- Time in Business
- Application approval
- Flexible use of funds
- Customer service options
Time in Business
It's a good sign when a company has experience in their industry, and Citerra lays claim on a decade of it. Having been around for 10 years, they've learned their customer base over time and established positive partnerships with lenders. This company stands out partially for their specialty in medical loans, as opposed to trying to companies who stretch themselves over multiple lending platforms with credit lines and cards.
Citerra makes getting a loan easy from the get-go. It doesn't cost a thing to apply for a loan, but what's more impressive is that they approve most loans within 10-45 minutes of receiving it! It can affect your credit score, mind you, but if it does, it only affects it by single digits.
Flexible use of Funds
Once you've been approved for a loan, you can essentially use the money at any medical facility. If your preferred provider is out of their network, they will just ask to see the doctor's license to make sure they are credible. Citerra and the bank that funds your loan will ultimately have to approve the use of your loan, but they don't place a lot of restrictions on eligible facilities.
Customer Service Options
Surprisingly, not every company in this industry is good at providing enough ways for customers to contact the company; some leave out phone numbers and others limit you to just an online contact form you submit. Citerra is actually pretty good at this though. Along with a contact form on their website, they provide a clear phone number, email address, fax number, online FAQs section, and outline of business hours.
You can easily make payments to your bank through an online portal or through check or autopay as well. Granted, the online portal you use will be specific to the bank that ends up funding your loan. This bank will be a great determiner of the customer service tools made available to you, since they will become the main entity you work with to pay off a loan.
The simplicity of this company extends into their application process, customer service options, and loan terms, and that works in the customer's favor overall. When finances can already get complex, it's nice to have a financial partner that makes the borrowing process intuitive.
- Lack of Information
- High-interest rates
- Limited loan terms
- Bank-specific terms
Lack of Information
While there's a lot to love about the simplicity of Citerra Finance, there are downsides to that as well. For one thing, the company doesn't provide almost any information about their own history as a company. Though it doesn't affect the way they handle a loan, customers like to know how a company got its start, what it stands for, and how it's making customers' lives easier. Citerra really doesn't dive into any of this information, except for outlining how easy their loans are to obtain. And in that way, the company is less approachable than the ones that are transparent about their background.
For some customers, there's also a bit too much simplicity in the sense that Citerra doesn't offer credit options. If you're not looking for a loan and prefer a medical credit card, this company isn't even an option for you. The following factors might also deter you from choosing Citerra:
Citerra actually charges pretty high interest. Their rates range from 17% to 21%. When other companies are starting as low as 5.99% or even lower, these rates seem just astronomical.
Limited Loan Terms
The amount of money you can borrow is not universal across the board; it actually depends on the individual customer's debt-to-income ratio. That could be seen as a pro or a con, depending on your personal ratio. And whatever you do borrow, you only have between 24 and 48 months to pay it off, as that is the range for most Citerra loan lengths. These terms are not as flexible as what some other companies offer.
Because your loan will ultimately be funded by a bank that Citerra has partnered with, some of the logistics of your loan will be determined by the bank and not by Citerra itself. This puts customers at the mercy of the bank; for example, the bank will determine your late fees and the amount of access you have to your account. Overall this should not be a frustration, but it does make customer service less consistent since multiple banks are partners of Citerra.
In smaller ways, the company is limited because their customer service is not available 24/7 and they don't have a live chat tool. This could be frustrating if you have a time-sensitive decision to make about your loan. The company would be helping customers more if they were more readily available to them.