Does Citizens Bank Offer Personal Loans?

Written by Jordan BlansitUpdated: 17th Mar 2022
Share this article

Disclaimer: This post contains references to products from one or more of our advertisers. We may receive compensation (at no cost to you) when you click on links to those products. Read our Disclaimer Policy for more information.

Citizens Bank was once one of the top lenders for good credit applicants. The bank boasted loan amounts up to $50,000 and perks like no fees or penalties, several discounts, and co-borrowing options. Unfortunately, borrowers will have to look elsewhere for a loan that fits their needs. Fortunately, we have several options to fit the bill.

Is Citizens Bank Still Servicing Existing Loans?

According to the company, Citizens Bank is still servicing existing loans. Additionally, the lender takes applications for home and auto purchases, as well as student loans.

Alternatives to Citizens Bank Personal Loans

#1. Upgrade

  • EST. APR: 5.49% to 35.97%
  • Loan Term: 2 or 7 years
  • Loan Amount: $1,000 to $50,000
  • Min. Credit Score: 560-580

Upgrade is a quick loan lender that can fund your needs in as few as 24 hours of approval. You can borrow up to $50,000 to cover emergency expenses, business needs, and other expenses. Loans come with perks like autopay rate discounts and payment due date flexibility.

However, Upgrade’s loans come with potentially high APRs, including an origination fee up to 8%. Plus, you can only choose between two repayment terms. That said, there’s no penalty for loan prepayment, so you can repay your loan any time.

>> More: Upgrade Personal Loan Review

#2. Upstart

  • EST. APR: 3.50% to 35.99%
  • Loan Term: 3 or 5 years
  • Loan Amount: $1,000 to $50,000
  • Min. Credit Score: 580-600

Upstart is an online lending platform that makes use of artificial intelligence to match lenders and qualified borrowers. The lender funds up to $50,000 within 24 hours of approval, making it an ideal emergency loan. You can generally qualify with a credit score as low as 580-600.

Upstart’s AI analyzes more datapoints than your income and credit score. However, its upper APR is a bit high and includes origination, late, and NSF fees. And because Upstart doesn’t originate secured or cosigner loans, there’s no way to increase your approval odds.

>> More: Upstart Personal Loan Review

#3. OneMain Financial

  • EST. APR: 18% to 35.99%
  • Loan Term: 2-5 years
  • Loan Amount: $1,500 to $20,000
  • Min. Credit Score: Undisclosed

OneMain Financial lends up to $20,000 with perks like no prepayment penalties and fast funding. The lender also offers payment due date flexibility to work with your financial schedule. And if you have trouble qualifying, OneMain can look beyond your credit score.

However, because it often serves bad credit borrowers, OneMain’s lower APR limit sits above many competitors’. Not to mention, there are no autopay rate discounts, and high origination fees may apply. But if you regret your loan, you can cancel it within 7 days with no penalty.

>> More: OneMain Financial Personal Loan Review

#4. Avant

  • EST. APR: 9.95% to 35.99%
  • Loan Term: 2-5 years
  • Loan Amount: $2,000 to $35,000
  • Min. Credit Score: 580

Avant is an online lender that offers loans to borrowers across the credit spectrum. You can qualify for up to $35,000 in the 42 states that Avant services, though you won’t be able to rely on a cosigner or co-borrower to increase your approval odds.

However, Avant restricts your fund uses – for instance, you can’t cover business expenses. Additionally, all loans come with a 4.75% administration fee and $25 late fees. You’ll also have to provide proof of income before closing.

>> More: Avant Personal Loans Review

#5. Rocket Loans

  • EST. APR: 5.97% to 29.99%
  • Loan Term: 3 or 5 years
  • Loan Amount: $2,000 to $45,000
  • Min. Credit Score: 580

Rocket Loans is the sister company of Rocket Mortgage. This lender offers funding up to $45,000 to eligible borrowers. You can take advantage of their quick online application, near-instant approval, and even same-day funding.

While Rocket Loans does lend to bad credit borrowers, you’ll pay higher interest rates for the privilege. Additionally, you’ll need at least 2 years of credit history to qualify, and Rocket Mortgage doesn’t permit cosigners. And be prepared to face origination fees up to 6% and limited repayment terms.

>> More: Rocket Loans Review

#6. LendingClub

  • EST. APR: 7.04% to 35.89%
  • Loan Term: 3 or 5 years
  • Loan Amount: $1,000 to $40,000
  • Min. Credit Score: 600

LendingClub is a peer-to-peer lender that funds personal loans through its online marketplace. You can prequalify for a personal loan online, and most borrowers receive approval within 24 hours. You can take out loans up to $40,000 for debt consolidation, weddings, and other expenses.

That said, LendingClub charges origination fees up to 6%, as well as late payment fees. Additionally, while the lender claims many borrowers receive funds in under 48 hours, it may take up to four days to see your money.

>> More: LendingClub Personal Loan Review

#7. Marcus by Goldman Sachs

  • EST. APR: 6.99% to 19.99%
  • Loan Term: 3-6 years
  • Loan Amount: $3,500 to $40,000
  • Min. Credit Score: Undisclosed

Marcus is the online banking and lending arm of Goldman Sachs. Borrowers can enjoy perks like zero fees, potential rate discounts, and payment flexibility. The lender will even make direct payments to your creditors if you’re taking out a debt consolidation loan.

However, Marcus doesn’t permit secured, joint, or cosigned loans, which may decrease your approval odds. The lender also requires good to excellent credit to qualify. And if you take out a longer-term loan, you can generally expect to pay higher interest rates.

>> More: Marcus Personal Loans Review

#8. Best Egg

  • EST. APR: 5.99% to 35.99%
  • Loan Term: 3-5 years
  • Loan Amount: $2,000 to $50,000
  • Min. Credit Score: 640

Best Egg is a lender that works best for borrowers with an excellent credit history and higher-than-average incomes. Eligible borrowers can receive up to $50,000 in funding across two loans at a competitive interest rate. Plus, you can prequalify online in just minutes.

That said, Best Egg charges an origination fee of up to 6.99%. Additionally, this lender doesn’t permit co-applicants, and there’s no mobile app to manage your loan. And if you want to qualify for the lowest interest rate, you’ll need to earn at least $100,000 per year.

>> More: Best Egg Personal Loan Review

Did Citizens Bank Previously Offer Personal Loans?

Citizens Bank offered personal loans up to $50,000 until April 2021. For applicants who received funding before then, these loans came with sweet perks like no added costs and rate discounts.

That said, they were mostly limited to borrowers with strong credit scores, and you had to earn at least $24,000 per year to qualify for the lowest minimum loan amount. These loans could be used for purposes such as home remodeling, debt consolidation, weddings, and vacations.

>> More: Best Personal Loans

Bottom Line: Citizens Bank No Longer Offers Personal Loans

Unfortunately, if you want a personal loan from Citizens Bank, you’re out of luck. That said, there are plenty of alternatives available – and we can help you find one that suits your needs.

Keep Reading:

Jordan Blansit
Jordan Blansit

Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.