Citizens One Personal Loans Review
Citizens One at a glance
|Lender||APR||Loan Amount||Terms||Key Benefit|
|Citizens One||8.24% — 21.13%||$5,000 – $15,000||3 – 7 years||No fees at all|
What we like about it
Citizens One stands out for offering personal loans with no fees attached. This means no origination fee, no application fee and no late fee. If you’re concerned by your credit score affecting approval chances, cosigner options are available. A cosigner could open the door for potential borrowers with sub-par credit scores. Citizens One offers not only a 0.25% autopay discount but a loyalty discount as well for existing members of Citizens Bank. This means if you have a bank account or another loan with Citizens One, you qualify for a discount of 0.25% toward your APR.
Things to consider
There is no online application, nor are there any options for pre-qualification. This means Citizens One will have to run your credit before letting you know whether or not you’ve been approved. This will ding your credit score for a short time. A hard credit check is a standard practice through the lending industry, but a pre-qualification option lets you see if you qualify without affecting your credit score. This is something to keep in mind if you plan to rate shop for multiple loans, as too many hard credit checks in a short period of time will have an adverse effect on your credit score.
What you need to know
You can find personal loans at Citizens One at amounts between $5,000 and $15,000. However, if you don’t live in one of the 11 states serviced by Citizens Bank, which all are scattered throughout the northeast, your max borrowing limit is $5,000.
Terms are available for as short as three years to as long as seven years. No matter how long you take to pay your loan you won’t have to worry about any fees, not even late fees. Citizen One offers APRs ranging between 7.99% and 20.90%. The stronger your credit profile, the better shot you have at locking in a low rate. This means that though Citizen One requires a score of only 680 to qualify, this score likely wouldn’t be high enough to secure the lowest possible rate of 7.99%.
To apply for a personal loan with Citizen One:
- Call directly at 1-888-333-0246 or head to a local branch.
- Once you’re connected with an agent, let the agent know you’re interested in applying for a personal loan. They’ll let you know what the next steps are and will guide you through the process. Remember, there is no option for online applications. If you live in one of the states serviced by Citizens Bank, you can head to a local branch and apply in person.
- Supply the information needed to apply for a Citizens One personal loan. This may include your Social Security number, home address, income, contact information and authorizing a hard credit inquiry.
Collateral and criteria
Citizens One personal loans will work for borrowers with above-average credit scores and steady incomes. These loans won’t work for consumers who find themselves between jobs or lacking in credit history. You need an income of at least $24,000 to qualify for a personal loan with Citizens One. These loans are unsecured loans, which means you don’t need to put down any collateral, like a car or a house, to back them.
Sometimes, lenders are more willing to finance secured loans at a lower APR because the collateral will make up for some of the risks. If you default on a secured loan, the lender doesn’t have to walk away empty-handed. Unfortunately, Citizens One doesn’t offer secured personal loans to customers.
Citizens One vs. Marcus
Marcus by Goldman Sachs is best known for offering personal loans and high-yield savings accounts. Marcus offers a similar APR range to Citizens One — 6.99% to 19.99%, which means as long as you qualify, you won’t have to worry about outrageous rates. You should aim to have a credit score of 660 or higher if you want to qualify.
Another similarity to Citizens One is that there are no fees. However, Marcus beats out Citizens One in potential loan amount, allowing you to borrow up to $40,000 for an unsecured personal loan. It also has an even lower minimum loan amount. You can borrow as little as $3,500. In the end, Marcus trumps Citizens One thanks to a wider range of loan amounts and slightly lower APR.
Citizens One vs. Prosper
Prosper offers personal loans with APRs ranging from 7.95% to 35.99%. Its max APR is a bit higher than what Citizens One offers for personal loans, but the credit score requirement is not as stringent. You need a FICO score of 640 to qualify , but unlike Citizens One, however, there is no income requirement.
You can borrow anywhere from $2,000 to $40,000, which is a plus if you thought Citizens One’s loan options were too narrow. Be prepared for a barrage of fees. There is an origination fee between 2.4% and 5% of the loan, along with a potential late fee and insufficient funds fee. If you need a smaller loan amount, Citizens One is the way to go if you want to avoid piling up fees.