2023 Citibank Personal Loan Review
Personal loan rating: 3.9/5
- Accessibility: 3.2/5
- Rates and terms: 4.6/5
- Repayment experience: 4/5
Personal loan details
- APR range: 11.49%–19.49% (with autopay)
- Loan terms: 12 to 60 months
- Loan amount: $2,000–$30,000
- Minimum credit score: Not specified
- Exclusive to existing customers: Citibank only offers personal loans to consumers who are current banking customers of at least one year.
- Citigold and Citi Priority discount: Customers with a Citigold or Citi Priority account in particular will also receive a 0.25% interest rate discount.
- Autopay discount: If you enroll in autopay, you can get a 0.5% APR discount. Your APR is the combination of your interest rate and fees.
- No origination fees: When you take out a Citibank personal loan, you will not have to pay an origination fee — a one-time administrative fee some lenders charge.
- Quick funding: Once you’re approved and sign a loan agreement, you can receive funds the same day in a Citibank account or within two business days in a non-Citibank account.
- Flexible repayment terms: While many lenders have minimum terms of 24 or 36 months, Citibank offers a 12-month repayment term for borrowers who want to pay off their personal loans quicker.
Citibank pros and cons
If you’re a current Citibank customer and are in the market for a personal loan, you’ll need to weigh the benefits and drawbacks of getting a Citibank personal loan.
Access to same-day funding
Offers 0.5% APR autopay discount
Flexible repayment terms
Low maximum borrowing limit
Only available to existing customers
Lack of insight on credit requirements
If you’re an existing Citibank banking customer, you have access to multiple benefits such as same-day funding, a 0.5% APR autopay discount and a 0.25% interest rate discount if you have a particular Citibank account type. Consumers can choose from a wide range of loan repayment terms and access APRs ranging from 11.49% to 19.49% (with autopay), as opposed to some lenders, which can have APRs as high as 36%.
If you’re looking to fund a large loan, however, you may have better luck with other lenders as Citibank only offers personal loans up to $30,000. On top of that, Citibank’s loans are exclusive to current customers and it doesn’t offer much transparency around its credit requirements.
Citigroup regulatory fines
In 2020, the Federal Reserve and Office of the Comptroller of the Currency (OCC) fined Citigroup $400 million for issues with “various areas of risk management and internal controls.” The federal regulators claimed that Citigroup’s “longstanding” gaps in its approach to risk management, specifically pointing to its failure to address money laundering.
In response, Citigroup has worked with regulators to address issues, including submitting a long-term plan to fix its internal controls, compliance and risk management infrastructure.
Unfortunately, there’s a bit of mystery around Citibank’s personal loan credit requirements, but it does provide insight as to other criteria.
|Minimum credit score||Not specified|
|Minimum annual income||$10,500|
|Other requirements|| |
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While Citibank does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
|Citibank loans CAN be used for…||Citibank loans CANNOT be used for…|
If Citibank’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with Citibank
Applying for a Citibank personal loan is a straightforward process. Here’s what you can expect when you apply for a personal loan.
Complete an application
To get a Citibank personal loan, you’ll need to fill out an application. Keep in mind, you can only get a loan if you’ve had a Citibank deposit account for at least 12 months.
During the application process, you’ll need to provide your personal information, how much you want to borrow and how you plan to use it. You will also have to divulge your income and employment status as well as submit to a hard credit inquiry.
Verify your information
To make sure the information in your application is true, Citibank will need to verify the details you provided in your application. You may need to provide recent pay stubs, W-2s and bank statements.
Accept your loan agreement
If Citibank approves your application, you’ll need to sign a personal loan agreement that will outline the terms and conditions. Once that is signed, you may receive your loan funds that same day or within two business days.
If Citibank denies your application, it may be time to increase your personal loan approval odds. You can do this by checking your credit reports for errors that could be bringing your score down, paying off your current debts and making sure you make all your payments on time.
How Citibank compares to other personal loan companies
Even if you believe Citibank aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Citibank stacks up against similar personal loan lenders.
|LendingTree’s rating||3.9/5||4.3/5 (Read review)||4.6/5 (Read review)|
|Minimum credit score||Not specified||600||680|
|APRs||11.49%-19.49% (with autopay)||8.99%-35.99%||8.99%-25.81% (with autopay)|
|Repayment terms||12 to 60 months||36 to 60 months||24 to 84 months|
|Origination fee||None||0.99% - 8.99%||0.00% - 6.00%|
|Funding timeline||Receive funds the same day or within two business days||Receive funds within one to three business days||Receive funds the same day|
|Bottom line||While Citibank loans are exclusive to its deposit customers, Best Egg and SoFi are available to anyone who meets their loan criteria. However, Citibank does not charge origination fees and has the lowest maximum APR of the three lenders.||Best Egg comes with the highest APRs and origination fees of these three picks, but it does offer loans to borrowers with less-than-perfect credit. This lender also offers more flexibility when it comes to loan amounts and gives consumers the option to get a secured loan.||If you’re looking to borrow a large personal loan, SoFi may be a better fit since it offers loans up to $100,000. It also offers the longest repayment terms of the three, along with an optional origination fee if you’d like a lower monthly payment.|
How we rated Citibank
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.