Citizens Bank Personal Loans Review: Low Interest Rates and Fast Approval
Updated on November 26, 2019
By Kat Tretina
Need to make a big purchase or consolidate high-interest credit card debt? Then taking out a personal loan can make a lot of sense. If you’re looking for a reputable lender, Citizens Bank is definitely worth your consideration. With low interest rates, long repayment terms, and multiple options for interest rate discounts, it’s a great lender for borrowers with steady incomes and good credit.
Why take out a personal loan from Citizens Bank?
Citizens Bank offers personal loans ranging from $5,000 to $50,000. You can use the money for a variety of purposes, including:
- Kitchen and bath remodeling
- Debt consolidation
- Engagement or weddings expenses
- Vacations
- Recreational vehicles
- Travel, and
- Medical expenses.
Citizens Bank personal loans are unsecured, meaning you don’t have to put up any property as collateral.
What are the benefits of Citizens Bank personal loans?
There are many different personal loan lenders out there, but Citizens Bank stands out in three big ways:
1. There are no fees
When you’re shopping for a personal loan, it’s important to pay attention to each lender’s fees. They can vary from company to company, and some lenders charge origination fees and maintenance fees, which add to the total cost of your loan.
At Citizens Bank, there are no fees at all — no application fees, no annual fees, and no late fees. The only thing you need to worry about is your regular monthly payment.
2. You’ll get quick access to funds
If you need money fast to cover the cost of an emergency, like a car repair or to replace a broken refrigerator, you don’t have a lot of time to waste. With Citizens Bank, the application process is quick and simple. If you're approved, the money will be deposited into your bank account within two business days.
3. You can pre-qualify for a loan
Some lenders require you to submit a full application and undergo a hard credit inquiry to get a quote, which can damage your credit score.
Citizens Bank is different. You can use the rate quote tool to get a fast quote based on some basic information that you provide about yourself. The rate quote only involves a soft credit inquiry, which doesn’t affect your credit.
You'll only have to complete a full application if you decide to move forward with the loan. Your final loan terms and interest rate will be dependent on the verified information entered into your application.
What loan terms does Citizens Bank offer?
Citizens Bank offers personal loans with interest rates starting at 6.79%, as of September 2019. However, it's always wise to check current rates because they may change at any time based on market conditions.
With Citizens Bank, loan terms range from three to seven years. While opting for a longer loan term will give you a more affordable monthly payment, it’s important to remember that you’ll pay more in interest fees.
To qualify for the lowest interest rates available, you’ll need good to excellent credit — meaning a score between 670 and 850 — and you’ll have to opt for a shorter loan term.
Does Citizens Bank offer interest rate discounts?
When you take out a Citizens Bank personal loan, you may qualify for two different interest rate discounts. They are:
- The automatic payment discount: Sign up for automatic payments to qualify for a 0.25% discount.
- The loyalty discount: If you have a qualifying Citizens Bank account, such as a checking account, savings account, auto loan, or credit card account, you’ll qualify for an additional 0.25% loyalty discount.
You can combine the two discounts to reduce your interest rate by 0.50%, helping you save hundreds of dollars over the length of your loan.
Who is eligible for a Citizens Bank personal loan?
To qualify for a Citizens Bank personal loan, you should meet the following criteria:
- You have an income of at least $24,000 per year.
- You must be a U.S. citizen or permanent resident with a valid Social Security number.
- You must be at least the age of majority in your state of residence. For the majority of the country, that means you must be at least 18 years old. In Alabama, the age of majority is 19, and in Puerto Rico, it’s 21.
While Citizens Bank doesn’t list a minimum credit score, you’ll need to have good to excellent credit to qualify for a loan with the lowest interest rates.
If your credit is less-than-stellar, or if you don’t earn enough income to qualify for a loan on your own, you may be able to get approved by adding a cosigner to your application. A cosigner is a friend or relative with good credit and a stable income who takes on responsibility for the loan if you fall behind, increasing your chances of getting a loan.
How to apply for a Citizens Bank personal loan
To apply for a personal loan with Citizens Bank online, follow these simple steps:
- Click on “Get My Rate” to get a rate quote: The rate quote tool will ask for basic information, such as your name, address, Social Security number, phone number, and requested loan amount. Once you’ve filled out the information, Citizens Bank will give you an estimate of different loan options, including different loan terms and interest rates.
- Click on “Apply Now”: The site will prompt you to fill out a full application. You’ll have to enter your information, including name, address, birthdate, Social Security number, and income.
- Submit your application: Once you’ve entered all the necessary information, you can submit the application. In most cases, you’ll get a decision right away. If approved, your funds will be disbursed in as little as two business days.
Applying for a loan
If you need money to consolidate credit card debt or to finance a major purchase, check out personal loans from Citizens Bank. The company offers competitive interest rates and a rapid approval process, so you can get the cash you need quickly.
