Citibank, or Citi, is a long-standing financial institution with roots dating back to 1812. Today, it provides a wide range of offerings in the U.S. and beyond, including credit cards, banking services, lending products, investing services, and wealth management. In this review, we're going to take a closer look at Citi's personal loans. Learn how they work, who they're best for, and how they compare to other popular options.
Best for affordability
Citibank's personal loans stand out in the market because they have no fees. You don't have to worry about origination fees, prepayment penalties, or even late fees. While you will have to pay interest, the annual percentage rate (APR) range maxes out at a relatively low rate. For comparison, the average max APR for lenders like Best Egg, Avant, and Upstart is around 35.99%. You can also save an additional 0.5% on your APR by enrolling in automatic payments when you get the loan.
Great for borrowers with very good credit
Citibank personal loans offer many benefits - a decent loan amount range, a low maximum APR, terms up to 60 months, and an APR discount for automatic payments. However, banks do tend to have stricter eligibility requirements than non-bank lenders. As a result, this loan will likely be best for people with very good or excellent credit (a FICO score of 740 or higher).
Best for no fees
Citi
4
Credible Rating
Est. APR
-
Loan Amount
$2,000 to $30,000
Min. Credit Score
720
Pros and cons
More details
What to consider before applying
Before applying for a personal loan, it can be helpful to consider a few things. First, determine the purpose of the loan. Make a list of all the expenses you'd like to cover and their estimated costs. Then, add them together to figure out the loan amount you need. If it's between $2,000 and $30,000, Citibank could be a good fit. If not, you'll want to look to other personal loan lenders.
Tip
Some lenders offer up to $100,000 or more for personal loans.
It can also be helpful to know that banks tend to have stricter eligibility requirements than non-bank lenders. The median Equifax risk score of personal loan borrowers is 741 with banks, and 610 with personal loan finance companies, according to the Federal Reserve. Additionally, Citibank's lack of fees and low maximum APR of 20.49% hint that the requirements are likely on the stricter side. It doesn't hurt to check to see if you prequalify with Citi, but don't be discouraged if you don't. You may still qualify with many alternative lenders.
Citibank doesn't allow co-applicants, and prohibits you from using its loans to fund postsecondary education or business expenses.
How to qualify for a loan with Citibank
Citibank doesn't share any specific eligibility requirements on its website, but if you are applying through Credible, the minimum credit score is 740 with an annual income of $30,000. If applying directly through Citibank, the easiest way to see if you qualify is to walk through their prequalification process.
Prequalification requires you to enter information like loan amount, your date of birth, and possibly your Social Security number, depending on where you prequalify. Citibank will then run a soft credit check, which won't impact your score. If you successfully prequalify, you'll see rates, terms, and loan amounts you may qualify for.
Learn More: How To Improve Your Personal Loan Application
Note
Prequalification is not an official offer and your rates may be subject to change if you decide to officially apply.
How to apply for a loan with Citibank
- Head to the Personal Loans page on the Citibank website or apply via this page.
- Click "Check My Rate."
- Select how you plan to use the loan (debt consolidation, home improvement, major purchase, vacation, or other).
- Enter your personal information, including your name and birth date.
- Enter your contact information, including your name, phone number, and address.
- Enter your financial information, including your total annual income, nontaxable income, and monthly mortgage or rent payment.
- If you prequalify, Citi will present you with an estimate of the loan amount, rates, and terms you can get.
- If you'd like to move forward, fill out the full application, provide the required additional details, and allow a hard credit check.
Once you complete the full application, Citibank will let you know if you qualify or not. If you do, the last step is to sign the loan contract. From there, the funds will be sent to your bank.
Note
A hard credit check can impact your score by a few points for up to a year, and will remain on your credit report up to two years.
How to contact Citibank
If you need to get in contact with Citibank about personal loans, you can call the dedicated personal loans servicing and support line at 1-800-685-0935. Additionally, you can schedule an appointment with a banker, either online or at a branch near you.
How Citibank compares
Citibank offers a competitive personal loan product, but it does fall short in a few areas. For example, the bank's maximum loan amount of $30,000 is relatively low. Many other lenders offer loans up to $50,000, and a few offer up to $100,000 or more.
When it comes to repayment terms, Citi's terms start and end lower than many competitors. Many competitors offer terms from two to seven years. While the shorter minimum term of 12 months with Citibank may be helpful for some, others may find the five-year maximum term too short.
Citi's funding time is also a bit slow for non-customers. Lenders like SoFi fund most of their loans on the same day, while Citi requires up to two business days for external deposits. However, an area where the bank shines is its lack of fees - especially with some competitors charging origination fees up to 12%.
Credible rating
Credible rating
Credible rating
Methodology
Credible evaluated personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible's team of experts gathered information from each lender's website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.
Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.
Citibank personal loans FAQ
Is Citibank a trustworthy company?
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How long does it take for Citibank to review a personal loan?
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