CIT Bank Personal Loans Review

(July 2024)

CIT Bank Personal Loans Review

In This Article

Our Verdict

Man Operating His Laptop with the CIT logo on his screen

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

https://www.cit.com/cit-bank

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

CIT Logo

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

CIT Bank Vector

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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