A Comprehensive Review of Citizens Bank Personal Loans

citizens bank personal loan

Sometimes you need extra cash for some reason or another. Whether you’re looking to make a major purchase, finance a life event, or want to consolidate high-interest credit cards into a single lower-interest loan, a personal loan might be the right option for you.

Citizens Bank is the 13th largest retail bank in the United States and offers a competitive personal loan product for quality borrowers looking to fund their next financial need.

Citizens Bank personal loan review

Though they offer a range of full-service banking products, Citizens Bank personal loans are advertised as a great option for debt consolidation, vacations, special occasions like a wedding, and major purchases.

Citizens Bank personal loans are a typical personal loan product. Like a credit card, a personal loan is not attached to any collateral, and can be used for spending on nearly any purchase.

However, unlike a credit card, you cannot keep adding to it and paying it off over time. The interest rate and loan amount are fixed and are paid off with a fixed monthly payment.

Because the loan is not secured, interest rates are higher than secured loans like a mortgage or car loan. However, because the loan has a fixed term and payback period, the interest rate is typically lower than a credit card.

There are many good uses for a personal loan, and as long as you do your research on interest rates and fees, a Citizens Bank personal loan could be the right fit for your needs.

Using the Citizens Bank personal loan online platform

Citizens Bank offers an easy online application to get your loan started. Head to the Citizens Bank personal loans page and click the orange “Apply Now” link to get started.

Before you do, however, make sure to click the “Estimate Payments” button for a tool that helps you better understand your projected monthly payment based on your expected loan terms. Toggle through different options to see which loan term and amount work best for you.

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When you’re ready to apply, the Citizens Bank personal loan process takes place in three steps. First, you fill out the online application. After doing a credit check, you will get an instant response from the bank on your approval status.

The application asks for your name, contact information, social security number, birth date, income and employment information, requested loan amount, and the reason you are applying for the loan. Loans are available from $5,000 to $50,000.

Next, you may have to submit some required documentation and review the loan terms offered by the bank. You may be approved at a higher interest rate or lower loan amount than you were hoping for, but you can still change your mind at this point and skip the loan.

However, be aware that when you complete a loan application, the inquiry will show on your credit report and may slightly lower your credit score. This is the case with all loan applications, not just at Citizens Bank.

If you accept your loan terms, you can sign your loan documents electronically and receive your funds as soon as the next business day in some cases.

Start Your Citizens Bank application

Citizens Bank interest rates and fees

New Citizens Bank personal loans currently have interest rates between 2.77% APR and 8.62% APR for variable-rate loans, and between 3.74% APR and 8.24% APR for fixed-rate loans. There are also autopay discounts and customer loyalty discounts available for some customers to lower your interest rate.

For a $5,000 fixed rate loan, the lowest possible monthly payment is $75.43 with a 7-year loan. For a $50,000 variable rate loan, the highest possible monthly payment is $1,720.73, assuming an on-time payment. All other Citizens Bank personal loans fall somewhere in that range.

Citizens Bank does not charge origination, application, or disbursement fees. Late payments are charged a 5% fee based on the amount due. This is a great reason to always use autopay!

There are no prepayment fees, so you can make extra payments or pay off the entire loan early without penalty.

Citizens Bank eligibility requirements

Citizens Bank personal loans are available to United States citizens and permanent residents at the age of majority in their jurisdiction — 18 years or older in most cases. Applicants must supply a valid social security number.

Borrowers must have sufficient income as determined by Citizens Bank to repay the loan and must pass a credit score and credit report check to the bank’s requirements. If you are concerned with your credit history, a Citizens Bank personal loan allows for a cosigner, which can increase your chances of approval and help you qualify for a lower interest rate.

Active military may qualify for special terms, so if you’re an active duty member of the United States military, contact the bank directly for custom options.

Citizens Bank customer service

Citizens Bank offers different customer service options based on your location.

Outside of a core group of 11 states where Citizens Bank maintains brick-and-mortar branches, other loans, including some personal loans, are issued by its subsidiary, Citizens One. The tool on this page can tell you which customer service you will work with.

Customers living in the 11-state region where Citizens Bank operates can visit their closest branch or call 800-922-9999. Phone support is open 24 hours a day, 7 days a week. Customers can also log into their account to send a secure message to customer support.

Customers serviced by Citizens One can call 888-333-0246 to reach a customer support representative.

More about Citizens Bank

Citizens Bank is headquartered in Providence, Rhode Island. Citizens traces its history back to High Street Bank, which was founded in 1828. High Street Bank founded Citizens Savings Bank in 1871. The company was acquired by RBS Group, related to the Royal Bank of Scotland, in 1988.

During that period, the bank saw growth along the East Coast through a series of acquisitions. Citizens Bank became an independent company through a stock market IPO as Citizens Financial Group in September 2014.

Citizens Bank operates 1,200 branches, 3,200 ATMs, and has total assets of $145.2 billion.

In addition to personal loans, Citizens Bank offers full-service banking, credit cards, student loans, mortgage loans, and much more.

Citizens Bank contact

Social media savvy users can connect with Citizens Bank on Facebook and Twitter. Customer service is also available in any branch or 24/7 by phone at 800-922-9999.

Current customers can email customer service using the secure messaging center in your account when logged into online banking. If you fill out this handy form, a Citizens Bank customer service representative will contact you.

Start Your Citizens Bank application

 

Interested in a personal loan?

Here are the top personal loan lenders of 2017!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

2 Important Disclosures for Citizens Bank.

SoFi Disclosures

1

Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Personal Loans: ​​*Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.17% APR to 11.32% APR (with AutoPay). SoFi rate ranges are current as of July 1, 2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 4.99% APR assumes current 1-month LIBOR rate of 1.22% plus 3.95% margin minus 0.25% autopay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.


Citizens Bank Disclosures

1

Personal Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2017, the one-month LIBOR rate is 1.22%. Variable interest rates range from 6.01% - 15.96% (6.01% - 15.96% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-applicant. Fixed interest rates range from 5.99% - 16.24% (5.99% - 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with Citizens Bank at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, Citizens Bank checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Benefit: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5.67% - 29.99%$1,000 - $50,000Visit Upstart
5.17% - 14.24%1 $5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$5,000 - $50,000Visit LendingClub
5.25% - 12.00%$2,000 - $50,000Visit Earnest
Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Published in Debt, Personal Loans, Review