With large loan amounts and competitive rates, First Republic Bank is a good choice for those who need a large amount. But it's not for everyone. Its branches are concentrated on the coasts, and you need good or excellent credit to qualify for most loans.[/fin_read_more]
What types of loans does First Republic Bank offer?
First Republic Bank covers the borrowing basics for both personal and business use.
Borrow from $60,000 to $250,000 with terms of up to 5 years through unsecured personal loans and lines of credit from First Republic Bank. Rates are variable and based on the Wall Street Journal Prime Rate ⓘ Defined by The Wall Street Journal, this is a measure of the US prime rate that changes over time based on the rates banks charge their most creditworthy customers. Lenders use it as a benchmark to calculate variable rates.
First Republic Bank also has a "professional loan" option that allows you to work with a banker to craft a loan specifically for you. The exact terms are based on you, so visit a branch or contact First Republic Bank for more details.
Small, established businesses can take out secured term loans and lines of credit starting at $25,000 with terms of up to 5 years. Rates depend on your business financials, though credit lines start at the WSJ Prime Rate plus 0.15%.
You can also borrow a commercial real estate loan that can be used to buy or rent a piece of property for your business.
Student loan refinancing.
Do you have excellent credit and between $40,000 to $300,000 in student loan debt? First Republic Bank offers refinancing with rates from 2.25% to 3.50% and loan terms from 60% to 15 years.
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.
There are also home equity lines of credit that can be used to fund a variety of projects or big expenses, like home renovations or paying tuition. These loans come with variable rates, and the interest you pay may even be tax deductible.
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 earn four- and five-star ratings on Yelp.
- High loan amounts available. Offering personal loans of up to $250,000 and no maximum on business loans, First Republic 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 First Republic Bank.
- High minimum loans. Personal and business loans start at $60,000, so it's not the best source for small or mid-sized expenses.
- Not available nationwide. First Republic Bank only operates branches in California, Connecticut, Florida, Massachusetts, New York and Oregon.
- Requires an 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?
The exact fees you'll pay depends on your loan type.
- Student loan refinancing has no fees
- Personal loans have a $250 origination fee and a $150 annual service fee
- Business loans have an origination fee equal to 0.5% to 1% of the loan amount
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 to 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.
It 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. You can also request First Republic to 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.
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 visit 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.
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 small amounts, and you may not qualify with a credit score under 700.
Interested in learning about other options? Read one of our guides below to learn more and compare top lenders.
Frequently asked questions
Does First Republic Bank service its own loans?
Yes. First Republic Bank is a direct lender, which means you won't make repayments to a third party.
Does First Republic Bank offer SBA loans?
No, First Republic Bank is not an SBA lender. Check out our Small Business Administration loans guide to find lenders that can work with your business.
How does repayment work on a First Republic Bank loan?
It depends on the type of loan you have. With a personal loan, you'll get a more competitive rate if you sign up for automatic repayments from your First Republic Bank account, and most other loans come with an autopay option. Talk to your banker to get details on the repayment options available to you.
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