2020 Citizens Bank Personal Loans Review
Quick Review: Citizens Bank personal loans are best for people with good credit, as Citizens Bank requires a credit score of 680 or higher to qualify. People with high credit scores could also receive interest rates as low as 6.79%. Plus, Citizens Bank offers loans of up to $15,000, with up to 84 months for payoff. The bank doesn’t charge any kind of fees on their loans, either.
Still, the interest rates on Citizens Bank personal loans start slightly higher than some competitors’ rates do. So people with the very best credit may have better alternatives. Citizens Bank’s customers certainly seem satisfied, though, having filed few complaints with regulators. One important detail to note is that Citizens Bank only has branches in 11 states, but they offer loans to people living in any state. If you live in a state where Citizens Bank does not have a branch, your loan will be through “Citizens One,” which is just the national lending division of the bank.
Below, you can learn more about Citizens Bank personal loans and see how WalletHub rates them in our three key categories: Terms, Requirements & Application, and Reviews & Transparency. You can also find out how Citizens Bank stacks up against the competition.
Citizens Bank Personal Loan Terms
|APRs||6.79% - 20.88%|
|Loan Amount||$5,000 - $15,000|
|Loan Terms||36, 48, 60, 72 or 84 months|
|Minimum Credit Score||Fair*|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||4 - 16 business days|
Citizens Bank Personal Loan Rates, Fees & Other Terms
Category Rating: 4.6/5
The APR range for Citizens Bank personal loans is 6.79% - 20.88%. Their minimum is a little higher than that of some competing lenders, which offer rates as low as 4% to 6% on personal loans. But their maximum is on the low side, as some lenders charge anywhere from 25% to 36%. The exact rate you get with Citizens Bank depends on a number of different considerations including your credit score, income and other debts. Citizens Bank personal loan interest rates are fixed. That means the interest rate will never change for the life of the loan.
There are no fees on Citizens Bank personal loans. You will not have to pay any kind of origination/application-processing fee. You won’t be penalized for paying off the loan early. And there won’t be a fee if you happen to miss a due date, though that definitely is not advised due to the potential credit score damage it can cause.
Naturally, Citizens Bank scores very well in this category due to their low rates and complete lack of fees. Their score is also boosted by the fact that they offer 36 to 84 months to pay loans off. Their loan sizes are on the lower side, though, at only $5,000 to $15,000.
Citizens Bank Personal Loan Requirements
Category Rating: 3.8/5
You will have difficulty qualifying for a Citizens Bank personal loan without a credit score of at least 680. That’s on the high end of what major lenders require. There is also a minimum income requirement of $24,000. That’s only the 27th percentile of income, meaning that 73 percent of U.S. adults have an income higher than $24,000.
Citizens Bank personal loans have a few other requirements. You must be the “age of majority” in your home state (almost always 18 years old) and either a U.S. citizen or permanent resident. You must also have a Social Security number. Citizens Bank allows co-applicants, which lets two people take joint responsibility for the loan.
You can get a Citizens Bank personal loan quote in “less than two minutes” online. It will not impact your credit. When it comes time to actually apply for a loan, you can do by phone (1-888-333-0104) or in one of Citizens Bank’s 11,000 branches. Citizens Bank only has branches in 11 states. But anyone in the U.S. can get a personal loan through them. People in states without branches will have their loans under the “Citizens One” brand name rather than Citizens Bank, though.
To check your Citizens Bank application status, log in to your online account. Or, provide your cell phone number on the application and elect to receive updates through text.
Citizens Bank gets credit for giving borrowers multiple ways to apply and for allowing co-applicants, which is not especially common. They also earn points for having pre-qualification, though they lose a few for not allowing people to apply with alternatives to an SSN.
Citizens Bank Personal Loan Reviews & Transparency
Category Rating: 3.3/5
- Better Business Bureau: Citizens Bank does not have BBB accreditation. Its BBB rating is an A+, though.
- Consumer Financial Protection Bureau: The CFPB complaint records include around 110 complaints about Citizens Bank personal loans. Complaints include people thinking they were denied unjustly or having difficulty applying. Citizens Bank has always responded to complaints in a “timely” manner.
- WalletHub: Citizens Bank has an average user rating of 3.8/5 across roughly 1,400 reviews.
- Transparency: Citizens Bank clearly displays their personal loan terms online. The bank is also very clear about the minimum requirements for approval.
Citizens Bank deserves a decent score because they are very honest with consumers and have a positive reputation. However, the number of complaints about their loans holds them back a bit.
Citizens Bank Personal Loans vs. Popular Competitors
|APRs||6.79% - 20.88%||6.99% - 24.99%||5.99% - 18.72%|
|Loan Amounts||$5,000 - $15,000||$2,500 - $35,000||$5,000 - $100,000|
|Loan Terms||36, 48, 60, 72 or 84 months||36, 48, 60, 72 or 84 months||24 - 84 months|
|Minimum Credit Score||Fair*||Fair*||Fair*|
In order to provide the most accurate Citizens Bank personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.
For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Citizens Bank personal loan terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
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