Citizens Bank Personal Loan Review

While Citizens Bank still oversees its currently existing personal loans, this lender no longer offers new personal loans to consumers. Formerly, Citizens Bank offered personal loans for a variety of purposes. However, a few years ago, the lender decided to stop originating new loans. If you’re shopping around for a personal loan, read on to learn about other alternatives to consider.

Alternatives to Citizens Bank personal loans

Because Citizens Bank no longer offers personal loans, it’s important to shop around and compare other lenders. Here are several similar personal loan lenders that may serve as good alternatives.

Best Egg

With amounts ranging from $2,000 – $50,000, Best Egg offers a similar loan range to what Citizens Bank previously offered. While Best Egg’s repayment terms are limited to either 36 to 60 months, you can receive funds as soon as one business day after loan approval. Best Egg customers may have to pay an origination fee of 8.99% to 35.99%.

Read our Best Egg personal loan review to learn more.

Discover

With Discover, you won’t have to worry about paying an origination fee, which sometimes comes with personal loans. However, you may be charged a late fee if you don’t pay on time. While Discover doesn’t have as flexible of a loan amount range as Citizens Bank once did — $2,500 to $40,000 — this lender does provide repayment terms that stretch out longer than some other lenders (36 to 84 months).

Read our Discover personal loan review to learn more.

SoFi

SoFi only charges personal loan borrowers an optional 0.00% - 7.00% origination fee they can accept in exchange for lower rates. On top of that, this lender also offers borrowers fast funding and large loan amounts. However, Sofi has a higher minimum credit score requirement (680), so those with lower scores may not qualify.

Read our SoFi personal loan review to learn more.

How we rate our lenders

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

• Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft-credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
• Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
• Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.

*Pricing Disclosure:
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.