Yes, Citizens Bank does offer debt consolidation loans. You can take out a personal loan from Citizens Bank and use it to pay off existing debts, thus consolidating those debts into a single new balance with one monthly payment that you must make to Citizens Bank. Citizens Bank does not specifically refer to their loans as "debt consolidation loans," so you'll need to take out a general-purpose personal loan..… read full answer
Quick Facts About Citizens Bank Debt Consolidation Loans
APR: 6.79% - 20.88%
Origination fee: $0
Loan amount: $5,000 - $15,000
Payoff period: 36, 48, 60, 72 or 84 months
Credit score required: 680
Keep in mind that a debt consolidation loan from Citizens Bank will be worthwhile if it saves you money compared to the interest rates you are paying on your existing debts. In addition to the loan's APR, you should also consider any potential fees, as well as the available loan amounts and payoff periods.
Before you apply for a Citizens Bank debt consolidation loan, it's a good idea to compare it to WalletHub's editors' picks for the best debt consolidation loans. That way, you'll be able to see how the offer stacks up against loans from leading competitors.
To apply for a Citizens Bank personal loan, first decide which way you will apply (online, by phone or in person), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
Decide which way to apply. You can apply for a Citizens Bank personal loan online, by phone or in person. Applying online is the best way because it typically offers the fastest decision.
Enter your personal information on the application. Citizens Bank requires the following personal information on the application: your name, date of birth, Social Security number, address, phone number and email .
Enter your financial information on the application. Citizens Bank requires the following financial information on the application: your income, sources of income, housing status, monthly housing payment and employment status.
Double check the application for accuracy. To ensure that your Citizens Bank personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Citizens Bank will typically provide a decision on your application within 4 to 16 business days (for both approval and funding time).
If you are approved for a Citizens Bank personal loan, you will generally receive the funds within 1 to 2 business days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.
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.
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