Citibank Personal Loan Review

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Updated on Friday, July 26, 2019

Citi
APR

7.99%
To
23.99%

Credit Req.

Not specified

Terms

12 to 60

months

Origination Fee

Not specified

APPLY NOW Secured

on Citi’s secure website

Citibank personal loan details
 

Fees and penalties

  • Term lengths: 12 to 60 months
  • APR range: 7.99%-23.99%
  • Loan amounts: $2,000-$50,000
  • Time to funding: Checks are mailed within five business days of approval.
  • Credit check: Hard Pull
  • Origination fee: Not specified.
  • Prepayment fee: Not specified.
  • Late payment fee: Not specified.

Perks offered to Citibank personal loan customers aren’t widely advertised online. However, linking a personal loan account to an eligible checking account enrolled in Citi ThankYou Rewards can help you earn points on a monthly basis. Points never expire and can be redeemed for gift cards, travel rewards, cash and more.

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

While a minimum credit score isn’t listed, Citibank does specify that the lowest quoted personal loan rate requires the borrower to have excellent credit and to use Citibank Auto Deduct.

Citibank personal loans are only available to borrowers with a maximum of one existing personal loan account with the financial institution. If clients wish to apply for a second Citibank personal loan, the most recent personal loan cannot have been opened within the past six months. Qualified applicants are also required to have a minimum annual income of $10,500.

It’s also worth noting that anyone who wants to apply for a personal loan online must either be a current Citi checking or savings account customer registered for Citibank online or have received a Citi Personal Loan offer with an invitation number. Without an invitation, current customers who don’t have an online account and non-customers must apply in person at a Citibank branch or over the phone.

Applying for a personal loan from Citibank

Personal loans are available in amounts from $2,000 to $50,000, but applications cannot be submitted online for amounts exceeding $30,000. Applicants who wish to borrow up to $50,000 must call 1-877-362-9100 or visit a Citibank branch location.

To begin the online application process, current Citibank customers registered for online access will need to enter their user ID and password. Non-Citibank customers who have received a Citi Personal Loan offer with an invitation number will be directed to an application site and asked to enter the invitation code, their last name and zip code.

Credit scores are not impacted for viewing a personal loan offer. Upon approval, a check for the full amount of the loan will be mailed within five business days.

Pros and cons of a Citibank personal loan

Pros:

Cons:

  • Fixed rate: Citibank personal loans come with a fixed rate, allowing borrowers to enjoy fixed monthly payments. Note that defaulting on your loan may come with a 2% APR increase.
  • ThankYou Rewards: Borrowers can earn monthly ThankYou Rewards and redeem them for cash, gift cards, travel, and more.
  • Competitive rates: Fixed rates range from 7.99% to 23.99% APR.
  • Flexible terms: Borrowers can choose from a variety of repayment terms, from 12 to 60 months.
  • Limited online application access: To apply online, prospective borrowers must either be a current Citi checking or savings account customer registered for Citibank online or have received a Citi Personal Loan offer with an invitation number. Without an invitation, current customers who don’t have an online account and non-customers must apply in person or by phone.
  • Lowest rate may be hard to get: To receive the lowest quoted rate, borrowers must use Citibank Auto Deduct to repay the loan, have excellent credit, borrow at least $10,000, have a loan term of 36 months or less and sufficient relationship balances.

Who’s the best fit for a Citibank personal loan?

A Citibank personal loan can be a great option for consumers with a one-time need to borrow money. Those looking to get the lowest rate at Citibank will need to fulfill the following qualifications:

  • Repay with Citibank Auto Deduct
  • Have excellent credit
  • Borrow at least $10,000
  • Repay the loan within 36 months
  • Have sufficient relationship balances

That could be a lot of hoops to jump through. However, loan amounts range up to $50,000, so this product can be a good fit for consumers who need a higher loan amount. The chance to earn ThankYou Rewards, which can be redeemed for cash, gift cards, travel, and more can make this lender a good choice for many borrowers.

Citibank consumer reviews

Citibank has an F rating from the Better Business Bureau (BBB), as of July 2019. LendingTree, MagnifyMoney’s parent company, does not have consumer reviews on personal loans from Citibank.

We advise potential borrowers to carefully research lenders before applying. Read each lender’s fine print to get a good understanding of its fee structure, review rates and terms and consider customer reviews.

Citibank FAQ

No. You do not need to put any money down in order to take out a Citibank personal loan.

You can take out a Citibank personal loan to make improvements to your home, pay down high-interest debt, or fund a large, one-time purchase.

Citibank Auto Deduct automatically deducts the required payment from your checking, savings, or money market account. You can land a lower rate by signing up for Citibank Auto Deduct.

If you do not pay back your Citibank personal loan, your APR may increase by 2%.

To earn monthly Citi ThankYou Points, you need to complete one qualifying bill payment and one qualifying direct deposit each statement period.

A Citigold membership gets you your own Relationship Manager, a wide range of investment products in all major currencies, global banking and investment services, access to offshore wealth management, and more. By joining, you can get a 0.25% rate discount on your personal loan.

If you join Citi Priority, you can receive a 0.25% rate discount on your personal loan as well as waived fees for various financial products, 24/7 customer service, and preferred pricing on a selection of mortgages.

Alternative personal loan options

LightStream

APR

3.99%
To
19.99%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream, a division of SunTrust Bank, offers personal loans from $5,000 to $100,000. Rates are fixed and vary by loan purpose. There are no fees attached to the loan, including prepayment penalties, making it a good choice for consumers who might want to pay the loan off early. Loans can be funded as quickly as one day of approval, so this is a good option for anyone who needs cash fast.

PenFed Credit Union

PenFed Credit Union
APR

6.49%
To
17.99%

Credit Req.

Not specified

Terms

Up to 60

months

Origination Fee

None

APPLY NOW Secured

on PenFed Credit Union’s secure website

Pentagon Federal Credit Union (PenFed) offers personal loans with terms up to five years and maximum loan amounts of $20,000.... Read More

PenFed grants personal loans from $500 to $20,000. Along with none, there are also no other hidden costs, making it a great choice for borrowers looking to avoid additional expenses. Funds are available immediately, which is advantageous for consumers who need cash now. Do note, personal loans are only available to PenFed members.

SoFi

SoFi
APR

5.99%
To
18.28%*

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 18.28% APR (with AutoPay). SoFi rate ranges are current as of October 5, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

SoFi provides personal loans ranging in value from $5,000 to $100,000, making it a good choice for borrowers who need a significant amount of money. Rates are fixed and loans are completely free of fees. Funds are typically deposited in consumer accounts a few days after approval and the successful completion of required paperwork. An added bonus, SoFi’s unemployment protection benefit offers an additional layer of security by allowing borrowers to temporarily pause payments and helping them find a new job if they become unemployed….