Yes, Citizens Bank is a direct lender, which means they handle the full loan process, from application to funding and beyond, instead of simply matching you with another lender. Direct lenders are the only ones that handle your information, so it's more secure, and they make the loan process faster by removing middlemen.
In the end, your loan comes directly from Citizens Bank, not through a partnering bank or credit union. Getting a loan from a direct lender may get you better rates than from an indirect lender, as well.
Yes, Citizens Bank does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Citizens Bank's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
If you're looking for a lender that does not do a hard inquiry at all, you could consider Opploans, Integra Credit, and NetCredit.
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 personal loans are legit because Citizens Bank is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why Citizens Bank personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau. The company also is accredited with the Bureau.… read full answer
Why Citizens Bank Personal Loans Are Legit
Citizens Bank is registered as a business in the states it services.
Citizens Bank has a Better Business Bureau rating of A+.
Citizens Bank has been around since 1828.
Citizens Bank has an average user rating of 4.1/5 on WalletHub.
Citizens Bank personal loans have a rating of 4.2/5 from WalletHub%s editors.
Citizens Bank has a secure website, which you can tell by the fact that the URL has "https" in front of it.
While Citizens Bank personal loans are legit, they may or not be the best choice for you. It%s important to compare the terms and requirements of Citizens Bank personal loans against your other options before submitting an application.
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