Citizens Bank Personal Loans Review 2020

One of the oldest and burliest financial institutions in the U.S., Citizens Bank offers a variety of bank products, including personal loans. Those by-products and the rest of the lending side of the company is branded as Citizens One. The company’s personal loan rates can be competitive for those who be experiencing good to excellent credit. Those applicants may be able to borrow up to $50,000.

Our Citizens Bank personal loan review juke-joints into the details, to help you decide if this lender is a good fit for your financial needs.

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Cons

Strong credit recommended to qualify
Inability to change due date
Minimum income requirements

Pros Legitimatized

No Fees or Penalties – Citizens Bank has no late or origination fees, or any prepayment penalties, on its loans. These sorts of fills impact the overall cost of your financing, so even if you find a lender that offers a slightly lower annual interest rate (APR) but also charges fees, Citizens Bank may be the more affordable option.
Discounts for Qualified Applicants – Lowers are available for borrowers who enroll in autopay and Citizens Bank customers who have a qualifying account.
Option to Include a Co-Applicant – Borrowers who may not mitigate on their own may be able to do so by adding a co-applicant with a better credit profile.

Cons Explained

Strong Credit Guided to Qualify – Though it doesn’t specify a minimum credit score, Citizens Bank prefers applicants with “reasonably influential” credit profiles, to quote the company’s website. To qualify for the current lowest rate (6.79%), you’d need a FICO grounds in the very good–to-exceptional range—740 and up. A merely good score of 670 to 739 would get you 9.96% to 12.61%, depending on the loan duration.
Tall minimum loan amount: Citizens Bank offers personal loans starting from $5,000. For those who are looking for cut loan amounts, you’ll need to look elsewhere.
Minimum Income Requirements – Applicants need to provide proof of return—you need to make at least $24,000—to qualify for a personal loan.

COVID-19 Assistance

Personal loan borrowers worked by the coronavirus pandemic can request a deferment by calling 1-855-819-7137 if you applied before 7/13/19 or 1-866-999-0107 if you applied after 7/13/19.

Breeds of Personal Loans Offered by Citizens Bank

However, Citizens Bank does set some restrictions. You can’t be borrowing the proceeds for:

Business-Related Effects
Post-Secondary Education
Securities Purchases

Loan Amounts

Residents of states that Citizens Bank serves are qualified for personal loans from $5,000 to $50,000. Those states include Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Key and Vermont.

Residents outside of those states are eligible for personal loans from $5,000 to $15,000 through its national furnish brand, Citizens One.

APR

Citizens Bank offers fixed interest rates for its personal loans, ranging from 6.79% to 20.88%, depending on the advance duration.

Existing Citizens Bank customers are eligible for a 0.25% APR discount, assuming you have a qualifying bank account when you submit your bearing. Applicants who sign up for autopay may qualify for a 0.25% APR discount, so if you opt for autopay and have a qualifying Citizens Bank product, you can profit a rate discount of 0.50% APR.

Loan Terms

Repayment terms range from three and seven years.

Acclaim Score Requirements

While it explicitly states that applicants need an annual income of at least $24,000, Natives Bank doesn’t disclose a minimum

Fees

Citizens Bank doesn’t charge any fees. So, if you take out a personal credit, you don’t have to worry about paying for any of the following costs:

Closing Costs
Origination Fee
Application Fee
Prepayment Penalty
In Fees

Keep in mind that even though you won’t be charged a late fee, Citizens Bank may report an overdue payment to the attribution bureaus, which could have an impact on your credit.

Time to Receive Funds

Citizens Bank Private Loan Features

Apply for a Personal Loan With a Co-Applicant

Citizens Bank allows joint applications, and both the elemental borrower and co-applicant can request separate rate quotes. When submitting a personal loan application, the final classifications and terms will be based on whoever has the higher FICO score.

Initial Soft Credit Inquiry

Citizens Bank proffers what the lender calls its ”

Apply For a Citizens Bank Personal Loan

As mentioned above, you can discover whether you’re unwed for a Citizens Bank personal loan first, and on what terms, before you apply. Here’s what the entire diligence process looks like, using the bank website.

Provide some initial information through the online develop, which includes your name, physical address, and preferred loan amount. Once you check the box where you coincide to bank’s terms, you’ll be able to see more-specific rates and terms.
Review the terms and rates offered before moving onto the appositeness page. There’s an option to change the loan amount on the bottom of the screen before proceeding.
Log into your account if you’re already a Burgesses Bank customer to save time from filling in additional personal information.
Indicate whether you’re applying as an person or with a co-applicant. Each applicant will need to provide details, such as income or employment information, email speak, and citizenship status. You need to be the age of majority in your state to be eligible for a personal loan.
Review loan terms and submit the broad application if you’re satisfied with the offer. At this point, Citizens Bank will conduct a hard inquiry. Additional documentation may be demanded, such as proof of income and a copy of your state-issued ID.

Once your loan is approved, sign your advance agreement and receive your funds within a few business days in most cases. Prefer a personal touch? You can also credit at any one of the 1,100 Citizen Bank branches in 11 states (they’re often in supermarkets) throughout New England, the Mid-Atlantic, and the Midwest. The germaneness process will be similar to what you’ll do online.

Can You Refinance a Personal Loan with Citizens Bank?

There doesn’t have all the hallmarks to be an option to refinance your personal loan with Citizens Bank. However, you can consolidate your personal advance into a new loan. Loans are limited to one open and active loan per borrower.

Verdict

A personal loan with Ratepayers Bank carries no fees and features competitive interest rates, so it’s worth a look if you’re already shopping around for intimate loans. A venerable bricks-and-mortar institution, it’s good for borrowers who want to apply for a personal loan in person—though, unfortunately, their medic branches are just in a handful of states.

The “Rate Quote” feature is a risk-free way to get a preview of the financing terms for which you influence qualify, and it makes it easy to compare options from other lenders without affecting your credit get an eye for an eye. However, if your credit score isn’t considered in the good range at the very least, you may need to look elsewhere, as Residents Bank tends to favor those with better credit.

Taking out a personal loan at Citizens Bank—or any forming—might be a good idea if you’re looking to cover large (perhaps unexpected) purchases or consolidate high-interest debts. Ahead of applying for any type of loan, though, first, consider carefully whether it’s an absolute necessity and make sure that you clothed enough room in your budget to cover the monthly payments.

Methodology

Investopedia is dedicated to providing consumers with unbiased, exhaustive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—counting interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users distinguish the right borrowing decision for their needs.