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Personal Loans to Help with Graduation Expenses

They grow up so fast! While graduations create a lot of positive feelings, they can also be a stressful time for many people. Pictures, cap and gowns, travel ... graduation expenses can add up quickly! These expenses can be especially stressful when you want to help the person graduating, but do not have the means to do so. If your finances are tight, graduation can be a really hard time, as getting a little help can be difficult. Whether you want to give the graduate some summer fun money, a nice graduation gift, or even a jump start on a new life after college, Citizens Savings & Loan will do our best to help! After all, we have been helping good people like you get the money they need since 1917. Even if you have limited credit or no credit, Citizens is here for you! 

When you have less-than-perfect credit, it may seem like getting a good loan is almost impossible, but it really isn’t with Citizens.There is a reason why we have been in business for over 100 years and have been a BBB accredited business with an A+ rating since 1960: we make getting a loan clear and easy. We specialize in fast personal loans for hard working people like you who may not have access to getting a loan from a bank. Need the money quickly? We process many personal loans on the same day you that you apply.  So if you are looking to have a great graduation and need a little extra cash, we’re here to help!


If you are interested in obtaining a personal loan from Citizens, or if you would like to learn more about other types of loans we provide, we encourage you to contact us today or stop by any of our convenient locations. You can also get your loan process started now, simply fill out our online application form and a friendly Citizens representative will contact you!

Posted: May 17th, 2018 | Permalink

How Credit Scores Work

Despite how important credit scores are to our ability to take out a loan and make purchases, many do not know exactly how determining one's credit score works. What is it exactly, how is it derived and how can we go about improving it? 

What is a credit score?
A credit score is a number that reflects your creditworthiness, indicating to a bank or lender how likely it is that you may default on a personal loan. Lenders check a loan applicant's credit score before granting a loan. The higher your credit score, the better. A credit score is a relatively easy way for a lender to intially evaluate your credit quality without having to dig through your credit history looking for information. A credit score allows them to look at a single number. In addition to helping you take out loan, a good credit score also will guarantee you get the best interest rate on that loan. 

How is it derived? 
A credit score is generated by a credit bureau that obtains and analyzes your credit data, including your recorded financial history, to form an overall, albeit abbreviated, picture of your credit history. The algorithms used to generate credit scores are complex and, by all accounts, a well-kept secret. The most popular credit score is the FICO credit score - named after the company that generates it, the Fair Isaac Corporation. 

Improving your score
If you want to improve your credit score, the following are a number of things you can do to help improve your score.

  • Pay bills on time: Bills paid on time or a bit early will improve your credit score. Avoid paying bills late or missing them altogether as this will quickly cause your credit score to plummet
  • Use your credit wisely: Use your credit cards, but don't accumulate unmanageable debt. You should be able to pay most of your credit card expenses off monthly. An ideal situation would be to use 49% or less of your available credit card limit
  • Watch your debt ratio: Debt-to-income ratio is important. You don't want to owe more than you can afford. This is especially true when it comes to credit cards since, if you're unable to pay off the majority of your bill on a monthly basis, you can end up being charged a great deal of interest, creating even more outstanding debt
  • Check your credit report: Do this often as errors could negatively impact your overall credit score. You are allowed one free credit report from each of the main credit reporting agencies (Equifax, Experian, and TransUnion) per year

Obtaining a loan isn’t a sure thing even if you have a good credit score. Your income, employment history, and level of debt are also considerations that lenders look at when it comes to providing a loan to borrowers. At Citizens, you are more than just a score. If fact, we have no minimum credit score requirements! You can also find out more about the above tips for improving credit, as well as some more information, by checking out our other financial resources.


If you would like to learn more about the process of obtaining a personal loan from Citizens, or if you would like to learn more about other types of loans we provide, we encourage you to contact us today or stop by any of our convenient locations. You can also get the process of applying for a loan started now, simply fill out our online application form and a friendly Citizens representative will contact you!

Posted: March 20th, 2017 | Permalink

Why Making Loan Payments On Time is Important

Unforeseen difficulties in life are often able to be overcome with personal financial flexibility. At Citizens Savings & Loan, we provide a wide range of loans, including personalcar, or bill consolidation loans, to help you catch up and get back on financial track. But beyond helping you overcome these unexpected difficulties, we also help our customers establish or re-establish their credit history. This is primarily achieved by making payments on time. Other advantages to making payments on time include:

  • Improved credit score
  • Lower interest rates
  • Avoiding late fees
  • Freedom to make future purchases

We understand that it can be difficult to keep up with every bill that comes in every month. That’s why at Citizens we provide a bill consolidation solution to help you stay organized while helping you pay your bill on time, every month. Our commitment to helping people with their credit starts with us listening and arranging a loan to help you build or rebuild your credit.  


If you would like to learn more about the process of obtaining a personal loan from Citizens, or if you would like to learn more about other types of loans we provide, we encourage you to contact us today or stop by any of our convenient locations. You can also get the process of applying for a loan started now, simply fill out our online application form and a friendly Citizens representative will contact you!

Posted: March 20th, 2017 | Permalink

Why is My Credit Score Important?

Your credit score can be a blessing or a burden. A credit score is a three digit number between 300 and 850 (base FICO score). By having a good credit score, you can enjoy lower interest rates whenever you decide to borrow money. From home loans to automobile loans, borrowing money can not only be an easier process if you have a quality credit score, but can create lower payments for you over the life of the loan. 

Where your credit score comes into play
It is nearly impossible to go through life without the need of a loan. When you look to purchase a home, buy a new car, or even apply for a credit card, your credit score is taken into consideration from the lender. Your credit score is a reflection on how likely you are to pay back the loan on time. Below are just a few instances in which you may need to borrow money. 


Credit cards
Most people have a credit card. They allow you to make purchases while putting off payment until a later date. This helps people budget their money and consolidates all expenditures. When applying for a credit card, your interest rate is typically a direct reflection of your credit score. Credit cards often carry a high interest rate (29% or higher is not uncommon) for those that have less than perfect credit, with fees up to 25% of the credit limit. On the other hand, the higher your credit score, the lower your interest rates

Home loans
A mortgage lender will typically provide very good interest rates for those with a credit score of 720 or higher. Being a high risk borrower, or having a below average credit score, can lead to high interest rates and, unfortunately, not being able to borrow as much as you initially intended

Renting
Often overlooked, many landlords will check a potential renter’s credit score before deciding to rent an apartment. This is done with the renter’s consent. Those applicants with a higher credit score often have an advantage over applicants with a lower score.


If you would like to learn more about the process of obtaining a personal loan from Citizens, or if you would like to learn more about other types of loans we provide, we encourage you to contact us today or stop by any of our convenient locations. You can also get the process of applying for a loan started now, simply fill out our online application form and a friendly Citizens representative will contact you!

Posted: March 20th, 2017 | Permalink

Things to Know About Debt Consolidation

Debt consolidation is a common choice among individuals struggling to pay their mounting stack of bills each month. It is a way to combine your debt into one easy monthly payment and lower your annual interest rate. While bill consolidation is a good option to get out from under your bills in a shorter time frame, there are still a few things you need to consider before choosing to consolidate: 

Check Your Credit Score
Many consumers are not aware that each year they are eligible to receive a free credit report from each of the three major credit-reporting agencies. If you have not done so yet, visit AnnualCreditReport.com and receive your free copy of these reports. This is a good way to see if you are eligible to receive a debt consolidation loan and get an overview of all of your outstanding debt

Review All Outstanding Debts
Before proceeding with the consolidation process, make a table itemizing all of your outstanding debt. This will give you a firm understanding of what you owe each month and the ability to rank which are the most important for you to consolidate 

Research All of Your Options
As with anything else, researching all of your options is crucial. It is important that you choose the best option that suits your individual needs. Review different interest rates and minimum requirements for different types of loan approvals


If you would like to learn more about the process of obtaining a bill consolidation loan from Citizens, or if you would like to learn more about other types of loans we provide, we encourage you to contact us today or stop by any of our convenient locations. You can also get the process of applying for a loan started now, simply fill out our online application form and a friendly Citizens representative will contact you!

Posted: March 20th, 2017 | Permalink