Citi Personal Loans Review

Our take on Citi

Citi offers no-fee personal loans with perks like fast funding and potential discounts for eligible account holders. But Citibank personal loans aren’t the right fit for everyone. Even if you have a Citi account, you might find that another lender offers a lower rate or more loan options. We’ll cover what you need to know to make an informed decision, especially if you're not currently a customer.

Who or what are Citi personal loans best for?

• No fees: Citi offers no-fee personal loans to existing customers and noncustomers alike. "No fee” means no origination fees, no late fees, and no prepayment penalties.
• Established Citi customers:  Eligible borrowers who have an established relationship with the bank get extra benefits. Citi considers your existing relationship when determining your APR — for instance, existing Citigold and Citi Priority customers qualify for a 0.25% APR discount. Plus, most customers get same-day funding once the loan is approved — making Citi a good option for customers needing an emergency loan or who want to keep their accounts under one roof.
• Borrowers with very good credit: If you have very good credit (a FICO score between 740 and 799), Citi could be a good option for you since Citi's minimum credit score requirement is 740. Citi doesn’t charge origination (or any other) fees, and has a very low maximum APR. Plus, it offers a generous 0.50 percentage point autopay discount (included in the lowest available rate).

Who or what are Citi personal loans not best for?

• Large loans: Unless you're a current customer, Citi doesn’t offer personal loans greater than $30,000, while many of its competitors, like SoFi and Discover, do. (Current Citi customers with an Eligible deposit account or credit card may qualify to borrow up to $50,000.)
• Fast funding for non-customers: Citi says existing customers can get their loans funded as soon as the same business day. However, the average funding time for Citi personal loans was 7 days, according to 12 months of Credible loans data.
• Borrowers with fair or bad credit: You'll need good credit or better to qualify. The average credit score for Citi loans approved through Credible was 786 — by FICO standards, that's very good credit bordering on excellent.

How to qualify for a Citi personal loan

Your credit score and financial history

Citi requires good credit to qualify, but you'll need excellent credit — an 800 FICO or higher — to get the lowest rates. (Banks tend to have stricter credit requirements than online lenders.) Additionally, Citi doesn’t allow co-borrowers. Applying with a co-borrower who has a strong credit score can make it easier to qualify, since the other applicant guarantees loan repayment. If you’re looking for a bad credit loan, you should consider other lenders. 

Your income and employment

Citibank requires that you earn at least $30,000 annually to qualify for a personal loan through Credible. You’ll need to provide proof of income and information about your employment, but it may be possible to qualify for a Citi personal loan with self-employment income, retirement benefits, or other consistent sources of non-employment income. 

Citibank personal loan purposes

Like most personal loans, Citi personal loans can be used for a variety of household expenses, including:

• Debt consolidation
• Home improvement
• Unexpected expenses
• Major purchases

Citi personal loans also come with a few restrictions. You can’t use the loan funds for business expenses or college educational expenses. If your aim is to consolidate debt, you can’t use the loan funds to pay off a Citi credit card or line of credit. That includes affiliated credit cards, such as store cards for Macy’s, Home Depot, and Wayfair. 

Related: What Can't You Use a Personal Loan For?

Citibank personal loan fees and penalties

Loan origination fees

Citibank doesn’t charge an origination fee for personal loans. Many personal loan lenders deduct an origination fee from the initial loan proceeds to cover the cost of processing your application and issuing the loan. Citibank is one of several lenders that offer personal loans with no origination fee. 

Early repayment penalties

Most personal loan lenders don’t charge prepayment penalties, including Citibank. You can save money on interest by paying extra each month or repaying your loan balance at any time. 

Other fees

Citibank doesn’t charge hidden fees or incidental fees like late payment fees. However, the bank still penalizes you for defaulting on your payments by increasing your APR by 2.00%. Paying a few days late isn’t likely to trigger the penalty APR, but check your loan terms for what constitutes default. Bear in mind that late payments may also damage your credit score. 

How Citibank compares to other lenders

Some of Citibank’s competitors offer lower starting APRs, larger loan amounts, and longer repayment terms. The chart below shows how Citibank compares to two similar online banks, which both offer personal loans with fast funding and no upfront fees. It’s a good idea to prequalify with a few different lenders to find a low rate and a monthly payment that fits your budget.

How Citibank compares to more lenders: The Best Personal Loans

How to contact Citibank

To get support with a Citibank personal loan, call 1-800-685-0935. You can also schedule an appointment with a banker by phone or at a local branch. 

About Citibank personal loans

Citibank is part of Citigroup, a global financial services company with a 210-year history. Citibank is an FDIC-insured bank that offers online banking, investing, credit cards, wealth management, and several types of loans and lines of credit. The bank offers personal loans with fast funding and no fees, and is highly rated by J.D. Power for consumer lending. 

Citibank is currently involved in a lawsuit brought by the New York Attorney General that alleges the bank failed to protect the security of its customers and reimburse victims of fraud. The Better Business Bureau receives a high volume of complaints about Citi, which is not a BBB-accredited business, and the bank also has poor ratings on third-party websites based on customer reviews. 

Methodology

Credible evaluated 32 lenders across 1,184 data points to choose the best lender overall plus top picks for different borrowers and use cases. Across lenders, we collected data on customer experience and service options, minimum and maximum fixed interest rates, minimum and maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more.

We assigned a score to each attribute based on how that feature compared with the same feature for every other lender in the set. Scores were weighted according to their relative importance — for instance, maximum origination fee scores received a high weight since loan cost is among the most important factors in determining loan value. Individual attribute scores were then added to determine each lender's overall star rating. 

Attributes were grouped into categories; each category contributed to lender scores as follows: 

• Borrower cost (22.5%): Origination fee ranges and minimum and maximum APRs measure upfront and overall costs and lender accessibility across credit score groups.
• Flexibility (22.5%): Maximum loan terms, number of loan purposes, minimum and maximum loan amounts, and availability of joint and secured loans measure the range of options for loan size, repayment terms, and loan types.
• Eligibility and availability (22.5%): Minimum income requirements, funding speed, minimum credit score requirements, and state availability measure how easily and how quickly borrowers can access personal loans.
• Reputation (15%): Trustpilot, Better Business Bureau, and J.D. Power ratings measure customer satisfaction.
• Discounts, customer service, and account management (12.5%): Discounts for autopay and direct pay, plus availability of mobile apps and live customer support chat, measure borrower perks and ease of loan management.
• Partner lender data (5%): Data from loans closed by our partners, including average rates, loan amounts, funding time, and eligibility criteria, measure real-world performance and borrower outcomes.

Non-partner lenders were evaluated based on the same criteria but not assigned star ratings. Learn more about how Credible rates lenders by exploring our full personal loans lender rating methodology.