Citibank is the consumer banking division of Citigroup. The company started in 1812 and now has about 2,400 branches across the globe. Along with personal loans and lines of credit, Citibank offers banking accounts, like checking and savings, as well as CDs, IRAs, credit cards, mortgages, and small business lending. If you’re a Citibank customer who needs to take out a personal loan to consolidate high-interest credit card debt, cover a large expense, or need funds for something else, you may want to consider a Citibank personal loan.
- Product Specifications
- Pros and Cons
- APR Range 7.99 to 23.99%
- Recommended Minimum Credit Score 670
- Loan Amounts $2,000 to $30,000 online, $50,000 if you visit a branch
- Loan Terms 12 to 60 months
Short repayment terms
Ability to borrow a small amount
Low income qualification
Only available to Citibank customers
No prequalification option
Funds only come via check in the mail
- Late Payment Fee: $25
Pros of Citibank Loans
- Short repayment terms: You can pay back a Citibank personal loan in as little as 12 months. Repayment is also available in terms of 24 to 60 months. This is good if you want to pay off your loan as soon as you can or need a little more time.
- Ability to borrow a small amount: You can borrow as little as $2,000 or as much as $30,000 (to borrow more—up to $50,000—you’ll need to visit a branch to apply).
- Low income qualification: You’ll need to prove you made at least $10,500 last year to be eligible for a personal loan.
- Limited fees: There’s no origination fee on a Citibank personal loan or prepayment penalty if you pay off your loan before the term is up. However, Citibank does charge a late payment fee of $25 if a payment is not received within 10 calendar days after the due date.
Cons of Citibank Loans
- Only available to Citibank customers: You’ll need to have a Citibank deposit account open for at least three months prior to applying for a personal loan. If you’re not a Citi customer, you won’t get approved for a loan.
- No prequalification option: Some lenders let you check to see if you prequalify for a personal loan without applying first, but Citibank requires an application. This triggers a hard credit check, which causes your credit score to temporarily take a dip. It also means you won’t have an idea of the loan rates you may be approved for before you submit an application.
- Funds only come via check in the mail: If you’re approved, you can expect your money to come through the U.S. mail within five business days. Many lenders have a direct deposit option where you can get your money wired to a linked bank account as early as the same day you’re approved.
Citibank Personal Loan Rates and Terms
If you have an excellent credit score, you could secure an interest rate as low as 7.99% APR when enrolled in Auto Deduct. Citibank offers fixed interest rates, which means your rate won’t change over the life of the loan. For borrowers with less than excellent credit, your interest could be as high as 23.99%.
Citibank personal loans have repayment periods that range from 12 to 60 months (one to five years).
How Much Can You Borrow With Citibank?
You can borrow as little as $2,000 or as much as $30,000 when you apply online for a Citibank personal loan. If you need more, you can apply in person or over the phone and may be approved for a loan up to $50,000.
Citibank Personal Loan Fees
Citibank does not charge an origination fee or a prepayment penalty if you pay off the loan sooner than your repayment term. However, according to a customer service representative, Citibank does charge a late payment fee of $25 if the monthly payment is not submitted within 10 days after the due date.
How to Get a Personal Loan From Citibank
If you’re interested in getting a personal loan from Citibank, you’ll need to:
- Have a Citibank deposit account that’s been open at least three months
- Have an annual income of at least $10,500
- Have a good or better credit score—Citibank recommends at least 670
To apply for a Citibank personal loan, you’ll need to sign in to your Citibank account to apply online. You can also apply over the phone or visit your nearest branch.
Citibank only accepts personal loan applications from existing customers, so if you don’t already have an account with them, you won’t qualify for a loan unless you open a new account and wait three months.
When you apply online, you’ll need to provide some personal and financial details, such as your birth date, address, employment information, Social Security number, and more. This is standard across most personal loan applications. Your financial information, like income and employment details, is used to help determine if you qualify, while your personal information, like name and address, is required by the government.
A Citibank personal loan representative might contact you for follow up questions and to verify some personal details. Remember, since Citibank does not offer prequalification, a hard credit check will be performed as soon as you apply and there’s a chance you might not get approved based on your credit history. Only apply if you believe you believe you are completely qualified.
If you’re exploring personal loan options, a Citibank loan might be worth considering. If you already have a Citibank account and you have pretty good credit, you may be easily approved. With limited fees and fixed interest rates, you may qualify for a pretty good offer. The repayment terms start at just one year, too, which means you could pay off your loan quickly if you have the means to do so.
However, unless you’re a Citibank account holder for at least three months, there’s no way you’ll be able to get a Citibank personal loan. The exclusivity means non-Citibank customers are not eligible as they may be with other personal loan lenders. And if you are a Citibank member, the recommended credit score and the lack of prequalification could still mean you may get denied.
The amount of time it takes for funds to reach your account is an important factor as well. It takes at least five business days for the check to come in the mail. If you need your money sooner, you might want to consider applying for a personal loan from another lender.
While a Citibank personal loan may be a good option for current Citibank customers, you may want to consider other lenders if you don’t meet the requirements.