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Personal Loans

Citizens Bank Personal Loan Review

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.

In the wake of Citizens Bank’s exit from offering new personal loans, we’ve delved into the market to find lenders that match and even exceed Citizens Bank’s personal loan. 

Our search focused on interest rates, loan amounts, repayment terms, and minimum credit score requirements. The table below lists our top recommendations, each with a unique blend of benefits to suit various borrower needs.

LenderRates (APR)Loan amts.Min. credit score
Credible5.20%35.99%$600 – $200KGood
LightStream7.49%25.49%$5K – $100K660
SoFi8.99% – 25.81%$5K – $100K650
Achieve7.99%35.99%$5K – $50K620
Best Egg8.99%35.99%$2K – $50K600
Wells Fargo7.49%23.24%$3K – $100KN/A

Each of these lenders offers a range of rates and terms that cater to a wide spectrum of borrowers. Whether you’re seeking lower interest rates, longer repayment terms, or have a specific credit score, these lenders present robust alternatives to what was available through Citizens Bank.

Credible – Best marketplace

LendEDU rating: 5 / 5

  • Comprehensive marketplace to compare personal loans.
  • Caters to a wide range of credit scores, from bad to excellent.
  • Provides personalized loan options based on your financial profile.

Unlike Citizens Bank, which targeted borrowers with good to excellent credit, Credible broadens the horizon, welcoming applicants across the credit spectrum. It recommends good credit for the best rates and terms. 

It stands out as an optimal marketplace for shopping around, offering a chance to prequalify and compare rates from multiple lenders1. This capability is beneficial for those who want to explore a variety of loan amounts, terms, and rates without committing upfront. 

Credible’s approach allows you to compare options to find the most suitable personal loan, which we recommend when shopping for the best deal.

LightStream – Best for excellent credit

LendEDU rating: 4.8 out of 5

  • Specializes in loans for applicants with excellent credit (score above 800).
  • Large loan amounts up to $100,000 with flexible terms of 2 to 12 years.
  • Unique Rate Beat Program to offer lower rates than competitors.

LightStream is an ideal alternative for the Citizens Bank’s demographic—those with excellent credit. It matches and surpasses Citizens Bank’s loan amounts and variety of repayment terms. 

In addition, LightStream’s Rate Beat Program is a standout feature, guaranteeing to beat competitor rates. 

This lender’s commitment to catering to high-credit borrowers with competitive terms makes it a formidable choice for those who considered Citizens Bank for their personal loan needs.

SoFi – Best for good credit

LendEDU rating: 5 out of 5

  • Offers loans from $5,000 to $100,000.
  • 0.25% interest rate reduction for automatic payments.

SoFi emerges as a compelling option for those with good credit, aligning with the segment of customers Citizens Bank targeted. 

The interest rate reduction for automatic payments makes SoFi a more affordable, well-rounded choice for borrowers seeking comprehensive loan services coupled with extra benefits.

Achieve – Best for choosing a payment date

LendEDU rating: 4.8 out of 5

  • Offers loans from $5,000 to $50,000, similar to Citizens Bank.
  • Allows co-borrowers and lets you choose your payment date.
  • Personalized service with a dedicated Achieve Loan Consultant.

Achieve mirrors Citizens Bank’s loan amounts, but it goes further by providing the flexibility to choose your payment date and the option to apply with a co-borrower. 

The dedicated loan consultant service adds a personal touch, guiding borrowers through the loan process. However, Achieve charges an origination fee of 2.50% and an underwriting fee of $725,  which are important considerations for cost-conscious borrowers.

Best Egg – Best secured loan

LendEDU rating: 4.8 / 5

  • Provides unsecured and secured personal loans up to $50,000.
  • Secured loans are backed by items in your home, not the home itself.
  • Offers quick secured loan approval without extensive paperwork.

Best Egg introduces a unique proposition with its secured loans—it allows homeowners to use items within their home, such as light fixtures, cabinets, and vanities, as collateral. 

This can appeal to those who might not have been eligible for unsecured loans from Citizens Bank. However, Best Egg charges an origination fee, which is a consideration if you’re eligible for a loan from a lender that offers no fees.

Wells Fargo

LendEDU rating: 4.5 out 5

  • Offers in-person service, ideal for borrowers who prefer face-to-face interactions.
  • Requires a Wells Fargo account for at least 12 months for loan eligibility.
  • Provides relationship interest rate discounts for checking account holders.

Wells Fargo doesn’t earn a best-for designation through our editorial ratings process, but it stands out as an option for those seeking personal loans with in-person service, as Citizens Bank offered. 

Wells Fargo has banking branches in 36 states and Washington, D.C., and offers relationship discounts for current account holders. However, it requires you to have an open account for at least 12 months before you are eligible for a loan.

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 score and history for free at

  • 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 the risk of harming 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

A screenshot of the personal loan access page

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.

1 Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.