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finder.com’s rating: 2.87 / 5.0
★★★★★
Min. Amount | $20,000 |
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Max. Amount | $150,000 |
Loan Term | Up to 84 months |
APR | As low as 4.75% |
Requirements | At least 1 year in business, located in an eligible state, 18+. |
Citizens Bank term loans come with rates starting at 4.75% APR. You can apply for between $20,000 and $150,000 online, though you may be able to qualify for more if you speak to a representative. Terms can run as long as seven years.
Use the calculator below to see how much a Citizens Bank term loan might cost your business at the rate, term and loan amount you’re looking for.
See how much you'll pay
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Total Cost | $ |
Generally, the lowest rates and highest loan amounts go to profitable businesses that have been around for several years with relatively few debts. And owners typically need to have an excellent credit score of 760 or higher to get the most competitive deal.
You’ll also need to apply for a loan with the shortest term to qualify for that 4.75% APR.
Your business must meet the following requirements to qualify for a business loan from Citizens Bank:
Other factors like your revenue and other business debts can affect your eligibility.
Citizens Bank recommends having the following information on hand before you get started on an application:
Citizens Bank doesn’t disclose which industries can and can’t qualify for a loan. But if your business has struggled to qualify for a loan due to its industry in the past, this lender may not be for you. Banks tend to be more selective than other types of lenders.
In addition to unsecured term loans, Citizens Bank offers the following types of products:
Get access to cash as needed with credit limits from $50,000 up to $1 million — though you can only qualify for up to $150,000 online. In addition to interest, Citizens Bank charges an annual fee of $150 for lines from $50,000 to $100,000. Credit limits from $100,001 to $1 million come with an annual fee of 0.3%.
This combines a business loan and line of credit for ongoing projects that are difficult to predict. For the business flex loan, your business has six months to draw from a line of credit from $10,000 to $150,000 before it turns into a term loan that you repay with interest.
For the equipment flex loan, your business has 12 months to draw from a credit limit that ranges from $150,000 to $500,000 before it turns into a term loan.
Citizens Bank offers SBA Express, SBA 7(a) and the bank portion of SBA 504 loans. It’s a preferred lender, so it can process your application itself instead of waiting on approval from the SBA. Loan amounts rates and terms vary depending on the program.
Citizens Bank also offers financing to buy, renovate or refinance commercial property. Terms run from five to 10 years, with amortizations up to 25 years.
Citizens Bank could be great if you want a quick bank loan. But it’s not a good choice for all businesses.
It is. Citizens Bank is a member of the FDIC and an Equal Housing Lender, which means that it meets certain federal standards. And it takes measures to keep your information safe from hackers, like using SSL encryption when you’re submitting your Social Security number. And it won’t share your personal information without your consent.
Anyone can also download IBM Security Trusteer Rapport for free on its website to keep your account extra secure.
BBB accredited | Yes |
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BBB rating | B |
BBB customer reviews | 1.07 out of 5 stars, based on 134 customer reviews |
BBB customer complaints | 790 customer complaints |
Trustpilot Score | 2.5 out of 5 stars, based on 7 customer reviews |
Customer reviews verified as of | 13 October 2020 |
Citizens Bank mostly gets negative reviews and almost every customer complaint is attributed to terrible customer service. More worrying are complaints that Citizens Bank shares customer information with its affiliates — including Social Security numbers. Other complaints concern hidden fees, receiving counterfeit currency from its ATMs and inconsistencies when it comes to loan rates. And while these don't specifically relate to its business loans, it should be a red flag for business owners looking to find bank financing.
You can apply for a business loan up to $150,000 online. Otherwise you’ll need to visit a branch or get started by calling 800-428-7463. Follow these steps to apply online:
Citizens Bank will review your application and respond within 2-3 business days. In some cases, you might be asked to provide additional documentation.
Citizens Bank term loans come with monthly repayments. You can find information about when it’s due and how much you owe in your loan documents or by logging in to your online account.
It’s generally a good idea to set up autopay to avoid missing repayments. But autopay is more critical with Citizens Bank — you might have trouble with payments going through if you do it manually. Contact Citizens Bank immediately if you notice any inconsistencies.
To learn more you can read our guide to business loans and see how Citizens Bank compares to other lenders.
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Citizens Bank business loans are relatively fast compared to other regional banks. Many banks require you to call or visit a branch, and can take weeks to process the application. But with Citizens Bank you can apply online and receive a decision in as little as two business days.
It also has slightly less stringent requirements than other banks. Where most banks require at least two or three years in business, Citizens Banks only requires one. But its loans start at $20,000, meaning it might not be ideal for a small expense.