Citizens Bank personal loans review April 2018 | finder.com

Citizens Bank personal loans review

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Low-interest no-fee bank loans with the speed and ease of an online lender — but watch out for poor reviews.

Citizens Bank personal loans are for borrowers who want to trust an online lender but aren’t quite comfortable with anything other than a traditional bank.

You can get your funds quickly without having to talk to a person — but if you live in the Northeast, you can visit one of its physical locations to work things out.

A troubling online reputation, however, set off our alarm bells.

Read on to find out if Citizens Bank could be a match for you.

Product NameCitizens Bank personal loans
Min Loan Amount$5,000
Max. Loan Amount$50,000
APR6.03%–16.24%
Interest Rate TypeVariable
Maximum Loan Term7 years
Application FeeNone
  • Be at least the age of majority in your state
  • Have a strong credit history
  • Be a US citizen or permanent resident of the US or Puerto Rico
  • Have an annual income of $24,000+

What makes Citizens Bank personal loans unique?

Citizens Bank personal loans are basic but come with low interest rates and no maintenance or origination fees. Unlike with other banks, you can complete the simple application process entirely online. You might also be able to get your funds in as little as two days.

What are Citizens Bank personal loans?

Citizens Bank personal loans are term loans with fixed or variable interest rates. You can use them to pay for any large one-time personal expense, like a wedding or vacation, or to consolidate your debt.

Citizens Bank is a regional bank with physical locations in 11 states in the Northeast and Midwest. If you live in these 11 states, you can apply online through Citizen Bank’s site.

If you live outside these 11 states, including in Puerto Rico, you’re still eligible to apply. You’ll just need to apply through Citizens One, Citizen Bank’s online lending service.

Apply for a loan through Citizens Bank if you live in:

  • Connecticut
  • Delaware
  • Michigan
  • Massachusetts
  • New Hampshire
  • New York
  • New Jersey
  • Ohio
  • Rhode Island
  • Pennsylvania
  • Vermont
Residents of all other states and Puerto Rico will need to apply through Citizens Bank’s online lending service, Citizens One.

What are the benefits of Citizens Bank personal loans?

  • Competitive interest rates. The highest interest rate you’ll see on a personal loan is 16.24% — about half what banks can legally charge.
  • Loyalty and autopay discount. Get a 0.25% reduction on your interest rate if you already have an account with Citizens Bank or set up autopay.
  • No prepayment fees. Save on already low interest by paying off your loan early without penalty.

What to watch out for

Citizens Bank might have an online arm, but that doesn’t mean it has both feet planted in the digital era. A glitchy website alongside poorly trained staff make dealing with Citizens Bank a frustrating — or worse, expensive — experience.

Here are some drawbacks you might want to weigh when considering taking out a loan from Citizens Bank:

  • Loyalty discount is limited. You can’t open an account with Citizens Bank unless you live in one of the 11 Northeast states where it has brick-and-mortar locations.
  • Mixed customer service. Our experience with customer service was positive across the board. But the vast majority of online reviewers disagree, claiming support is least helpful when it’s needed most: when something’s wrong with your account.
  • Trouble with repayments. Watch your balance carefully. Some have had difficulty getting their payments to go through. If you notice anything off with your account, document it and call customer service immediately.
  • Website is tricky to use. Figuring out how to apply isn’t obvious, and buttons don’t always work or lead you to the right place. You might be better off calling customer service.

Compare Citizens Bank to top personal loan providers

Rates last updated April 26th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
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580
$100,000
4.99%–35.99% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
5.96%–35.97% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
5.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
5.98%–35.89% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$50,000
2.99%–36% (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
5.5%–11.74% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
15.49%–34.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$25,000
typically around 18.49%* (fixed)

Compare up to 4 providers

What does the Internet say about Citizens Bank?

Mostly negative things. It’s not accredited with the Better Business Bureau (BBB), which could simply mean it hasn’t paid a fee to be assessed by the BBB. However, it gets an F rating based on nearly 100 customer reviews, 97% of which are negative.

It has no Trustpilot reviews, but online forums host similarly unfavorable reviews. The main complaint: a combination of bad customer service and constant mistakes in online accounts.

Thinking of getting a checking account to take advantage of that loyalty discount? It might not be such a good idea. Citizens Bank has a reputation for charging unexpected and unjustifiable fees that are difficult to challenge.

Am I eligible?

To meet Citizens Bank eligibility requirements, you must:

  • Be at least the age of majority in your state. The age of majority is the legal age you need to be to take out a loan. It’s 18 in most states, though it can be as high as 21.
  • Have a strong credit history. Citizens Bank doesn’t have any hard personal credit requirements, but you might not qualify if you don’t have years of credit and a decent score.
  • Be a US citizen or permanent resident of the US or Puerto Rico. You need to have a residential address in the US to qualify.
  • Make at least $24,000 annually. This doesn’t mean you must be employed. Investments, pensions, state benefits, child support and alimony all count as income.

Can’t meet the requirements? Consider applying for a loan with a cosigner

How do I apply?

Before you apply, gather your documents. Citizens Bank might ask to see a copy of your Social Security card, passport or birth certificate to verify your identity. It could also ask to see tax forms or pay stubs to verify your income.

Once you have everything you need on hand, how you apply depends on where you live.

For those living in the 11 states where Citizens Bank has physical locations, apply through Citizens Bank. All other residents, including those in Puerto Rico, will need to apply through Citizens One.

How to narrow down your rates — without affecting your credit

To first learn the rates you might get based on your personal situation:

Go to Citizens Bank’s website and select Borrowing.

Citizens Bank example application screenshot

In this case, select Personal Loans.

Citizens Bank example application screenshot

Once you’re on the loans page, click Get My Rate.

Citizens Bank example application screenshot

Complete your basic personal information including name, date of birth and Social Security number. Carefully read the terms and conditions and privacy policy and click Get My Rate. This step will not affect your credit score.Within a few minutes, Citizens Bank will return estimated rates for your loan. Review these rates to determine whether they fit your budget.

Citizens Bank example application screenshot

When you’re ready to apply for a loan

  1. If you’re ready to apply, return to the Citizens Bank personal loans page and click Apply Now.
  2. Once on the personal loan application page, click Start A New Application.
    Citizens Bank example application screenshot
  3. Complete the required fields, read the terms and conditions and submit your application.
    Citizens Bank example application screenshot

You’ll hear back from Citizens Bank in about a day, after it pulls a hard credit check — which could temporarily hurt your credit score — and confirms your personal information. If you’re approved for a loan, you may need to submit additional documentation.

Once approved, simply follow the instructions to set up a user account and select your loan offer. Carefully read your loan agreement before electronically signing it.

Citizens Bank deposits your approved funds directly into your checking account.

If you live outside the 11 states in which Citizens Bank has physical branches or Puerto Rico, the application process with Citizens One is nearly identical. The only difference is that you’ll apply through the Citizens One site.

I got a loan from Citizens Bank. Now what?

Watch your account like a hawk. Get the mobile app if you can, turn on alerts and regularly check in to address any inconsistencies. If you notice anything wrong, take a screenshot and contact customer service as soon as possible.

You might want to set up autopay — called “auto debit” by the bank — to avoid wrangling with monthly payments and get a discount on interest. Don’t assume your payment will always go through. If you have a Citizens Bank checking account, keep an eye on that too.

Bottom line

Citizens Bank might sound appealing to someone looking for a solid lending institution that’s a little more involved in communities than your typical big bank or online lender. Its competitive interest rates and reasonable loan terms also make it an attractive option.

But don’t discount its awful online reputation. Customers are saying stay away — it’s up to you to decide if you want to listen.

Before you decide on any loan, make sure to compare as many options as you can to find the best loan provider for your needs.

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