- Loans as high as $30,000
- APRs as low as 7.99%
- Low income requirement: $10,500
- Offers loans for 12 - 60 months
- No origination fees
- No prepayment fees
- Minimum credit score not disclosed; reportedly 680+
- $25 late fee
- Must have a Citibank account
- Low BBB rating
Quick Review: 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 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 as low as 7.99%, and the highest APR is only 23.99% – much lower than the maximums charged by many other popular lenders. 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 don’t charge any origination fees or prepayment fees.
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|
|Minimum Credit Score||Fair*|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||Up to 12 business days|
Citibank Personal Loan Rates, Fees & Other Terms
Category Rating: 92% (4.6 out of 5)
Citibank has personal loan rates in the range of 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.
There is no Citibank origination fee or prepayment fee. The only fee you’ll have to worry about with a Citibank personal loan is a $25 late fee if you don’t pay on time.
Citibank offers ample funding, with loans ranging of $2,000 - $30,000 for 12, 24, 36, 48 or 60 months. This fact, paired with the company’s competitive rates, leads to Citibank’s high score in this category.
Citibank Personal Loan Requirements & Application Info
Category Rating: 66% (3.3 out of 5)
Citibank does not disclose a minimum credit score to qualify for their personal loans, but multiple third-party sources place the threshold around 680. Citibank is explicit about their minimum income requirement. It’s $10,500 per year, which is only the 12th percentile for personal income in the U.S. In other words, 88% of U.S. adults earn more than $10,500 per year.
Citibank has some additional requirements to qualify for a personal loan. First off, 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. You also need to be at least 18 years old and either a U.S. citizen or permanent resident. 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.
Citibank does not offer a way for people to check for personal loan pre-qualification online, which is one of the biggest reasons why they lose points in this category. When it comes to actually applying, you can do so by phone (1-877-362-9100), online or at a branch. Citibank does not allow joint applications.
Citibank Personal Loan Reviews & Transparency
Category Rating: 30% (1.5 out of 5)
- Better Business Bureau: Citi is not accredited by the BBB. It also an F rating. That is for failing to respond to complaints and being fined by the government for improper handling of certain securities transactions.
- Consumer Financial Protection Bureau: The CFPB’s database has over 520 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 25,000 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.
Summary: Citibank Personal Loans Score by Review Category
|Rates, Fees & Other Terms||4.6/5|
|Requirements & Application Info||3.3/5|
|Reviews & Transparency||1.5/5|
Citibank Personal Loans vs. Other Lenders
Marcus by Goldman Sachs
|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*|
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.