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
Typically over 680
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
Typically over 680
Citibank is part of the large multinational financial services company Citigroup. Citibank was founded in 1812, and based out of New York, New York. Citigroup has over 2,500 branches in 19 countries with almost 2 trillion in assets.
Citibank personal loans are only available to exist customers. Applicants must have good credit and an annual income of at least $10,500. Highly qualified borrowers and those in urgent need of funds should look elsewhere. Nonetheless, Citibank's lack of an origination fee is worth noting.
All online applications must be submitted through a registered Citibank account, and applicants who do not already have an online account must create one before submitting the online application. Borrowers can apply for loans through Citibank in three ways: online, over the phone, or at a local branch.
While Citi is not included on our best personal loans companies of 2022, it is worth checking if you already have a Citi account.
- Joint Borrowers
- Competitive Interest Rates
- More than One Loan
- No Fees
- Autopay Discount
- ThankYou points ®
- Available in All States
- Slower Turnaround Times
- Limited Amount for Non Customers
- Late Payment Penalty
- No Soft Pull
- Poor reviews
- Issue Check
Do Citi personal loans verify income?
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.
Can I negotiate with Citi?
While it does not categorically state that it is possible to negotiate a settlement with Citi or renegotiate the loan terms, it is worth trying.
Most financial institutions will aim to negotiate a positive outcome if their customer is suffering financial hardship. So, if your circumstances have changed, it is worth speaking to the Citi team.
Can I pay off a Citi loan early?
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.
Does Citi offer more financial products besides personal loans?
Citi is a full service financial institution with a full line of banking products. In addition to personal loans, you can access checking accounts, savings, CDs, home loans, credit cards, and investment options.
So, if you are looking for a personal loan from a bank that also caters to your other banking needs, Citi is a solid choice.
Do Citi personal loans offer prequalification? (soft credit check)
Citi aims to make applying for a personal loan as quick and simple as possible. The loan application takes only a few minutes and you can get an instant decision online.
You will then have the option to decide if you want to proceed, but a hard credit check may have already been used for your application.
Can I add a cosigner to a Citi personal loan?
Citi does not advertise if you can use a cosigner for a personal loan application. This feature may be offered to its customers who are struggling to meet the lending criteria, but this may be suggested on a case-by-case basis.
You may need to discuss your specific circumstances with the Citi support team.
In this Review..
Requirements & Repayment Options
Citi does not have a firm minimum credit score requirement for obtaining a personal loan, but the average credit score for applicants is typically around the 680 mark. You must have an annual income of at least $10,500 and either a Citi credit card account that has been open for at least a year or an eligible Citi deposit account to qualify for a Citi personal loan.
Compared to bank personal loans, the required score is reasonable. For example, Discover required score is 720 while Wells Fargo's minimum score is 660 .
Citi does not charge any early payment penalties, but there is a $25 late fee if you miss a payment. There is a 0.50% autopay discount, which is higher than most competitors. You are currently unable to select or change your repayment date.
CitiBank Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
- Joint Borrowers
Citibank allows for joint borrowers on their personal loans. Many personal loan providers do not allow for this.
- Competitive Interest Rates
Citibank has competitive rates for strong borrowers. If your score is high, check out a personal loan for excellent credit.
- More than One Loan
The borrower can get two loans at the same time from Citibank.
- No Fees
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.
- Autopay Discount
Citibank has an autopay interest discount. Autopay is a requirement in order to get the lowest rate.
- ThankYou points ®
Citibank personal loans can earn Thankyou points. These points can be used for discounts on merchandise, travel rewards, and gift cards.
- Available in All States
Citibank personal loans are available in all states.
- Slower Turnaround Times
It can take many days to fund your loan and then a few days longer to send your money. If you need money more quickly, there are other providers that can turn around your application much faster.
- Limited Amount for Non Customers
Borrowers who are not current Citibank customers are limited to $12,500. Also, if you are a Citibank customer and want a higher amount you have to go to a branch or call, you are not able to apply online. Non-customers have to apply at a branch.
- Late Payment Penalty
Citibank does not have late fees but they impose a 2% interest increase over the life of the loan.
- No Soft Pull
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.
- Poor reviews
Citibank has many customer complaints and reviews. See Consumer Affairs and Better Business Bureau. Many customers have had bad experiences.
- Issue Check
Citibank issues approval by mailing a check. They do not have any other options for payment. This can take up to 5 business days. If you need cash fast, this may be a deal breaker.
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Customer Experience
Every day of the week, during operating hours, you can contact the Citi customer service team in a variety of ways. You can apply for a personal loan online or in person at one of the bank's branches.
Citi provides several options for managing your loan account. You can view your payment history or make payments using the Citi mobile app, by phone, or by logging into your Citi account online. The mobile app has a variety of useful features, including the ability to make repayments and view your remaining loan balance.
According to a CitiBank customer service representative, the personal loan department is open by phone Monday through Friday from 7:30 a.m. CST to 10 p.m. CST and Saturdays from 7:00 a.m. to 6:00 p.m. CST. You can reach a representative by dialing 1-800-685-0935 or texting 1-800-945-0258. (TTY)
Finally, Citi got 851 out of 1000 possible points in the 2020 JD Power research, a bit lower than industry average.
Citi | |
|---|---|
iOS App Score | 4.9 |
Android App Score | 4.7 |
BBB Rating | F |
WalletHub Rating | 3.7 |
Contact Options | phone/chat |
Availability | 24/7
|
What Can a Citibank Personal Loan Be Used For?
Citibank offers little information regarding what their product can be used for. They also do not have information on any restrictions. They do state that their personal loans can be used for home improvements, to pay down high-interest debt, to fund a large purchase, and even for investing.
- Home Improvement – Home improvement loans are for home repairs or renovations. The advantage of using a Citibank personal loan for home improvement is that you do not have to use your home as collateral and you get funds much quicker with less documentation. Typically, it takes a month or more to get an equity line of credit on your home.
- Debt Consolidation – A debt consolidation personal loan would pay off one or more prior unsecured loans with the new Citibank loan. Instead of multiple payments to multiple lenders, you can create one payment to one lender. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low-rate fixed installment.
- Large Purchase – A Citibank personal loan can be used to fund a large purchase. The advantage of using a Citibank loan is that they can fund you quickly. You can also pay off the item you want over time.
How to Apply For a Personal Loan With Citibank
- 1.
You can apply for a Citibank personal loan by phone at 1-877-362-9100, at a local branch, or online. You can only apply online if you are a Citibank customer. If you are not, or if you need more than $30,000, you will need to apply at a local branch or by phone.
- 2.
You will need to provide personal information including name, date of birth, social security, address, email, and phone number. You will also need to provide details about your employment, income, and expenses.
- 3.
You will choose your preferred term and the amount you want to borrow. If you already have a Citibank online account, you can apply with that account.
- 4.
You may need documentation to verify your information such as ID, paystubs, or even tax returns. If you are going to the branch you should bring those items with you.
- 5.
You can sign documents online or at a branch. Citibank will fund your loan by issuing a check to you within 5 business days. They do not send funds directly to checking accounts or send the funds to creditors.
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 720 . 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
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|---|---|---|---|
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% – 23.43% (with discounts)
| 9.11% – 29.99%
| 6.99% – 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.
| 24-84 months
| 36-60 months
| 36-72 months
|
Loan Amount | $5,000 – $100,000
| $2,000 -$45,000
| $3,500 – $40,000
|
Minimum Score | 680
| 640
| 660 (FICO)
|
Funding Time | Up to 7 days
| As soon as same day
| 1 to 4 days
|
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