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Personal Loans

Bank of America Personal Loan Alternatives

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

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Sometimes life throws you a curveball, and your salary or savings aren’t enough to cover a big expense like home repairs, college tuition or medical costs. Maybe you want to consolidate your debt or start a small business, but you would have a hard time qualifying for a business loan. That’s when a personal loan can come in handy.

With a personal loan, you borrow a set amount of money that is paid back (usually monthly) with a fixed rate over a set period of time. Most personal loans are unsecured meaning you don’t have to put down a deposit or have collateral such as a car or a home to get the loan. But because unsecured loans are riskier for lenders, they usually charge higher interest rates than they would for a secured loan.

Some major lenders don’t offer unsecured personal loans. For example, Bank of America, the second largest banking institution in the United States, no longer offers personal loans.

But that doesn’t mean you’re out of options — there are plenty of online lenders, credit unions and banks that offer personal loans, including large traditional lenders like Citibank, Wells Fargo, U.S. Bancorp, PNC, and SunTrust Bank.

Alternatives to Bank of America personal loans

If you’ve decided that a personal loan is a right fit for your needs, you can find them through local banks, credit unions, and online lenders. To get your best interest rates and terms, shop around. Just be aware that many lenders will do a hard pull of your credit if you apply for a loan, meaning that each credit check could ding your score. Luckily, here at MagnifyMoney, we allow you to review rates, fees, and other terms in our personal loan marketplace. 

You can also use our widget below to compare offers from up to five different lenders on LendingTree’s marketplace by filling out an online form.

LendingTree
APR

As low as 3.99%

Credit Req.

Minimum 500 FICO®

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.


A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).

Online personal loan options

Many online lenders offer competitive interest rates for personal loans, especially if you have good credit. They also usually do just a soft credit pull when you apply, so you can get an interest rate quote without impacting your credit score. However, if you need to borrow a large amount of money, especially over $35,000 (generally the limit for many online lenders), you may need to look elsewhere. And although online lenders will approve loans for people with credit scores as low as 600, they’ll also charge much higher interest rates in those cases.

  • Average rates: As low as 3.99%
  • Term length: 24 to 60 months
  • Borrowing limits: Up to $50,000

Here’s a look at some of the rates and terms for personal loans from leading online lenders:

Company
APR
Terms
Credit Req.
LendingTree

As low as 3.99%

24 to 60

months

Minimum 500 FICO®

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure.

Disclaimer

A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).

3.99%-16.99%

24 to 144

months

660

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.
SoFi

5.74%-16.24%

24 to 84

months

680

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.74% APR to 14.700% 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 5.74% APR assumes current 1-month LIBOR rate of 2.43% 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.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. 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.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

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)
Marcus by Goldman Sachs®

5.99%-28.99%

36 to 72

months

Varies

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.

Up to 29.99%

36 or 60

months

700

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

*The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99% - 5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may resulting an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000.

Borrowers should refer to their loan agreement for specific terms and conditions. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

6.95%-35.89%

36 or 60

months

600

SEE OFFERS Secured

on LendingTree’s secure website

Our Commitment We'll receive a referral fee if you click here. This does not impact our rankings or recommendations.

9.95%-35.99%

24 to 60

months

Varies

SEE OFFERS Secured

on LendingTree’s secure website

Avant branded credit products are issued by WebBank, member FDIC.

16.05%-35.99%

24 to 60

months

Varies

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure.

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
PenFed Credit Union

Starting at 6.49%

36 to 60

months

700

SEE OFFERS Secured

on PenFed Credit Union’s secure website

7.46%-35.99%

36 & 60

months

620

SEE OFFERS Secured

on LendingTree’s secure website

We'll receive a referral fee if you apply for this loan. This does not impact our rankings or recommendations.

Bank personal loans

In some situations, banks are the lenders that offer the best interest rates, but that’s not always the case with personal loans. Because many personal loans are unsecured, and therefore riskier, banks tend to charge higher rates than credit unions.

As with other types of loans, bank loans generally are geared more toward people with good credit — scores of 680 and above — and the better your credit, the better your interest rate. On the plus side, banks tend to offer higher borrowing limits if you need more money.

  • Average rates: 6.99% to 20.24%
  • Term length: 12 to 84 months
  • Borrowing limits: Up to $100,000

Credit union personal loans

Credit unions offer some of the lowest interest rates for personal loans, and will even approve loans for people with credit scores under 600. Unlike most banks, credit unions are nonprofit, so any profits they make tend to benefit their members in the form of better interest rates or lower fees. To apply for a loan, you’ll need to join the credit union and meet all the requirements for membership.

  • Average rates: 6.49% to 18%
  • Term length: 12 to 84 months
  • Borrowing limits: Up to $50,000

How to compare personal loan offers

When you’re looking at personal loan offers, you should know how much the loan will truly cost you, including the interest rate, the length of the loan and any fees that you’ll have to pay (an origination fee, for example). You’ll likely get better interest rates if your credit score is high and/or you have collateral to secure the loan. However, most personal loans don’t require collateral.

  • APR: In most cases, the better your credit score (740 and above is ideal), the lower the interest rate you’ll receive for a personal loan. Do some comparison shopping to find the loans with the lowest interest rates and best terms.
  • Term length: Most personal loans will have a term between 24 and 60 months, with some as short as 12 months or as long as 84 months. Think about how long you’ll realistically need to repay the loan and how long you want to owe the debt. If you want the option of repaying the loan early, find out if there are prepayment penalties.
  • Fees: The APR isn’t the only factor that determines how much the loan will cost you. Fees can really make a difference. A common fee charged for personal loans is an origination fee, which is charged to cover the cost of processing the loan. Some origination fees are flat amounts while others are a percentage of the amount borrowed.
  • Secured vs. unsecured: A secured loan means you put down collateral such as property to back the loan in case you default. An unsecured loan means there’s no specific asset tied to the loan. Secured loans will have lower interest rates, but you risk losing your collateral — whether it’s your house, car or savings account — if you default on the loan.


Compare Personal Loan Rates

4 alternatives to a personal loan

A personal loan isn’t your only option, and may not be your best option, depending on why you need the money and how you want to pay it back. There are other loans that accomplish similar goals. The important things to know are how much interest you’ll end up paying, how long you’ll be given to repay the loan, what kind of expenses the loan financing can be used toward and what happens if you miss a payment or default on the loan.

1. 0% Intro APR balance transfer credit card

Many credit cards will offer a 0% APR introductory balance transfer offer. This offer, typically lasting anywhere from 6 to 21 months, means you won’t pay interest on your debt for that period of time. Make sure to find out if you’ll be charged balance transfer fees and what the card’s interest rate will be after the introductory period. Take a look at credit cards with introductory 0% APR balance transfer offers at MagnifyMoney’s marketplace

Pros

  • You can consolidate your debt
  • You can potentially move to a credit card with better terms
  • You can pay down debt faster
  • You won’t pay interest for several months

Cons

  • You’ll typically need good credit to qualify
  • You may be charged a balance transfer fee
  • You could end up with a higher interest rate

Discover it® Balance Transfer

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

Read Full Review

Discover it® Balance Transfer

Regular APR
14.24% - 25.24% Variable
Intro Purchase APR
0% for 6 months
Intro BT APR
0% for 18 months
Annual fee
$0
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate, 1% unlimited cash back on all other purchases - automatically.
Balance Transfer Fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Credit required
good-credit
Excellent/Good

2. Home equity loan

A home equity loan is a second mortgage that borrows against the equity you’ve built in your home. Like a personal loan, you receive the funding in a lump sum and the loan comes with a fixed interest rate.

Pros

  • You can get lower interest rates because your equity in the home secures the loan
  • Easier to qualify for if you have poor credit

Cons

  • If you can’t repay the loan, you risk losing your home

3. Home equity line of credit (HELOC)

A home equity line of credit (HELOC) also involves borrowing against your home’s equity, but in this case, you’re approved for a certain amount of credit that you can draw from. But you only need to repay, and only pay interest on, the amount you draw. As with a home equity loan, your house is the collateral for the loan.

Pros

  • You can get lower interest rates because your equity in the home secures the loan
  • Easier to qualify for if you have poor credit
  • You only pay interest on the amount you draw from the line of credit

Cons

  • You may be charged several types of fees such as transaction fees, maintenance fees and closing fees
  • If you can’t repay the loan, you risk losing your home
  • Some lines have variable interest rates, meaning your interest rate could go up

4. Peer to peer lending

Banks, credit unions and online lenders aren’t the only financing games in town. Peer to peer lending is when an individual or hedge fund is matched to someone looking for a loan, either through a company or a website. These loans are very similar to personal loans and tend to have competitive interest rates.

Pros

  • Potential for lower interest rates
  • Easy application process

Cons

  • May take longer for approval than from bank or credit union
  • You’ll need to do some legwork to make sure you’re working with a reputable company

Other loans offered by Bank of America

Although Bank of America doesn’t offer personal loans, they do offer other loans that can be used to pay medical expenses, consolidate debt, make home improvements or fund a business. Bank of America’s financing options include a credit card with a 0% percent introductory APR offer for 15 months, a home equity line of credit and an auto loan.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Kate Rockwood
Kate Rockwood |

Kate Rockwood is a writer at MagnifyMoney. You can email Kate here

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Get A Pre-Approved Personal Loan

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Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Citizens Bank Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Citizens Bank (RI)
APR

6.79%
To
20.89%

Credit Req.

Not specified

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

No fees

SEE OFFERS Secured

on LendingTree’s secure website

Citizens Bank personal loan details
 

Fees and penalties

  • Term lengths: 36 to 84 months
  • APR range: 6.79% to 20.89%
  • Loan amounts: $5,000 to $50,000
  • Time to funding: Funds can be in your account in as quickly as 2 business days
  • Credit check: Soft Pull
  • Origination fee: No fees
  • Prepayment fee: None
  • Late payment fee: Not specified

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.

Pros and cons of a Citizens Bank personal loan

Pros:

Cons:

  • No fees: Citizens Bank loans comes with zero fees, including origination fees and prepayment penalties.
  • Flexible terms: Choose a monthly payment that fits your budget, with terms ranging from 36 to 84 months.
  • Fast funding: Funds could be dispersed into your account in as quickly as two business days after approval.
  • Interest rate reductions: Take 0.25% off your rate if you qualify for the Citizens Loyalty Discount and another 0.25% for having your monthly loan payments automatically deducted through ACH. This can allow you to reduce your rate by up to 0.50%.
  • Strong credit requirements: While the Citizens Bank website doesn’t provide a specific baseline credit score, it does note that “reasonably strong credit” is needed for loan approval.
  • Income requirements: To qualify for a personal loan from Citizens Bank, you’ll need a minimum annual income of at least $24,000.

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

Wright-Patt Credit Union
APR

8.99%
To
17.99%

Credit Req.

710

Minimum Credit Score

Terms

60

months

Origination Fee

No origination fee

APPLY NOW Secured

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

PenFed Credit Union
APR

Starting at 6.49%

Credit Req.

700

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

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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 $25,000.... Read More

PenFed personal loans are offered from $500 to $25,000. 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

USAA Bank
APR

As low as 9.49%

Credit Req.

700

Minimum Credit Score

Terms

12 to 84

months

Origination Fee

No origination fee

APPLY NOW Secured

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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

Yael Bizouati
Yael Bizouati |

Yael Bizouati is a writer at MagnifyMoney. You can email Yael here

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Advertiser Disclosure

Personal Loans

OppLoans Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

APR

99.00%
To
199.00%

Credit Req.

Varies

Minimum Credit Score

Terms

9 to 24

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

OppLoans personal loan details
 

Fees and penalties

  • Terms: 9 to 24 months
  • APR range: 99.00%-199.00% APR
  • Loan amounts: $1,000-$4,000
  • Time to funding: You can get access to your funds as soon as the business day after approval.
  • Hard pull/soft pull: Soft Pull
  • Origination fee: Varies
  • Prepayment fee: None
  • Late payment fee: Fees may vary by state, but if your payment is more than 15 days late, you will be charged $15.
  • Other fees: These may also vary by state, but you will be charged $15 each time you write OppLoans a bad check. California applicants will also have to pay a $75 administrative fee.

OppLoans’ rates are oppressively high, but there’s a reason they exist. When you find yourself with little money, a mountain of bills and bad credit, it becomes extremely difficult to gain access to low-interest borrowing products.

In these cases, many people turn to payday loans, which can have interest rates of around 400%. Going with a personal loan from OppLoans is a preferable path.

OppLoans makes efforts to help their clientele understand how they can boost their credit scores so they can get back into the traditional marketplace where lower rates can be obtained. They do this through OppU — a collection of free, educational courses that teach you about spending, saving, budgeting, credit and debt. Unless you live in Texas or Ohio, OppLoans also reports your loan activity to the three major credit bureaus, so making on-time payments can help you strengthen your traditional credit file.

Eligibility requirements

Clarity Services, Inc. is a subsidiary of Experian, but is not technically one of the big three credit reporting agencies (Equifax, Experian and TransUnion). Instead, Clarity Services deals with what is known as “alternative credit data.” This data is built by obtaining your credit report from one of the three major credit bureaus and supplementing it with information about recent credit inquiries, potential fraud attempts and your overall financial stability, including income and employment data.

When a lender like OppLoans uses Clarity Services, it’s doing so because it knows that, by traditional credit standards, you might look like a repayment risk, but it also knows that reliable people sometimes go through hard financial times. Clarity’s supplemental information allows OppLoans to make a lending decision on more than just traditional credit data.

If your alternative credit data qualifies you, you will also have to have a steady source of income. If your income is from employment, you have to have been with your employer for at least three months. You must also have a bank account that is at least three months old, where your paychecks are deposited using direct deposit. If you live in New Mexico, you are exempt from the direct deposit requirement.

If you’re active-duty military, you won’t qualify for a loan with OppLoans. That’s because the Military Lending Act protects servicemembers, their spouses and dependents from potentially predatory lenders, and the rates offered by OppLoans are far too high to meet this law’s standards.

Finally, you must be at least 19 years of age to qualify for an OppLoans personal loan if you live in Alabama or Nebraska. Otherwise, you must be 18 and live in one of these states:

  • Alaska
  • Arizona
  • California
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nevada
  • New Mexico
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

Applying for a personal loan from OppLoans

The only way to apply for an OppLoans personal loan is through its online application. Be prepared to enter identifying information such as your name, address and Social Security number, as well as your bank account info and data about your employer or any other way that you bring in income.

At this point in the process, OppLoans will pull your alternative credit data via Clarity Services. If you are approved, you may have to provide supplemental documentation proving you are who you say you are and what you earn.

After approval, many see the money deposited into their bank accounts as soon as the next business day.

Pros and cons of an OppLoans personal loan

Pros:

Cons:

  • Quick funding. With funding available as soon as the first business day following approval, OppLoans often gets its borrowers money fast.
  • Educational initiatives. OppLoans’ OppU educational program is free and online, meaning anyone can access it from anywhere within the confines of their schedule. The effort was launched as a form of advocacy to help consumers improve their financial situation so they don’t have to take out loans with ridiculously high interest rates in the future.
  • Better than payday loans. People who can’t get traditional credit often turn to payday loans to get by. OppLoans can be a good alternative to those payday loans, but it’s not necessarily the best option for getting cash fast.
  • High interest rates. Paying 99.00% to 199.00% interest on your loan is akin to paying over 2-3 times the amount you initially borrowed. For example, if you took out a $3,000 loan at 199.00%, which you needed to repay in three years with monthly payments of $499, you’d end up paying $17,964 total by the time all was said and done.
  • Doesn’t help if you’re in ChexSystems. If your money situation is tumultuous, there’s a chance you may have been put in ChexSystems, a credit reporting agency for checking and savings accounts. When this happens, you won’t be able to open a bank account, and without a bank account which is at least three months old, you’re not going to qualify for an OppLoans personal loan.
  • Direct deposit required. Many employers set direct deposit as the default way to pay employees, and many will oblige if you request this method of payment. If you don’t already have direct deposit set up for your paycheck, you’re not going to be able to get your hands on an OppLoans personal loan quickly until you get that resolved. If your employer doesn’t offer direct deposit, you can’t borrow from OppLoans.

Who’s the best fit for an OppLoans personal loan?

OppLoans is not the best option for a lot of people because of its high interest rates. However, if you have poor credit but have a bank account, have recently been denied by other lenders who offer lower interest rates and need money right now, OppLoans may be your most viable solution. Consider OppLoans before you turn to payday loans.

OppLoans consumer reviews

Despite its staggeringly high interest rates, OppLoans receives mostly positive feedback from its customers. Those who have reviewed the company on LendingTree (MagnifyMoney’s parent company) say the application and funding process is quick and easy, and many note that the customer service is very good.

For example, reviewers praise OppLoans for being “professional, secure, and speedy,” as well as “upfront with fees and payment terms,” and “very helpful if you have any questions.” Ninety-six percent say they would recommend OppLoans — plus, the company has an A+ rating from the Better Business Bureau.

Negative reviews for OppLoans are few and far between, but those that did rate their experience poorly say they weren’t approved by the lender or were unhappy with the high rates and fees.

OppLoans FAQ

OppLoans offers both installment loans (what we’ve covered in this piece) and lines of credit. The latter is only available in a few states.

If you’re approved, OppLoans will deposit your funds directly into the account you provided. You could see the money come through as soon as the next business day, though this depends on what time of day (and day of the week) your application is processed and finalized.

OppLoans accepts electronic funds transfers (EFT), which is basically a debit from your checking account to the lender. You can also use your debit card for one-time payments.

You can use your personal loan for nearly anything. Some of the most common uses include debt consolidation, paying off medical bills, and financing a big purchase.

Yes. OppLoans doesn’t charge a prepayment penalty — if you are able to pay off your loan faster, you’ll save on interest.

OppLoans advises customers who expect to pay late or miss a payment to call the company directly at 855-408-5000. Note that there is a late payment fee that varies depending on where you live.

OppLoans specializes in working with bad credit borrowers but has a number of additional eligibility requirements for its personal loans. If you don’t qualify, take a look at alternatives on MagnifyMoney’s personal loan marketplace. You may find other offers that work for you.

Alternative personal loan options

NetCredit

APR

34.00%
To
155.00%

Credit Req.

Varies

Minimum Credit Score

Terms

6 to 60

months

Origination Fee

1.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

NetCredit issues personal loans with interest rates up to 155.00%. That’s not great, though it is a bit better than OppLoans’ ceiling of 199.00%. It also has far lower starting rates at 34.00% compared with OppLoans’ 99.00%. You may be able to qualify for a NetCredit personal loan with a credit score as low as 500.

LendingPoint

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

If you have a credit history strong enough to merit more traditional interest rates, take advantage of it. LendingPoint works with individuals with credit scores as low as 585 according to CEO Mark Lorimer. Interest rates are far lower than OppLoans, at 9.99%–35.99%.

Finova Financial

Finova Financial
APR

18.00%
To
204.00%

Credit Req.

Varies

Minimum Credit Score

Terms

12 to 24

months

Origination Fee

$30

SEE OFFERS Secured

on Finova Financial ’s secure website

Without a traditional bank account, you’re going to have a hard time getting an unsecured loan. You can instead look at title loans. To get these loans, you have to put up some collateral, like your car, which the lender could repossess should you fail to repay your debt. This is very risky, as losing your car could further complicate an already dire situation, but if you find yourself needing to us this type of financial product, consider Finova Financial, which has personal loan-like interest rates on its title loans, currently sitting at 18.00%–204.00%.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

Emily Long
Emily Long |

Emily Long is a writer at MagnifyMoney. You can email Emily here

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Get A Pre-Approved Personal Loan

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Won’t impact your credit score