Yes, you can pay off Citizens Bank loans early, which is a smart idea because it will save you money on interest. Citizens Bank does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.
Example of How Much You Can Save By Paying Off a Citizens Bank Personal Loan Early
Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 0%.
Normal Payments: You will spend approximately $4,100 on interest.
Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest.
To estimate the cost of your Citizens Bank personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.
It is not very difficult to get a personal loan from Citizens Bank because they offer personal loans for people with credit scores as low as 680+. Other Citizens Bank personal loan requirements include being at least 18 years old, having an SSN, and having enough income to afford monthly loan payments.… read full answer
Citizens Bank Personal Loan Requirements
Minimum Credit Score: 680+ credit score
Minimum Income: $24,000 minimum income
Age: 18+ years old
Residency: U.S. citizen or permanent resident
Identification Type: SSN
Once you make sure you've met all the requirements for a Citizens Bank personal loan, you should have a good chance of approval. However, the exact interest rate you receive will depend on factors such as your credit score, income, and debt.
You can use WalletHub's free pre-qualification tool to see if you're likely to get approved and what rates you could get. Plus, it won't hurt your credit.
Yes, Citizens Bank will verify your income when you apply for a personal loan. Citizens Bank requires a minimum annual income of $24,000 to ensure that you can make your monthly payments, and if you don't meet the minimum income requirement, you likely won't get approved.
Citizens Bank verifies income by requesting two most recent paystubs. However, simply meeting the income requirement does not guarantee approval for a loan. There are other Citizens Bank personal loan requirements, as well.… read full answer
Citizens Bank Personal Loan Requirements
$24,000 annual income
Be at least 18 years old
Be a US citizen or permanent resident
Have a Social Security number
Have a credit score of 680 or higher
If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.
Applicants need a credit score of 680 to get a personal loan from Citizens Bank, according to multiple third-party sources. That means the Citizens Bank personal loan credit score requirement is in the fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.… read full answer
Keep in mind that just having a 680 credit score is not enough to qualify you for a Citizens Bank personal loan. Citizens Bank will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Citizens Bank with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a Citizens Bank personal loan online to gauge your chances of getting approved with your current credit score.
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