Central Bank Consolidation Loans Review

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No In-House Fees Best for
4 /5
$ /mo
Starting Price
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Table of Contents

    Terms, Fees and Rates 2020

    Minimum credit score: 

    Depends on the state you live in
    Rates APR:4.75% to 21%
    Loan amounts min to max: $1500 minimum, but the maximum is unclear
    Origination fee: None
    Terms: 12 - 36 months
    Late payment fee: A small percentage of the monthly fee missed
    Prepayment penalty: None

    Pros and Cons


    • No prepayment fees
    • No origination fees
    • Low APRs for those with an excellent credit rating


    • The maximum loan amount is unclear
    • Terms are quite limited

    Why should you consolidate your loans with Central Bank?

    • No prepayment fees - This is essentially a charge for paying either a part of the whole of a loan earlier than agreed. For the customer, paying debts earlier can save thousands of dollars in future interest fees. However, the loan agency often charges a fee to pay early, somewhat covering their loss in future interest payments. Thankfully, Central Bank doesn’t charge anything at all for this.
    • No origination fees - An origination fee is the charge the loan agent takes for setting up the account, and the continued administrative duties concerned with its ongoing activity. It’s not uncommon for competing businesses to charge up to 5% for origination, but again this provider comes up trumps as it doesn’t charge anything at all.
    • Great APRs for those with an excellent credit rating - The APR refers to the overall yearly interest that your loan account will occur. Rates as high as 40% are not uncommon in the industry. Therefore, a potential APR rating of just 4.75% is a particularly reasonable offer. However, it must be noted that only those with exceptional credit ratings will be able to access an APR even close to this percentage.
    • Automatic payments - It’s possible to arrange for your monthly repayment to be automated. This way, you won’t even have to think about the bill, let alone spend any time working out what you owe. 

    What are the eligibility requirements?

    All decisions made regarding loan eligibility are made locally, so the eligibility requirements will depend heavily on which state you live in. There are certain basic aspects that all applicants will need to fulfill, such as:

    • Aged 18 or over
    • Some proof of employment
    • No recent history of bankruptcy
    • A certain level of credit
    • A permanent US Citizen

    How to apply for a Central Bank loan? 

    All applications are made online. You’ll need to be ready to provide key details on employment, income, housing situation, personal details, and overall debt levels.

    Customer Service

    • An extensive FAQ section 
    • Via phone call (a toll-free option also available)
    • Call center opens from 8 am to 5 pm Monday to Friday, and 9 am to 1 pm on Saturday
    • Email

    What types of debt can be consolidated with Central Bank?

    Usually, there aren’t any limits on what kinds of debt can be consolidated with a personal loan, but it’s not made specifically clear on the Central Bank website. Speak with the customer support team for a definitive answer.

    Bottom line

    Central Bank offers great APRs for those with fantastic credit scores, but the terms are rather limited and potential loan amounts are not detailed.

    Try using Upgrade instead. It offers a clear and comprehensive service, with loan amounts ranging from $2,000 to $35,000. Or, perhaps consider checking out SoFi. It offers loans of up to $100,000 and doesn’t always charge late payment fees.