Citizens Bank personal loans are great for borrowers with strong credit histories and strong cash flows. Current customers can experience even more benefits.
APR
6.77% - 20.86%
Loan Amount
$5,000 - $50,000
Term
24-84 Months
Min score
680
Citizens Bank personal loans are great for borrowers with strong credit histories and strong cash flows. Current customers can experience even more benefits.
APR
6.77% - 20.86%
Loan Amount
$5,000 - $50,000
Term
24-84 Months
Min score
680
Citizens Bank personal loans are great for borrowers with strong credit histories and strong cash flows. Current Citizens Bank customers can experience even more benefits with their personal loans.
Even if you are not a customer of Citizens Bank they offer competitive rates with no fees. They also offer a great tool to help borrowers know what to expect in a monthly payment and interest rate, based on some generic inputs. Citizens Bank also does a soft credit pull, so borrowers with a strong credit history who are searching for a personal loan should take advantage of this.
The major drawback to upgrade is their origination fee. There are other lenders who do not charge this fee, which can be pretty high and will add to the overall cost of your loan.
Citizens Bank is based out of Providence, Rhode Island, and services the New England area. It is a publicly traded bank with over $150 billion in assets and has a long history, having been established in 1828. They have over 1,200 branches in 11 states.
Like many large banks, Citizens offers a wide range of products along with their personal loans. Even though they mostly have branches in New England, anyone in the US can apply for a personal loan online.
- Joint Borrowers
- Soft Pull Inquiry
- Competitive Interest Rates
- No Fees
- Autopay Discount
- Quick Turnaround Times
- Available in All States
- Phone Support
- For Strong Borrowers
- Higher Minimum Amount
- One Loan Only
- Minimum Income
- Technology Issues
In this Review..
Citizen Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
- Joint Borrowers
Citizens Bank allows for joint borrowers. They also base their pricing and decision on the highest credit score. This is great for borrowers who may not have super strong credit but know someone with strong credit who is willing to cosign with them
- Soft Pull Inquiry
Citizens Bank can do an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.
- Competitive Interest Rates
Citizens Bank has very competitive rates for strong borrowers. They also offer one of the longest terms on personal loans, which is 84 months.
- No Fees
Citizens Bank personal loans have no origination or late fees. They also do not have a prepayment penalty so the loan can be paid off early without additional costs.
- Autopay Discount
Citizens Bank has two discounts that some customers can take advantage of. One is for a .25% discount if you sign up for autopay. The other is a .25% discount if you are a current Citizens Bank customer. Some customers can get a .50% discount on their interest rate.
- Quick Turnaround Times
Citizens Bank has a quick and simple application process and the loan can be funded within 48 hours.
- Available in All States
Citizens Bank personal loans are available in all states.
- Phone Support
Citizens Bank has a support team available 24 hours a day, 7 days a week that you can contact by phone
- For Strong Borrowers
If you do not have the best credit history, you may not be able to get a loan through Citizens Bank.
- Higher Minimum Amount
The lowest personal loan amount you can get through Citizens Bank is $5,000.
- One Loan Only
Citizens Bank does not allow borrowers to have more than one personal loan out at a time.
- Minimum Income
Citizens Bank is one of the only personal loan providers that states the minimum income needed to get approved for one of their loans. If you make less than $24,000 you will have to look elsewhere for a personal loan.
- Technology Issues
Citizens Bank has had some issues with repayments and applications on their website.
What Can a Citizen Personal Loan Be Used For?
Citizens Bank personal loans can be used for a few different reasons including debt consolidation, vacation, special occasions, home Improvement, adoption, or major purchases.
Citizens Bank also offers a calculator to see what type of payment a borrower may expect. They do have some restrictions such as post-secondary educational expenses or business use.
- Debt Consolidation
Citizens Bank personal loans can be used to consolidate debt. This would mean paying off one or more prior unsecured loans with the new Citizens Bank personal loan.
Instead of multiple payments to multiple lenders you can create one payment to one lender.
The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment.
- Vacation
Citizens Bank personal loans can help fund that dream vacation you always wanted.
The advantage of using a personal loan over a credit card is that you can make a budget for how much you really want to spend and know how much your monthly cost will be over the life of the loan.
- Major Purchases
The advantage of using a personal loan to finance a major purchase is that you can pay over time at a fixed rate.
You can get the item you need now and pay it off over time. You won’t have to dip into savings or retirement funds.
- Home Improvement
Citizens Bank personal loans are for home repairs or renovations.
The advantage of using a personal loan for home improvements is that you do not have to use your home as collateral and can get funds much quicker with less documentation.
Typically, it takes a month or more to get an equity line of credit on your home. Citizens Bank personal loans can help with those home repairs that might be out of reach on your current budget.
- Special Occasions or Adoption
Citizens Bank personal loans can be used to fund an adoption or help cover special occasions.
The average adoption today is about $45,000. Many people do not have that much money sitting around.
Citizens Bank personal loans can help cover those costs. Examples of special occasions they can help cover are weddings and anniversary celebrations.
Citizen Reputation
- F on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more. experiences.
- J.D Power: Citizen wasn't rates in 2020 research. .J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more.
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How to Apply For a Personal Loan With Citizen
- 1.
Current customers or borrowers who live in the footprint of Citizens Bank can apply at one of their local branches.
Borrowers can also apply online. For current Citizens Bank customers, Citizens Bank already has much of the needed information for the application. Citizens Bank also outlines some of their minimum requirements for applying.
- 2.
To qualify for a loan with Citizens Bank, borrowers need to be U.S. citizens of legal age in their state, with a minimum annual income of $24,000 , and a strong credit history.
The online application process is simple and fast. You can check your rate before applying, which involves a soft credit pull that won't impact your credit score. Alternatively, you can complete a full application if you're ready to move forward.
- 3.
Much of the application process is the same, whether you merely check your rate or do the full application.
You will apply for the amount and the reason for loan. Then you will fill out information about yourself such as your name, address, phone number, date of birth, and social security number.
- 4.
You also have to outline your financial information such as your employment and source of income.
If you are approved you may need to provide some verification of the information that you submitted such as proof of income, proof of citizenship, and proof of identification.
- 5.
If you are satisfied with the terms of the loan you can sign loan documents online.
Citizens Bank also offers two discounts: one for autopay and another 0.25% discount if you are a current customer and you take autopay out any current account with Citizens Bank.
This discount can equal up to .50% so make sure you take advantage. Funding of your loan can be as soon as the next business day after loan documents are signed.
Should You Consider Citizen Personal Loan?
Citizens Bank personal loans are great for borrowers with strong credit histories and strong cash flows. Current Citizens Bank customers can experience even more benefits with their personal loans.
Even if you're not a customer of Citizens Bank, they offer competitive rates with no fees. They also provide a useful tool that helps borrowers estimate their monthly payments and interest rates based on some basic inputs. Additionally, Citizens Bank performs a soft credit pull, which is a great option for borrowers with strong credit who are looking for a personal loan.
The major drawback to upgrade is their origination fee. There are other lenders who do not charge this fee, which can be pretty high and will add to the overall cost of your loan.
Alternative Personal Loans Lenders
 |  |  | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 29.99%
| 9.11% – 29.99%
| 10.49% – 19.49% APR
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-84 months
| 36-60 months
| 12-60 months
|
Loan Amount | $5,000 – $100,000
| $2,000 -$45,000
| $2,000 – $30,000
|
Minimum Score | 680
| 640
| 680
|
Funding Time | Up to 7 days
| As soon as same day
| Up to 5 days
|
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