Citizens Bank Personal Loans Review 2021

Benefits explained

  • Autopay and loyalty discounts: Citizens Bank has offered interest rate reductions to existing customers and borrowers enrolled in automatic payment. Together, the discounts reduced the loan interest rate by 0.50 percentage points.
  • No charges: With some lenders, origination fees (some can be as high as 8.00%) and other fees can dramatically increase the total cost of your repayment. In contrast, Citizens Bank did not charge any application fees, origination fees, or late fees.

Disadvantages Explained

  • Interrupted his loan program: Citizens Bank has ended its loan program and is no longer accepting new personal loan applications. To get a loan, you will have to work with another lender.
  • Loyalty discount only available to residents of certain states: Citizens Bank operates in 11 states. While residents of other states would have been eligible for the lender’s personal loans through its CitizensOne division, only state residents eligible for checking and savings accounts – Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey , New York, Ohio, Pennsylvania, Rhode Island and Vermont – could take advantage of the loyalty discount.
  • Limited loan amounts and repayment options: Many personal lenders offer a wide variety of loan amounts and repayment terms, so you can tailor the loan to your needs and budget. For example, some lenders issue up to $ 100,000 with loan terms as long as 84 months. However, Citizens Bank loans were more limited. You could only borrow between $ 5,000 and $ 15,000, and the terms only ranged from 36 to 60 months.

Company presentation

Citizens Bank is the 13th largest retail bank in the United States. Based in Providence, Rhode Island, this bank provides loans and financial products to consumers and businesses. It operates approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. The company previously offered unsecured personal loans, but ended its loan program in October 2021.

Although Citizens Bank no longer accepts personal loan applications, it continues to manage existing loans. If you’ve already taken out a loan from Citizens Bank, the bank will continue to be your lender.

Types of personal loans offered by Citizens Bank

Citizens Bank only offered unsecured personal loans that could be used to fund:

  • Wedding expenses
  • Debt consolidation
  • Home renovations
  • Medical fees

His loans could not be used to buy investments or pay for post-secondary education expenses.

To qualify for a Citizens Bank personal loan, you had to be at least 18 years of age (or the age of majority in your state) with an income of $ 24,000 or more.

Time to receive funds

Once an applicant has been approved for a loan, Citizens Bank typically remits the funds electronically to their bank account in as little as two business days. This time frame is better than average, with some lenders taking much longer to disburse the loan funds.

Features of Citizens Bank Personal Loan

Although no longer offered, Citizens Bank personal loans were attractive options for several reasons:

No charges

While some lenders charge origination fees, annual fees, or late fees, Citizens Bank has not charged any fees on its personal loans. With less fees, borrowers could lower their borrowing costs by applying for a loan from Citizens Bank.

Loyalty discounts

Many lenders offer interest rate reductions to customers who sign up for automatic payment, but Citizens Bank has offered an additional loyalty reduction. Existing Citizens Bank customers who have a checking or savings account with the lender may be eligible for an additional 0.25 discount. Combined with the automatic payment discount, they could reduce their rate by up to 0.50 percentage point.

Co-signatories accepted

Not all personal lenders accept co-signers, but Citizens Bank has. This feature was a useful option for borrowers with no credit or no credit, as adding a co-signer could improve their chances of getting a loan.

Apply for a Citizens Bank loan

Citizens Bank no longer accepts applications for its personal loans. Previously, applicants could apply online, by phone or in person at a branch of Citizens Bank. Citizens offers other loan products, such as student loans and auto loans.

Can you refinance a personal loan with Citizens Bank?

Citizens Bank has not offered personal loan refinancing.

Customer service

Customer support for personal loan borrowers was available in person at Citizens Bank branches, by phone, or by email. Unlike other lenders, Citizens does not have an online chat feature, but has announced that a chat option will be available soon.

You can reach customer service by calling 800-922-9999 or sending an email to [email protected] Representatives are available Monday through Friday 8:00 a.m. to 9:00 p.m. EST and Saturday 8:30 a.m. to 5:00 p.m. EST.

Client satisfaction

Citizens Bank did not rank among the top lenders in the JD Power US Consumer Lending Satisfaction Study, which assessed lender performance in terms of customer satisfaction.

However, Citizens Bank received poor ratings from customers on third-party review sites. It has a rating of 1.5 out of five on Trustpilot, placing its Octoberscore in the “bad” range. In the reviews, customers note slow customer service response times, problems with the bank releasing funds on time, and the inability to manage their accounts online due to issues at the site.

Account management

Citizens Bank offers its customers an online portal to manage their bank and credit accounts. Customers can view their statements, make payments and update their contact details through the portal.

How Citizens Bank Stacks Up To Other Personal Loan Companies

Citizens Bank no longer issues personal loans, so borrowers will have to look for other lenders. An alternative to consider is Lightstream, a national online lender specializing in loans to people with good to excellent credit.

Citizens Bank vs. Lightstream

  • While Citizens Bank had a maximum loan amount of $ 15,000, Lightstream offers loans of up to $ 100,000.
  • Both lenders offered quick disbursement of the loan. However, Lightstream disburses the loans the very day you are approved, giving it an edge over Citizens Bank.
  • Lightstream loans have more term options and more competitive rates than Citizens Bank, making them a good choice if you have good credit.

For more information, read our full review of Lightstream personal loans.

Final verdict

With its interest rate cuts and zero fees, Citizens Bank was a trusted and reputable personal lender. However, its loan program ended in 2021, so potential borrowers looking for a personal loan will need to apply for it from another lender. Borrowers with excellent credit scores can likely find loans with better rates – and more lending options – than those offered by Citizens Bank.


Investopedia is committed to providing consumers with unbiased and comprehensive reviews of personal lenders. We have collected over 25 data points from over 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure our content helps users make the right decision. ‘borrowing for their needs.

Investopedia requires that writers use primary sources to support their work. These include white papers, government data, original reports, and interviews with industry experts. We also reference original research from other reputable publishers where applicable. You can read more about the standards we follow to produce accurate and unbiased content in our editorial policy.

  1. Citizen’s Bank. “Personal loans from the Citizens’ Bank”. Accessed December 14, 2021.

  2. Citizen’s Bank. “Personal loan rate quote.” Accessed December 14, 2021.

  3. Trusted pilot. “” Accessed December 14, 2021.

  4. Lightstream. “Debt Consolidation.” Accessed December 14, 2021.

About Judith J. George

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