|Loan Amount||Up to $150,000|
|APR (Fixed APR)||N/A|
|Loan Term (Months)||Up to 84 months|
Citizens Bank Business Loan Review
Citizens Bank business loan is a business financing offering by Citizens Bank, based in Providence, RI. Founded in 1828, Citizens Bank offers access to small business loans in 50 states (and Washington, DC).
Citizens Bank business loan FAQ
What are Citizens Bank business loan’s rates?
Citizens Bank business loan offers a fixed APR business financing product but they do not disclose their rates.
Does Citizens Bank business loan charge an origination fee?
Yes, Citizens Bank business loan charges a loan origination fee.
What limitations does Citizens Bank business loan set on the purpose of the business loan?
Citizens Bank business loan considers business loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- Product or Service Expansion
- Technology Investment
- Working capital
What types of small business loans does Citizens Bank business loan offer?
Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Citizens Bank business loan provides access to the following business loan types:
- Unsecured Term Business Loans
Does Citizens Bank business loan charge prepayment fees?Yes, Citizens Bank business loan charges additional fees to borrowers who pay off their small business loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a business loan early.
What is the maximum business loan term you can get with Citizens Bank business loan?
Citizens Bank business loan offers small business loans with a maximum term of 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for Citizens Bank Business Loan?
Citizens Bank Business Loan does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.Applicants with a credit score of at least 580 and up to 850 may be eligible for Citizens Bank Business Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Citizens Bank Business Loan. Their rates fall within the limits of The Military Lending Act.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Citizens Bank Business Loan.
To qualify, applicants may need to provide the following documentation:
- Recent bank statements
- Business formation documents
- Driver's license
- Government issued photo ID
- Proof of identity
Does Citizens Bank Business Loan report your account activity to credit bureaus?
Yes, Citizens Bank Business Loan reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
Other Services by Citizens Bank
- Washington, DC
- North Carolina
- North Dakota
- New Hampshire
- New Jersey
- New Mexico
- New York
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Business Financing Requirements||
|Credit Score Range||580 - 850|
|Employment Statuses Considered||
|Immigration Status Considered||
|Verification Documents Required||
|Business Loan Type||Unsecured Term Loan|
|Intended Use of Funds||
|Credit Bureau Reporting||
|Payment Options||Automatic Payments|
|APR Type||Fixed APR|
|Loan Amount||Up to $150,000|
|Loan Term||Up to 84 months|