Citizens Bank Personal Loan Review

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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.

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What is Citizens Bank?

Citizens Bank is a subsidiary of Citizens Financial Group, which offers both retail and commercial banking products and services. One of the country’s oldest financial institutions, the bank was founded by High Street Bank, which got its start in 1828. Later, as Citizens Financial Group, launched Citizens Savings Bank in 1871.

Through its mission of helping customers, colleagues, and communities in reaching their potential, Citizens Bank attempts to provide what it calls a “differentiated” customer experience with attractive returns, quality products and customer-centric culture.

With 1,150 branches throughout 11 states, Citizens Bank offers auto loans, personal loans, mortgages and more to both in-branch and online customers. The bank currently ranks in the top 11 U.S. banks for its deposits, which total $117.1 billion.

In this article, we’re going to focus on the personal loan product offered by Citizens Bank.

Citizens Bank personal loan highlights

  • No origination fees: Citizens Bank offers unsecured personal loans with no origination fees, no application fees and no early repayment fees. Combined with reasonable interest rates, this makes it a more affordable personal loan choice than many others.
  • Reasonable rates: The APR range of 6.79% – 20.89% is very competitive within the personal loan space, especially since there is no collateral securing the loan.
  • Flexible loan terms: Repayment terms can range from 36 to 84 months. The longer the loan term, the lower the monthly payments, which make this personal loan potentially easier to budget and afford.
  • Discounts: The company offers discounts for loyalty and for automatic payments.
  • High loan amounts: The minimum personal loan offered by Citizens Bank is $5,000 and the highest is $50,000. This makes it a key option for those who need a higher personal loan amount.
  • Minimum credit requirement: Not specified
  • Minimum income requirement: $24,000
Citizens Bank Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 36 to 84 months
  • APR range: 6.79% – 20.89%
  • Loan amounts: $5,000 – $50,000
  • Time to funding: As little as 2 business days
  • Credit check: Soft Pull credit for the rate quote, hard credit pull for the application
  • Origination fee: No fees
  • Prepayment fee: No fee
  • Late payment fee: No
  • Other fees: None

Citizens Bank product details

Citizens Bank offers a range of personal banking products beyond the personal loan. The bank’s products include savings and checking accounts, as well as some student lending programs featuring refinancing products for both students and parents. There is even a checking account for students and adults ages 25 and under. The bank also offers online banking services and money transfers through the Zelle app. There is also a Learning Center with breakout sections for saving money, managing debt, home ownership, college and more.

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: Not available
  • Maximum debt-to-income ratio: Not available
  • Residency: Open to U.S. Citizens or permanent residents of the U.S. and Puerto Rico
  • Age: Must have reached the age of majority in their state of residence. In most states, this is 18, but in Alabama, it is 19 and it’s 21 in Puerto Rico.
  • Income: Minimum annual income of $24,000

Applying for a personal loan from Citizens Bank

Borrowers can apply online for a personal loan. The online application process begins with a form asking for the borrower’s name, Social Security number, address, and phone number. It goes on to ask for gross annual income as well as any other income, employment status, rental or ownership information for their residence, the amount of the loan they need and the intended use of the loan.

Once that information is submitted, a soft credit pull is conducted, which results in the applicant getting initial offers they qualify for. If Citizens Bank has an offer for the borrower, and the borrower wants to accept it, they can then select “Apply Now” to officially apply for the loan. While there, the borrower can customize their loan terms in order to adjust their payment amount.

For example, a borrower taking a $10,000 personal loan who is approved for an APR of 6.78% would have a $307.78 monthly payment if they choose a three-year term. If they instead choose a seven-year term, the APR rises to 9.98% and the monthly payment falls to $165.94.

As the loan is being underwritten, the borrower can log in to the website and check status. When the loan is approved, funding takes place in two or more business days with a direct deposit.

Pros and Cons of a Citizens Bank Personal Loan
Pros
Cons
  • Competitive fixed rates: Personal loans can often have much higher rates than a loan secured by collateral. This makes the rates for Citizens Bank very competitive.
  • No fees: There are no origination or other fees.
  • Prequalification with soft credit pull: This gives borrowers a closer look at the rates they may qualify for, without it impacting their credit.
  • Flexible repayment terms: With loan terms ranging from 36 to 84 months, there is an opportunity to secure a low monthly payment.
  • Potential interest rate discounts: There are discount rate offers for borrowers with other Citizens Bank accounts and those who sign up for automatic payments.
  • Might be slow to fund: Loans can take at least 2 business days to fund, sometimes longer.
  • High minimum loan amount: Loans start at $5,000 – $50,000, which may be more than some borrowers need.
  • Minimum income requirements: An income of less than $24,000 will result in ineligibility.
  • Rising APR with longer terms: The longer your loan term, the higher the APR and interest rate the loan will charge.

Who’s the best fit for a Citizens Bank personal loan?

Individuals who need a higher loan amount and who want the flexibility of a long-term payment that lowers their monthly cost and are willing to accept a higher APR in exchange for that flexibility could be a good fit for a Citizens Bank personal loan. In addition, those looking for the availability of an online application who also want a no-fee loan with no prepayment penalties should also consider this bank.

The Citizens Bank personal loan might also be a good fit for active military personnel, as the company offers additional (but unlisted) benefits to them.

Alternative personal loan options

To get matched with a personal loan lender that could meet your specific needs, here are some loan products that you could consider.

SoFi

  • APR range: 5.99% to 16.99%
  • Credit requirements: 680
  • Terms: 24 to 84 months
  • Origination fee: No origination fee

SoFi offers competitive rates, no origination fees and a soft credit pull for rate checks. There are no prepayment penalties, and it even offers unemployment protection. With a higher minimum credit score requirement, however, this is a good choice for those with very good credit.

LightStream

  • APR range: 3.99% to 16.99%
  • Credit requirements: 660
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

Featuring low rates and no fees, LightStream personal loans can be a good option for those who have good credit but note that APR will vary based on what the funds are being used for. It’s also a strong option for those who want a lower payment by stretching out the loan term since its maximum term is 12 years. However, the underwriting terms are strict.

Discover Personal Loans

  • APR range: 6.99% to 24.99%
  • Credit requirements: 660
  • Terms: 36 to 84 months
  • Origination fee: No origination fee

With flexible repayment terms, no origination fees and reasonable APRs, Discover’s personal loans can be a good choice for those who need their funds within a business day. The borrower must have a household income of at least $25,000 and loans cannot be used to pay off other secured loans or post-secondary education expenses.

Interested in a personal loan?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 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. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% 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.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. 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 Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), 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.
  2. 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 us 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, our 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.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan 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. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.


7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33


* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

5.74% – 16.99%1$5,000 - $100,000

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

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.

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