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LAST UPDATED: January 17th, 2023

Founded in 1947, Citizens Bank is currently based in Providence, Rhode Island. The company is the thirteenth-largest retail bank in the United States and offers a number of financial products and services, including personal loans, student loans, and credit cards. Citizens Bank has a robust leadership team with years of diverse experience, which helps to set the company apart from competitors. Read Citizens Bank reviews below to see what consumers have to say about the lender.

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The Good

  • Flexible Personal Loans
  • Interest Rate Discounts
  • Home Borrowing
  • Tools and Resources
  • No Fees
  • No Collateral Necessary
  • Citizens Bank Funding Time

Flexible Personal Loans

You might find yourself in a desperate situation where you need short-term cash quickly. There's no need to settle for a payday loan when you can get a personal loan with Citizens Bank. The lender will help you find a personal loan that best matches your needs and situation. You can borrow anywhere from $5,000 to $50,000, and you can repay the loan at varying rates and terms according to your credit history and the amount you finance. Repayment terms range from three to seven years.

Citizens Bank has a Rates & Repayments page on its website that gives an example of loan terms. For example, if you are borrowing $30,000 over the course of five years, your interest rate could range between 7.83 percent and 20.89 percent and your overall annual percentage rate could range from 7.84 percent to 20.92 percent. With these terms, your monthly fee would be between $606.01 and $810.27 and your total amount to pay back would be between $36,360.01 and $48,615.72. Again, your offered terms and rates are determined by your credit history, credit score, etc. 

Citizens Bank is also flexible in what you can spend your personal loan on. For example, it lists on its website that it has personal loans available for kitchen and bath remodel, credit card debt consolidation, engagements and weddings, vacations and timeshares, recreational vehicles, and more. Having a wide variety of options gives the borrower more leeway in what he or she can choose to spend the loan funds on. If you're looking for more than a personal loan, Citizens Bank also offers mortgage refinancing options, student loan funding, online banking, retirement planning, as well as education planning. Having a Citizens Bank Checking account could be extra useful for borrowers wanting to limit the different financial providers they use. 

Interest Rate Discounts

Citizens Bank offers interest rate discounts for its customers. The company explains each on its website:

Loyalty Discount

"The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan."

Automatic Payment Benefit

"Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this benefit."

Home Borrowing

If you are planning on buying a home, the monthly mortgage shouldn't be your only concern. You must also think about the down payment and closing costs. Sometimes these costs can be a burden. That's where Citizens Bank comes in. The lender can help you take care of these obligations by lending you the money in the form of a personal loan.

Tools and Resources

On the company's website, you can find a payment estimator and educational materials to help customers better understand what personal loans are all about and the specific rates and terms that Citizens Bank offers. This helps customers get out of the dark and be well versed on the approval process and the process for repaying the loans. Customers also like the website's FAQ page and the wealth of information about the company's products.

No Fees

Citizens Bank does not charge any hidden fees as some other lenders do. What's especially unique is the company does not charge origination fees or late fees if you don't submit your monthly payment on time. This can provide peace of mind to borrowers who need a bit longer to pay their monthly fees. However, the later your payments are, the longer you will pay on your personal loan and the longer it will take you to pay it off, resulting in added money paid towards interest rates that could've been avoided if said payments were on time. 

Citizens Bank also offers a fixed interest rate rather than a variable rate, so you never have to worry about added penalties or fees being tacked onto your account. Your monthly payment will stay the same throughout the lifespan of your loan.

No Collateral Necessary

Some lenders require collateral in certain instances to be eligible for personal loans. Citizens Bank, however, offers unsecured loans only, meaning you don't have to put up any sort of collateral in order to receive loan funds. This means less risk for the borrower and an easier application process. It's important to note that unsecured loans do have higher interest rates, but Citizens Bank still offers competitive rates. 

Citizens Bank Funding Time

Citizens Bank has a simple loan application process as well as a quick funding time. On its website, the company states borrowers often have the money in their bank accounts within two business days. This makes it simple to receive quick funds and can provide peace of mind to consumers who need the money as soon as possible. 


The Bad

  • Customer Service Lapses
  • Slow Response Results
  • High Minimum Loan Amount

Customer Service Lapses

Citizens Bank appears to have some work to do with its customer service. Many customers have reported a problem with customer service responding to questions, resolving issues, and generally meeting customers' needs. Additionally, customer service tends to be sharp and hasty when communicating with customers.

Slow Response Results

It's bad enough that Citizens Bank's customer service is slow to respond and furnish information, but in doing so, customer issues aren't resolved and they end up being hit with a penalty or fee. Much of the time, this is not due to the customer's lack of attention but instead due to customer service being slow and ineffective. Customers have complained that Citizens Bank has been unprofessional in its dealings that its incompetence has led to reduced credit scores and incurred penalties. There is a common expression of frustration among customers.

High Minimum Loan Amount

The smallest loan amount you can borrow from Citizens Bank is $5,000. If you are a borrower looking for a smaller personal loan, we suggest looking into other lenders that offer a wider selection of smaller loans. There are some lenders that offer loans for as little as $500 or less. 

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The Bottom Line

Citizens Bank has appealing features, such as experience, product line, and flexible loan options. You can borrow between $5,000 and $50,000 with repayment terms ranging from three to seven years and with a fixed rate rather than a variable rate. This provides flexibility for the borrower but will ultimately be determined by credit score, credit history, etc. Funds are available in as quick as two days, which is somewhat standard within the lending industry and gives consumers quick access to funds in a difficult financial time. Your monthly fee will depend on your chosen loan length and amount. There are no fees including prepayment fees, late fees, and origination fees. However, there have been reports of poor customer service and with limited customer reviews, it's difficult to trust Citizens Bank as the best quality lender. If you want to read existing Citizens Bank reviews, you can find them below. With customer service concerns and limited reviews, we suggest looking into other personal loan providers before making your loan service decision. 

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Rosemarie Andlauer Hampton, NH

My biggest complaint is on their website. It has so many bugs in its system it's ridiculous. I've written and talked to reps in person and on the phone numerous times. They acknowledge the problems but they never get fixed. The people that work at the bank can't even figure out their own website works but nothing gets done. I've paid a fortune in fees, showed them the errors and get refunded but then corporate put the fees back on so complaining and proving the error is theirs doesn't help. I'm inmy 50's and have many accounts at various banks and never had these problems with any other bank. I own a LLC and know finance and this bank has a horrible on line presence, its a mess and they refuse to fix it, leaving the customer to pay the price.

6 years ago


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no sugarcoating Cheshire, CT

applied and went through underwriting process. Place is a nightmare. asked for same info more than once, delays for no reason, people at the branch don't want to take the time to understand and didn't look happy to be the middleman between me and their loan department... ended up walking away after 2 weeks with no approval

1 year ago