2020 Citizens One Personal Loans Review
Quick Review: Citizens One personal loans can be ideal for people with good or excellent credit. It takes a 680 credit score to qualify – a bit higher than what most major lenders require. Qualified borrowers can get an APR as low as 6.79% – one of the lowest starting rates on the market. And Citizens One’s maximum APR is 20.88%, which is cheaper than the highest APRs on many competitors’ loans. To top it off, Citizens One personal loans are totally fee-free. They have no origination-, prepayment- or late fees.
Citizens One personal loans are offered by the national lending division of Citizens Bank. Citizens Bank has branches in just 11 states, and personal loans with the Citizens Bank brand name are only available to people who live in those states. People in other states get personal loans with the Citizens One brand name. Aside from the name, almost everything else is the same between Citizens Bank personal loans and Citizens One personal loans. The one exception is the loan amount. Citizens One only offers up to $5,000 at the moment, while Citizens Bank will lend up to $15,000.
Below, you can find out how WalletHub rates Citizens One personal loans in our three key categories; Terms, Requirements & Application, and Reviews & Transparency. You’ll also see a helpful comparison against a few other major lenders.
Citizens One Personal Loan Terms
|APRs||6.79% - 20.88%|
|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 One Personal Loan Rates, Fees & Other Terms
Category Rating: 4.4/5
Citizens One personal loans are relatively inexpensive. The APR starts at 6.79%, which is low compared to many lenders (a few may offer rates 1% lower). Their maximum APR is 20.88%, which is fairly low considering many competitors have caps of 25% - 36%. Exactly what your interest rate will be depends on your creditworthiness – a combination of factors including your credit score, income, debts, credit inquiries and more.
There are no Citizens One personal loan fees. You won’t pay an origination fee for processing the loan, and you won’t be penalized for paying off the loan early. You also won’t owe a fee for paying late, but you shouldn’t pay late anyway because Citizens One will report that to the credit bureaus.
Citizens One gets a good rating in this category because of their inexpensive rates and long payoff periods, at 36 to 84 months. The lender gets some points deducted for their low loan amounts, at only $5,000.
Citizens One Personal Loan Requirements & Application Info
Category Rating: 3.8/5
To get a Citizens One personal loan, you will need a credit score of at least 680, according to representatives from the company. You will also need a minimum income of $24,000 per year.
In order to take out a loan from Citizens One, you’ll need to live in a state where Citizens Bank doesn’t have a branch. If there is a branch in your state, your loan will be from Citizens Bank instead.
Citizens One offers a pre-qualification tool that will not affect your credit score. Enter your desired loan amount and personal information such as your address, date of birth and Social Security number to get a quote on your rates. Pre-qualification doesn’t guarantee approval but will give you a good idea of what you will pay if approved.
To apply for a Citizens One personal loan, you will need to call 1-888-333-0246 or visit a Citizens Bank branch. You may apply with a co-applicant if you wish.
Overall, Citizens One scores decently because of their pre-qualification tool and acceptance of co-applicants. They lose points for not offering an online application and not allowing people to apply using an ITIN or passport instead of an SSN.
Citizens One Personal Loan Reviews & Transparency
Category Rating: 3.2/5
- Better Business Bureau: Citizens One has an A+ rating from the BBB but is not accredited. The same goes for its parent organization, Citizens Financial Group, Inc.
- Consumer Financial Protection Bureau: There are around 35 complaints about Citizens Financial Group, Inc.’s personal loans in the CFPB database. The company responds to complaints in a timely manner.
- WalletHub: There is not enough data to give a user rating to Citizens One.
- Transparency: Citizens One is transparent about their personal loan terms, and their website gives out most of the important information. Unlike many lenders, Citizens One discloses both minimum credit score and minimum income requirements, though WalletHub obtained this information by speaking to representatives.
Citizens One Personal Loans vs. Other Popular Options
|APRs||6.79% - 20.88%||6.99% - 24.99%||5.99% - 18.64%|
|Loan Amounts||$5,000||$2,500 - $35,000||$5,000 - $100,000|
|Loan Terms||36, 48, 60, 72 or 84 months||36, 48, 60, 72 or 84 months||12 - 84 months|
|Minimum Credit Score||Fair*||Fair*||Fair*|
In order to provide the most accurate Citizens One 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 One 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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