Struggling to Pay Your Citizens Bank Loan? Here’s a Simple Guide

We’ve all been there – payday rolls around and there just doesn’t seem to be enough money to cover all the bills Rent, utilities, car payment, student loans – it can get overwhelming trying to stay on top of everything And when you have a loan payment from Citizens Bank added to the mix, it’s easy to push it down the priority list. But missing or delaying payments can result in late fees, credit damage, and other unnecessary headaches.

So what do you do if you’re struggling to pay your Citizens Bank loan payment this month? Take a deep breath – you’ve got options. As your pal, let me walk you through some tips to take control of the sitch.

Be Proactive

I know, I know – talking to the bank about late payments or asking for help sounds scary and embarrassing. Trust me, I’ve been there! But stalling will only make things worse in the long run. Citizens Bank has actually been pretty chill to work with in my experience. The first step is logging in online or giving them a call to explain what’s going on.

Here are some things to have ready so the convo goes smooth as butter

• Your full name and loan account number
• How much you can realistically pay each month right now
• Whether you need assistance on a short-term or long-term basis
• Your job status, income, and expenses overview

The customer service reps are usually quite helpful and can walk you through all the options. Being proactive and communicating early is key – it shows responsibility even during a tough spot.

Enroll in Citizens Bank AutoPay

Setting up automatic payments through Citizens Bank can take one more task off your monthly financial to-do list. You won’t have to worry about manually paying your loan bill – it just happens automatically each month. Cha-ching!

Plus, autopay means no more late fees due to a slipped mind or busy schedule. Forgetting about a bill is way too easy these days, amIright? It’s already hard enough to keep track of 10 other payments without adding a loan to the mix. Let autopay handle it instead of your brain.

Enrolling only takes a few minutes on the Citizens Bank website or app. You can set a specific date for the monthly amount to be withdrawn from your checking account. Easy peasy citrus squeezy!

Apply for Loan Assistance Programs

If you need more than just autopay to manage payments, Citizens Bank offers a few different assistance programs. Based on factors like income, expenses, and loan type, they try to create a more affordable payment plan. It never hurts to ask!

Two options to look into are:

• Payment Modification Program – Citizens may be able to modify your monthly payment to a lower amount by extending the repayment terms or lowering the interest rate
• Loan Modification Program – For long-term consistent payment relief, this can provide options like reducing the principal loan balance

To start the application process, you’ll need your loan documentation along with details on employment, property, expenses and income. It may seem intimidating, but the Citizens Bank reps can guide you through it. Don’t be shy to ask questions either!

Make Biweekly Half-Payments

Here’s a bit of a “hack” for you: Making biweekly half-payments on your Citizens Bank loan rather than one monthly payment. So instead of paying $100 once per month, you’d pay $50 every other week.

Over the course of a year, this ends up adding an extra monthly payment. The result? You pay less interest and can pay off the loan faster. Ka-ching again!

Just take the monthly payment, divide it by two, and set up automatic transfers to send that amount every other week. Easy way to save money and slay that loan beast quicker.

Use Citizens Bank Money Management Tools

Managing finances these days can feel like a juggling act, amIright? Between tracking various loans, credit cards, retirement accounts, utilities – it’s no wonder we struggle to keep up.

Thankfully, Citizens Bank offers some sweet money management features on their website and mobile app to wrangle all those payments.

Check out tools like:

• Spending Analysis – See monthly spending organized in handy charts/graphs
• Budgeting Calculators – Help plan monthly budget down to each category
• Financial Education Resources – Articles, videos and more to level up financial know-how
• Account Alerts – Custom notifications for account balances, pending transactions etc.

These tools make it easier to budget your Citizens Bank loan payment each month. You’ve got this!

Explore Debt Consolidation Options

If you have multiple debts like credit cards, medical bills, or other loans, debt consolidation could be an option to simplify things. This rolls all those debts together into one single payment each month.

Citizens Bank offers personal loans and home equity loans/lines of credit that can be used to consolidate higher-interest debts. This results in a fixed monthly payment, lower interest rates, and paying off debt faster. Score!

Be sure to read the fine print, compare all offers, and evaluate the pros/cons before pursuing this route. But it’s worth looking into!

Lean on Your Support Squad

When you’re struggling financially, it can really wear you down mentally and emotionally. Please don’t hesitate to open up to your inner circle about what you’re going through. Let the people who care about you provide some encouragement, advice or even practical support.

And if you ever feel truly alone or overwhelmed, there are also many great non-profit credit counseling agencies out there for free financial guidance. Do some Googling for reputable organizations in your state or nationwide.

No matter what options or tools you leverage to get back on track with Citizens Bank loan payments, remember this one thing: you’ve so got this! Stay hopeful and proactive, my friend. One step at a time.