Citizens Financial Group Inc.’s has launched new program to help nonprofit groups and customers address heat, utility and other energy costs.
As part of its Energy$ense program, Citizens provides more than $500,000 in energy assistance grants to homeless shelters and non-profit organizations that offer home weatherization and utility payment assistance to consumers. Through its Citizens Bank division,
The Energy$ense program includes two below-market interest-rate, unsecured loans for qualified borrowers to make energy-efficient upgrades or improvements to their homes. They are:
• The Citizens Bank Energy Efficiency Loan: Designed to finance weatherization projects to help make homes more energy-efficient, the $1,000, 3% APR fixed-rate loan has a three-year term with a monthly payment of $29.08. There are no fees or closing costs. Citizens Bank also is offering a 5% APR on loans up to $10,000 at terms payable up to seven years.
• The EZ Home Improvement Loan: A $1,000, 3% APR fixed-rate loan available to income-eligible borrowers who want to update their homes. Citizens is offering a 6% APR on loans for larger home-improvement projects, up to $10,000, payable up to seven years.
To apply for an EZ Home Improvement Loan or Citizens Bank Energy Efficiency Loan, homeowners should visit a Citizens Bank branch or call 1-877-TOP-RATE.
Source:Business First
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. A mortgage loan is a secured loan in which the collateral is property, such as a home.
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