Loans » Personal Loan Lender Reviews » Citizen Personal Loan Review 2021
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Citizen Personal Loan Review 2021

Citizens Bank personal loans are great for borrowers with strong credit histories and strong cash flows. Current Citizens Bank customers can experience even more benefits with their personal loans. Even if you are not a customer of Citizens Bank they offer competitive rates with no fees.

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In this Review..

Citizens Bank personal loans are great for borrowers with strong credit histories and strong cash flows. Current Citizens Bank customers can experience even more benefits with their personal loans.

Even if you are not a customer of Citizens Bank they offer competitive rates with no fees. They also offer a great tool to help borrowers know what to expect in a monthly payment and interest rate, based on some generic inputs. Citizens Bank also does a soft credit pull, so borrowers with a strong credit history who are searching for a personal loan should take advantage of this.

The major drawback to upgrade is their origination fee. There are other lenders who do not charge this fee, which can be pretty high and will add to the overall cost of your loan.

Citizens Bank personal loans are great for borrowers with strong credit histories and strong cash flows. Current customers can experience even more benefits.

APR

5.99% - 19.5%

Loan Amount

$5,000 - $50,000

Term

24-84 Months

Min score

680

Citizens Bank is based out of Providence, Rhode Island, and services the New England area. It is a publicly traded bank with over $150 billion in assets and has a long history, having been established in 1828. They have over 1,200 branches in 11 states.

Like many large banks, Citizens offers a wide range of products along with their personal loans. Even though they mostly have branches in New England, anyone in the US can apply for a personal loan online

Citizen Loan Pros & Cons

As we know, each lender has its own pros & cons  – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

What Can a Citizen Personal Loan Be Used For?

Citizens Bank personal loans can be used for a few different reasons including debt consolidation, vacation, special occasions, home Improvement, adoption, or major purchases. 

Citizens Bank also offers a calculator to see what type of payment a borrower may expect. They do have some restrictions such as post-secondary educational expenses or business use.

Citizens Bank personal loans can be used to consolidate debt. This would mean paying off one or more prior unsecured loans with the new Citizens Bank personal loan. 

Instead of multiple payments to multiple lenders you can create one payment to one lender

The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment.

Citizens Bank personal loans can help fund that dream vacation you always wanted. 

The advantage of using a personal loan over a credit card is that you can make a budget for how much you really want to spend and know how much your monthly cost will be over the life of the loan.

The advantage of using a personal loan to finance a major purchase is that you can pay over time at a fixed rate. 

You can get the item you need now and pay it off over time. You won’t have to dip into savings or retirement funds.

Citizens Bank personal loans are for home repairs or renovations. 

The advantage of using a personal loan for home improvements is that you do not have to use your home as collateral and can get funds much quicker with less documentation.

Typically, it takes a month or more to get an equity line of credit on your home. Citizens Bank personal loans can help with those home repairs that might be out of reach on your current budget.

Citizens Bank personal loans can be used to fund an adoption or help cover special occasions. 

The average adoption today is about $45,000. Many people do not have that much money sitting around. 

Citizens Bank personal loans can help cover those costs. Examples of special occasions they can help cover are weddings and anniversary celebrations.

Citizen Reputation

  • F on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more. experiences.
  •  J.D Power: Citizen wasn't rates in 2020 research.  .J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. 

J.D. Power U.S. Lending Consumer Satisfaction 2020

In order to avoid bias based on a small number of reviews, we present only ratings with at least 200 reviews.

Application Process

Current customers or borrowers who live in the footprint of Citizens Bank can apply at one of their local branches.

Borrowers can also apply online. For current Citizens Bank customers, Citizens Bank already has much of the needed information for the application. Citizens Bank also outlines some of their minimum requirements for applying.

 

Citizen Personal Loan

Borrowers need to be US citizens of age in their respective state and have an annual income of $24,000 . Borrowers need to have strong credit histories as well.

Citizens Bank online application is easy and quick. You can check your rate before you apply or just do a full application. The major difference is that checking your rate will do a soft credit pull, which does not affect your credit.

 

Citizen Personal Loan

Much of the application process is the same, whether you merely check your rate or do the full application.

You will apply for the amount and the reason for loan. Then you will fill out information about yourself such as your name, address, phone number, date of birth, and social security number.

 

Citizen Personal Loan

You also have to outline your financial information such as your employment and source of income.

If you are approved you may need to provide some verification of the information that you submitted such as proof of income, proof of citizenship, and proof of identification.

 

Citizen Personal Loan

If you are satisfied with the terms of the loan you can sign loan documents online.

Citizens Bank also offers two discounts: one for autopay and another 0.25% discount if you are a current customer and you take autopay out any current account with Citizens Bank.

 

This discount can equal up to .50% so make sure you take advantage. Funding of your loan can be as soon as the next business day after loan documents are signed.

Citizen Personal Loan

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to Citizen personal loan: 

Upgrade is an online direct lender established in 2017. The company offers both personal loans and lines of credit called “Upgrade Card”. To date, 8 million people have applied for an Upgrade personal loan or Upgrade Card.

According to representatives, Upgrade looks for a credit score of at least 620. However, the company may consider other factors to establish your creditworthiness.

One issue to be aware of is the Upgrade fees. While there is no prepayment fee, Upgrade charges an origination fee of 2.9 to 8% on personal loans. There is also a $10 late payment fee, which applies after a 15 day grace period.

This company mostly caters to people with great credit. They offer fixed rate loans to consolidate debt with a two to five year repayment period. The lowest interest rates are typically reserved for borrowers with the best credit scores.

FreedomPlus is one of the few lenders willing to offer joint or co-signed loans to those with poor credit. Approximately 30% of FreedomPlus borrowers have taken advantage of this, as it helps borrowers to access lower interest rates.

For example, if you qualify for a loan at 15% interest, it may reduce to 10% if you use a co signer with good credit.

SoFi has moved away from that business model and moved to a “non-traditional underwriting approach focused on lending to financially responsible individuals. SoFi uses an underwriting model that examines free cash flow, professional history and education in addition to a history of responsible bill payment to evaluate its borrowers.”
SoFi personal loans have no origination or late fees. They also do not have a prepayment penalty so the loan can be paid off early without additional costs. SoFi gives borrowers flexibility in payments and allow you to change payment due dates and do not charge late fees.

Citizen Personal Loan is Best for..

Citizens Bank personal loans are great for borrowers with strong credit histories and strong cash flows. Current Citizens Bank customers can experience even more benefits with their personal loans.

Even if you are not a customer of Citizens Bank they offer competitive rates with no fees. They also offer a great tool to help borrowers know what to expect in a monthly payment and interest rate, based on some generic inputs. Citizens Bank also does a soft credit pull, so borrowers with a strong credit history who are searching for a personal loan should take advantage of this.

The major drawback to upgrade is their origination fee. There are other lenders who do not charge this fee, which can be pretty high and will add to the overall cost of your loan.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.