Citizens Business Loans Review

(June 2024)

Citizens Business Loans Review

In This Article

Our Verdict

If you are ready to make a smart financing move for your business, get into Citizens business loans review and navigate the terrain with confidence. Scrutinize your needs, compare options, and check eligibility. Assess costs beyond interest rates, assess customer feedback, and don’t hesitate to consult a Citizens Business Banker for guidance.

Prepare your documents, grasp repayment terms, and explore alternatives like grants, online lenders, credit cards, or crowdfunding. Calculate the total costs and seek professional advice if necessary.

Stay informed throughout the process. Remember, your business’s success story starts with profitable financing decisions. Take charge and secure the right loan to propel your aspirations forward!

Pros

  • Offers Flexible fund usage for various business needs.
  • Provides easy online applications.
  • Features competitive rates and terms.
  • Offers expert guidance from business bankers.

Cons

  • Requires collateral like property or equipment.
  • Imposes annual fees for credit lines.
  • Demands high credit score and revenue.
  • Involves lengthy approval, up to weeks.
  • Is limited to 15 states – Florida, Maryland, Michigan, Connecticut, Delaware, Rhode Island, New York, Massachusetts, New Hampshire, New Jersey, Ohio, Pennsylvania, Vermont, Virginia, and Washington DC.

Who Citizens Business Loans Is Best For

Seek Citizens Business Loans if you:

  • Require swift and adaptable financing solutions for your small business.
  • Need loans and lines of credit, with the potential to secure up to $250,000 in funding.
  • Are interested in Small Business Administration (SBA) loans, which offer advantages such as lower down payment requirements and a simplified qualification process compared to conventional loans.

Who Citizens Business Loans Isn’t Right For

Opt for alternatives to Citizens Business Loans if you:

  • Prefer to steer clear of yearly charges associated with business lines of credit
  • Have low credit scores, as Citizens Business Loans require stringent eligibility requirements.
  • Possess limited annual revenues, potentially affecting your eligibility for its services.

What Citizens Business Loans Offers

Business Line of Credit (LOC)

Need a quick injection of cash? Business loans and lines of credit offer up to $250,000. The best part? Its application process is fast, simple, and hassle-free. Whether it’s restocking inventory, managing seasonal demands, or clearing accounts receivables, you’re good to go! 

Business Flex or Equipment Flex Loans

Have your eye on some shiny new equipment, vehicles, or machinery. Business and equipment flex loans make it happen. Its short-term line of credit smoothly transitions into a term loan. This means flexibility and convenience all the way!

Business Term Loan

Big plans on the horizon? Business term loans are specifically for purchasing hefty assets and boosting your long-term financial liquidity. Choose between competitive fixed or variable rates, enjoy repayment flexibility, and even score potential tax benefits.

Business Mortgage Loan

Commercial property dreams? Business mortgages are your ticket to owning, renovating, or refinancing that prime space. With a range of loan structures and terms at your fingertips, you’re in control of making your business property aspirations a reality.

Citizens Business Loans Details

Business Line of Credit:

  • Borrow up to $250,000 in 2-3 days, and repay over 12 to 24 months.
  • Use Citizens VantageLinkTM for online application for Business Line of Credit (LOC).
  • Enjoy a simple application process for convenience.
  • Appreciate reliable buying power: borrow, repay, and borrow again for various needs.
  • Choose interest-only or principal-plus-interest payment options.
  • Pay low annual fees based on line amount:
    • $150 annual fee for lines of credit ranging from $50,000 to $100,000.
    • 0.30% annual fee for lines of credit between $100,001 and $1,000,000.

Business or Equipment Flex Loan:

  • Obtain a single loan for purchasing assets or leasehold improvements.
  • Enjoy flexibility for acquiring multiple assets or making improvements over time.
  • Receive assurance of committed funds before asset purchases or improvements.
  • Business Flex Loans:
    • Amount: $10,000 – $150,000.
    • Draw Period: 6-month draw period from the credit line. Enjoy 42 – 54 months additional repayment term.
    • Loan Type: Converts to a fixed-rate term loan after the draw period ends.
  • Equipment Flex Loans:
    • Amount $150,000 – $500,000.
    • Draw Period: 12-month draw period from the credit line. Enjoy 60 months additional repayment term.
    • Loan Type: Converts to a fixed-rate term loan after the draw period ends.

Business Term Loan:

  • Apply for a quick and hassle-free business-term loan
  • Request for loans up to $150,000 through an online process.
  • Receive personal assistance for loans above $150,000 from a Citizens Banker.
  • Get loan decisions within 2-3 days of application.
  • Enjoy flexible loan terms with options of up to 7 years (84 months).
  • Select either a fixed or variable interest rate for your loan.

Business Mortgage Loan:

  • Enjoy peace of mind with consistent, fixed monthly payments.
  • Choose between a fixed-rate 5- or 10-year term for your mortgage.
  • Select amortization options from 5 to 25 years.
  • Pay only a fixed amount of principal and interest.
  • Schedule a consultation to determine the ideal mortgage for your needs.
  • Adapt monthly payment terms to match your business’s current financial capacity.

Where Citizens Business Loans Stands Out

  • Diverse Financing Options: Citizens Business Loans provides an extensive array of financing solutions for your business. Its options encompass lines of credit, term loans, SBA loans, mortgages, and credit cards. This flexibility empowers you to select the most suitable product that aligns with your distinct needs and aspirations.
  • Effortless Online Application: Through its innovative Citizens Bank VantageLink™️ platform, it offers a swift and straightforward online application process. This enables you to effortlessly apply for loans up to $250,000 within minutes and receive a prompt decision within 48 – 72 hours.
  • Established Legacy and Credibility: With a rich heritage dating back to its establishment in 1828, Citizens Business Loans boasts a long-standing reputation as a dependable and credible financial institution. Its presence spans across 15 states in the Northeast and Midwest, boasting over 1,000 branches and 2,700 ATMs.
  • Competitive Rates and Transparent Fees: It provides business loans at competitive interest rates and transparent fees. Rates rely on factors such as your creditworthiness, loan amount, term, and type.

Furthermore, Citizens Business Loans extends additional benefits like cash-back rewards, fraud protection, and user-friendly online account management for its business credit card customers.

Where Citizens Business Loans Falls Short

  • Subpar Customer Service and Communication: Some customers voice concerns about extended wait times, unresponsive representatives, instances of rudeness or unprofessional behavior, as well as a lack of proper follow-up or timely updates regarding loan applications.
  • Rigid Eligibility Criteria and Stringent Documentation Requirements: Certain customers share experiences of loan denials due to factors like low credit scores, inadequate collateral, or missing paperwork. Additionally, some individuals find the online application process to be a bit stressful.
  • Limited Loan Amounts and Restricted Terms: Concerning the upper limit of $250,000 for most loan products, it might not adequately meet business needs. Moreover, some customers express a desire for extended repayment terms or more adaptable choices.

How to Qualify for Citizens Business Loans

To qualify for Citizens Business Loans:

  • Be 18 years and above.
  • Maintain a strong credit history.
  • Develop a comprehensive and viable business plan.
  • Demonstrate consistent revenue generation.
  • Showcase the ability to repay the loan.

How to Apply for Citizens Business Loans

Check Your Eligibility and Gather Documents:

  • Use online tools like the business loan calculator and working capital calculator to estimate your financing needs and see if you’re eligible.
  • Get your business information ready like your legal name, address, tax ID, annual revenue, employee count, and more.
  • Prepare for a credit check and agree to loan terms.

Pick the Right Loan for You:

  • Compare features and requirements and choose from various options that fit your needs

Apply Online or In Person:

  • Use the easy Citizens VantageLink TM online application for loans up to $250,000.
  • Fill in basic details and upload your documents.
  • Visit a branch or call 1-800-862-6200 to speak with a business banker.
  • You get a decision in 2-3 days and quick access to your funds.

Alternatives to Citizens Business Loans

Wells Fargo

If you seek financial support for your small business, Wells Fargo is a solid choice. It provides a diverse selection of small-business loans, catering to various needs. This includes Small Business Administration (SBA) loans, which often come with favorable terms and lower down payments. It also offers term loans and lines of credit, ensuring there’s flexibility in how you access funds.

Chase

When it comes to empowering small businesses, Chase is another notable player in the financial landscape. Its suite of small-business loans covers a wide spectrum, including SBA loans, term loans, and lines of credit. With a maximum loan amount of $500,000, Chase’s offerings provide a substantial boost to your business’s financial capabilities. This is especially true for your businesses if you have larger financial needs.

Bank of America

If your aspirations are on a grander scale, Bank of America is your go-to choice. Its extensive range of small business loans, including SBA loans, term loans, and lines of credit accommodates businesses with varying sizes and ambitions. Bank of America potentially fuels your significant growth endeavors.

Customer Reviews

On Trustpilot, is a disappointing 1.2 out of 5 stars, based on 371 reviews. Many customers are upset about high fees, bad customer service, long wait times, and online banking glitches.

According to BBB (Better Business Bureau), Citizens Bank has a whopping 1,057 complaints and 1,033 reviews. However, its overall rating is 1.07 out of 5 stars. Customers criticize its customer service, pesky fees, cases of fraud, and how it manages accounts.

Pro Tips

  • Scrutinize Your Needs: Take a deep dive into your business requirements. Do you need fast financing, flexibility, or a specific loan type? Pinpoint your needs to match the right solution.
  • Compare Options: Don’t settle for the first option that comes your way. Compare loan types, terms, and rates across multiple lenders to find the one that truly aligns with your business goals.
  • Check Eligibility: Before you get your heart set on a loan, ensure you meet the eligibility criteria. This saves you time and prevents unnecessary disappointments.
  • Assess Costs: Beyond the interest rate, understand all potential costs involved – annual fees, collateral requirements, and any other charges. Transparency is key.
  • Evaluate Customer Feedback: Delve into customer reviews to gain real insights into the lender’s performance. Look for consistent feedback themes that are suitable for your priorities.
  • Consult a Banker: If you’re uncertain about any aspect, don’t hesitate to reach out to a Citizens Business Banker to clarify doubts and guide you through the application process.
  • Prepare Documents: Get your business information and required documents organized upfront. A well-prepared application speeds up the process and increases your chances of approval.
  • Understand Repayment Terms: Clearly understand the repayment terms before signing the dotted line. Ensure the schedule aligns with your business’s cash flow.
  • Explore Alternatives: Don’t put all your eggs in one basket. Research alternative funding options such as grants, online lenders, credit cards, and crowdfunding to broaden your choices.
  • Calculate Total Costs: Crunch the numbers. Calculate the total cost of the loan over its entire term. This perspective helps you make a more informed financial decision.
  • Seek Professional Advice: If you’re unsure about which loan type best suits your business, consider consulting a financial advisor. Expert advice guides you toward the optimal choice.
  • Stay Informed: Throughout the application and approval process, keep yourself informed about the progress. Stay engaged and ask questions whenever necessary.

Recap

Explore the offerings of Citizens Business Loans: Tailor your financing with loans, lines of credit, and credit cards. Quickly apply online through VantageLink™️ for funding up to $250,000.

Benefit from competitive rates and transparent fees. Get expert guidance from business bankers. Choose from a range of loan types, including Business Line of Credit, Business Flex/Equipment Flex Loans, Business Term Loans, and Business Mortgage Loan.

Assess eligibility, gather necessary documents, and apply online or in person. Consider alternative options, other banks like Wells Fargo, Chase, or Bank of America. You can even opt for grants, online lenders, business credit cards, and crowdfunding.

Scrutinize your business needs, assess costs, and understand repayment terms. Consult a banker for guidance. Be prepared and stay informed throughout the process for successful outcomes.

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