Celtic Bank
Overall Satisfaction Rating
  • 5 stars
  • 4 stars
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  • 1 stars
Based on 14 reviews that contain star ratings

Celtic Bank

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14 Celtic Bank Consumer Reviews and Complaints

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Rated with 1 star
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Verified Reviewer
Original review: Dec. 24, 2018

If you don’t listen to anyone else, I beg you to listen to me! DO NOT, I REPEAT, DO NOT USE CELTIC BANK FOR A LOAN OPTION. I applied with Celtic Bank for an SBA loan and it was complete turmoil and a waste of time and energy. They went back and forth for almost 2 months. One person saying one thing and the next person something completely different. I sent over all requested documents to Adrien **, but they would never tell me my down payment, full loan terms, etc. Communication was not the best. I was initially sent a decline letter. When I asked for an explanation as to why I was declined, Lori (junior underwriter) stated via email that the minimum DSCR was not met, but that she could not disclose what my DSCR score was.

I then asked to speak with her boss and all of a sudden, she emails “we were able to make it work.” No explanation. Celtic Bank sent me what I thought was a pre-approval letter, however it was not. It was a pre-qualification letter. Celtic Bank, then sent me a letter stating that we were near or at closing and stated they were waiting for me to purchase insurance on the building (which would have been $1900) and to provide them with the real estate contract. Once my realtor notified me that what was sent to me was indeed not a preapproval letter, my realtor contacted Celtic bank where an email from Jami ** was sent stating that Lori (junior underwriter) is out of the office but that “I will have the underwriter look at our file to make sure we have everything to issue a pre-approval.”

Realtors do not move without a pre-approval. This whole time, I was under the impression that I had been pre-approved yet they knew one had not been issued but was asking me to purchase thousands of dollars worth of insurance. They were waiting for a real estate contract, yet had not pre-approved me. The realtor can’t put in an offer without a pre-approval. Per email we had an expected closing date for the next month, yet a pre-approval letter had not been issued. Shortly thereafter I sent an email to Adrien ** and cc’d Lori, the Better Business Bureau, SBA, and others explaining to them everything that had previously happened and how I was not pleased with the service that I was receiving.

I gave them 4 business days to fix the issue, provide me with a pre-approval (so that the realtor could put an offer in) and a clear timeline for the remainder of the loan process. Lori sent me a document to sign with the details of the loan, but making sure to reiterate that everything on the document was non-binding. They wanted me to sign that document and wait for it…submit a good faith payment of $1500 payable to Celtic Bank!!! The terms were non-binding. The document stated that they could change any of the terms and conditions but that my $1500 was not refundable If I backed out! What!? So as stated in the first email that I sent to them, we proceeded with other funding options. This bank has horrible reviews online but I was using them because the SBA referred them to me.

All I can say is that I am sooo grateful to God that I didn't get stuck in a situation with them. They have very high variable interest rates, prepayment penalties, and require no down payment. They are going to kill you in interest. They are very very shady and dishonest. I was a potential customer, however was treated like I needed to take whatever terms they set. I work way too hard to be treated like crap. I don’t even know the person reading this but I urge you to RUN the other way!! Whatever you need a loan for, it is definitely not worth getting ripped off by Celtic Bank!

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4 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 27, 2018

I was told that in six months of opening a credit card account that I could apply for a credit line increase but when I apply they come up with lies on why they denied me. I was told that all I had to do was wait six months to get a credit increase but that not what happen.

11 people found this review helpful
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Rated with 1 star
Verified Reviewer
Original review: June 20, 2018

They sent me a card in the mail. I destroyed it and the next month they had charged me with an activation fee that I never applied for nor activated. I talked with them on the phone and they said at first I had signed up and later in the conversation they stated I hadn't. They said they would report it to their identity theft department. I stated I wanted this account locked down and they said that they couldn't do that until identity theft gave their report. They have sent the balance to my credit report on charges that were never made. Beware of this company. They are a scam. I have filed a dispute with the credit bureaus.

28 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: March 2, 2018

I worked with Celtic Bank on my small business loan and they have been the best... It was such an easy experience, things went so smoothly. They were so professional and made the whole event such a pleasure.

5 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Feb. 20, 2018

Celtic Bank has been spamming me for months to sign up for the Reflex MasterCard, a high-fee card I neither want nor need. Annual fee $125 for the first year, then $96 annually. Monthly maintenance fee $120 annually ($10 per month) not charged first year. $30 additional card fee. No rewards program. 30.49% APY.

19 people found this review helpful
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Rated with 1 star
Original review: Oct. 4, 2016

We received an email stating that our business qualifies for the "VIP Business Program for up to $250,000 of unsecured funding at 3.59%" and called as this was for unsecured loans. After having a brief conversation with a customer service representative they stated that only 1 in 100 applicants gets anywhere near 6% let alone the 3.59% as advertised. In my opinion this is a complete waste of time and they knowingly send out false advertisements to waste people's time.

33 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: July 26, 2016

They were very helpful! All the questions I had they answered efficiently and I left knowing all that I needed to know. The lady I talked to was very patient with me (since I had no idea what I was doing, really) and spent a decent amount of time helping me. It obviously takes awhile to fill out forms and get everything situated but they were helpful when I needed help answering specific questions. I'd recommend even bringing a snack! It takes me back to high school where it took forever to fill out paperwork and tests. Everyone there was very patient and helpful and answered all the questions and concerns I had.

8 people found this review helpful
Rated with 3 stars
Verified Reviewer
Original review: July 22, 2016

The customer support was definitely one of the better departments that I have dealt with over all throughout my life. They always were pleasant and courteous and helped with every question I had. The application process was looking good and tedious and really was one of the lesser parts of the entire process which has I did not enjoy too thoroughly. It could definitely be tweaked.

I was happy with the rates that I received with my loan. Being able to pay it back quickly and without having any setbacks was definitely a good thing. And that was all because the rate that I received wasn't astronomical. The online tools that the Celtic bank offered were good. It helped me be able to track exactly how much I still owed on my loan and it was broken down into a number of different sections and tools which had made finding anything I wanted to know out on my own.

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8 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: July 17, 2016

The support was always very helpful, providing all the information I needed to fix any issues or answer any question I had. Overall, the people who contacted me were cheerful and upbeat. The process did make sense, but the time it took was a little too long, and the things I had to go through were a little too tedious and repetitive. The rates and pricing were reasonable and well-priced for the quality and plans it offered. The plans were clear and also made sense in context. The online tools it has were efficient and I could figure out what to do myself without getting help, and the ways to make things work online were also very clear.

7 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: July 16, 2016

I feel like the staff was very knowledgeable and informative but discriminated against me because of not only my financial situation but based on some of my physical characteristics as well. I was not comfortable with the way I got treated once they had all of my information. The application process was very easy to understand and did not take me a long time to complete. I felt that the way I answered some of the questions is what caused me to be discriminated against later on. I thought that the rate and terms, had I been accepted, were very fair. I have explored other options and compared to others it would have been very affordable and I would have been happy to pay it. The online tools helped me to understand much better. They are very innovative and although I am not exactly technically savvy it was very easy to use.

5 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: July 15, 2016

Very thorough in helping me. They were patient, understanding and considerate of my needs for loan funds. I was offered extensive customer service through multiple means. The application process was detailed but fair and allowed me to present myself and why I thought I should be approved for a loan from the bank. The rates and terms were explained thoroughly and all conditions were well explained. Further assistance was granted during the signing process if needed. A variety of useful online e-tools was available to facilitate my needs. They were easily accessible and made the entire process worry free.

3 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: July 14, 2016

Everyone was very helpful and answered all the questions I had. Service was timely. The people were courteous and I encountered no problems when I contacted the company whether it was by phone or in person. My application process was easy and quick. Everything was vivid, clear, and easy to understand. I encountered no problems during the application process, the process went by smoothly. The rates and terms were easy to understand. I had questions, but they were answered when I called. Rates are fair and terms are fair. Online tools were efficient and helpful. They were easily accessible and helped guide me through the website and still help me when I need help.

3 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: July 12, 2016

Celtic Bank customer service was just okay. They did not do anything outstanding nor did they do anything to make me mad. Celtic Bank business loan application process was mediocre. It took longer than expected and they required a lot of paperwork but in the end I got the loan for my business. Celtic Bank's business loans rates and terms are again just average. I found other loans that I would pay more for and some that I would pay less for interest. Celtic Bank business loans online tools are just like everybody else's. They are nothing special and did not stand out to me but they do work for their purpose.

9 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: July 3, 2016

It is a surprisingly wonderful customer support. I'm not used to being treated so well as they treated me. I am sure there is an abundance of dedicated professionals working to make this kind of top of the line service possible. The application process went smoother than I thought it would go, thanks to the amazing customer service. Still encountered some nuisances, however not big enough things for me to be upset. Simplified rates and terms, very easy to understand, and even if you don't, there is always the good tier customer support to back you up. I'm going to be honest, I can't fully review the online tools since I'm not very intimate with computers. However, my work colleagues who helped me in said situation had no problems with it. So I assume it's as good as the customer support.

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Celtic Bank expert review by Barbara Friedberg

Celtic Bank was founded in 2001 and is headquartered in Salt Lake City. They lend money to small and medium-sized for business acquisition, working capital, inventory and equipment. They also finance ground-up construction, offer debt refinancing, money marketing accounts (MMA) and certificates of deposits (CD).

  • SBA: Celtic Bank is a U.S. Small Business Association (SBA) Preferred Lender, meaning it has a successful record processing and servicing SBA-guaranteed loans. It is the seventh most active lender in the SBA Preferred Lender program.

  • Online forms: Interested customers can download loan application forms for all of Celtic Bank’s products online. They can also download documents, such as an SBA Application Checklist, to make the application process easier.

  • Loan options: Celtic Bank offers several types of loans to accommodate many different types of businesses. Their Express Term Loans are available in the amount of $20,000-$150,000 and provide business owners with working capital and/or allow them to purchase equipment. Those applying for a USDA B&I Loan can borrow up to $10 million.

  • Residential construction: In addition to small business loans, Celtic Bank also offers loans to individuals who want to build a new home or remodel their current home. It many cases, applicants can be approved in 48 hours.

  • Savings: Celtic Bank’s savings tools include MMAs and CDs. The minimum amount for each of these accounts is $1,000.

  • Best for: Celtic Banks offers a variety of loans to help small, mid-size and larger businesses.

Profile picture of Barbara Friedberg
Barbara Friedberg Personal Finance Contributing Editor

Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.

Celtic Bank Company Information

Company Name:
Celtic Bank
Year Founded:
268 S State St, Ste 300
Salt Lake City
Postal Code:
United States
(800) 509-6191
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