Pros
- Loans as high as $30,000
- Low income requirement
- Offers loans for 12, 24, 36, 48 or 60 months
- $0 origination fee
- $0 prepayment fee
Cons
- High minimum APR: 7.99%
- Minimum credit score not disclosed; reportedly 680+
- Late fee: $25
- Low BBB rating
Citibank Personal Loan Review Summary
Citibank personal loans are best for people with good credit who already have a bank account from Citi. You will need a 680+ credit score (according to multiple third-party sources) and a Citibank checking account, savings account, money market account or certificate of deposit to qualify for a Citi personal loan. That account must be at least three months old, too.
Citi personal loans have APRs ranging from 7.99% - 23.99%. The starting APR is a bit high compared to the rates offered by major competitors, the maximum APR is relatively low. Citibank also offers loans as high as $30,000, which can be useful for people trying to consolidate existing debt at a lower interest rate. Another perk of Citibank personal loans is that they have a $0 origination fee and $0 prepayment fee.
Below, you can see how WalletHub rates Citibank personal loans in three major categories: terms, Requirements & Application, and Reviews & Transparency. You can also see how they compare to offers from other lenders.
Citibank Personal Loan Terms
 | |
| APRs | 7.99% - 23.99% |
| Loan Amount | $2,000 - $30,000 |
| Loan Terms | 12, 24, 36, 48 or 60 months |
| Origination Fee | $0 |
| Prepayment Fee | $0 |
| Late Fee | $25 |
| Minimum Credit Score | Fair* |
| Minimum Income | $10,500 |
| Loan Purpose | Debt Consolidation, Home Improvement, Big Purchase |
| Time to Receive Loan Money | Up to 12 business days |
| Other Requirements |
|
Citibank Personal Loan Rates, Fees & Other Terms
Category Rating: 4.6/5
- APRs: Citibank personal loan rates range from 7.99% - 23.99%. While you can get better minimum interest rates elsewhere, Citibank’s upper limit is fairly low compared to many competing lenders that may charge as much as 25% to 36%. Citibank personal loan interest rates are fixed, so they won’t go up or down as you pay off the loan.
- Origination fee: The Citibank origination fee is $0.
- Other fees: The prepayment fee is $0. There is a $25 late fee if you don’t pay on time.
- Loan sizes and terms: Citibank offers loans ranging from $2,000 - $30,000 for 12, 24, 36, 48 or 60 months.
Citibank gets a high score in this category due to its reasonable rates, low fees, decent loan amounts and relatively long payoff periods.
Citibank Personal Loan Requirements & Application Info
Category Rating: 3.3/5
- Credit score: Citibank does not disclose a minimum credit score to qualify for their personal loans, but multiple third-party sources place the threshold around 680.
- Income: Citibank is explicit about their minimum income requirement. It’s $10,500 per year, which is well below the average income in the U.S.
- Citibank account: You must have a Citibank account (checking, savings, money market or CD) that has averaged an end-of-month balance above zero dollars for the past three months.
- Age: You also need to be at least 18 years old.
- Citizenship: You must be either a U.S. citizen or permanent resident.
- Identification: Citibank is one of only a few lenders that will accept an Individual Taxpayer Identification Number or a passport as a substitute for a Social Security number if you don’t have one.
- Pre-qualification: Citibank does not offer a way for people to check for personal loan pre-qualification online.
- Ways to apply: When it comes to actually applying, you can do so by phone (1-877-362-9100), online or at a branch.
- Joint loans: Citibank does not allow joint applications.
Citibank gets a decent score here because of their fairly low eligibility requirements, but loses some points for not offering pre-qualification.
Citibank Personal Loan Reviews & Transparency
Category Rating: 1.5/5
- Better Business Bureau: Citi is not accredited by the BBB. It also an F rating. That is for government actions taken against the bank for improper business marketplace conduct.
- Consumer Financial Protection Bureau: The CFPB’s database has over 560 complaints about Citibank’s personal installment loans. That’s a lot, compared to other popular lenders. Some complaints include debt settlement issues and having to pay unexpected fees. Citibank has a good track record of providing “timely” responses to complaints.
- WalletHub: Citibank has an average user score of 3.7/5 across more than 30,000 reviews.
- Transparency: Citibank is transparent about their personal loan terms and displays them openly on their website. They are even open about their minimum income requirements. However, they could be clearer about their minimum credit score requirements.
Citibank has a satisfactory reputation with their customers but a much worse reputation with the Better Business Bureau. In addition, they have had a large number of complaints filed against them with the Consumer Financial Protection Bureau. For those reasons, the company receives a very low score in this category.
Citibank Personal Loans vs. Popular Competitors
| Info | Citibank | American Express | Marcus by Goldman Sachs |
|---|---|---|---|
| Reviews | |||
| APRs | 7.99% - 23.99% | 6.98% - 19.98% | 6.99% - 24.99% |
| Loan Amounts | $2,000 - $30,000 | $3,500 - $40,000 | $3,500 - $40,000 |
| Loan Terms | 12, 24, 36, 48 or 60 months | 12, 24 or 36 months | 36 - 72 months |
| Minimum Credit Score | Fair* | Fair* | Good* |
| Winner |  American Express | ||
Methodology
In order to provide the most accurate review of Citibank personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Citibank terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
