Citizens Bank Personal Loan: 2020 Review

Citizens Bank has temporarily stopped offering personal loans.
Narottam MedhoraNov 12, 2020

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Our Take

4.5

NerdWallet rating 

The bottom line: Citizens Bank is good for borrowers with good credit, offering rate discounts and a co-sign option.

Citizens Bank

Citizens Bank

Min. Credit Score

None

Est. APR

6.78 - 20.88%

Loan Amount

$5,000 - $50,000

Pros & Cons

Pros

  • No fees.
  • Autopay discount.
  • Co-sign option.

Cons

  • Lacks flexible payment options.
  • Does not offer direct payment to creditors for debt consolidation loans.

Compare to Other Lenders

Lightstream
Marcus by Goldman Sachs
NerdWallet rating 
NerdWallet rating 
Est. APR

4.49 - 20.49%

Est. APR

6.74 - 19.74%

Loan Term

2 to 7 years

Loan Term

3 to 6 years

Loan Amount

$5,000 - $100,000

Loan Amount

$3,500 - $40,000

Min. Credit Score

660

Min. Credit Score

660

Compare estimated rates from multiple lenders

Compare Rates

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Full Review

To review Citizens Bank, NerdWallet collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar  product. Loan terms and fees may vary by state.

Update Nov. 12, 2020: Citizens Bank has temporarily stopped offering personal loans, according to a company spokesperson. Information in this review may be outdated.

» COMPARE: 

Citizens Bank, whose lending business is marketed as Citizens One, offers personal loans to help you , but funds can be used for other reasons, too.

The bank operates about 1,100 branches across 11 states and has a large footprint in Pennsylvania, Massachusetts and New York. You don’t have to visit a branch to apply for a personal loan.

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How to qualify:

You don’t have to have an account with Citizens Bank to qualify, but you do need a good credit history. Citizens Bank doesn’t disclose specific credit score requirements for personal loans, but according to the bank’s 2018 annual report, borrowers’ average FICO score for retail loans, including personal loans, was 763, which is considered excellent.

The lender also offers . Adding a co-signer with a high credit score to your loan application can help improve your chances of approval and get you a lower rate. Your interest rate and loan terms are decided using the higher of the two applicants’ FICO scores.

» MORE: 

No fees: Citizens Bank says it does not charge fees, such as origination, late payment or prepayment fees.

Rate discounts: The lender offers a 0.25 percentage point discount for setting up automatic repayments. If you have an existing account with the bank, you’ll also receive an additional 0.25 percentage point discount.

Loan example: For a borrower with good credit, a $20,000 personal loan with a repayment term of 48 months at 17.4% APR would carry a monthly payment of $581, according to NerdWallet’s .

You can fill out an application on Citizens Bank’s website, over the phone or in person at a branch. Citizens Bank conducts a soft credit check to see if you qualify for a loan. Once you proceed with your application, you will be subject to a hard credit check, which can temporarily lower your credit scores.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify and receive a personalized rate from lenders that partner with NerdWallet.

Personal Loans Rating Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines.