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Citizens Bank Personal Loan Review

Citizens Bank has a 200-year history. It opened in 1828 and was first known as High Street Bank in Providence, Rhode Island. Today, Citizens Bank has 1,100 branches in 11 Midwest, New England and Mid-Atlantic states and is solidly capitalized with more than $162 billion in assets, making it one of the largest banks in the U.S.

Citizens Bank’s personal loan application process is completely automated. In fact, borrowers can get a personalized rate in two minutes or less.

In addition to providing personal loans and top-notch customer service, Citizens Bank is actively involved in the local communities it serves by providing contributions and sponsorships to organizations like Military Warriors Support Foundation, Financial Literacy, Fighting Hunger, Champions in Action and more. Learn more about this lender and its personal loan product below.

Citizens Bank personal loan highlights

  • Wide range of terms: You can borrow $5,000 to $50,000 for 36 to 84 months.
  • No prepayment penalties: Pay your debt ahead of time without fees.
  • Loan rate discounts: Rate discounts available with Loyalty Discount or Automatic Payment Benefit. Other reductions available with repayment debit via ACH.
  • Limited locations: Citizens Bank branches are in certain states in New England, the Midwest and Mid-Atlantic. You might qualify for a personal loan if you don’t live within these areas.

Citizens Bank at a glance

  • APR range: 6.79% to 20.89%
  • Minimum credit score: Not specified
  • Terms: 36 to 84 months
  • Origination fee: No origination fees
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Terms Fees and penalties
  • Terms: 36 to 84 months
  • APR: 6.79% to 20.89%
  • Loan amounts: $5,000– $50,000
  • Time to funding: Within 2 business days
  • Credit check: Soft Pull for initial rate estimate, hard pull to take out a loan
  • Origination fee: No origination fees.
  • Prepayment fee: None.

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Reasonably strong credit history.
  • Maximum debt-to-income ratio: Not specified.

In order to be eligible for a Citizens Bank Personal Loan, borrowers must have reached the age of majority in the state where they live. In the 50 U.S. states, that age can vary from 18 to 19 years old. In addition, borrowers must have “reasonably strong credit” and have a minimum income of at least $24,000 per year.

Borrowers with bad credit may find it tougher to get a personal loan with favorable interest rates and may have to pay high fees over the course of the loan period. (You can explore our list of bad credit personal loans here.)

Borrowers should also be aware that there are restrictions as to how personal loan funds may be used. A Citizens Bank personal loan cannot be used for the following purposes:

  • Financing a business
  • Financing post secondary education
  • Purchasing securities (stocks, bonds, etc.)
  • Any illegal purposes

Applying for a personal loan from Citizens Bank

The first thing you need to do is decide what the personal loan will be used for. You can then determine approximately how much you need to borrow. Citizens Bank personal loans can range between $5,000 and $50,000 depending on eligibility.

Once you apply online, you can get a quick initial response usually within two business days. The application process is entirely online so you can e-sign and upload most documents for easy and fast closing. You may be asked to provide a copy of your Social Security card, birth certificate or passport, or documentation proving your income.

Your initial rate quote is based on a Soft Pull, which does not impact your credit score. If you find the rates offered to you favorable, you will be required to provide supporting documentation and will have a hard inquiry into your credit in order to complete underwriting requirements.

Once approved, you’ll see the rates and terms you formally qualify for and can choose a repayment term that works for you.

Pros Cons
  • No fees: You’ll find no prepayment penalty or other fees.
  • Interest rate discounts: Borrowers may be eligible for interest rate reductions if they have payments debited via ACH or if they currently have a qualifying account with Citizens Bank.
  • High minimum borrowing amount: You’ll need to borrow a minimum of $5,000 with this personal loan.
  • Limited locations: Physical branches are limited to certain states in New England, the Midwest and Mid-Atlantic. If you don’t live in one of those states, you may not qualify for a personal loan.

Who’s the best fit for a Citizens Bank personal loan?

Borrowers who may be a good fit for a Citizens Bank personal loan will have relatively good credit and need to borrow quite a bit of money. Citizens Bank has a high minimum borrowing limit ($5,000), so this loan will not work for those who need to borrow a small amount.

A borrower who would benefit most from a personal loan from this lender is one who has a definitive purpose for using the proceeds such as paying down credit card debt. For example, if a consumer can obtain a Citizens Bank personal loan with an APR that is lower than the rates offered by their credit card company, then the loan makes sense in the long run because the borrower may be able to save money by consolidating high-interest rate credit card debt.

Alternative personal loan options

LightStream

  • APR: 4.99% to 16.79%*
  • Minimum credit score: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

LightStream offers a much longer loan term than many competitors and offers an online application process. You should expect a more rigid approval process and a Hard Pull on your credit — even when applying for preapproval. However, LightStream offers an APR as low as 4.99% for borrowers with strong credit.

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

Best Egg

  • APR: 5.99% to 29.99%¹
  • Minimum credit score: 700
  • Terms: 36 or 60 months
  • Origination fee: 0.99% - 5.99%

Best Egg’s application process is relatively easy and interest rates are competitive for those with good credit scores. However, borrowers are locked into repayment terms of either 36 or 60 months, which may not work for some, and in order to qualify for the lowest rates, the borrower’s individual annual income must be at least $100,000.

Santander Bank, N.A

  • APR: 6.99% to 16.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 60 months
  • Origination fee: No origination fee

Santander Bank borrowers can request unsecured loans ranging from $5,000 to $50,000 at competitive APRs that do not require closing costs, prepayment penalties or origination fees. The caveat is that loans are only available in areas where the bank has a brick-and-mortar branch and borrowers must physically sign loan documents at their nearest branch.Please note that a Personal Loan is available to residents in the following states: NH, CT, DC, DE, RI, MA, ME, NY, NJ, PA, MD, and VT.

¹ The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 5.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from [ps name='personalloan.35.min_loan']-[ps name='personalloan.35.max_loan']. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least four months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

 

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