CIT Bank

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CIT Bank

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CIT Bank

CIT Bank is a financial services institution based in the US. It offers financial services mainly to small businesses and middle-market companies in a wide variety of industries. This is by its brick-and-mortar locations or through online banking.

Are you contemplating purchasing the services of CIT Bank but aren't certain about whether they are reliable and have value for money? Read honest online reviews here from others who have used CIT Bank services before and get to learn from their experiences.

About CIT Bank
Headquartered in Pasadena, California, CIT Bank was founded in 2000 in Salt Lake City, Utah. It began as an industrial loan corporation before later converting into a Utah state-chartered bank in 2008.

CIT Bank is a subsidiary of the CIT Group. The CIT Group is a financial and bank holding company. It was founded in 1908 by Henry Ittleson and is one of the top 50 largest banks in the US. The group is also ranked 658th on the Fortune 1000 list.

In 2015, CIT Bank acquired OneWest Bank together with its 60 plus locations. This expanded the services from online banking to now include brick-and-mortar banking.

Products and Services Offered by CIT Bank
CIT Bank customers have access to online banking, checking accounts, deposit accounts, mortgages, money market accounts, etc.

Through its Retail Banking segment, the bank offers commercial and consumer loans, and also operating lease equipment.

Compliments, Complaints, and Tips for CIT Bank
Have you used CIT Bank's services before? What was your experience? Would you recommend the bank? Leave your review here.

Things you should consider before taking out a loan!
What would you do when life gets rough and you can’t afford paying your bills? Will you borrow money from friends, family or take out a loan? Even when life is great, keep the rainy days into account, no matter how long the good time lasts.  

And when life gets financially tight and hard, if it so happens that you did not save up? What would you do without emergency savings? 

Well, you are not the only one! In fact, debt levels are rising.  And did you know that most of us, in time of need, turn to personal loans when an emergency hits. Especially in a time of a health crisis, not many people are able to cover their medical bills in the US, or pay off their credit card debts

Before taking out a loan, you will have to be absolutely confident in your decision in taking a loan. However, if you are completely and you are sure you need a loan, then have a look our reasons to consider:

1. Ask yourself why you need a loan?

If you are considering taking out a loan, make sure that you know why and what you need to borrow money for!  You should only and always borrow money for an emergency. Only borrowing money for things out of your control, like emergencies, only then should you borrow money!

2. Do your research into the fees and expense of a loan
Many people regard their own back when they need a loan. However, your bank might not have the best loan for you. Therefore, it is advisable to do research online into other loan providers, you might get a loan with lower fees and better requirements. 

3. How much can you afford?

Can you afford taking out a loan? Despite needing a loan, you should think about more than just needing money right now! Paying off a loan is not just about monthly payments but the total amount you will have to pay back. Make sure you can afford to pay the monthly fee,
you don’t want to be late on paying off your loan.

4. Do you understand the terms of the loan?
Before signing for a loan, make sure you understand the terms! Sometimes, some people forget to read the small letters or blindly trust their loan provider and end up being surprised.

Therefore, make sure you understand the following before signing the papers on your loan and avoid additional fees or hidden costs;

  • Do you know how much the loan processing fee is? -Make sure you know what you are paying the lender. If you read anything about such fees, you can also ask the lender to waive the loan origination fee. 
  • What happens when you are not able to pay the fees? -Some lenders will charge you a fee when you are not able to cover your payment. Therefore, as mentioned before, make sure you can pay your installments. 
  • Want to pay your loan off earlier? -If you are able to pay off your loan early, make sure that it will not cost you extra money to pay off your loan early. This is also known as the ‘prepayment penalty’.
  • Don’t be late paying your payments! -Some lenders will charge you a fee if you are late paying your payments and this will hurt your credit score. Therefore, make sure you can afford to pay your monthly payments!

5. Be financially smart from a young age!

If you start saving money at a young age and you want to borrow money when you are older, you will be able to enjoy low rates and payments. If you have a bad credit score, then you will have to pay back much more compared to when having a good credit score.

Therefore, find out what your credit score is before taking out a loan and analyse if you can afford to borrow the money. In addition, if you can improve your credit score before taking out a loan, then improve your credit score first!

And for those that are considering taking out a loan, have a look at online reviews about lenders before you make a decision. Online reviews could uncover hidden fees or other important things you should know about loans and lenders.

Here is a shortlist of lenders who have a good rating based on reviews: