Citibank Personal Loans Review
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%. The highest APR is only 17.99% – much lower than the maximums charged by many other popular lenders. Citibank also offers loans as high as $50,000, 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 or prepayment fees.
Below, you can read more about Citibank personal loans, including how they compare to offers from other lenders.
Citibank Personal Loan Terms
|APRs||7.99% - 17.99%|
|Loan Amount||$2,000 - $50,000|
|Loan Term||12, 24, 36, 48 or 60 months|
|Origination Fee||0% - 0%|
|Credit Score Requirement||Excellent*|
|Loan Purpose||Debt Consolidation,Home Improvement,Big Purchase,Other|
|How long does it take to receive the funds?||N/A|
Citibank Personal Loan Rates & Fees
Citibank personal loan rates range from 7.99% to 17.99%. 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% - 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 Personal Loan Requirements & Application Info
Citibank does not disclose a minimum credit score to qualify for their persona 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 13th percentile for personal income in the U.S. In other words, 87% 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 requires a tax ID number as well, which can either be a Social Security number or an Individual Taxpayer Identification Number.
Citibank does not offer a way for people to check for personal loan pre-qualification online. When it comes to actually applying, you can do so either by phone (1-877-362-9100) or online. Citibank does allow joint applications.
Citibank Personal Loan Reviews & Transparency
Citibank has a satisfactory reputation with their customers but a much less good 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.
- 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 nearly 48,000 complaints about Citibank, North America. Nearly 500 of those complaints are about personal installment loans. That’s a lot, compared to other popular lenders. Some of the most recent complaints include debt settlement issues and having to pay unexpected fees. Citibank has provided “timely” responses to the existing complaints.
- WalletHub: WalletHub’s users give Citibank 5/5 across nearly 25,000 reviews. WalletHub’s editors rate Citibank personal loans 3.5/5.
Citibank is very 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 Personal Loans vs. Other Lenders
|APR||7.99% - 17.99%||6.9% - 19.98%||6.99% - 28.99%|
|Loan Amounts||$2,000 - $50,000||$3,500 - $40,000||$3,500 - $40,000|
|Loan Term||12, 24, 36, 48 or 60 months||12, 24 or 36 months||36 months|
|Credit Score Required||Excellent||Excellent||Bad|
WalletHub’s editors rated Citibank personal loans based on a combination of 23 metrics. Those metrics fall into seven major categories, which you can find listed below.
- Requirements: WalletHub looked at the credit score and income required to apply for a Citibank personal loan. We also looked at citizenship and identification requirements.
- APR: We checked minimum and maximum APRs, plus whether loan rates are fixed or variable.
- Fees: We considered what fees Citibank charges, primarily searching for origination fees, prepayment penalties and late fees.
- Loan amounts: We looked for the minimum and maximum loan amounts offered. We also checked how many months Citibank offers for the payoff period.
- Application process: We considered application options (e.g. online, in person). We also checked whether co-signers are accepted, whether Citi allows joint applicants, and the approval/funding timeline.
- Customer satisfaction: We looked at Citibank’s BBB rating, CFPB complaints, and user reviews on the WalletHub site.
- Transparency: We checked how clear Citibank is about the requirements to get a loan and the terms of their loans.
Was this article helpful?