email Email Hanna Braham
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