Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans Citizens Bank Personal Loan Review Updated Jun 26, 2023   |   4-min read Reviewed by Jeff Gitlen, CEPF® Reviewed by Jeff Gitlen, CEPF® Expertise: Student loans, personal loans, home loans, insurance, credit cards Jeff Gitlen, CEPF®, is the director of content operations at LendEDU. He graduated from the Alfred Lerner College of Business and Economics at the University of Delaware. Learn more about Jeff Gitlen, CEPF® Check Ratesat Citizens Bank’s secure websiteEditorial RatingEditorial RatingWhat we like:Great customer serviceRates (APR)6.79% – 9.06%Loan Terms3 – 7 yearsLoan Amounts$5,000 – $50,000FeesOrigination fee: NonePrepayment penalty: NoneLate fee: 5% of monthly past dueSee how Citizens Bank’s personal loan product stacks up with other optionsCompare the Best Personal Loans With roots dating back to 1828, Citizens Bank started as a small local bank, but today it has 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 its business, the bank offers a variety of other products and services, including investment planning, credit cards, educational financing, auto loans, mortgages, and personal loans. This Citizens Bank personal loan review will review your options so you can decide whether a Citizens Bank loan is right for you. In this review: Citizens Bank personal loans: At a glancePros & cons of Citizens Bank loansHow to get a Citizens Bank personal loanWhere to find Citizens Bank loan alternatives Citizens Bank personal loans: At a glance Citizens Bank Personal LoanLoan amounts$5,000 – $50,000Term length36 – 84 monthsAPRs6.77% – 20.86%Fees$0 annual fee$0 origination fee$0 late payment fee$0 prepayment feeRate reductions0.25% autopay rate reduction0.25% loyalty rate reductionMinimum annual income$24,000 A personal loan through Citizens Bank can offer you the financial support necessary to pay for the unexpected, such as home repairs or medical expenses, and the expected, including wedding expenses, vacation financing, or other major purchases. A Citizens Bank personal loan can also help with debt consolidation, potentially securing lower rates and more affordable payments. Citizen Bank’s rates and terms are based on a variety of factors, but borrowers can expect a fixed annual percentage rate between 7.98% and 16.23%. Citizens also offers flexible repayment options by allowing borrowers to select a loan term of three-, four-, five-, six-, or seven-year. When it comes to additional fees, Citizens Bank customers will be happy to find no prepayment or origination fees, making this a fee-free loan as long as you don’t default. Pros & cons of Citizens Bank Loans Pros Citizens Bank offers a rate quote that doesn’t hurt your credit score; you can quickly find out how much your loan will cost and compare it with other potential lenders on your list. More lenders offer this feature now, but some still don’t, requiring consumers to apply and undergo a hard credit pull to gain insight on a personalized interest rate. You can select a long loan term of up to seven years, which can help lower monthly payments and make loan repayment more manageable. Borrowers may also find they can secure lower rates by leveraging two Citizens Bank personal loan discount options. The Loyalty Discount (for current customers with eligible checking, saving, or money market accounts) and the Automatic Payment Benefit can result in a 0.50% interest rate reduction together. Cons When compared to other bank loans, Citizens Bank offers loans at standard, if not competitive rates. Though Citizens Bank does extend loans to borrowers across the nation, some borrowers may be prohibited from utilizing the Loyalty Discount. 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. Borrowers who prefer to do business in a branch may find Citizens Bank doesn’t meet their needs if they live outside the above states. Getting a Citizens Bank Loan If you’re considering a Citizens Bank personal loan, you’ll want to head over to their website where you can obtain a personalized quote. This quote will give you a good idea of the rates and terms available to you, so you can compare them to loans from 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. Note that in some states, Citizens Bank issues loans through its national lending arm, Citizens One. If during the application process you’re funneled to a Citizens One personal loan, you’re still getting the same loan from the same bank. Should you decide to proceed with your loan application, you can do so online, over the phone, or by visiting a local branch. What you need to apply The loan application process is straightforward, and you can complete it online in just a few minutes. 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 minimum credit score, borrowers must have what they consider to be a “reasonably strong credit history.” As such, those with good or excellent credit scores, minimal late payments, and no bankruptcies are more likely to be approved for a personal loan through Citizens Bank. If approved, borrowers can expect to receive funds in as little as two business days. >> Read more: What Credit Score Do You Need for a Personal Loan? Where to find Citizens Bank alternatives If you’re an existing Citizens Bank customer looking for a loan, a Citizens Bank or Citizens One 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 0.50% interest rate reduction. However, while Citizens Bank offers competitive loans, some borrowers may be able to secure lower interest rates through other lenders. Check out our list of the best personal loans to see some other options. We recommend getting quotes from at least three lenders before choosing one.