Written By
Laura Woods
What is Citizens Bank?
Established in 1828, Citizens Financial Group, Inc. is the 16th largest commercial bank in the U.S., per the Federal Reserve. Headquartered in Providence, R.I., the financial institution has approximately 2,900 ATMs and roughly 1,100 branches located in 11 New England, Mid-Atlantic and Midwest states. Citizens Bank also offers mobile and online banking, as well as a 24/7 contact center.
According to its website, the company is comprised of “citizens helping [other] citizens reach their potential.” Citizens’ vision is “to be a top-performing bank distinguished by its customer-centric culture, mindset of continuous improvement and excellent capabilities.”
Here’s a breakdown of Citizens Bank’s personal loan product and how it compares with the competition.
Citizens Bank personal loan highlights
- No origination fees: Citizens Bank doesn’t charge any fees for its loans, including origination fees and prepayment penalties.
- Interest rate discounts: Take 0.25% off your interest rate with the Citizens Loyalty Discount — earned by having another qualifying Citizens Bank account when you complete your application — and 0.25% by choosing to have your monthly loan payments automatically deducted from your account through the bank’s ACH payment service, allowing you to reduce your rate by up to 0.50%.
- Fast cash: Funds can be deposited in your account in as soon as two business days.
- Benefit from a co-signer: If your credit isn’t the best and someone you trust is willing to co-sign your personal loan, you could score a better rate. Both you and your co-applicant can request a rate quote, and the final rates and terms offered will be based on the higher FICO score.
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Citizens Bank product details
A Citizens Bank personal loan offers you the ability to lower your interest rate. If you have another qualifying Citizens Bank account when you complete your application, you’ll receive the Citizens Loyalty Discount, entitling you to a 0.25% rate discount. Save another 0.25% by opting to have your monthly loan payments automatically debited through ACH. This allows you to reduce your rate by a total of 0.50%.
In addition, if you’re an active-duty service member or are called into active duty before your Citizens Bank personal loan is repaid, you may qualify for special benefits. Eligibility varies according to a number of factors, so contact customer service for more details.
Eligibility requirements
- Minimum credit score: Not specified
- Minimum credit history: “Reasonably strong credit history,” per Citizens Bank’s website.
- Maximum debt-to-income ratio: Not specified.
To qualify for a Citizens Bank personal loan, you must have a strong credit history and a minimum annual income of at least $24,000. You must also be a U.S. citizen or permanent resident of the U.S. or Puerto Rico and have a valid Social Security number. Additionally, you’ll need to be at least the age of majority in the state where you reside.
Applying for a personal loan from Citizens Bank
You can apply for a Citizens Bank personal loan online. To complete your application, you’ll need to provide your Social Security number, gross annual income — accompanied by your most recent pay stub — and requested loan amount. If applicable, you might also be required to specify the name and phone number of your employer and the name and email address of your co-signer. Do note, though, that if you use a co-signer, they’ll also need to provide all the information listed above.
After submitting your application, you might be asked to supply additional documents to verify the information submitted. If you’re asked to provide proof of Social Security number, this could include a copy of your Social Security card, birth certificate or passport. Documents needed for income verification purposes may vary, according to your unique situation. Submit the documents online for the fastest processing, via email or by standard or overnight mail.
If your personal loan is approved, you’ll need to acknowledge and accept the terms of the offer, review and sign your application and promissory note — along with your co-signer, if applicable. Your promissory note can be signed digitally — the fastest method — or physically. The money will be deposited in your account quickly — possibly within two business days — and your first payment will be due 20 to 50 days from disbursement.
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Who’s the best fit for a Citizens Bank personal loan?
If you don’t want to pay fees, the Citizens Bank personal loan might be a good fit. Since no fees are attached to the loan — including origination fees and prepayment penalties — you can save money on its total cost.
Considering loans can often be funded within two business days, this could also be a great choice if you need cash fast. If you already have an account with Citizens Bank, you’ll especially want to check this loan out. You could be eligible for a reduced interest rate of up to 0.50% if you qualify for the Citizens Loyalty Discount and have your monthly loan payments automatically deducted through ACH.
Reading Citizens Bank reviews like this one is an important way to gather the facts, so you can make the best choice for your unique financial situation. It’s also advisable to shop around for other low-fee lenders, before signing any loan paperwork.
Citizens Bank consumer reviews
Citizens Bank has an A+ rating from the Better Business Bureau. On LendingTree, our parent company, 92% of reviewers recommend Citizens Bank.
Positive points in consumer reviews include great rates, knowledgeability and helpfulness of the lender, as well as the rapidity of the process. On the negative side, the lack of bank branches was mentioned.
Avik, from Jericho, N.Y., praised the bank employee he worked with: “As a first-time home buyer, we stumbled upon lot of unknowns especially buying [a] little bit above our budget and affordability. David walked us through the process and made it super easy. The bank also closed the loan in such a short notice. We were able to get our home where we were competing against multiple cash offers.” Vladimir from Pomona, N.Y., found the team “very responsive and easy to deal with.”
On the other hand, while Jared from Croton On Hudson, N.Y., did acknowledge that the team was “pretty great,” he added that “the requirement to open an account with them was a bit more work when I realized how few branches were nearby,” though “likely not an issue in the long-term.”
Citizens Bank FAQ
The company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens Bank also provides mortgage lending, student lending and commercial banking services.
Citizens Bank will take multiple factors into consideration, including employment history, credit history, assets and debt. There is a soft pull credit for the rate quote and a hard credit pull for the application.
The use of personal loans include debt consolidation, engagements and weddings, kitchen and bath remodel, vacations and timeshares, and recreational vehicles.
While Citizens Bank doesn’t charge late fees, not making your payments on time could affect your credit score.
Alternative personal loan options
Wright-Patt Credit Union
APR
7.99%
To
17.99%
Credit Req.
710
Minimum Credit Score
Terms
60
months
Origination Fee
No origination fee
on Wright-Patt Credit Union’s secure website
With no annual fee, low fixed rates and terms up to 60 months, Wright-Patt Credit Union offers personal loans that are great options for those looking to work with a credit union.... Read More
Wright-Patt Credit Union offers personal loans from $500 to $40,000. Personal loans can be used for anything. One of the perks attached to the loan is the Skip-a-Pay Program, allowing eligible borrowers to skip one payment per calendar year without a late fee. You’ll need to join the credit union to apply for a personal loan: Ohio residents in several central and southwest counties, as well as the cities of Columbus and Cincinnati, are eligible for membership; those outside the region can research other means of joining the credit union. If you qualify for membership, this can be a good choice if you need less than the $5,000 minimum Citizens Bank loan.
PenFed Credit Union
APR
Starting at 6.49%
Credit Req.
Not specified
Terms
6 to 60
months
Origination Fee
None
on PenFed Credit Union’s secure website
Pentagon Federal Credit Union (PenFed) offers personal loans with terms up to five years and maximum loan amounts of $20,000.... Read More
PenFed personal loans are offered from $500 to $20,000. There’s no hidden costs of borrowing and funds are available immediately. Personal loans are exclusive to PenFed members, but you could be eligible to join through your employer, association membership, volunteerism or military affiliation. PenFed’s baseline APR is slightly lower than the starting 6.49% APR offered by Citizens Bank, so taking this route could allow you to score a better rate.
USAA
APR
6.99%
To
17.75%
Credit Req.
700
Minimum Credit Score
Terms
12 to 84
months
Origination Fee
Not specified
on USAA Bank’s secure website
USAA offers personal loans for members with low, fixed interest and protections to fall back on if you get behind in payments.... Read More
If you’re a member of the U.S. military — or an eligible family member — you might qualify for a USAA personal loan. Borrowing starts at $2,500 and you must be a member to apply for a personal loan. Decisions are typically made immediately and loans are funded the next day. Assuming you qualify for USAA membership, this could be a good fit if your borrowing needs are less than $5,000 minimum for a Citizens Bank personal loan.
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