Personal Loans » Personal Loan Lender Reviews » Citibank Personal Loan Review 2024
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Citibank Personal Loan Review 2024

Citibank personal loans are best for current customers of the bank. Current customers get better terms, options, and rewards. Citibank customers with strong credit histories will find competitive rates.
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: June 3, 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: June 3, 2024

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

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Citibank customers with strong credit histories will find competitive rates. Borrowers who are not already customers will have limited options.

APR

10.49% - 19.49% APR

Loan Amount

$2,000 - $30,000

Term

12-60 months

Min score

680

Citibank customers with strong credit histories will find competitive rates. Borrowers who are not already customers will have limited options.

citi logo

APR

10.49% - 19.49% APR

Loan Amount

$2,000 - $30,000

Term

12-60 months

Min score

680

Our Verdict

The Citibank Personal Loan is a borrowing option offered by Citibank, suitable for people who already have an account with the bank. It's designed for those who need a smaller amount of money, ranging from $2,000 to $30,000. The loan can be used for various purposes, such as consolidating debt, covering emergency expenses, or making large purchases.

One of the advantages of this loan is that it provides customer service support seven days a week, which can be helpful for borrowers with questions or concerns. However, it's essential to note that the funding process may take up to five business days, so it's not the quickest option available.

Citibank offers flexible repayment terms, ranging from one to five years, allowing borrowers to choose a timeframe that fits their budget. Additionally, there are no prepayment penalties or origination fees associated with this loan, making it more affordable for borrowers.

Meeting Citibank Personal Loan Requirements

To apply for a Citibank Personal Loan, you need to meet certain criteria:

  • Credit Score Requirements: A minimum credit score of 680 is recommended, with higher scores increasing your chances of approval.

  • Income Requirements: Applicants should have an annual income of at least $10,500 to qualify for a Citibank Personal Loan.

  • No Co-signers and Co-applicants: Citibank does not allow co-signers or joint applicants, so you must apply individually for the loan.

  • Documentation: Prepare documents such as proof of income (W-2, pay stubs), proof of address, and a valid Social Security number.

  • Existing Account: You need to have had a Citibank deposit account open for at least 12 months to be eligible for a Citibank Personal Loan.

Navigating Citibank Repayment Options

When it comes to repaying your Citibank Personal Loan, you have several options available:

  • Payment Options: You can make payments online, through the Citibank mobile app, or by mail. Automatic payments can also be set up for convenience.

  • Missed Payments: If you miss a payment, Citibank will charge a late fee of $25. Additionally, if you're 60 days behind on repayment, the interest rate may increase by 2%.

  • Rescheduling Payments: Citibank does not offer the option to reschedule payments or change payment dates once they are set.

  • Difficulties: If you're experiencing difficulties making payments, it's essential to contact Citibank's customer service as soon as possible. They may offer assistance or discuss potential options, such as temporary payment arrangements or financial counseling.

Citibank Personal Loan Pros & Cons

Like all lenders, Citi has its own set of advantages and drawbacks that potential borrowers should consider:

Pros
Cons
Competitive Interest Rates
Existing Customer Requirement
Credit Reporting
Limited Loan Amounts
No Origination Fee
Late Payment Penalty
Autopay Discount
No Soft Pull
Flexible Repayment Terms
No Co-signers Allowed
Available in All States

If you have good credit and deposit account in Citi, Citi offers competitive APRs.

On-time payments are reported to credit bureaus, helping borrowers build or improve their credit scores over time.

Citibank personal loans have no origination or late fees. They also do not have a prepayment penalty so the loan can be paid off early without additional costs.

Citibank has an autopay interest discount. Autopay is a requirement in order to get the lowest rate. 

Citibank offers repayment terms ranging from one to five years, allowing borrowers to choose a timeframe that suits their budget.

Citibank personal loans are available in all states.

Only existing Citibank customers are eligible for personal loans, limiting access for new customers.

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

Citibank does not have late fees but they impose a 2% interest increase over the life of the loan.

Many personal loan providers do an initial soft pull to see if you may qualify for a personal loan. A soft pull does not affect your credit, but Citibank does a hard pull from the start, which will affect your credit.

Some borrowers may prefer the option to include a co-signer for better approval odds, which Citibank does not offer.

Citibank Customer Experience

Customer reviews for Citibank personal loans are mixed. While some customers appreciate the lack of fees, rate discounts, and fast funding options, others express dissatisfaction with high APRs and limited loan amounts.

Additionally, there are complaints about the existing customer requirement, late payment fees, and the inability to prequalify for a loan.

Citi
iOS App Score
4.9
Android App Score
4.7
BBB Rating
F
Contact Options
phone/chat
Availability
24/7

Customers can reach Citibank customer service by phone, online chat, or visiting a local branch. The bank provides customer support seven days a week, offering assistance with inquiries, account management, and loan-related questions.

Additionally, customers with Citibank accounts can access support through the bank's mobile app.

Additional Insights to Keep in Mind

Before applying for a personal loan with Citibank, it's important to understand additional factors that could impact your borrowing experience:

 For applicants with a Citibank deposit account, funds may be available as soon as the same day of approval.

However, for those without a Citibank deposit account, receiving the funds through direct deposit may take up to several business days.

Common uses for a Citi personal loan include debt consolidation, home improvements, medical expenses, wedding expenses, travel, education expenses, and major purchases such as a car or appliance.

However, there are certain purposes that are typically not allowed such as using the funds for postsecondary education expenses or business purposes, as these often require specialized financing products tailored to those needs.

Is Citibank Loan Right for You?

If you're considering applying for a Citibank personal loan, several factors can help determine if it's the right choice for you:

  • Existing Citibank Customers: Existing Citibank customers may benefit from streamlined application processes, rate discounts, and familiarity with the bank's services.

  • Applicants with Good to Excellent Credit: Borrowers with good to excellent credit scores may qualify for lower interest rates with Citibank, making it a cost-effective borrowing option for those with strong credit histories.

Citi Personal Loan FAQs

If you’re already an existing Citibank customer, Citibank is a good place to obtain a loan. This lender offers decent sized with reasonable rates.

However, Citibank does not have any established minimum credit score requirements. If you have already established a positive relationship with Citibank, you are more likely to obtain approval.

Since Citibank only offers loans to existing customers, it will use your bank account information as a factor when making a loan approval decision.

Citibank may assess your transactions and your income to determine affordability in addition to checking your credit score and debt to income ratio. So, it is likely that you will need an account in fair or good standing to qualify.

If you can't meet the minimum requirements, you can compare personal loan companies or check out some great alternatives to personal loans.

Discover offers loans with a lower maximum and very similar rates to Citibank. You can use the proceeds of your loan for almost any purpose. The application process is fully digital, which does speed up approval. You can expect to receive your loan funds within one business day.

However, this does come at a cost. You must have a credit score of at least 660 . So, if you have bad credit and you are already a Citi customer, Citibank could be a better option. Otherwise, you may want to check Discover first.

Upgrade has a similar maximum loan amount to CitiBank. Upgrade rate range starts at a lower APR, but the top end of the range is far higher. However, you can get a discount if you use autopay.

Upgrade has a completely online application process, so it does offer a fast turnaround. You can receive approval and your funds within one business day.

So, unless you are already a Citibank customer, Upgrade is a decent alternative.

Like Upstart personal loan, Citibank offers similar maximum amount loans and can offer more attractive rates. However, in order to access a Citibank personal loan, you need to be an existing customer and have an established relationship.

It is this relationship that allows Citibank to assess risk and therefore can offer a lower rate. Unfortunately, unless you have the time to open an account and create a positive history with Citibank, Upstart is likely to be a better option.

Alternative Personal Loans Lenders

sofi logo
Rocket Loans
citi 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.
8.99% – 29.99%
9.11% – 29.99%
10.49% – 19.49% APR
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.
24-84 months
36-60 months
12-60 months
Loan Amount
$5,000 – $100,000
$2,000 -$45,000
$2,000 – $30,000
Minimum Score
680
640
680
Funding Time
Up to 7 days
As soon as same day
Up to 5 days

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Picture of 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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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.