Citizens Bank no longer offers new personal loans to consumers, but it services and manages some of the personal loans it issued before it made this decision. Citizens hasn’t disclosed why it stopped offering this product.
If you’re searching for a personal loan, plenty of other options exist. Here is our take on where to find reliable alternatives to a Citizens Bank personal loan.
Alternatives to Citizens Bank personal loans
Citizens Bank’s personal loan was straightforward. You could borrow $5,000 to $50,000, with repayment terms stretching from 36 to 84 months. Interest rates were standard to competitive, and borrowers didn’t pay origination fees, late fees, or prepayment penalties.
You needed decent credit and at least $24,000 in annual income to qualify. Checking or savings account holders, available in 39 states, could get additional interest rate discounts.
We’ve found four lenders that match and even exceed Citizens Bank’s personal loan. Whether you’re seeking lower interest rates, longer repayment terms, or have a specific credit score, these lenders present strong alternatives to what was available through Citizens Bank.
Credible
Why Credible is the best marketplace
Unlike Citizens Bank, which targeted borrowers with good to excellent credit, Credible welcomes applicants across the credit spectrum.
You can shop around to prequalify and compare rates from multiple lenders. This is fantastic if you want to explore a variety of loan amounts, terms, and rates without committing upfront.
- Compare loans from multiple curated lenders
- Get prequalified loan offers in as little as 2 minutes
- Get funded within a few business days
- No option to apply for joint loans
| Rates (APR) | 6.99% – 35.99% |
| Loan amounts | $1,000 – $200,000 |
| Repayment terms | 1 – 10 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: Varies
- Minimum income: Not disclosed
- States: Loan partners may not be available in all states
Repayment terms
Credible loans have repayment terms ranging from one to 10 years. Some lenders may charge a prepayment penalty if you pay your loan off early.
LightStream
Why LightStream is the best personal loan for excellent credit
LightStream is ideal if you have excellent credit. It matches and surpasses Citizens Bank’s loan amounts and variety of repayment terms. We like LightStream’s Rate Beat Program, which guarantees to beat competitors’ rates.
- Rate match guarantee ensures that you get the best rate possible
- Same-day funding may be available
- Take advantage of a longer repayment term if you need lower payments
- No option to prequalify or check rates with a soft credit pull
- Minimum loan amount is $5,000
| Rates (APR) | 7.49% – 25.49% |
| Loan amounts | $5,000 – $100,000 |
| Repayment terms | 2 – 12 years |
Eligibility requirements
- Soft credit check? No
- Minimum credit score: 660
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
LightStream offers some of the longest repayment terms of any lender, giving you up to 12 years to repay your loan. You can pay your loan off early, without a prepayment penalty and rate discounts can help bring the cost of your loan down.
SoFi
Why SoFi is the best personal loan for good credit
SoFi is a great Citizens Bank alternative if you have good credit. The rate reduction for automatic payments makes SoFi a more affordable, well-rounded choice if you want comprehensive loan services and extra benefits.
- No origination fees, late payment fees, or prepayment penalties
- Check rates in as little as 60 seconds
- Some borrowers may qualify for same-day funding
- Higher minimum loan amount
- Autopay discount is lower than what some lenders offer
| Fixed rates (APR) | 8.99% – 29.99% with all discounts |
| Loan amounts | $5,000 – $100,000 |
| Repayment terms | 2 – 7 years |
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 660
- Minimum income: Not disclosed
- States: All 50 states and Washington, D.C.
Repayment terms
SoFi personal loans feature terms from two to seven years. If you enroll in autopay, you’ll get a 0.25% rate discount. There’s no penalty if you decide to pay your loan off early.
Best Egg
Why Best Egg is the best secured personal loan
Best Egg‘s secured loans allow two options for collateral:
- Homeowners can use items within their home, such as light fixtures, cabinets, and vanities
- Vehicle owners can use their paid-off car, truck, or SUV
- Rate discount when you use items in your home or your vehicle as collateral
- Funding is available in as little as 24 hours with minimal paperwork
- Use funds for home improvements, repairs, or any other expense
- Origination fee of 0.99% – 8.99%
- Must own a home or paid-off vehicle to qualify
| Rates (APR) | 7.80% – 35.99% |
| Loan amounts | $1,000 – $50,000 |
| Repayment terms | 3 – 7 years |
Is a secured loan right for you?
- Best for: Those who want a secured option without using home equity
- Not ideal for: Anyone unsure they can make every payment on time
Eligibility requirements
- Soft credit check? Yes
- Minimum credit score: 640
- Minimum income: Not disclosed; $100,000+ annual income is ideal
- States: Not available in Iowa, Vermont, West Virginia, Washington, D.C., or U.S. territories
Repayment terms
Best Egg offers extended repayment terms of up to seven years. Since these are secured loans, you can lock in lower rates. You can enroll in automatic payments, but Best Egg doesn’t offer an autopay discount.
How to choose a personal loan lender
With several personal loan lender options available, selecting the right one requires balancing your financial needs with what the market offers. Here’s a guide to help you navigate this decision-making process:
- Assess your financial health: Start by understanding your credit score, income, and financial stability. Knowing where you stand financially helps identify lenders that cater to your credit profile.
You can check your credit history for free at www.annualcreditreport.com.
- Determine your needs: Define the purpose of the loan. You can use most personal loans for any purpose, but knowing how you want to use the funds can help narrow down your choices. Whether it’s debt consolidation, home improvement, or a major purchase, different lenders specialize in various loan types.
- Compare loan terms: Look beyond just interest rates. Consider loan amounts, repayment terms, and any additional fees when looking at the overall cost of the borrowing.
- Prequalification and soft credit checks: All the lenders we’ve discussed allow for prequalification with a soft credit check, except for LightStream. A soft credit check is a preliminary evaluation of your creditworthiness that doesn’t affect your credit score. This crucial step gives you an idea of the loan terms you may qualify for without risking your credit score.
- Read reviews and customer feedback: Get insights into the lender’s customer service, application process, and overall reliability. Reading reviews of personal loan companies can help you understand this feedback from an unbiased perspective.
- Check for additional benefits: Some lenders offer perks, such as rate discounts for automatic payments, flexible payment dates, or financial counseling.
- Understand the fine print: Be aware of any penalties, such as prepayment fees or late payment charges. Knowing these details upfront can save you from unexpected costs.
- Personal comfort: Consider how comfortable you are with the lender. Do you prefer in-person interactions, or is an online process more your style?
Choosing a personal loan lender is about finding a balance between favorable terms and a lender that fits your personal and financial circumstances.
By considering these aspects and using the prequalification option, you can make a more informed and confident decision about your loan.
How to manage your Citizens Bank personal loan
Managing your Citizens Bank personal loan depends on when you applied for it. Here’s what you need to know:
If you applied before July 12, 2019
Firstmark Services is your loan servicer, meaning you make payments and direct all questions about your loan to it.
- Manage your account online: Log in to view statements, make payments, and manage your account.
- Call:
- Phone: 1-888-538-7378
- TTY (hearing impaired): 1-888-790-2729
- Hours: Monday through Friday, 7 a.m. – 8 p.m. Central (excluding holidays)
- Payment mailing address: Firstmark Services, P.O. Box 2977, Omaha, NE 68103-2977
- Document mailing address: Firstmark Services, P.O. Box 82522, Lincoln, NE 68501-2522
- Fax: 1-866-258-9233
- Overnight delivery: Firstmark Services, 121 S. 13th St., Suite 201, Lincoln, NE 68508-1911
If you applied after July 12, 2019
Citizens Bank is your loan servicer.
- Manage your account online: Log in for account management.
- Make payments:
- By mail: Send payments to the address on your statement. Allow four to seven days for delivery and processing.
- By phone: Use pay-by-phone services at 1-800-708-6680.
- In-branch: Visit any Citizens branch for same-day processing. Find a branch.
Remember, staying on top of your loan management is key to maintaining good financial standing and avoiding unnecessary fees or complications.
Other loans and personal finance products Citizens Bank offers
Citizens Bank has stepped back from offering new personal loans, but it continues to provide various other financial products and services. Here’s a quick overview if you’re interested in exploring other options with Citizens Bank:
- Checking and savings accounts: Citizens offers a range of checking and savings accounts catering to different needs, from basic to feature-rich options.
- Credit cards: The bank provides a selection of credit cards, each designed to cater to various consumer preferences, including rewards, balance transfer, and credit-building.
- Home loans: Citizens Bank offers various mortgage options for those looking to buy or refinance a home. Its home loan products include fixed-rate mortgages, adjustable-rate mortgages, and jumbo loans, tailored to fit different home-buying needs.
- Home equity lines of credit (HELOC): Citizens Bank offers HELOCs if you want to leverage your home’s equity. These can be a smart way to finance major expenses, such as home renovations, with the flexibility of borrowing against the value of your home.
- Student loans: Citizens Bank also caters to students and their families with its private student loans and refinancing options. These loans can help cover the cost of education when federal loans, scholarships, and grants are not enough.
These additional products from Citizens Bank might provide convenient, integrated financial solutions for account holders or those considering opening an account. Always review each product’s terms and conditions to ensure it aligns with your financial needs and goals.
Recap of the best Citizens Bank personal loan alternatives
About our contributors
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Written by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.