Citizens Bank announced last week that it is offering a new home improvement loan program aimed at making it easier for low and moderate income residents to borrow money at a reduced interest rate. The Citizens Bank EZ Home Improvement Loan offers some customer the ability to borrow $1,000 at one percent interest over three years.
“We are delighted to be able to offer this loan program throughout the Tyrone area,” said Nancy Zanylo, branch manager at the Tyrone office. “By offering a significantly reduced interest rate, we’re trying to reach out to customers who typically haven’t been able to obtain affordable credit.”
Citizens Bank is offering the one percent interest rate loan for the first time in an effort to assist homeowners who might not qualify for a loan. Often traditionally small yet critical home improvement projects, such as painting or replacing a window, are either postponed until the necessary funds can be saved or paid with a higher rate credit card.
“This really is an excellent opportunity, it’s not just for homeowners, renters can use this also,” said Zanylo.
The EZ Home Improvement Loan is designed especially for homeowners and renters with family incomes under $37,000. These figures are based on HUD median family income guidelines and the income amount may vary depending upon the actual place of residence. The fixed rate loan has a three-year term with a low monthlypayment of $28.20 a month when payments are automatically deducted from a Citizens Bank checking or savings account. There are no fees or closing costs.
Under the same HUD guidelines and for larger home improvement projects, Citizens Bank is also offering a six percent APR on loans up to $10,000 at terms up to seven years. For example, a $3,000 loan at a six percent APR with a five-year term would result in 60 monthly payments of $57.99.
“To apply for an EZ Home Improvement Loan we invite homeowners and renters to stop by the Tyrone Branch,” said Zanylo. Interested persons may also call 814-684-1711.
Citizens Financial Group, Inc., is a $64 billion commercial bank holding company headquarted in Providence, RI. It has more than 850 offices and approximately 1,700 ATMs. Citizens operates as Citizens Bank in Pennsylvania, Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey and Rhode Island. Citizens is one of the 20 largest commercial banks in the United States. It is owned by the Royal Bank of Scotland Group plc. Citizens’ Web site is www.citizensbank.com.
