Citizens Bank loans
This midsize regional bank offers products for a wide range of needs.

Through this regional bank, you can apply for most loans online without sacrificing the comfort of walking down to your local branch to meet with a representative in person. Its competitive interest rates and wide variety of financial services don’t hurt either. But customers aren’t always satisfied with their experience.
Citizens Bank is a midsize regional bank that provides personal, student and small business loans. You can qualify for a personal loan or a student loan if you live anywhere in the country, thanks to its online branch, Citizens One.
However, you can’t take advantage of loyalty perks outside of Citizens Bank’s 11-state area, because you’re not eligible to open a bank account. Business loans are also not available through Citizens One, the result of a more involved application process.
Here’s a breakdown of what Citizens Banks can offer you.
Personal loan |
Fixed- and variable-rate term loans |
US citizens and permanent residents with good credit |
Cover any legitimate one-time personal expense |
$5,000 to $15,000 |
Student loan |
Student loans for undergrads, grads and parentsStudent loan refinancing |
UndergraduatesGraduate studentsFormer students |
Pay for educational expenses while you’re in schoolRefinance a private student loan |
$1,000 - $295,000 |
Business loan |
Lines of creditTerm loansEquipment flex loansSBA loansBusiness mortgages |
Small business owners in the Northeast and Midwest |
Almost anything related to your business:Cover day-to-day expensesPay for large, one-time expensesBuy equipmentPurchase, renovate or refinance commercial real estate |
$20,000–$150,000 |
Massachusetts, Connecticut, Delaware, Michigan, New Hampshire, New York, New Jersey, Ohio, Pennsylvania, Vermont and Rhode Island
Citizens Bank’s appeal goes beyond the financial. It offers the attractive features of a traditional financial institution, including:
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product’s interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate – this gives you a simple score out of 10.
Citizens Bank loans are relatively inexpensive: They come with few fees, and interest rates are competitive.
Here’s what you can expect for APRs and fees on personal, student and business loans:
APR |
7.99% to 20.89% | 1.03% to 10.24% | As low as 4.75% |
Fees related to getting your loan |
None |
None |
Term loans— $295 documentation fee for loans up to $100,000; origination fee of 0.5% of your loan amountSBA loans— SBA guarantee fee equal to 0.25%–3.75% of your loan amount |
Prepayment penalty fees |
None |
None |
None |
Annual or monthly fees |
None |
None |
$50,000–$100,000 lines of credit— $150 annual fee$100,000–$1 million lines of credit— 0.30% annual fee |
Late fees |
5%–10% of your payment amount after a 15-day grace period |
Determined by your loan amount |
Percentage of the payment due determined by your loan amount |
Returned check or nonsufficient funds fees |
$15 |
Non-sufficient funds fee — but customer service wasn’t able to tell us how much |
$39 |
Generally, yes. The bank’s site uses SSL encryption to protect sensitive personal information like your Social Security number. But the site sometimes reverts to submitting your information unencrypted.
Avoid unwittingly submitting your information over an unencrypted page. Look for a padlock to the left of your page’s URL, which itself should start with “https,” indicating a secure site. Citizens Bank also suggests downloading IBM Security Trusteer Rapport software.
If you have any problems, call the customer service line, which you can easily find on any page. Our experience with customer service has been nothing but positive, but many online reviewers disagree. Your information might be safe, but Citizens Bank has a reputation for charging unexpected fees or double payments and being unresponsive when customers complain.
The application process differs depending on the type of loan you’re looking for.
Here’s a general overview of the application process.
Whether you qualify for a loan depends on the type of loan you want. All loans require you to be the age of majority in your state — usually 18 years old — and a US citizen or permanent resident as the bare minimum.
You also must be able to prove that you can afford to pay your loan back with some kind of income (it doesn’t have to be from an employer). Applicants with good credit have a better chance of approval.
Have the following information and documents on hand before starting your application:
Chances are good that Citizens Bank offers the type of loan you’re looking for. And if you have good credit, it might check off many of your other financing needs. But its poor customer reviews online could compel you to look elsewhere.
Be sure to compare your borrowing options from banks and online lenders before settling on a loan — you won’t know if there’s something better out there for you if you don’t look.
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