Our Verdict
Instead of a personal loan, apply for a home loan with CIT Bank if you need a trusted online financial institution to give competitive interest rates, flexible repayment terms, and swift online customer service. CIT Bank has been operating for over 100 years and is a member of the Federal Deposit Insurance Corporation (FDIC), ensuring that your funds are secure.
CIT Bank offers home loans for those looking to purchase or refinance a property. Engage the mortgage servicing team to work with you to manage your home loan, ensuring a seamless experience.
CIT Bank also gives equipment financing and real estate financing options. Secure online and phone support, making it easy to contact a representative.
CIT Bank also provides relevant information about home loan options readily available for you. Home loans have no hidden fees, which makes budgeting easier for you.
Here’s other relevant information you need to know:
CIT Bank
Corporate Headquarters
11 W 42nd St, New York, NY 10036
Phone Number: +1 855-462-2652
Home Loans
Pros
- Competitive interest rates
- No prepayment penalties
- No application or origination fees
- Quick and easy online application process
- Flexible repayment terms
- Experienced customer service
Cons
- Limited loan amounts
- No option for co-signers
- No in-person customer service
Business Loans
Pros
- Loan options such as real estate financing and equipment financing
- Competitive interest rates
- Loan amounts up to $500,000
- Flexible repayment terms
Cons
- Requires a personal guarantee for discounts
- May require collateral
Who This Product Is Best For
Get a CIT Bank loan if you:
- Need funding for home renovation or purchase.
- Want a fixed interest rate and fixed monthly payments for the life of the loan.
- Prefer to apply for a loan online and receive a decision quickly.
- Are looking for a lender with competitive rates and flexible repayment terms.
Who This Product Isn't Right For
CIT Bank Loans may not be right for you if you:
- Have a low credit score.
- Prefer face-to-face interaction with a lender.
What This Product Offers
- Mortgage
CIT Bank offers home loans for home improvement and mortgages at fixed rates.
- Equipment Financing
Get an equipment financing loan to buy the necessary devices and apparatus for your business.
- Franchise Financing
If you want to start or expand your franchise business, apply for a franchise financing loan with CIT Bank. Acquire the money you need to get assets to set up or enlarge your franchise business.
- Working Capital Loans
Do you need to keep your business uninterrupted and running daily? Request for a working capital loan with CIT Bank. No more delays in paying salaries and urgent purchases.
- SBA Loans
Acquire an SBA loan with CIT Bank, a preferred lender with the Small Business Administration, backed by the U.S. government. Select from the variety of the SBA 7(a) Term Loan, SBA Express Term Loan or the SBA 504 Term Loan.
Product Details
Mortgage
Enjoy 5/6, 7/6, and 10/6 ARM loans and portfolio interest-only loans with CIT bank home loans. Also, get fixed interest-only loans over a period of 30 years as a credible borrower with payment alternatives and at the least rate.
Loan Amount |
|
Bank Rate | Fixed |
Loan Terms | Up to 30 years |
Repayment Plan | Monthly |
Accessibility | Anywhere in the US (Online) |
Equipment Financing
Improve your business equipment and technology to better serve your customers with CIT’s equipment financing loans. Obtain the assets required to upscale your business with access to up to $500,000 application-only or financials of up to $1,000,000 as fast as a day. Select either a lease or loan option and take advantage of adaptable term schedules and repayment alternatives tailored to meet your company’s demands. Encounter outstanding support with CIT’s reliable customer service. Don’t wait, get the payment options you need today!
Loan Amount | Up to $500,000 |
Bank Rate | 5.49% for approved clients |
Loan Terms | 6 – 72 months |
Repayment Plan | Seasonal, monthly and deferred payments are available |
Accessibility | Anywhere in the US (Online) |
Funding Speed | 1 day |
Franchise Financing
Looking for quick and hassle-free financing for your franchise business? Look no further than CIT! Get a range of financing solutions tailored specifically to the needs of franchise owners, from store remodels and equipment enhancements to inventory expansion and new store openings.
CIT’s non-SBA franchise loans are available for projects of all sizes, ranging from $2,000 to $500,000. So, if you’re ready to take your franchise business to the next level, contact CIT today and discover how franchise financing solutions can help you achieve your goals!
Loan Amount | Up to $500,000 |
Bank Rate | Varies by financing product |
Loan Terms | 6 – 84 months |
Repayment Plan | Varies based on funding product. Deferred and seasonal payments are available. |
Accessibility | Anywhere in the US (Online) |
Funding Speed | 1 day |
Working Capital Loans
Maintain a smooth cash flow for your small business. Manage your business expenses and consider obtaining a working capital loan with CIT Bank. Receive the funds you need to purchase goods, market and advertise your products and services, remodel your office space, and other costs.
Don’t hesitate to take advantage of the loan opportunity of up to $250,000 to rejuvenate your business. Act now and apply for the loan to keep your business operating seamlessly.
Loan Amount | Up to $250,000 |
Bank Rate | Rates for recurring capital loans differ based on credit history and term loans applied for. |
Loan Terms | 6 – 24 months |
Repayment Plan | Monthly, weekly, or daily |
Accessibility | Anywhere in the US (Online) |
Funding Speed | Same day as application day |
SBA Loans
SBA 7(a) Loans | SBA Express Loans | SBA 504 Loans | |
Loan Amount | $50,000 to $5,000,000 | $50,000 to $350,000 | Up to $15,000,000 |
Bank Rate | Fixed or Variable | Affordable Variable Rate alternatives | Fixed |
Loan Terms | Up to 25 years for real estate, Up to 10 years full amortization | Up to 10 years full amortization | Up to 15 years for equipment, Up to 25 years for commercial real estate |
Repayment Plan | Monthly | Monthly | Monthly |
Accessibility | Anywhere in the US (Online) | Anywhere in the US (Online) | Anywhere in the US (Online) |
Where This Product Stands Out
Competitive interest rates
CIT Bank Personal Loans offer competitive interest rates that are lower than the rates offered by many traditional banks.
Flexible loan terms
With loan terms ranging up to 30 years for mortgages and up to 7 years for businesses, CIT Bank Loans offer a range of options fit for you and your business.
Quick funding
Once your loan is approved, you can receive the funds as soon as the next business day.
No fees
CIT Bank Personal Loans don’t charge any origination fees or application fees, which can save you money over the life of your loan.
Where This Product Falls Short
No joint applications
If you want to apply for a loan with someone else, you’ll need to look for another lender. You do not have the liberty of getting a co-signer.
High credit score requirement
CIT Bank requires a minimum credit score of 620 to qualify for a personal loan, which may make it difficult for some borrowers to get approved.
How to Qualify for This Product
To qualify for a CIT Bank Loan, you must meet the following requirements:
- Be at least 18 years old
- Be a U.S. citizen or permanent resident
- Have a minimum credit score of 620
How to Apply for This Product
To apply for a CIT Bank Loan;
- Visit CTI’s website and fill out an online application.
- Wait for a CIT Bank representative to contact you.
- Provide personal information, including your name, address, and Social Security number
- Submit your income and employment information.
Alternatives to This Product
If CIT Bank Personal Loans isn’t the right fit for you, here are some alternative lenders to approach:
SoFi Personal Loans
SoFi provides personal loans such as wedding loans, home improvement loans, and family planning loans with no fees, flexible loan terms, and budget-friendly interest rates.
Marcus by Goldman Sachs
Marcus offers personal loans with no prepayment or late fees with easy repayment terms.
LightStream
LightStream gives loans for almost anything from auto loans to recreation loans to family life loans and so on with no fees, low-interest rates, and loan amounts up to $100,000.
Customer Reviews
CIT Bank Personal Loans generally has positive reviews. Many customers appreciate the competitive interest rates and quick funding, while others like the flexibility of the loan terms. However, some customers have complained about the high credit score requirement and limited loan amounts. Overall, CIT Bank Personal Loans are a solid option for borrowers with good credit who are looking for a flexible, affordable loan.
Methodology
We reviewed CIT Bank personal loans based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience, and the application process. We rated CIT Bank personal loans based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender.
Finally, we evaluated CIT Bank personal loans’ customer support tools, borrower perks, and features that simplify the borrowing process—like online applications, prequalification options, and mobile apps.
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