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Citizens Bank loans

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

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Citizens Bank

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.

What types of loans does Citizens Bank offer?

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


Citizens Bank has branches in:

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

Why should I consider taking out a loan with Citizens Bank?

Citizens Bank’s appeal goes beyond the financial. It offers the attractive features of a traditional financial institution, including:

  • Discounts. Get a 0.50% reduction on your interest rate for personal and student loans if you open an account with Citizens Bank and set up autopay.
  • In-person service. True, you can be approved for most loans without talking to another soul. But you can also call its customer service line — or walk over to a local branch, if you live in the right state.
  • No prepayment fees. Pay off your total loan cost early to avoid paying unnecessary interest — without additional fees or penalties.
  • Full suite of financial products. Citizens Bank could be a one-stop shop for your money-related needs. Take out a loan, open a bank account, get a credit card, set up a retirement plan, put together an investment portfolio, manage your wealth and more.
  • Funding for nonprofits. Citizens Bank’s foundation provides financing for nonprofits and charitable organizations.
  • Community involvement. Employees and executives alike are active members of their local communities, providing a deeper understanding of what those communities need.

Compare Citizens Bank to top loan providers

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Name Product Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99% fixed APR
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Finder Score: 4 / 5: ★★★★★
8.49% to 35.99%
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Happy Money
Finder Score: 3.8 / 5: ★★★★★
Happy Money
11.72% to 24.50%
$5,000 to $40,000
Pay down your debt with a fixed APR and predictable monthly payments.

How much will it cost me to borrow with Citizens Bank?

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:


7.99% to 20.89% 1.03% to 10.24% As low as 4.75%

Fees related to getting your loan



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




Annual or monthly fees



$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


Non-sufficient funds fee — but customer service wasn’t able to tell us how much


Is it safe to take out a loan with Citizens Bank?

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.

How to apply for a loan with Citizens Bank

The application process differs depending on the type of loan you’re looking for.

Here’s a general overview of the application process.

Eligibility requirements

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:

  • Your Social Security number
  • Your personal contact information
  • Proof of income

Should I borrow with Citizens Bank?

What’s to like about Citizens Bank

  • No fees on most loans. You can get away with only paying interest if you need a personal or student loan.
  • Competitive interest rates. You might not get the lowest interest rate out there, but personal loans are capped at 16.24% — nearly half what banks can legally charge.
  • Brick-and-mortar locations. There’s only so much help a website can provide. Talking with a rep can be helpful if you haven’t applied for a loan before.

What’s not to like about Citizens Bank

  • Poor online reputation. Forums across the Internet are filled with stories gone wrong with Citizens Bank — without options to fix them.
  • Business loans are slow. It could take anywhere from weeks to months to see funding for your business.
  • Limited reach. You can get a loan through Citizens One from anywhere in the US, but you won’t be able to take advantage of major perks like discounts and face-to-face interaction if you don’t live in a state where Citizens Bank operates.

Bottom line

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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Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio

Anna's expertise
Anna has written 251 Finder guides across topics including:
  • Personal, business, student and car loans
  • Building credit
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