Personal, business, student and home loan options with a personal touch.
It’s not for everyone, however. Its branches concentrate on the coasts, and you generally need good or excellent credit to qualify for most loans.
What types of loans does First Republic Bank offer?
First Republic Bank covers the borrowing basics through:
Personal loans. Borrow from $60,000 to $250,000 with terms of up to 5 year(s) through unsecured personal loans and lines of credit. Rates are variable and based on the Wall Street Journal Prime Rate .
Read First Republic Bank personal loan review
Business loans. Small, established businesses can take out secured term loans and lines of credit starting at $60,000 with terms of up to 10 year(s). Rates depend on your business financials, though credit lines start at the WSJ Prime Rate plus 0.15%.
Read First Republic Bank business loan review
Student loan refinancing. Do you have excellent credit and between $40,000 and $300,000 in student loans? First Republic Bank offers refinancing with rates from 1.95%–3.95% (with autopay) and loan terms from 5 year(s) to 15 year(s).
Read First Republic Bank student loan refinancing review
Residential loans. First Republic Bank offers a wide range of home loans, including loans to cover the cost of building your own home, mortgages, single-family co-op and condo home loans, vacation and second-home loans and home equity lines of credit. Rates, terms and loan amounts vary by program.
Why should I consider taking out a loan with First Republic Bank?
- Highly competitive rates. The rates on First Republic Bank’s student loan refinancing are lower than most federal student loans. Its other loans come with rates that vary by creditworthiness.
- Stellar customer reviews. First Republic’s branches consistently earns four- and five-star ratings on Yelp.
- High amounts available. Offering personal loans of up to $250,000 and no maximum on business loans, this bank could be a particularly solid resource if you’re looking to fund a large project.
- Personal touch. You can’t apply for a loan without a banker walking you through your choices and recommending options based on your specific situation.
- Friendly to nonprofits. In addition to traditional bank loans, First Republic Bank offers a special program to help nonprofits and organizations qualify for financing.
Where does First Republic Bank fall short?
- Good or excellent credit only. You’ll typically need a credit score of 700 or higher to qualify for a loan from this bank.
- High minimum loans. Personal and business loans start at $60,000, so it might not be the best source for small-dollar costs.
- Not available nationwide. First Republic Bank operates branches in California, Connecticut, Florida, Massachusetts, New York and Oregon only.
- Requires First Republic account. While it’s not an unusual bank requirement, you’ll need to open a checking account with First Republic Bank to be eligible for a loan. Rates on its business and personal loans partially depend on your banking relationship.
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How much will it cost to borrow with First Republic Bank?
It depends on your loan type. Student loan refinancing doesn’t come with fees, while its personal loans require a $250 origination fee and $150 annual service fee. Business loans come with an origination fee equal to 0.5% to 1% of the loan amount, which is deducted from your funds before you receive them.
Thinking of enrolling in autopay? You’ll pay a $25 preauthorization fee each time you set it up or make a change. And if you don’t have enough funds in your account when your payment is due, you’ll pay a $30 penalty.
If you’re more than 10 days late on a business loan repayment, your business may need to pay a late fee equal to 10% of the amount due.
What do borrowers say about First Republic Bank?
First Republic Bank gets mixed online reviews — though there aren’t that many out there. It earns an A+ rating from the Better Business Bureau (BBB), which has accredited the bank since 2016. The one customer review on its BBB page is negative, however, and it has seven customer complaints filed against it.
It has no Trustpilot page, but Yelp appears the most common place for borrowers to drop First Republic reviews on specific branches. Its branches typically get ratings ranging from four and five stars, mostly based on fewer than 10 reviews. Complaints center on banking issues or misunderstandings over fees and rates for student loan refinancing or mortgages, with some customers accusing First Republic of misrepresenting the cost of their loans.
Overall, customers are impressed with the bank’s customer service. One business owner said she’d been working with First Republic Bank for 15 years, citing her customer service experience as a top reason. Several Yelpers also mentioned they’d moved from their previous bank to First Republic specifically for its customer service.
Are First Republic Bank loans safe?
Yes, generally. But no lender can guarantee that your information is 100% safe. Student loan refinancing is the only application you can partly complete online — all other loans require a phone call or a branch visit. First Republic protects the personal or financial information you submit online using industry-standard SSL security. It also offers all customers free access to Trusteer Rapport, online software designed to protect your information against financial malware.
First Republic takes steps to prevent identity theft and fraud by asking to see government-issued ID when you visit a branch and allowing only authorized personnel access to sensitive information when it’s necessary. It never sells your information to other companies, though it shares some of your nonsensitive personal information with affiliates — you can opt out of this. And it conducts regular reviews of its computer systems and other security features to make sure everything is current and correct.
How to apply for a loan with First Republic Bank
For most First Republic Bank loans, your application starts over the phone at 888-408-0288 or in person at your local branch.
Or request to have First Republic contact you by completing a quick online form:
- Go to First Republic Bank’s website.
- Click either Personal or Banking in the main navigation bar.
- Select the type of financing you’re looking for under Lending.
- To the right of the page, under Get Started Today, click Have Us Contact You.
- Complete the required fields with your contact information and availability.
- Click Send Contact Information.
To find your closest First Republic Bank branch, click Location at the top right of the page and enter your ZIP code, city or state.
Eligibility requirements
While each loan type comes with its own requirements, you’ll likely need to meet basic eligibility to borrow from First Republic Bank:
- Good to excellent credit. Credit score cutoffs vary by loan type, but you often need a score of at least 700 or 750 to qualify.
- Low debt-to-income ratio (DTI). First Republic doesn’t specify DTI cutoffs, but you could have trouble getting a loan if your DTI is above 43%. Generally, the lower the better.
- First Republic Bank account. First Republic Bank requires all loan applicants to have a First Republic Bank account. You won’t qualify for the most competitive rates on a personal loan if you don’t sign up for automatic repayments from your First Republic checking account.
- Local to a branch. All applications involve a visit to a branch, so just living in a state where it operates might not cut it.
Cities where First Republic Bank operates one or more branches:
More about First Republic Bank
Founded in 1985, First Republic Bank is a San Francisco–based bank and wealth management institution. It primarily serves wealthier customers — including Facebook Founder Mark Zuckerberg — and doesn’t have a great track record with lower-income or minority borrowers, according to The Wall Street Journal. In addition to loans, it offers personal and business banking services like checking accounts, IRAs and treasury services. You can also sign up for financial planning, endowment management and other wealth management services.
Bottom line
First Republic Bank is worth looking into if you have excellent credit, a low debt-to-income ratio and prioritize customer service. Its rates are highly competitive, and customer perks like freshly baked cookies make borrowing an overall more enjoyable experience. However, it’s not great for borrowing low-dollar amounts, and you may not qualify with a credit score that’s under 700.
Interested in learning about other options? Read one of our guides below to learn more and compare top lenders.
