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Life can be expensive. You have your regular bills, everyday expenses, and even the occasional splurge. Then there are bigger, out-of-the-ordinary expenses.
So how do you cover these one-time, large expenses? Sometimes you can pay with cash from your savings, borrow against your home’s equity, or put the charge on a credit card. Other times, these options aren’t the best solution for your expense. That’s when you can turn to a personal loan.
Personal loans typically range from $5,000 to $50,000. Most personal loans are unsecured, meaning no collateral is necessary, and your interest rate is determined by your credit score. Most personal loans have a fixed interest rate, which means your payments are the same throughout the repayment term. Personal loans also offer short- and long-term repayment options; shorter repayment terms mean paying less interest over the life of the loan, while longer terms could lower your monthly payments.
Personal loans can be used in a variety of ways, ranging from life’s most memorable moments to those unplanned expenses. Some uses include:
Now that you know what a personal loan is and how it can help, you should compare it to other financing alternatives. So what are your other options?
Life comes with big expenses, whether they’re expected or unexpected. And if the expense is too large for your savings to cover, a personal loan could be the most sensible solution. It could ease the burden of your credit card debt, push up the date of your dream wedding, or cover the cost of the cute new addition to your family.
We are committed to helping you reach your potential by providing personalized solutions. Our dedicated colleagues can help you find the right product to help you reach your goals. To learn more about personal loans, please call 1-888-333-0104, visit us online, or Ask a Citizen at your nearest Citizens Bank branch.
The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11‑state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit: