Posted by: Adam McCann

Quick Review: Citizens One personal loans can be ideal for people with good or excellent credit. It takes a 680 credit score to qualify – a bit higher than what most major lenders require. Qualified borrowers can also get an APR as low as 6.80% – one of the lowest starting rates on the market. However, a Citizens One personal loan could have an APR as high as 20.91%, depending on the applicant’s overall creditworthiness. That is cheaper than the upper limits on many competitors’ loans, but it’s still pretty expensive for someone with good credit. To top it off, Citizens One personal loans are totally fee-free. They have no origination-, prepayment- or late fees.

Citizens One personal loans are offered by the national lending division of Citizens Bank. Citizens Bank has branches in just 11 states, and personal loans with the Citizens Bank brand name are only available to people who live in those states. People in other states get personal loans with the Citizens One brand name. Aside from the name, everything else is the same between Citizens Bank personal loans and Citizens One personal loans.

Below, you can find WalletHub’s full analysis of Citizens One personal loans as well as a helpful comparison to a few other major lenders.

Citizens One Personal Loan Terms

Credit score requirement	680
Income requirement	$24,000+
SSN needed?	Yes
Loan amounts	$5,000 - $50,000
APRs	6.80% - 20.91%
Loan length	36, 48, 60, 72 or 84 months
Fees	Origination: $0 Late Payment: $0 Early Payoff: $0
Approval time	1-10 business days
Funding time	3-6 business days

Citizens One Personal Loan Rates & Fees

Citizens One personal loans are relatively inexpensive. The APR starts at 6.80%, which is low compared to many lenders (a few may offer rates 1% lower). Their maximum APR is 20.91%, which is fairly low considering many competitors have caps of 25% - 36%. Exactly what your interest rate will be depends on your creditworthiness – a combination of factors including your credit score, income, debts, credit inquiries and more.

There are no Citizens One personal loan fees. You won’t pay an origination fee for processing the loan, and you won’t be penalized for paying off the loan early. You also won’t owe a fee for paying late, but you shouldn’t pay late anyway because Citizens One will report that to the credit bureaus.

Citizens One Personal Loan Requirements & Application Info

To get a Citizens One personal loan, you will need a credit score of at least 680, according to representatives from the company. You will also need a minimum income of $24,000 per year.

In order to take out a loan from Citizens One, you’ll need to live in a state where Citizens Bank doesn’t have a branch. If there is a branch in your state, your loan will be from Citizens Bank instead. Either way, all the terms will be the same.

Citizens One offers a pre-qualification tool that will not affect your credit score. Enter your desired loan amount and personal information such as your address, date of birth and Social Security number to get a quote on your rates. Pre-qualification doesn’t guarantee approval but will give you a good idea of what you will pay if approved.

To apply for a Citizens One personal loan, use the online application or call 1-888-333-0246. You may apply with a co-applicant if you wish.

Citizens One Personal Loan Reviews & Transparency

Citizens One has a high level of customer satisfaction, reflected in the low number of complaints filed against them and their top-notch BBB rating.

• Better Business Bureau: Citizens One has an A+ rating from the BBB but is not accredited. The same goes for its parent organization, Citizens Financial Group, Inc.
• Consumer Financial Protection Bureau: There are just 21 complaints about Citizens Financial Group, Inc.’s personal loans in the CFPB database. The most recent complaint, from February 2019, claims the consumer was not notified of an unpaid debt until after it was charged off.
• WalletHub: WalletHub’s editors give Citizens One personal loans a score of 4.5/5.

Citizens One is very transparent about their personal loan terms, and their website gives out all the important information. Unlike many lenders, Citizens One discloses both minimum credit score and minimum income requirements.

Citizens One Personal Loans vs. Other Popular Options

Lender	Citizens One	Discover	SoFi
Min Credit Score	680	660*	680
APR	6.80% to 20.91%	6.99% to 24.99%	5.99% to 16.49%
Amount	$5,000 to $50,000	$2,500 to $35,000	$5,000 to $100,000
Length	36 to 84 months	36 to 84 months	12 to 84 months

*Per several third-party sources Methodology

In order to rate Citizens One personal loans, WalletHub relied upon 23 metrics. These metrics fell into the following categories: APRs, loan amounts, fees, approval requirements, application options, customer satisfaction, and lender transparency. Some metrics were given more weight than others, based on their relative importance to consumers. Below, you can see all the factors WalletHub looked at.

• Requirements: Our editors looked at what Citizens One requires in terms of credit and income. We also checked Citizens One’s requirements for ID and citizenship/residency.
• APR: We researched the minimum and maximum interest rates Citizens One has. We also checked whether the rates are fixed or vary over time.
• Fees: We checked for fees on Citizens One personal loans, paying particular attention to prepayment penalties, origination fees and late fees.
• Loan amounts: We looked at what loan amounts Citizens One borrowers can take out and how many months are available to pay loans off.
• Application process: WalletHub’s editors examined the different ways to apply for a Citizens One personal loan, plus how long it takes to get approved and funded. We also researched whether Citizens One allows joint applications and whether they offer pre-qualification.
• Customer satisfaction: We looked into Citizens One’s WalletHub user reviews, Better Business Bureau rating, and CFPB complaints.
• Transparency: Our editors considered how clearly Citizens One conveys their rates, fees and other loan terms as well as their minimum approval requirements.

from Wallet HubWallet Hub


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