Personal Loans » Compare Loans » Citi Vs Discover Vs Wells Fargo: Which Personal Loan Is Better?
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Citi Vs Discover Vs Wells Fargo: Which Personal Loan Is Better?

Both Wells Fargo and Citi will offer you more favorable terms if you are an existing customer. Discover and Wells Fargo are good options if you want to quickly access your funds, while Citi follows a low-cost model. Each of these options have good benefits in their own rights.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

You can trust the integrity of our unbiased, independent editorial staff. We may, however, receive compensation from the issuers of some products mentioned in this article. Transparency is a core value for us, see how we make money.

In this Comparison

A lot of online lenders will provide you with a great range of personal loan options. This article is going to compare the personal loan offerings of three such lenders – Discover, Citi, and Wells Fargo.

Citibank
Discover
Wells Fargo
APR
10.49% – 19.49% APR
7.99% – 24.99%
8.49% – 24.49%
Terms
12-60 months
36 to 84 months
12-60 months
Range
$2,000 – $30,000
$2,500 – $40,000
$3,000 – $100,000
Minimum Score
680
660
660

When Citi Shines

Citibank is one of the biggest providers of financial services in the US today. The New York-based company has been offering personal loans for a number of years. It is an ideal fit for people who are looking for no-fee personal loans, as well as getting access to autopay discounts.

Citi personal loan can be a better choice than Discover and Wells Fargo if:

citi logo
citi logo

When Discover Shines

Discover is an online lender that has developed a good reputation over the years and does not charge any origination fees. It also offers next-day funding, as well as having plenty of great repayment options.

Discover personal loan can be a better choice than Citi and Wells Fargo if:

discover_logo
discover_logo

When Wells Fargo Shines

Finally, Wells Fargo is another established powerhouse of the US financial services space like Citi. It is an ideal fit for people looking for large loans, as well as having plenty of flexibility.

Wells Fargo personal loan can be a better choice than Discover and Citi if:

Wells_Fargo-Logo
Wells_Fargo-Logo

Requirements

Discover has a relatively high minimum acceptable credit score when you are seeking a personal loan, with you needing to have at least a 660 credit score to get your hands on these funds.

Citi does not have any solid minimum credit score that you need in order to get a personal loan, but the average credit score for applicants is usually around the 680 mark. Like Citi, Wells Fargo also does not disclose a certain minimum required credit score for a personal loan.

Discover requires its borrowers to have a minimum household income of $40,000 in order to get a loan. For a Citi personal loan, you need an annual income of at least $10,500 and you need either a Citi credit card account that has been open for at least a year or an eligible Citi deposit account.

While Wells Fargo does not require you to already be a customer, it does offer more favorable terms if you are already on board. All of these lenders will need borrowers to be of voting age, as well as either being a US citizen, permanent resident or have a certain type of visa.

Citi - Pros & Cons

Citi does not charge any sort of origination fee or prepayment fees. There is a late fee in place.

Citi gives you the option to choose a term length of between one and five years, which is more flexible than many lenders.

You are able to get a discount of 0.50% when you automate your personal loan repayments.

Customers with a Citibank deposit account can receive their funds as soon as the same day they're approved, providing quick access to funds when needed

You need to have an eligible deposit account or credit card for a certain amount of time in order to qualify for a Citi personal loan.

The maximum loan amount of $30,000 may not be sufficient for borrowers needing larger sums of money.

 Citibank does not offer a prequalification process, requiring borrowers to undergo a hard credit inquiry to determine loan eligibility.

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Discover - Pros & Cons

Discover does not charge you an origination fee when you are taking out a personal loan.

Discover offers a great range of repayment options that can be tailored depending on your needs.

You will be able to get your loan funds the next business day after your application has been approved.

You can get as little as $2,500 through a Discover loan, which is not always possible at many online lenders.

There are no ways for you to get a co-signer loan, joint loan or a secured loan through Discover.

Discover may charge a late fee of $39 for missed payments, which can increase the overall cost of the loan.

Unlike some competitors, Discover doesn't offer rate discounts for enrolling in automatic payments, potentially missing out on potential savings.

Wells Fargo - Pros & Cons

Wells Fargo will often give you the funds for your personal loan on the same business day or next business day after giving you approval.

You have a good range of loan sizes that you can get from Wells Fargo, as well as having flexible term lengths.

You can get an autopay discount of between 0,25% and 0.50% with Wells Fargo, changing depending on the checking account type you have with Wells Fargo.

You are able to make direct payments to your creditors with a Wells Fargo personal loan if you have a debt consolidation loan.

If you aren’t already a Wells Fargo customer, you will need to apply for a personal loan in-person at a physical branch.

Borrowers can save money as Wells Fargo does not charge origination fees for personal loans.

Wells Fargo does not currently offer you the ability to pre-qualify for a loan without having to submit to a hard credit check.

Repayment Options

With a Discover personal loan, you will need to pay a late fee if you do not make a payment on time. However, there will be no fees charged if you are looking to make a prepayment. There is currently no sort of discount that you can get if you automate your payments. If you get a debt consolidation loan, you will have the option to send payments directly to your creditors.

Citi does not charge any early payment penalties, but there is a late fee of $25 in place if you miss your payments. There is a strong autopay discount of 0.50% which is better than most competitors. Currently, you are unable to choose your repayment date or change this date.

Like Wells Fargo, you do not have to make any prepayment fees and you are able to make direct payments to creditors if you have a debt consolidation loan. Wells Fargo does give you the ability to change your payment due date, while there are autopay discounts available.

Customer Experience

Discover
Citi
Wells Fargo
iOS App Score
4.9
4.9
4.8
Android App Score
4.6
4.7
4.8
BBB Rating
A+
F
N/A
WalletHub Rating
4
3.7
3.8
Contact Options
phone
phone/chat
phone/social
Availability
24/7
24/7
24/7

Discover's website offers clear navigation and comprehensive information, with an FAQ section and seven-day customer service. They provide ample financial education content and a user-friendly mobile app, along with a 30-day interest-free return policy. Discover holds an A+ rating from the Better Business Bureau.

Citi offers various channels for customer support, including online and in-branch applications, with a feature-rich mobile app for loan management. They also have an A+ rating from the BBB.

Wells Fargo offers weekday phone support, lacking weekend assistance, with online resources and a mobile app for loan management. However, the BBB has not rated them due to numerous complaints and government actions.

Which Personal Loan Lender Wins?

Both Wells Fargo and Citi will offer you more favorable terms if you are an existing customer. Discover and Wells Fargo are good options if you want to quickly access your funds, while Citi follows a low-cost model. Each of these options have good benefits in their own rights.

citi logo
Wells_Fargo-Logo
discover logo
APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
10.49% – 19.49% APR
8.49% – 24.49%
7.99% – 24.99%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
12-60 months
12-60 months
36 to 84 months
Loan Amount
$2,000 – $30,000
$3,000 – $100,000
$2,500 – $40,000
Learn More
on Credible website
Learn More
on Credible website
Learn More
on Credible website

FAQs

Citi does require that applicants have a minimum yearly income of $10,500 and hold an eligible Citi deposit account that has been open for at least three months. This provides Citi a reliable way to verify your financial circumstances, but you may still need to provide proof of your income.

Citi states that one reason to consider its personal loans is for debt consolidation. You can borrow up to $30,000 with a term of up to 60 months. The rates are fixed and depending on your circumstances. However, Citi will mail a check for the lump sum of your loan upon approval, so there is no option for direct creditor payments.

Citi does not charge an early repayment fee or penalty, which makes it easier to pay off your loan early. Citi states that you can pay off a personal loan at any time without incurring any prepayment penalties. You will simply need to get an up to date balance figure, which accounts for any outstanding interest to clear your loan in full.

More Lender Reviews

Compare Alternative Lenders

Marcus is a Goldman Sachs offshoot who is one of the best in the business. It is best suited to people with good credit and those who want repayment flexibility. Discover is another high-quality lender known for its low origination and fats funding fees. Axos is an online bank that caters to people with excellent credit and aims to process funds quickly.

Read Full Comparison: Axos Vs Marcus Vs Discover: Which Personal Loan Suits You Best?

SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.

Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.

Read Full Comparison: SoFi Vs Discover: Which Personal Loan Suits You Best?

Over the years, Discover has earned a good reputation for not charging origination fees, offering flexible repayment options, and providing quick funding. Upgrade has been in the personal loan business for many years, serving over 500,000 customers and originating $7 billion in loans. It gives you quick access to funds as well as flexible repayment terms.

Finally, Happy Money is a financial wellness company that wants its customers to have a positive relationship with money.

Read Full Comparison: Upgrade Vs. Happy Money Vs. Discover: Which Personal Loan Suits You Best?

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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