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Citizens Bank business loans review

Local banking with a personal touch — that you might pay for with higher interest and fees.’s rating: 2.87 / 5.0


  • Best for a bank loan with a quick turnaround.
  • Pick something else if you don't live in a state Citizens Bank serves.


Min. Amount$20,000
Max. Amount$150,000
Loan TermUp to 84 months
APRAs low as 4.75%
RequirementsAt least 1 year in business, located in an eligible state, 18+.

How much will this loan cost me?

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.

Business loan calculator

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How it works

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.

What do I need to qualify?

Your business must meet the following requirements to qualify for a business loan from Citizens Bank:

  • At least one year in business
  • Located in a state where PNC Bank has a branch
  • Over 18 years old

Other factors like your revenue and other business debts can affect your eligibility.

Where are Citizens Bank business loans available?

  • Connecticut
  • Delaware
  • Massachusetts
  • Michigan
  • New Hampshire
  • New Jersey
  • New York
  • Ohio
  • Pennsylvania
  • Rhode Island
  • Vermont

What information do I need to apply?

Citizens Bank recommends having the following information on hand before you get started on an application:

  • Legal name of your business
  • Business tax ID
  • Annual sales
  • Annual net profit

What industries does Citizens Bank work with?

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.

What others types of financing does Citizens Bank offer?

In addition to unsecured term loans, Citizens Bank offers the following types of products:

Business lines of credit

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%.

Business or equipment flex loans

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.

SBA loans

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.

Business mortgages

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.

Pros and cons

Citizens Bank could be great if you want a quick bank loan. But it’s not a good choice for all businesses.


  • APR starting at a low 4.75%
  • Online application
  • Fast two to three day turnaround for a bank


  • Loans start at a high $20,000
  • Poor customer reviews
  • Online applications not available for loans over $150,000

Compare Citizens Bank to top business loan providers

1 – 5 of 5

Name Product Filter Values Min. Amount Max. Amount APR Requirements

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.

OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★

OnDeck short-term loans
As low as 35%
600+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account
A leading online business lender offering flexible financing at competitive fixed rates.

Biz2Credit business loans
Finder Rating: 4.7 / 5: ★★★★★

Biz2Credit business loans
Starting at 6.50%
6+ months in business; $100,000+ annual revenue; 500+ credit score
Get only the capital you need through secure, prescreened lenders with this highly rated company offering SBA, expansion, working capital and other loans.

ROK Financial business loans
Finder Rating: 4.7 / 5: ★★★★★

ROK Financial business loans
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.

Fundbox lines of credit
Finder Rating: 4.2 / 5: ★★★★★

Fundbox lines of credit
Not stated
6 + months in business, $100,000+ in annual revenue, 600+ credit score
Get flat rate, short-term financing based on the financial health of your business, not your credit score.

Compare up to 4 providers

Is Citizens Bank legit?

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.

Citizens Bank reviews and complaints

BBB accredited Yes
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.

How do I apply?

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:

  1. Go to the Citizens Bank website and click For your business in the main menu.
  2. Select Borrowing & financing and then hit Small business lending.
  3. Scroll down and click Apply now.
  4. Make sure you have the information you need to apply before hitting Get Started.
  5. Follow the directions to provide information about your business, yourself and how you plan on spending the funds.

What happens after I apply?

Citizens Bank will review your application and respond within 2-3 business days. In some cases, you might be asked to provide additional documentation.

How do repayments work?

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.

Frequently asked questions

Business loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

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.

Expert review

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.

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