Citizens Bank Personal Loans Review 2021


As of April 2021, Citizens Bank is currently no longer accepting new applications for personal loans.

Benefits explained

  • No fees or penalties – Citizens Bank is not late or assembly costs, or any prepayment penalty, on its loans. These types of fees impact the overall cost of your finance, so even if you find a lender that offers a slightly lower Annual Percentage Rate (APR) but also charges a fee, Citizens Bank may be the more affordable option. .
  • Discounts for qualified applicants – Discounts are available for borrowers who sign up for automatic payment and Citizens Bank customers who have a qualifying account.
  • Option to include a co-applicant – Borrowers who may not qualify on their own can do so by adding a co-applicant with a better credit profile.

Disadvantages Explained

  • Strong credit recommended to qualify – Although it does not specify a minimum credit score, Citizens Bank prefers applicants with “reasonably strong” credit profiles, to quote the company’s website. To benefit from the current lowest rate (6.79%), you would need a FICO score in the very good to exceptional range — 740 and above. A simple good score of 670 to 739 would net you 9.96% to 12.61%, depending on the length of the loan.
  • High minimum loan amount: Citizens Bank offers personal loans starting at $ 5,000. For those looking for lower loan amounts, you will have to look elsewhere.
  • Minimum income requirements – Applicants must provide proof of income (you must earn at least $ 24,000) to be eligible for a personal loan.

Types of personal loans offered by Citizens Bank

Citizens Bank allows borrowers to use their personal loans for multiple purposes. Among them: renovation projects, debt consolidation, weddings, vacations and the purchase of recreational vehicles. In short, how you use the loan proceeds is mostly up to you.

However, Citizens Bank imposes some restrictions. You cannot borrow the product for:

  • Business purposes
  • Post-secondary education
  • Securities purchases

Deadline for receipt of funds

Citizens Bank borrowers will typically receive the funds within two business days via a automated clearing house (ACH) payment.

Features of the Citizens Bank personal loan

Apply for a personal loan with a co-applicant

Citizens Bank allows joint applications, and the primary borrower and co-applicant can request separate rate quotes. When submitting a personal loan application, the final rates and terms will be based on the one with the highest FICO score.

Initial flexible credit investigation

Citizens Bank offers what the lender calls its “Quote rate“, a kind of prequalification process that lets you see in advance the rates and terms you might qualify for. It uses a flexible credit check, so your credit score won’t be affected so much. that you have not submitted a full application, when Citizens Bank does a serious investigation (and your score may be affected, at least temporarily).

Apply for a personal loan from Citizens Bank

As mentioned above, you can first find out if you are eligible for a Citizens Bank personal loan, and under what terms, before you apply. This is what the entire application process looks like, using the bank’s website.

  1. Provide some initial information through the online form, which includes your name, physical address and preferred loan amount. Once you’ve checked the box where you agree to the bank’s terms, you will be able to see more specific rates and terms.
  2. Consult the proposed conditions and prices before going to the application page. There is an option to change the loan amount at the bottom of the screen before continuing.
  3. Log into your account if you are already a Citizens Bank customer to save time entering additional personal information.
  4. Indicate whether you are applying as an individual or with a co-applicant. Each applicant will need to provide details, such as income or employment information, email address, and citizenship status. You must be the age of majority in your state to be eligible for a personal loan.
  5. Review the loan terms and submit the complete application if you are satisfied with the offer. At this point, Citizens Bank will conduct a full investigation. Additional documents may be required, such as proof of income and a copy of your state issued ID.

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

Can you refinance a personal loan with Citizens Bank?

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


A personal loan with Citizens Bank has no fees and offers competitive interest rates. So it is worth taking a look if you are already looking for personal loans. A venerable institution of bricks and mortar, it’s good for borrowers who want to apply for a personal loan in person, although unfortunately their physical branches are only found in a handful of states.

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

Taking out a personal loan from Citizens Bank or any other institution can be a good idea if you are looking to cover large (perhaps unexpected) purchases or consolidate high interest debt. Before applying for any type of loan, however, first carefully consider whether it is an absolute necessity and make sure you have enough room in your budget to cover the monthly payments.


Investopedia is committed to providing consumers with unbiased and comprehensive reviews of personal lenders. We’ve collected over 25 data points from over 50 lenders, including interest rates, fees, loan amounts, and repayment terms, to make sure our content helps users get the right one. borrowing decision for their needs.

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