Citizens One Personal Loans Review
Citizens Bank is known for offering easy checking and savings services, but they also offer a variety of other financial products, such as credit cards, auto loans, home equity loans, and personal loans. Borrowers can get a rate quote without impacting their credit score, and existing customers may enjoy a .50% interest rate reduction.
What we like:
Great customer service
|Rates (APR)||6.79% – 20.39%|
|Loan Terms||3 – 7 years|
|Loan Amounts||$5,000 – $50,000|
|Fees||Origination fee: None|
Prepayment penalty: None
Late fee: 5% of monthly past due
With roots dating back to 1828, Citizens Bank has been around for quite some time. They may have started as a small local bank, but today they have billions of dollars in assets and 1,150 branches serving the needs of consumers across the nation.
Though checking and savings accounts comprise a large portion of their business, today the bank offers a variety of other products and services including investment planning, credit cards, educational financing, auto loans, mortgages, and of course, personal loans, through their Citizens One Loans program.
In this review:
- How to Get a Citizens One Personal Loan
- Rates, Fees, & Other Basic Info
- The Benefits of Citizens One Loans
- The Downsides of Citizens One Loans
Getting a Citizens One Loan
A personal loan through Citizens Bank can offer you the financial support necessary to pay for the unexpected, like home repairs or medical expenses, as well as the expected, like a wedding, vacation, or other major purchase. A Citizens Bank personal loan can also help with debt consolidation, potentially securing lower rates and more affordable payments.
- If you’re considering a Citizens Bank personal loan, one of the first things you may want to do is head over to their website where you can obtain a personalized interest rate. This rate will give you a relatively good idea of how much the loan will cost, what loan terms are available to you, and how a Citizens Bank personal loan may compare to loans through other lenders. To obtain this quote, Citizens Bank will run a soft inquiry into your credit report, which means it will not impact your credit score.
- Should you decide to proceed with your loan application, you can do so online, over the phone, or by visiting a local branch.
- The loan application process is straightforward, and if completed online, the application can be e-signed to increase speed and efficiency. If approved, borrowers can expect to receive funds in as little as two business days.
- To be eligible, you must be able to show proof of regular employment with a minimum yearly income of at least $24,000.
- Additionally, though Citizens Bank doesn’t specify a credit score requirement, borrowers must have what they consider to be a “reasonably strong credit history.” As such, those with good or excellent credit, minimal late payments, and no bankruptcies are more likely to be approved for a personal loan through Citizens Bank.
Citizens One Loan Rates, Terms, Fees & Limits
Citizens Bank originates loans between $5,000 and $50,000 to approved borrowers.
- Rates and terms are based on a variety of factors, but borrowers can currently expect a fixed annual percentage rate between 7.98% and 16.23%.
- Citizens Bank also offers flexible repayment options by allowing borrowers to select from a three-, four-, five-, six-, or seven-year term.
- When it comes to additional fees, Citizens Bank customers will be happy to find that there are no prepayment or origination fees, making this a fee-free loan as long as you make your monthly payments on time. Failure to do so will likely result in late fees, increasing the total cost of the loan.
The Benefits of Citizens One Loans
Aside from fairly competitive rates, one of the biggest benefits associated with a personal loan from Citizens Bank is the ability for borrowers to select a loan term of up to seven years, which can help lower monthly payments, making the loan more manageable. This flexibility isn’t always easy to come by as traditional and alternative lenders don’t always allow up to seven years for repayment. For example, Wells Fargo, a popular lender, only offers up to three-year terms for loan amounts under $5,000 and five years for loans over that amount.
Borrowers may also find they can secure lower rates by leveraging two Citizens Bank personal loan discount options: The Loyalty Discount (for existing customers with eligible checking, saving, or money market accounts) and the Automatic Payment Benefit. Together, these can result in a .50% interest rate reduction.
Also, since Citizens Bank offers a rate quote which doesn’t impact your credit score, you can quickly and easily find out how much your loan will cost, comparing it with other potential lenders on your list. More and more lenders are starting to offer this feature, but some still don’t, requiring consumers to apply and undergo a hard credit pull to have any insight on a personalized interest rate.
The Downsides of Citizens One Loans
When compared to similar lenders, Citizens Bank offers loans at standard, if not competitive rates. However, borrowers who don’t mind turning to online lending options, like SoFi, which currently offers personal loan rates as low as 6.79%, can potentially secure a more affordable loan.
Additionally, though Citizens Bank does extend loans to borrowers across the nation, some borrowers may be prohibited from utilizing the Loyalty Discount, as savings and checking accounts, two of the eligible accounts, are only available in CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT. Similarly, borrowers who live outside of those states yet prefer to do business in a physical branch location may find that Citizens Bank doesn’t meet their needs.
If you’re an existing Citizens Bank customer looking for a loan, a Citizens Bank personal loan may be the right choice for you. This is particularly true if you can leverage two of the bank’s discount opportunities, which can help you secure a .50% interest rate reduction.
However, while Citizens Bank may be competitive among other traditional bank lenders, some borrowers may be able to secure lower interest rates through newer, online lenders. Of course, since Citizens Bank offers a rate quote that won’t impact your credit score, it doesn’t hurt to check this lender out before making a final decision.4.43 Citizens Bank Personal Loans
Author: Jennifer Lobb
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